Summary of Key Points Core Viewpoint - The article provides a comprehensive review of the new stock issuance and offline subscription performance in 2025, highlighting a trend of increasing issuance despite a generally low volume and scale. It emphasizes the strong performance of new stocks on their first trading day and offers predictions for 2026 based on historical data and market conditions. Group 1: 2025 New Stock Issuance Overview - In 2025, a total of 112 new stocks were issued across the Shanghai, Shenzhen, and Beijing stock exchanges, raising approximately 1308.35 billion yuan [9] - The main board led in both the number of new stocks (38) and the total amount raised (616 billion yuan), followed by the ChiNext (31 stocks, 241 billion yuan) and the Sci-Tech Innovation Board (18 stocks, 378 billion yuan) [12][14] - The overall issuance showed signs of acceleration despite being at a low level, indicating a potential recovery in the market [11] Group 2: Offline Subscription Data Characteristics - The average acceptance rate for offline subscriptions in 2025 was 94.4%, with a notable dip in May and June [19] - The median effective bid width for offline subscriptions was 5.1%, indicating a trend towards more concentrated bidding [21] - The average winning rate for subscriptions was 3.44%, with a median of 2.63%, reflecting a relatively low level compared to previous years [27] Group 3: First Day Performance of New Stocks - In 2025, there were no instances of new stocks breaking below their issue price on the first day, with an average price increase of 222.5% and a median of 200.6% [3][30] - The average turnover rate on the first trading day was approximately 79%, indicating strong trading activity [33] - Post-listing, new stocks generally experienced a trend of decline in the following trading days, suggesting a strategy for investors to consider selling on the first day [39] Group 4: Offline Subscription Yield Statistics - For accounts with a scale of 1.5 billion yuan, the annual yield for Class A investors was approximately 4.1%, while Class B investors saw a yield of about 3.0% [4][41] - As account size increased to 3 billion yuan, yields for both classes dropped significantly to 3.2% and 2.2%, respectively [41] - The dual innovation board contributed the most to subscription yields among various boards [41] Group 5: Beijing Stock Exchange Subscription Overview - In 2025, the Beijing Stock Exchange saw 26 new stocks listed, with a noticeable acceleration in issuance in the second half of the year [42] - The average first-day price increase for these stocks was 368.1%, indicating strong market interest [43] - The estimated yield for a 10 million yuan account in the Beijing Stock Exchange was approximately 2.64% [51] Group 6: First Day Selling Strategies - The report suggests optimizing selling strategies based on fixed time, fixed price increase, and turnover rate, with specific recommendations for offline and Beijing Stock Exchange stocks [54][60] - For offline subscription investors, selling when the turnover rate reaches 40%-70% is considered optimal, while for Beijing Stock Exchange stocks, holding until the end of the trading day is recommended [68] Group 7: 2026 Offline Subscription Yield Outlook - The predicted yield for offline subscriptions in 2026 is influenced by the scale of new stock listings, expected price increases, and the number of participating investors [69] - Based on historical data, the estimated yields for a 1.5 billion yuan Class A account under pessimistic, neutral, and optimistic scenarios are 2.1%, 3.3%, and 4.4%, respectively [75]

