2025年新股发行回顾 ： 广发证券资深金工分析师 张超 SAC: S0260514070002 zhangchao@gf.com.cn 广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn 广发金工安宁宁陈原文团队 摘要 2025沪深北三市共发行新股112只，采用网下发行方式的数量为80只。分板块来看，主板上市股票数量与规模居首，其次是科创板、创业 板。北交所上市新股数量也较多，但整体规模占比很小，并且不参与网下发行。从发行节奏来看，2025年新股发行数量与规模虽偏低位， 但从趋势来看，整体发行有提速迹象。 2025年网下打新回顾： 2025年网下打新收益率有所回暖。网下打新入围率平稳，报价较为集中，发行市盈率与报价参与度均有所提升。 2025年新股首日表现回顾： 2025年未出现新股上市破发情况。对于网下发行的新股，上市首日涨跌幅平均值222.5%，中位数200.6%，处于近几年高位。新股上市首 日之后若干个交易日，从统计上来看是趋势性下跌的。上市首日换手率方面，全年均值约为79%。 2025年网下打新收益率统计： 在1.5亿元最优规模下，202 ...

理财公司再度布局网下打新，宁银理财、兴银理财旗下9只理财产品获得科创板新股摩尔线程的网下配 售。 据同花顺数据梳理，11月24日—11月30日，银行理财市场共新发人民币理财产品1166款（份额分开计 算，下同），环比减少46款。根据运作方式划分，封闭式产品877款，开放式产品289款。 从发行机构来看，理财子公司为当前银行理财市场主体，31家理财公司上周共发行997款理财产品，占 比超85%。其中，华夏理财新发产品数量最多，达85款，其次是兴银理财、信银理财，分别发行67款、 66款产品。另有65银行发行了169款理财产品，天津银行发行数量最多，共新发24款理财产品，其次是 富阳农商银行、杭州联合银行，均发行了8款理财产品。 从投资性质来看，上周1166款新发理财产品中1137款为固定收益类，占比近98%，主要投资于同业存 单、银行存款、债券等固定收益类资产。混合类理财发行量继续回升，共有28款理财产品新发，环比增 加4款，主要投资于存款、债券等固定收益类资产，股票、含权公募基金等权益类资产，以及其他符合 监管要求的资产，各类资产比例均低于80%。同时，星展银行（中国）新发一款代客境外理财，投资性 质为权益类 ...

Core Viewpoint - The article discusses the increasing participation of bank wealth management companies in IPO offline subscription, particularly highlighting the successful allocation of shares in the domestic GPU company, Moore Threads, marking a significant step in equity investment for these firms [1][2]. Group 1: Bank Wealth Management Participation - Bank wealth management companies, such as Ningyin Wealth Management and Xingyin Wealth Management, have successfully participated in the offline subscription of Moore Threads, indicating a growing trend in equity investments [1][2]. - The participation of these companies in IPO offline subscriptions is seen as a strategy to enhance the returns of their wealth management products, although only a few firms have actively engaged in this practice [1][3]. Group 2: Investment Strategy and Market Response - The AI chip industry is experiencing rapid growth, and bank wealth management companies are aligning their investment strategies with national policies to support the real economy and technological innovation [2][3]. - The implementation of policies granting bank wealth management companies equal status as Class A investors in offline subscriptions has led to a swift market response, with several firms beginning to participate in IPOs [2][3]. Group 3: Research and Capability Challenges - Many bank wealth management companies face challenges in participating in IPO offline subscriptions due to limitations in research capabilities and personnel allocation [3][4]. - Establishing a robust research mechanism and investment decision-making process is essential for these companies to effectively engage in new stock subscriptions [3][4]. Group 4: Future Directions and Recommendations - To enhance their participation in IPO offline subscriptions, bank wealth management companies are advised to strengthen their industry research and valuation modeling capabilities, design differentiated product structures, and improve investor engagement [4]. - The high premium characteristics of A-share new stocks provide an opportunity for bank wealth management products to achieve excess returns, making participation in IPOs a valuable strategy [3][4].

