1月23日投资提示：很卷

Core Viewpoint - The recent trend of issuing two new stocks per week on the Beijing Stock Exchange has led to a decline in the performance of new stock offerings, indicating a saturation of speculative funds in the market [1]. Group 1: New Stock Performance - The initial excitement around new stock offerings has diminished, with the combined return from two new stocks this week only reaching 0.08%, similar to the return from a single stock in the past [1]. - Investors have expressed a preference for a single new stock issuance per week, as it simplifies the process and allows for additional interest earnings from reverse repos [1]. Group 2: Market Dynamics - The increase in new stock issuances has resulted in a competitive environment, referred to as "involution," where the profitability of new stock subscriptions is decreasing [1].