Group 1: North Exchange Market Insights - In 2025, a total of 26 companies completed their IPOs on the North Exchange, raising 7.5 billion yuan, significantly surpassing 2024's fundraising [2][7] - The average first-day increase for IPOs in 2025 reached 368%, a notable rise from 2024, with December's new listings averaging a 463% increase [2][7] - The average online subscription funds in 2025 reached 662.4 billion yuan, with December hitting a record high of 781.2 billion yuan, indicating heightened interest in new listings [2][8] Group 2: Consumer Services Sector Analysis - The consumer services sector on the North Exchange saw a median market cap increase of 30.92% in 2025, with several companies experiencing over 50% and 100% increases [11] - The sector includes various industries such as food and beverage, cultural IP, pet food, cosmetics, and agriculture, indicating a diverse investment landscape [11] - The average price-to-earnings ratio (PETTM) for consumer services companies was 46.3x, suggesting relatively low valuations and potential investment opportunities in 2026 [11] Group 3: Real Estate Market Overview - The real estate sector experienced a decline of 0.7% in the week ending January 6, 2026, with significant fluctuations in individual stock performances [15][17] - New housing transactions in 42 key cities totaled 256 million square meters, reflecting a 2.0% decrease week-on-week, while year-to-date transactions showed an 18.1% decline [16][17] - The government emphasized the importance of the real estate market for economic stability, with new policies aimed at improving market expectations and housing quality [17][18] Group 4: Shenzhen International Company Insights - Shenzhen International's logistics park transformation project is progressing, with expected incremental revenue from land use rights and a stable dividend policy [19][20] - The company has maintained a dividend payout ratio of around 50% from 2017 to 2024, with projected dividend yields of approximately 8.7% for 2025-2027 [21][22] - The anticipated net profits for Shenzhen International from 2025 to 2027 are estimated at 3.64 billion, 3.65 billion, and 2.8 billion HKD, respectively, indicating a strong financial outlook [22]

证券研究报告|北交所专题报告 2026年1月6日 2025年新股首日涨幅均值368%，千万级账户2025年收益率预计3.4% —北交所新股月度巡礼（2025年12月） 证券分析师 姓名：赵昊 资格编号：S1350524110004 邮箱：zhaohao@huayuanstock.com 联系人 姓名：胡文瀚 邮箱：huwenhan@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 核心要点：2025年新股首日收益率368%，预期顶格收益达48万元 n 发行情况：2025年共计26家公司完成上市，募资75亿元，全年募资显著超越2024年；12月有3家公司上市，募资额7.8 亿元，2025Q4则整体上市11家（募资24亿元），北交所IPO节奏维持加速态势，预计后续IPO或延续该节奏。 n 公司质量：2025年北交所新上市公司的2024年营收平均为7.8亿元，归母净利润平均为1.0亿元，毛利率达34%，财务数 据相比2023-2024年新上市公司显著提升。 n 首日涨幅：2025年北交所IPO首日平均涨幅达到368%，较2024年显著提升。12月3家新上市公司，首日平均涨幅达463%； ...

Core Viewpoint - The stock of Hengtong Optic, a company in the optical communication sector, debuted on the Beijing Stock Exchange with a remarkable increase of over 1000%, closing at a gain of 878.16%, setting a record for the highest single-sign profit on the exchange [1][3]. Company Overview - Hengtong Optic specializes in three main areas: passive optical fiber cabling, passive optical components, and related supporting businesses [3]. - The company's initial offering price was set at 31.59 yuan, making it the most expensive new stock on the Beijing Stock Exchange this year and ranking seventh in the historical price list of the exchange [3]. Market Performance - On its first trading day, Hengtong Optic's stock price peaked at 309 yuan, achieving a maximum profit of 35,600 yuan per single sign, which is more than double the second-highest profit from another stock [5]. - The total trading volume for Hengtong Optic reached 3.648 billion yuan, accounting for nearly 17.6% of the total market, significantly surpassing the second-highest trading stock [5][6]. - The company's market capitalization rose to 21.034 billion yuan, making it the third-largest stock by market value on the Beijing Stock Exchange [5]. Industry Context - The Beijing Stock Exchange has seen a steady increase in market activity, with 26 new stocks listed this year, a rise of three compared to the previous year [7]. - The average first-day gain for newly listed stocks this year was 368.1%, a significant increase from 217.7% in the same period last year [9]. - Hengtong Optic and another stock, Dapeng Industrial, were the only two stocks to achieve a single-sign profit exceeding 10,000 yuan on their debut [10].

