【金工】市场网下打新参与度仍在上升——打新市场跟踪月报20251009（祁嫣然/陈颖）

Summary of Key Points Core Viewpoint - The article discusses the recent trends in new stock issuances, highlighting significant growth in both the number of new stocks and the total amount raised in September 2025 compared to previous months [4]. New Stock Issuance Overview - In September 2025, a total of 11 new stocks were listed, comprising 3 from the main board, 5 from the ChiNext, and 3 from the Beijing Stock Exchange, raising a total of 11.689 billion yuan, which represents a month-on-month increase of 185.58% [4]. - Year-to-date, 76 new stocks have been listed, with a total fundraising amount of 76.025 billion yuan, indicating a robust market activity [4]. Inquiry Account Growth - The number of inquiry accounts has steadily increased, with 3 new stocks on the main board showing an average first-day increase of 131.33%, although this is a decrease of 9.35 percentage points from the previous month [5]. - For the dual innovation board (ChiNext and Sci-Tech Innovation Board), 5 new stocks had an average first-day increase of 251.91%, down 50.67 percentage points from the previous month, with no stocks experiencing a decline [5]. New Stock Profitability Assessment - In September 2025, the estimated new stock profitability for a 500 million yuan account on the main board was 0.026% for A-class and 0.025% for C-class accounts [6]. - Cumulative returns for A-class accounts in 2025 reached approximately 1.285%, while C-class accounts achieved about 1.164% [6].