Financing & Review - In December 2025, the Beijing Stock Exchange (BSE) issued 2 new stocks, raising a total of 604 million yuan, with a cumulative issuance of 25 stocks throughout the year, amounting to 7.309 billion yuan[5] - 13 companies passed the review in December, an increase of 3 from the previous month, while 3 companies were terminated, and 7 companies were registered, with 53 new companies accepted for review[5] Subscription & Issuance - The median first-day increase for the 3 new stocks listed in December was +364.67%, with individual increases of +966.54%, +364.67%, and +209.92% for the respective stocks[3] - The cumulative return rate for new stock subscriptions in 2024 was +4.33%, while the return rate for 2025 (January to December) was +3.31%[3] Market Trends & Predictions - The median price-to-earnings ratio (P/E) for new stock issuances in December was 10x, a decrease of 11.62% from the previous month[5] - The expected average subscription amount for new stocks is set at 1.359 million yuan, with a median subscription rate of 0.03%[5] Investment Insights - The total fundraising amount for new stocks in 2025 was 7.309 billion yuan, with a top subscription yield increase of 45.98 thousand yuan and a yield increase of +3.31%[5] - The report suggests focusing on high-quality expansion opportunities in 2026, with a significant increase in the review speed and a backlog of approximately 30 companies awaiting issuance[5] Risk Factors - Potential risks include slower-than-expected issuance speed at the BSE, lower-than-expected stock price increases, changes in the new stock issuance system, and rapid growth in new stock subscription accounts[5]

2026 年 01 月 08 日 若启用市值配售，北交所新股申购 收益几何 ——北交所制度研究系列报告 相关研究 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 吕靖华 A0230124070002 lvjh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 - ⚫ 近期，市场对北交所新股申购规则的讨论度提升，本篇报告旨在厘清现有新股配售规则框 架的影响，并在市值配售情景假设下，展望北交所新股申购投资者的成本和收益。 ⚫ 北交所现行新股申购采用"全额预缴+比例配售"的方式，投资者是否获配完全取决于缴 款资金量，新股获配具有确定性。随着市场热度提升，一是近万亿冻结资金迁移扰动交易 所利率市场；二是获配门槛逐步抬升、新股配售向少数现金管理者集中。所以，长周期来 看，"市值配售"改革存在一定的必要性基础。 ⚫ 复盘我国新股配售制度变迁，市值配售 ...

证 券 研 究 报 告 单月过会10家优质项目，积极关注战配投资机遇 ——2025年北交所新股申购11月报 研究支持： 吕靖华 A0230124070002 证券分析师：刘靖 A0230512070005 王雨晴 A0230522010003 2025.12.04 主要内容 ◼ 融资&审核 ◼ 申购&发行 ◼ 上市&收益 (1) 11月5只新股上市，首日涨幅中值+337.15%，丹娜生物/大鹏工业/北矿检测/南特科技/中诚咨询首日涨幅为 +473.10%/+388.68%/+337.15%/+206.81%/+181.74%，1-11月无新股首日破发。 (2) 对于单只新股理论申购收益率，新 股丹娜生物/北矿检测/大鹏工业/南特科技/中诚咨询分别为+0.095%/+0.077%/+0.073%/+0.069%/+0.048%。 (3) 2024年 北交所新股申购累计收益率+4.01%（发行新股23只），25年1-11月新股申购理论收益率累计增厚+2.33%（发行上市新股 22只）（注：按首日均价计算涨幅，仅考虑中签率和涨幅，不考虑产品现金冗余）。 ◼ 2026年新股申购收益及收益率预测 www.swsrese ...

Financing & Review - In October 2025, the North Exchange issued 3 new stocks, raising a total of 668 million yuan; from January to October 2025, a total of 19 new stocks were issued, raising 5.834 billion yuan[5] - As of now, there are 10 companies that have passed the review but have not registered, with a proposed fundraising amount of 3.220 billion yuan; 2 companies have registered but not issued, with a proposed fundraising amount of 461 million yuan[5] Subscription & Issuance - The median first-day increase for the 3 new stocks listed in October was +281.31%, with individual increases of +347.50%, +281.31%, and +180.26% for Aomeisen, Changjiang Nengke, and Taikai Ying respectively; there were no first-day declines for new stocks from January to October[3] - The theoretical subscription yield for individual new stocks Aomeisen, Changjiang Nengke, and Taikai Ying was +0.077%, +0.059%, and +0.070% respectively[3] Market Trends & Predictions - The cumulative subscription yield for new stocks on the North Exchange in 2024 was +4.01%, while the cumulative theoretical yield from January to October 2025 was +1.96%[3] - The average top subscription amount in October was 10.03 million yuan, with a median frozen fund range of 613.017 to 772.537 billion yuan[5] Investment Analysis - The China Securities Regulatory Commission has indicated a normalization of the issuance and listing process, with expectations for 40 new stocks to be issued throughout the year, potentially increasing annual subscription yields by over 3 percentage points[6] - The average lock-up period for institutions that have released shares is 8 months, with an overall yield of +254.8% and a success rate of 100%[6] Risk Factors - Potential risks include slower-than-expected issuance speed on the North Exchange, lower-than-expected stock price increases, macroeconomic downturns, and rapid growth in new stock subscription accounts[6]

