Financing & Review - In December 2025, the Beijing Stock Exchange (BSE) issued 2 new stocks, raising a total of 604 million yuan, with a cumulative issuance of 25 stocks throughout the year, amounting to 7.309 billion yuan[5] - 13 companies passed the review in December, an increase of 3 from the previous month, while 3 companies were terminated, and 7 companies were registered, with 53 new companies accepted for review[5] Subscription & Issuance - The median first-day increase for the 3 new stocks listed in December was +364.67%, with individual increases of +966.54%, +364.67%, and +209.92% for the respective stocks[3] - The cumulative return rate for new stock subscriptions in 2024 was +4.33%, while the return rate for 2025 (January to December) was +3.31%[3] Market Trends & Predictions - The median price-to-earnings ratio (P/E) for new stock issuances in December was 10x, a decrease of 11.62% from the previous month[5] - The expected average subscription amount for new stocks is set at 1.359 million yuan, with a median subscription rate of 0.03%[5] Investment Insights - The total fundraising amount for new stocks in 2025 was 7.309 billion yuan, with a top subscription yield increase of 45.98 thousand yuan and a yield increase of +3.31%[5] - The report suggests focusing on high-quality expansion opportunities in 2026, with a significant increase in the review speed and a backlog of approximately 30 companies awaiting issuance[5] Risk Factors - Potential risks include slower-than-expected issuance speed at the BSE, lower-than-expected stock price increases, changes in the new stock issuance system, and rapid growth in new stock subscription accounts[5]
2025年北交所新股申购12月报：年尾审核受理加速，关注高质量扩容机遇-20260110