北交所打新还香不香？

Core Viewpoint - The recent listing of Zuxing New Materials on the Beijing Stock Exchange (BSE) saw a remarkable first-day increase of 405.73%, marking it as the best-performing new stock of the year on the BSE. However, the overall trend for new stock performances has been declining since 2026, indicating a weakening enthusiasm for new stock subscriptions among investors [1][2]. Group 1: New Stock Performance - Zuxing New Materials debuted at an issue price of 6.98 yuan per share and closed at 35.3 yuan on its first day, achieving a 405.73% increase [2]. - Prior to Zuxing, three other new stocks had the worst performances since 2025, with first-day increases of 91.91%, 41.42%, and 70.01% respectively [2]. - The average first-day increase for new stocks on the BSE has significantly declined, with January's average at 196.13%, February's at 139.89%, and March's average, boosted by Zuxing, at 177.37% [2]. Group 2: Subscription Trends - The number of effective online subscriptions for new stocks has decreased, with the latest data showing only 459,900 effective subscriptions for Yuelong Technology, the lowest in nearly 11 months [3][4]. - The average number of effective subscriptions for new stocks in March is 515,900, marking a low point over the past four months [4]. Group 3: Market Dynamics - Factors contributing to the decline in new stock subscription returns include the significant risk-free arbitrage effect in recent years, an accelerated pace of new stock listings, and a general decline in market enthusiasm due to ongoing adjustments in the secondary market [3]. - The average subscription amount for new stocks has remained high, with an average of 835.76 billion yuan in subscription funds for the four new stocks launched in March [5]. - The average number of shares issued for new stocks has decreased, leading to lower subscription rates, with the average number of shares issued in December 2025 at 10.56 million and dropping to 12.57 million in February 2026 [6].