Core Viewpoint - The successful debut of Hengtong Optic (920045.BJ) on the Beijing Stock Exchange marks a significant event in the optical communication sector, with its stock price soaring by 1008% on the first trading day, reflecting strong investor interest and market performance [1][4]. Company Overview - Hengtong Optic specializes in the research, development, manufacturing, and sales of passive optical devices in the optical communication field, with core products including fiber optic connectors and multi-fiber parallel passive optical devices [3]. - The company has been recognized as a "little giant" enterprise at the national level and has undertaken significant research projects related to high-density optical components and silicon photonic chips [3]. Financial Performance - From 2022 to 2024, Hengtong Optic's revenue is projected to grow from 475 million yuan to 1.315 billion yuan, with a compound annual growth rate (CAGR) of 49.07%, while net profit is expected to rise from 55 million yuan to 148 million yuan, achieving a CAGR of 128.50% [4]. - In the first half of 2025, the company reported revenue of 1.021 billion yuan, a year-on-year increase of 105.84%, and a net profit of 143 million yuan, up 170.72% compared to the previous year [4]. Market Context - The performance of Hengtong Optic is indicative of a broader trend in the Beijing Stock Exchange, where 26 new stocks were listed in 2025, all achieving positive first-day performance, with the lowest increase being 133% and the highest reaching 1211% [4][5].

Core Viewpoint - The influx of capital into the Beijing Stock Exchange (北交所) for new stock subscriptions has significantly increased, driven by industrial capital and various companies utilizing idle funds for investment opportunities [1][6]. Group 1: Industrial Capital Participation - Companies like LeEco (乐视网), Diens (帝恩思), and others have announced plans to use idle funds for subscribing to new stocks on the Beijing Stock Exchange, indicating a strategic shift towards maximizing investment returns [1][2]. - LeEco plans to invest at least 150 million yuan in new stock subscriptions and reverse repos, while Diens intends to use up to 12 million yuan for similar purposes [1][2]. - Other companies, such as Jufeng (聚丰股份) and Huachuang (华创合成), have also committed significant amounts of idle funds for new stock subscriptions, with Jufeng planning to invest up to 40 million yuan and Huachuang up to 80 million yuan [2]. Group 2: Characteristics of New Stock Subscriptions - The unique characteristics of the Beijing Stock Exchange's new stock subscription process, which allows cash-only applications without requiring a stock collateral, have attracted more investors [3][5]. - The allocation of new stocks is based on a proportional distribution rather than a lottery system, making it easier for investors to secure shares by applying with larger amounts of capital [3][5]. - This has led to the emergence of dedicated groups of investors who consistently participate in new stock subscriptions, viewing it as a low-risk investment strategy [3][4]. Group 3: Market Trends and Data - The average subscription amount for new stocks on the Beijing Stock Exchange has surged from 267 billion yuan in 2022 to 6.5 trillion yuan in 2025, with peak subscription amounts exceeding 8.6 trillion yuan [6][7]. - In 2023, 77 new stocks were listed with an average subscription amount of 369 billion yuan, while 2024 saw 23 new stocks with an average of 2.1 trillion yuan [7]. - The largest single new stock subscription occurred with Nant Technology, attracting 867.6 billion yuan, marking the highest participation in the exchange's history [6].

Core Viewpoint - The influx of various funds into the Beijing Stock Exchange (BSE) new shares has significantly increased, with industrial capital, including listed companies and New Third Board enterprises, actively participating in new share subscriptions [1][2][3]. Group 1: Industrial Capital Participation - Companies like LeEco, Diens, Jufeng, and Huachuang have announced plans to use idle funds for subscribing to BSE new shares, indicating a strategic shift towards enhancing investment returns [2][4][5]. - LeEco plans to invest no less than 150 million yuan in BSE new shares and government bond reverse repos [4]. - Diens intends to use up to 12 million yuan of idle funds for BSE new share subscriptions, with the flexibility to roll over the funds [4]. - Jufeng announced an additional investment of 25 million yuan, bringing the total investment limit to 40 million yuan for various securities, including BSE new shares [4]. Group 2: Surge in Subscription Scale - The average subscription scale for BSE new shares has skyrocketed from 26.7 billion yuan in 2022 to 650 billion yuan in 2025, with a peak exceeding 860 billion yuan [3][10]. - The participation of industrial capital is just one segment of a broader trend, with total frozen subscription funds surpassing 800 billion yuan [9]. Group 3: Unique Characteristics of BSE New Share Subscriptions - BSE new share subscriptions are characterized by a cash-only requirement, allowing participation without needing a stock collateral, which is a significant advantage over the Shanghai and Shenzhen exchanges [6][8]. - The allocation of new shares is based on a proportional distribution rather than a lottery system, meaning that larger subscription amounts lead to higher chances of allocation, often resulting in a near 100% success rate for maximum subscriptions [6][7]. Group 4: Market Performance and Trends - In 2023, 24 new stocks were listed on the BSE, with none experiencing a price drop below the issue price, and the lowest first-day increase was 133%, while the highest was 1211% [8]. - The trend of increasing funds entering BSE new shares is accelerating, with the average subscription amount for new stocks rising significantly year-on-year [10].

