Core Viewpoint - The recent listing of Jiao Da Tie Fa (920027.BJ) on the Beijing Stock Exchange saw a peak increase of nearly 300%, which is considered a healthy growth rate in the current market context. The price-to-earnings (PE) ratio of over 40 times is deemed reasonable compared to peers in the Shanghai and Shenzhen markets, suggesting that a significant drop in the coming days is unlikely [1]. Group 1: New Stock Subscription Performance - The online subscription for Jiao Da Tie Fa reached a frozen capital of 516.8 billion yuan, second only to Kai Fa Technology's 561.2 billion yuan, with an oversubscription rate of 3,234 times, just behind Hong Hai Technology's 3,407 times. This indicates a historical high in subscription enthusiasm, especially given that Jiao Da Tie Fa's fundraising scale is significantly smaller than that of Kai Fa Technology [1][2]. - The "hot" subscription trend has been increasing since the "924" period, with Jiao Da Tie Fa's performance marking a peak in this trend [1]. Group 2: Market Impact of New Stock Subscriptions - Since the beginning of 2024, the Bei Zheng 50 Index has shown a tendency to decline on new stock subscription days, with 18 out of 27 subscription days resulting in an average drop of 0.71%. This suggests that the enthusiasm for new stock subscriptions is impacting the secondary market negatively [4][6]. - The trend of new stock subscriptions affecting the secondary market was first noted with Ke Li Co., where out of 13 subscription days, there were 6 increases and 7 decreases in stock prices [4]. Group 3: Comparative Index Performance - On subscription days, the Bei Zheng 50 Index has underperformed compared to small-cap growth and the CSI 2000 indices, with 63% and 70% of the days showing weaker performance, respectively. This trend is particularly pronounced since the listing of Ke Li Co. [6][7]. - The performance of the Bei Zheng 50 Index on T-1 days (the day before subscription) is stronger than on subscription days, indicating that investors may be reallocating funds to participate in new stock subscriptions rather than selling off existing holdings [8]. Group 4: Future Outlook on New Stock Subscriptions - The absolute returns from participating in new stock subscriptions on the Beijing Stock Exchange are projected to decline, with estimated annualized returns of 3-6% for dedicated subscription funds. This suggests that while it remains a safe investment option, the attractiveness may diminish over time [10].
北交所打新日益火爆，对二级有什么影响？