GUOTAI HAITONG SECURITIES·2026-01-29 11:07Group 1: IPO Performance and Fund Analysis - In Q4 2025, the average first-day increase of new stocks reached 176%[10] - The median return for IPO funds in Q4 2025 was 0.45%[15] - A total of 297 IPO funds were analyzed, with total assets of 208.9 billion and net assets of 190.4 billion, remaining stable compared to Q3[10] Group 2: Contribution of Unprofitable IPOs - Six unprofitable IPOs were issued in 2025, contributing nearly 1% to the A2 account of a 500 million product[10] - The A2/B class accounts' new stock subscription returns were estimated at 14.98 million and 10.92 million respectively, with yield rates of 2.09% and 1.72%[10] Group 3: Fund Size and Sector Analysis - Funds with over 1 billion in assets performed better, with median returns of 1.19% for funds between 10-20 billion[15] - The top five sectors for IPO funds were electronics, non-ferrous metals, power equipment, non-bank financials, and communications, with significant reductions in non-ferrous metals[17] Group 4: Risk Factors - The report highlights risks associated with the pace and magnitude of new stock issuances not meeting expectations[44]