Core Viewpoint - The recent issuance results of Jiao Da Tie Fa (Sichuan Southwest Jiaotong Railway Development Co., Ltd.) show a significant oversubscription with an online effective subscription multiple of 3234.41 times, leading to a very low allocation rate of only 0.03%, marking a historical low for the North Exchange market in 2025 [1][2][5]. Group 1: Issuance and Subscription Details - Jiao Da Tie Fa's online effective subscription reached 586.58 billion shares, with 486,024 investors participating in the online issuance [2][3]. - The issuance price was set at 8.81 yuan per share, resulting in a total frozen capital of approximately 516.77 billion yuan [3][5]. - The low allocation rate of 0.03% is consistent with other recent listings, such as Honghai Technology, which also had the same allocation rate [1][2]. Group 2: Market Context and Trends - The average first-day increase for new stocks listed on the North Exchange in 2025 has reached 303.91%, a significant increase from 217.69% in 2024 [5]. - The trend of low allocation rates and high frozen capital indicates strong investor enthusiasm, which has become a norm in the North Exchange market [5][6]. - Analysts from Kaiyuan Securities and Guohai Securities express optimism about the investment value of the North Exchange in 2025, citing improved quality of listed companies and attractive initial price-earnings ratios [5][6].

Financing & Review - In April 2025, the Beijing Stock Exchange (BSE) issued 1 new stock, raising 236 million yuan; from January to April 2025, a total of 3 new stocks were issued, raising a total of 1.534 billion yuan[5] - As of the end of April, there were 10 companies that had passed the review but not yet registered, with a planned fundraising amount of 2.043 billion yuan[5] - The median price-to-earnings ratio (P/E) for new stock issuances in April was 15x, an increase of 113.99% month-on-month[5] Subscription & Issuance - The total number of new stock subscriptions in 2024 yielded a cumulative return of +3.99% from 23 new stocks; for January to April 2025, the cumulative return was +0.32%[3] - The average top subscription amount for new stocks was 1,005,000 yuan, with a median of 906,000 yuan[41] - The online subscription rate for new stocks was 0.04%[5] Market Trends & Predictions - The annual issuance forecast for 2025 has been adjusted to a neutral expectation of 30 new stocks, with a total fundraising amount of 7.5 billion yuan[5] - The new stock first-day price increase is expected to be 200%, with scenarios considering 100%/200%/300% increases[5] - The revised rules for strategic placement have increased the number of participants and the proportion allowed, potentially enhancing market interest in new stocks[40] Risk Factors - Risks include slower-than-expected issuance speed, lower-than-expected price increases for new stocks, and potential macroeconomic downturns[5]