光大证券研究·2025-06-04 13:56Summary of Key Points Core Viewpoint - The report highlights a significant reduction in the number and scale of new stock issuances in May 2025, indicating a challenging environment for new listings in the market [3]. New Stock Issuance Overview - In May 2025, a total of 6 new stocks were listed, comprising 2 from the main board, 2 from the ChiNext, 1 from the Sci-Tech Innovation Board, and 1 from the Beijing Stock Exchange, raising a total of 3.456 billion yuan, a decrease of 58.20% month-on-month [3]. - Among these, 5 stocks participated in offline issuance, raising a total of 3.185 billion yuan, which is a 58.69% decrease from the previous month [3]. - The average first-day price increase for new stocks on the main board was 110.58%, down 130.11 percentage points month-on-month, with a total of 7,110 participating institutions and a bid-winning rate of 94.92%, up 1.54 percentage points [3]. - For the dual innovation board (ChiNext and Sci-Tech Innovation Board), the average first-day price increase was 140.15%, down 79.58 percentage points, with no stocks experiencing a price drop [3]. New Stock Investment Returns Calculation - In May 2025, the new stock investment return rates for a 500 million yuan account were as follows: Main Board A class: 0.014%, C class: 0.013%; ChiNext A class: 0.021%, C class: 0.020%; Sci-Tech Innovation Board A class: 0.010%, C class: 0.010% [4]. - The monthly new stock return for A class accounts in May 2025 was approximately 0.045%, with a cumulative return of 0.575% for the year; for C class accounts, the monthly return was approximately 0.043%, with a cumulative return of 0.504% [4].