【金工】新股募资规模环比回落，网下询价账户持续扩容——打新市场跟踪月报20251201（祁嫣然/陈颖）

Summary of Key Points Core Viewpoint - The new stock issuance scale has weakened month-on-month, but the monthly fundraising remains at the level of 10 billion yuan, with a total of 101.88 billion yuan raised in November 2025, reflecting a decrease of 20.84% compared to the previous month [4]. Group 1: New Stock Issuance Overview - In November 2025, a total of 11 new stocks were listed, including 4 on the main board, 1 on the ChiNext, 1 on the Sci-Tech Innovation Board, and 5 on the Beijing Stock Exchange, raising a total of 101.88 billion yuan, down 20.84% month-on-month [4]. - Year-to-date, 96 new stocks have been listed, comprising 32 on the main board, 30 on the ChiNext, 11 on the Sci-Tech Innovation Board, and 23 on the Beijing Stock Exchange, with total fundraising reaching 990.82 billion yuan [4]. - The number of offline inquiry accounts continues to grow, indicating sustained high demand for new stock subscriptions [4]. Group 2: Performance of New Stocks - For the main board, the average first-day increase of new stocks in November 2025 was 177.80%, a decrease of 129.77 percentage points compared to the previous month [4]. - In the dual innovation sector (ChiNext and Sci-Tech Innovation Board), two new stocks had an average first-day increase of 267.69%, an increase of 105.49 percentage points month-on-month [5]. Group 3: New Stock Subscription Returns - In November 2025, the new stock subscription returns for a 500 million yuan account on the main board were 0.037% for A-class and 0.035% for B-class accounts [6]. - The cumulative returns for A-class accounts in 2025 were 1.716%, while B-class accounts had cumulative returns of 1.399% [7].