Financing & Review - In September 2025, the Beijing Stock Exchange (BSE) issued 4 new stocks, raising a total of CNY 1.089 billion; from January to September 2025, a total of 16 new stocks were issued, raising CNY 5.027 billion[5] - As of the end of September, there are 9 companies that have passed the review but not yet registered, with a proposed fundraising of CNY 2.588 billion; 6 companies have been registered but not yet issued, with a proposed fundraising of CNY 1.210 billion[5] Subscription & Issuance - The median first-day increase for the 3 new stocks listed in September was +304.65%, with individual increases of +736.78%, +304.65%, and +120.34% for Sanxie Electric, Shichang Co., and Jinhua New Materials respectively[3] - The theoretical subscription yield for the new stocks Sanxie Electric, Shichang Co., and Jinhua New Materials was +0.165%, +0.076%, and +0.080% respectively[3] Market Trends & Predictions - The cumulative yield for new stock subscriptions in 2024 is +4.01% (23 new stocks issued), while the cumulative theoretical yield for new stock subscriptions from January to September 2025 is +1.75% (14 new stocks issued)[3] - The average top subscription amount in September 2025 was CNY 12.93 million, with a median capital freeze range of CNY 649.59 billion to CNY 851.19 billion[5] Investment Analysis - The BSE is expected to maintain a regular issuance pace, with 7 companies registered and 4 approved in September; the outlook suggests a weekly issuance rhythm is likely to continue[6] - There are currently 15 companies that have passed the review and are awaiting issuance, indicating a rich pipeline of quality projects[6] Risk Factors - Potential risks include slower-than-expected issuance speed, lower-than-expected stock price increases, macroeconomic downturns, and rapid growth in new stock subscription accounts[6]

Core Viewpoint - The upcoming issuance of Danna Biology is expected to attract significant interest, with predictions indicating a high likelihood of successful subscription due to favorable market conditions. Group 1: Upcoming Issuance - Danna Biology plans to publicly issue up to 8 million shares, with an estimated 760,000 shares available for online subscription after accounting for strategic placement and overallotment options [3][5] - The estimated fundraising target for Danna Biology is approximately 137 million yuan, leading to a predicted issue price of around 17.1 yuan per share [3][5] - The top subscription amount is calculated to be approximately 649.8 million yuan, which is slightly higher than a previous issuance, indicating limited capacity for large investments [3][5] Group 2: Market Context - Other companies such as Taikai Ying, Changjiang Nengke, and Beikang Testing have also successfully registered for upcoming issuances, suggesting a trend of frequent new offerings in the market [2][6] - The current market environment is characterized by a high level of interest in new stock offerings, with expectations of one to two new issuances per week [2][6] Group 3: Subscription Dynamics - The subscription dynamics indicate that only investors with significant capital, estimated at over 493.85 billion yuan, will be able to secure a full allocation of shares, while others may only receive fractional shares [5][6] - The competitive nature of the subscription process suggests that investors need to position themselves strategically to secure shares, with a minimum investment threshold of approximately 649.8 million yuan to access full shares [4][5]

Financing & Review - In August 2025, 5 new stocks were issued on the North Exchange, raising a total of 1.22 billion yuan[6] - Cumulatively, 12 new stocks were issued from January to August 2025, with total fundraising amounting to 3.739 billion yuan[6] - As of the end of August, there are 13 companies that have passed the review but not yet registered, with a proposed fundraising of 2.610 billion yuan[6] Subscription & Issuance - The median first-day increase for the 5 new stocks listed in August was +271.09%, with individual increases of +369.54%, +340.71%, +271.09%, +263.98%, and +203.94%[4] - The theoretical subscription yield for individual new stocks in August ranged from +0.066% to +0.128%[4] - The cumulative theoretical yield for new stock subscriptions from January to August 2025 increased by +1.42%[4] Market Trends & Predictions - The average top subscription amount in August was 11.60 million yuan, with a median freezing fund range of 564.54 billion to 740.83 billion yuan[6] - The expected annual issuance of new stocks is estimated at 30, with a total fundraising of 7.5 billion yuan under a neutral assumption[7] - The anticipated first-day price increase for new stocks is projected at 300%, with various scenarios considered[7] Investment Analysis - The North Exchange is entering a normalized issuance period, with subscription yields appearing attractive[7] - The average yield increase for 5 new stocks listed in August is +0.11%, suggesting a potential annualized yield increase of +3.31% if 30 stocks are issued[7] - The North Exchange's strategic investment opportunities are highlighted, particularly in the context of the recent expansion of strategic placement investors[7]