2025 年 12 月 14 日 北交所研究团队 北交所打新配置策略：精选高质新股机会，布局低估值高分红资产 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 年北交所新股收益率较好，审核加快关注北交所具备大市值低估值企业 从 2025 年新股情况看北交所表现较好，北交所、上交所、深交所上市企业首日 涨跌幅均值分别为 354.69%、222.90%、206.84%，网上发行中签率均值为 0.0371%、0.0488%、0.0211%，首次发行市盈率均值 12.70X、40.22X、19.77X， 首次发行市净率均值 1.57X、2.39X、2.04X。从北交所发审会节奏上来看，截至 2025 年 12 月 12 日，2025 年 1-12 月北交所合计过会 43 家企业，合计上市 24 家 企业，其中 2025 年 11-12 月北交所合计过会 16 家企业。2025 年 7-12 月北交所 网上发行有效申购户数+冻结资金中枢整体稳定在均值59.95万户和7039.73亿元 左右。从 2025 年北交所新股申购中签率来看，2025 ...

Group 1 - Jiangtian Technology has officially launched its IPO, with subscription starting on December 16, marking the first new stock for the Beijing Stock Exchange in December [1] - The issue price is set at 21.21 yuan per share, corresponding to a price-to-earnings ratio of 14.5 times. A total of 13.2136 million shares will be publicly issued, resulting in a total share capital of 66.0682 million shares [1] - The company specializes in the research, production, and sales of label printing products, including film and paper-based self-adhesive labels, widely used in daily consumer sectors such as beverages, personal care products, and food [1] Group 2 - Jiangtian Technology has shown continuous growth in recent years, projecting revenues of 538 million yuan and net profits exceeding 100 million yuan for 2024. By the first half of 2025, revenues are expected to surpass 300 million yuan, with net profits exceeding 55 million yuan after deducting non-recurring items [1] - The Beijing Stock Exchange has seen a surge in new stock offerings in 2025, with 24 new stocks listed this year, averaging a first-day increase of 3.61 times, indicating a strong market for new IPOs [1]

在北证50指数离奇大涨之后，市场传出北交所市值打新进入网上测试阶段的消息！ 证券时报报道，有市场消息称"北交所市值打新已进入网上测试阶段"。就此，多家券商人士表示，目前 公司暂时没有开展北交所市值打新方面的系统测试。也有券商表示，有关方面此前调研过相关情况。不 过，澎湃援引相关人士消息称"情况属实"。 值得注意的是，不同于沪深交易所采取"市值配售"（分别对应持有沪深相应市值，且不可通用，上海交 易所包括主板和科创板，深圳包括主板和创业板），北交所股票资金/Reits基金/港股打新"无需市值， 现金申购，全额预缴"，因此参与者需要预留大量资金；投资者在申购时，申购多少就冻结多少资金。 举个例子，若投资者想申购1000股，每股发行价为50元，则需冻结50000元资金，没有中签的资金，会 在T＋2日解冻。 A股掀起打新热潮 最近以来，A股掀起打新热潮。 而在资金申购方式下，会产生冻资效应。 北交所新股发行冻资规模屡创新高 今年以来，北交所市场打新热度持续升温，新股发行冻结资金规模不断攀升。 7月登陆北交所的鼎佳精密、酉立智能，发行冻结资金均超过6000亿元；8月初开放申购的志高机械，冻 资规模超过7000亿；今年8 ...