摩尔线程成立于2020年，该公司以全功能GPU为核心，致力于向全球提供加速计算的基础设施和一站式 解决方案，为各行各业的数智化转型提供AI计算支持。 据摩尔线程披露的首次公开发行股票并在科创板上市网下初步配售结果及网上中签结果公告，宁银理财 旗下6只理财产品入围，兴银理财旗下3只理财产品入围。 具体来看，宁银理财旗下产品包括宁赢个股臻选混合类开放式理财产品1号（最短持有2年）、宁赢平衡 增利混合类开放式理财3号（最短持有180天）、宁赢平衡增利混合类日开理财（最短持有1年）等。 兴银理财旗下产品分别是兴银理财富利兴成阿尔法日开1号混合类理财产品、兴银理财富利兴成阿尔法 一个月持有期2号混合类理财产品、兴银理财兴睿全明星1号混合类净值型理财产品。 根据摩尔线程发布的公告，宁银理财和兴银理财的产品均属于上市后限售期限最长、限售比例最高的 A1类投资者。在摩尔线程的A类投资者中，A1类投资者承诺其获配股票数量的70%（向上取整计算）限 售期为自发行人首次公开发行并上市之日起9个月。从限售期限和限售比例来看，两家参与配售的理财 公司均看好摩尔线程的中长期成长前景，并不急于在上市首日卖出。 日前，宁银理财、兴银理财成功 ...

Group 1 - Moole Technology (688795.SH) officially issued on the Sci-Tech Innovation Board at an issuance price of 114.28 yuan per share, making it the most expensive new stock of the year [1] - Ningyin Wealth Management successfully allocated shares of Moole Technology, with six of its products making the cut, ranking first among bank wealth management companies in terms of both the number of products and allocated amount [1] - Ningyin Wealth Management has actively engaged in new stock subscription, participating in 25 new stock applications this year, with a success rate of 96%, and has accumulated allocations exceeding 10 million yuan [1] Group 2 - In January 2025, a joint issuance of the "Implementation Plan for Promoting Long-term Funds to Enter the Market" will grant bank wealth management the same offline subscription status as public funds [1] - Ningyin Wealth Management is one of the few institutions deeply involved in equity investments, leveraging the favorable policy environment to enhance its new stock subscription business [1] - Earlier in 2023, Beiyin Wealth Management issued the Jinghua Runze Winter series of wealth management products to participate in Moole Technology's Series B financing through private equity fund investments [1]

网下打新或将迎来新局面。 11月25日晚间，摩尔线程公布了网下初步配售结果。结果显示，A类投资者获配数量占比98.44%，B类投资者获配仅占比1.56%。从具体的获配股数来 看，有的B类投资者最少只获配了39股。证券时报·券商中国记者获悉，这是科创成长层优化发行承销制度的结果，对于网下打新，实行的是约定限售方 式。 据悉，A类投资者包括公募、社保基金、养老金、年金基金、银行理财产品、保险资金、保险资产管理产品和合格境外投资者资金。B类投资者是上述之 外的其他投资者，比如私募、券商资管、券商自营等。 B类投资者获配份额大幅减少 从摩尔线程的数据来看，A类投资者获配数量占比98.44%，B类投资者获配占比1.56%。摩尔线程是科创板成长层的新股，此前几只科创板成长层的新股 也有类似情况。 | 配售对象 | 有效申购 股数(万 | 申购量占 网下有效 | 获配数量 | 获配数量 占网下发 | 有限售期 配售数量 | 无限售期 配售数量 | 各类投资者配 | | --- | --- | --- | --- | --- | --- | --- | --- | | 类型 | | 申购数量 | (股) | 行总量的 | | ...

网下打新或将迎来新局面。 11月25日晚间，摩尔线程公布了网下初步配售结果。结果显示，A类投资者获配数量占比98.44%，B类投资者获配仅占比1.56%。从具体的获配股数来看，有的B类 投资者最少只获配了39股。证券时报·券商中国记者获悉，这是科创成长层优化发行承销制度的结果，对于网下打新，实行的是约定限售方式。 据悉，A类投资者包括公募、社保基金、养老金、年金基金、银行理财产品、保险资金、保险资产管理产品和合格境外投资者资金。B类投资者是上述之外的其他投 资者，比如私募、券商资管、券商自营等。 B类投资者获配份额大幅减少 从摩尔线程的数据来看，A类投资者获配数量占比98.44%，B类投资者获配占比1.56%。摩尔线程是科创板成长层的新股，此前几只科创板成长层的新股也有类似情 况。 | 配售对象 | 有效申购 股数(万 | 申购量占 网下有效 | 获配数量 | 获配数量 占网下发 | 有限售期 配售数量 | 无限售期 配售数量 | 各类投资者配 | | --- | --- | --- | --- | --- | --- | --- | --- | | 类型 | | 申购数量 | (股) | 行总量的 | | ...