Group 1: New Stock Issuance and Performance - In July 2025, the North Exchange issued 2 new stocks, raising a total of 492 million yuan, with a cumulative issuance of 7 stocks and a total fundraising of 2.485 billion yuan from January to July 2025[5] - The first-day price increase for Dingjia Precision was 459.51%, with a theoretical subscription yield of +0.138%[3] - The cumulative yield for new stock subscriptions in 2024 was +3.99%, while for January to July 2025, it was +0.86%[3] Group 2: Subscription Trends and Market Dynamics - The median first-day price-to-earnings ratio (PEttm) for new stocks in July 2025 was 12x, up 90% from the previous month[5] - The median amount of frozen funds for new stock subscriptions was 621.68 billion yuan, an increase of 12.51% month-on-month, with a median online winning rate of 0.04%[5] - The number of effective subscription accounts for Dingjia Precision reached 659,600, a 14.24% increase from the previous issuance[5] Group 3: Future Projections and Risks - The forecast for new stock issuance in 2025 is set at 30 stocks, assuming a steady pace of one issuance per week[5] - The expected first-day price increase for new stocks is projected at 300%, with a neutral expectation for the online winning rate at 0.038%[5] - Risks include slower-than-expected issuance speed, lower-than-expected price increases, and potential macroeconomic downturns[5]

Group 1 - The IPO market of the Beijing Stock Exchange (BSE) has shown significant activity, with a notable increase in the number of new companies applying for listing, reaching 97 in June alone, including many high-quality firms with net profits exceeding 50 million yuan [1][5] - The enthusiasm for new stock subscriptions continues to rise, with the "unbeaten myth" of A-share market subscription strategies lasting for 15 months, indicating strong investor confidence in the BSE [1][2] - The subscription for Suzhou Dingjia Precision Technology Co., Ltd. saw 80,300 accounts participating, with a subscription multiple of 2965.66 times and a total frozen capital of approximately 628.84 billion yuan, marking a breakthrough of 600 billion yuan [2][3] Group 2 - The pace of new stock issuance on the BSE has accelerated since June, with two new stocks listed in June alone, compared to only six in the first half of 2025 [3][4] - The current review process for companies applying to list is approximately one company per week, which could lead to around 50 new listings annually if maintained, or 100 if the pace is doubled [3][4] - The quality of companies applying for listing has improved, with 44 out of 133 new applicants being recognized as "specialized and innovative" enterprises, accounting for 33.08% [5][6] Group 3 - The new companies accepted for listing are primarily engaged in key sectors such as semiconductors, biomedicine, and artificial intelligence, aligning with national strategic priorities [5][6] - The average revenue of new applicants in 2024 is expected to be between 200 million and 1 billion yuan, with a significant portion of companies falling within this range [5][6] - The average operating income of companies in the new third board's innovation layer has reached 569 million yuan, with a notable increase in profitability and R&D investment [6]

Group 1: Financing & Review - In May 2025, the Beijing Stock Exchange (BSE) issued 1 new stock, raising 168 million yuan; a total of 4 new stocks were issued from January to May 2025, raising a cumulative 1.702 billion yuan[5] - As of the end of May, there were 11 companies that had passed the review but not yet registered, with a proposed fundraising amount of 2.511 billion yuan; 1 company was registered but not yet issued, with a proposed fundraising of 200 million yuan[5] - The average proposed fundraising amount for companies under review is approximately 250 million yuan, with a total expected fundraising of 7.5 billion yuan for the year based on historical data[5] Group 2: Subscription & Issuance - In May 2025, 10 new companies were accepted for review, with 3 passing and 3 terminating; the acceptance rate shows a month-on-month increase[5] - The average first-day increase for new stocks in May was 441.68%, with a theoretical subscription return of 0.177%[3] - The cumulative return for new stock subscriptions from January to May 2025 was 0.50%, while the cumulative return for 2024 was 3.99%[3] Group 3: Market Trends & Predictions - The expected first-day increase for new stocks is set at 200%, with scenarios considering increases of 100%, 200%, and 300%[5] - The average online subscription amount in May was 7.99 million yuan, with a minimum investment threshold of 2.85 million yuan[34] - The online subscription rate is projected to be 0.056%, with variations based on different levels of frozen funds[5] Group 4: Investment Analysis & Risks - The high enthusiasm for new stock subscriptions is suppressing the subscription rate, which was only 0.03% in May due to the low fundraising amounts[5] - Risks include slower-than-expected issuance speed, lower-than-expected stock price increases, and potential macroeconomic downturns[5]