【金工】新股涨幅与网下打新参与度维持“双高”——打新市场跟踪月报20260105（祁嫣然/陈颖）

Summary of Key Points Core Viewpoint - The article highlights the significant increase in new stock issuances in December 2025, marking the highest monthly issuance of the year, with a total of 314.11 billion yuan raised from 18 new stocks, reflecting a month-on-month growth of 208.33% [4]. Group 1: New Stock Issuance Overview - In December 2025, 18 new stocks were listed, including 5 on the main board, 3 on the ChiNext, 7 on the Sci-Tech Innovation Board, and 3 on the Beijing Stock Exchange, raising a total of 314.11 billion yuan [4]. - The total number of new stocks listed in 2025 reached 114, with a total fundraising amount of 1,304.93 billion yuan [4]. - The participation in offline issuance was notable, with 14 stocks participating in December, raising 301.47 billion yuan, which is a month-on-month increase of 227.54% [4]. Group 2: Performance of New Stocks - The average first-day increase for new stocks on the main board that utilized offline issuance was 214.04%, which is a month-on-month increase of 36.24 percentage points [4]. - For the ChiNext and Sci-Tech Innovation Board, the average first-day increase for new stocks was 295.80%, with a month-on-month increase of 28.11 percentage points [5]. Group 3: New Stock Subscription Returns - In December 2025, the new stock subscription returns for a 5 billion yuan account on the main board were 0.107% for A-class and 0.102% for B-class accounts [6]. - The subscription returns for the ChiNext were 0.047% for A-class and 0.044% for B-class accounts, while the Sci-Tech Innovation Board saw returns of 0.761% for A-class and 0.22% for B-class accounts [6]. - Notably, the first-day price increases for stocks like Moer Thread-U and Muxi Shares-U reached 433.21% and 600.07%, respectively, contributing significantly to returns [6].