网下打新或将迎来新局面。 11月25日晚间，摩尔线程公布了网下初步配售结果。结果显示，A类投资者获配数量占比98.44%，B类投资者获配仅占比1.56%。从具体的获配股数来看，有的B类 投资者最少只获配了39股。记者获悉，这是科创成长层优化发行承销制度的结果，对于网下打新，实行的是约定限售方式。 根据公告，本次配售需满足限售比例更高、限售期更长的网下投资者配售比例应当不低于其他投资者的要求。A1类投资者（选择档位一的A类投资者）的配售比例 不低于A2类投资者（选择档位二的A类投资者）的3倍，同时A2类投资者的配售比例不低于A3类（选择档位三的A类投资者）与B类投资者的3倍。 据悉，A类投资者包括公募、社保基金、养老金、年金基金、银行理财产品、保险资金、保险资产管理产品和合格境外投资者资金。B类投资者是上述之外的其他投 资者，比如私募、券商资管、券商自营等。 B类投资者获配份额大幅减少 从摩尔线程的数据来看，A类投资者获配数量占比98.44%，B类投资者获配占比1.56%。摩尔线程是科创板成长层的新股，此前几只科创板成长层的新股也有类似情 况。 | 配售对象 | 有效申购 | 申购量占 网下有效 | 获配数量 ...

Summary of Key Points Core Viewpoint - The article discusses the recent trends in new stock issuances, highlighting significant growth in both the number of new stocks and the total amount raised in September 2025 compared to previous months [4]. New Stock Issuance Overview - In September 2025, a total of 11 new stocks were listed, comprising 3 from the main board, 5 from the ChiNext, and 3 from the Beijing Stock Exchange, raising a total of 11.689 billion yuan, which represents a month-on-month increase of 185.58% [4]. - Year-to-date, 76 new stocks have been listed, with a total fundraising amount of 76.025 billion yuan, indicating a robust market activity [4]. Inquiry Account Growth - The number of inquiry accounts has steadily increased, with 3 new stocks on the main board showing an average first-day increase of 131.33%, although this is a decrease of 9.35 percentage points from the previous month [5]. - For the dual innovation board (ChiNext and Sci-Tech Innovation Board), 5 new stocks had an average first-day increase of 251.91%, down 50.67 percentage points from the previous month, with no stocks experiencing a decline [5]. New Stock Profitability Assessment - In September 2025, the estimated new stock profitability for a 500 million yuan account on the main board was 0.026% for A-class and 0.025% for C-class accounts [6]. - Cumulative returns for A-class accounts in 2025 reached approximately 1.285%, while C-class accounts achieved about 1.164% [6].

- The report tracks the performance of new stock issuances in September 2025, noting that 11 new stocks were listed, raising a total of 11.689 billion yuan, a 185.58% increase from the previous month[1][12][13] - Among these, 8 stocks were issued offline, raising 10.628 billion yuan, a 314.65% increase from the previous month[1][12][13] - The number of accounts participating in initial inquiries has steadily increased, with 9194 accounts for the main board and 8306 for the dual innovation board (comprising the ChiNext and STAR Market)[2][24][25] - The average first-day increase for main board stocks was 131.33%, while for the dual innovation board, it was 251.91%[2][24][25] - The offline subscription rates for A and C class investors were 0.11‰ and 0.11‰ for the main board, and 0.22‰ and 0.20‰ for the dual innovation board, respectively[2][24][25] - The report provides a detailed calculation method for new stock issuance returns, using the formula: $$ \text{Single account stock issuance return} = \min(\text{account size}, \text{subscription limit}) \times \text{winning rate} \times \text{return rate} $$ $$ \text{A/B/C class investors' full return} = \text{subscription limit} \times \text{A/B/C class offline winning rate} \times \text{return rate} $$[41] - For September 2025, the return rates for a 5 billion yuan account were 0.026% for A class and 0.025% for C class on the main board, and 0.125% for A class and 0.103% for C class on the ChiNext board[42][43][44][45][46][47] - The cumulative return rates for 2025 were 1.285% for A class and 1.164% for C class accounts[48][49][50] - In a full subscription scenario, the returns for A class accounts were 133,000 yuan on the main board and 877,000 yuan on the ChiNext board, while for C class accounts, the returns were 127,000 yuan on the main board and 727,000 yuan on the ChiNext board[51][52][54] - The report also evaluates the performance of fund products and institutions in new stock issuances, listing the top-performing funds and institutions based on their participation and winning rates[57][58][60][61][62][64][65][66][67]