越来越“卷”的北交所打新，还是个好投资吗？

Core Viewpoint - The recent performance of new stocks on the Beijing Stock Exchange (BSE) has been impressive, with significant first-day gains, leading to questions about the sustainability and attractiveness of participating in new stock offerings [1][2]. Group 1: New Stock Performance - The first-day performance of newly listed stocks on the BSE has shown substantial gains, with average increases around 310%, and some stocks experiencing maximum gains close to 400% [1][2]. - The valuation trend indicates that most companies are trading at a price-to-earnings (PE) ratio of 35-45 times, which is considered a fair pricing mechanism for new stocks on the BSE [1][2]. - The performance of new stocks is influenced by their initial pricing and total market capitalization, with lower-priced and smaller-cap stocks generally achieving higher first-day gains [1][2]. Group 2: Subscription Data and Trends - The subscription data reveals that larger fundraising companies tend to attract more subscription funds, but the difference in subscription amounts is not as significant as the variance in fundraising scales among different companies [3][4]. - The average subscription rate for larger companies is higher, while smaller companies tend to have lower subscription rates but potentially higher single-stock returns [4][5]. Group 3: Investment Returns - The calculated returns from participating in new stock offerings show that the highest returns are associated with larger companies, while smaller companies yield lower returns [5][6]. - The average return from new stock subscriptions this year is significantly lower than last year's, indicating a trend of decreasing profitability in new stock investments [5][6]. - If the BSE continues to list over 30 new stocks annually, even with lower individual stock returns, it could still outperform traditional cash management strategies like money market funds [6].