【金工】新股发行节奏提速，网下打新热度提升——打新市场跟踪月报20250701（祁嫣然）

Summary of Key Points Core Viewpoint - The report highlights a significant increase in new stock issuances in June 2025, indicating a robust market environment for IPOs and a rising interest in offline subscription mechanisms. Group 1: New Stock Issuance Overview - In June 2025, a total of 8 new stocks were listed, comprising 3 from the main board, 2 from the ChiNext, 1 from the Sci-Tech Innovation Board, and 2 from the Beijing Stock Exchange, raising a total of 9.153 billion yuan, a month-on-month increase of 164.82% [3] - Among these, 6 stocks participated in offline issuance, raising a total of 8.730 billion yuan, reflecting a month-on-month increase of 174.13% [4] Group 2: Offline Subscription Performance - The average first-day price increase for new stocks on the main board that utilized offline subscriptions was 188.17%, a month-on-month increase of 77.59 percentage points [4] - For the dual innovation sectors (ChiNext and Sci-Tech Innovation Board), the average first-day price increase was 190.72%, a month-on-month increase of 50.57 percentage points, with no stocks experiencing a price drop [4] Group 3: New Stock Subscription Returns - In June 2025, the estimated returns for new stock subscriptions were as follows: Main Board A-class accounts had a return rate of 0.014%, C-class accounts had 0.013%; ChiNext A-class accounts had 0.035%, C-class accounts had 0.034%; Sci-Tech Innovation Board A-class accounts had 0.012% for both classes [5] - For accounts with a scale of 5 billion yuan, the monthly return for A-class accounts was approximately 0.168%, with a cumulative return of 0.743% for 2025; C-class accounts had a monthly return of approximately 0.166% and a cumulative return of 0.670% for 2025 [6]