值得关注的是，公私募基金产品积极参与网下配售，成为获配主力，多家大型基金公司获配额超亿元。 据公募排排网数据，200家公募、私募机构旗下产品获得沐曦股份网下配售，合计获配金额约14.4亿 元。其中，94家公募机构旗下产品获配金额高达14.02亿元，获配数量为1339.23万股。具体来看，获配 最多的是易方达基金，获配2.03亿元；南方基金、工银瑞信基金、富国基金获配金额均超1亿元。国泰 基金、招商基金、华夏基金、博时基金、广发基金、银华基金、华安基金、华泰柏瑞基金、中欧基金、 海富通基金、万家基金、汇添富基金、交银施罗德基金、天弘基金等旗下产品获配额均超过千万元。 此外，多家知名量化私募也获配较多，最多的是宁波幻方量化，达490.8万元，其次是衍复投资，超460 万元。此外，九坤投资获配超过300万元。世纪前沿、明汯投资、金锝私募、九章资产、佳期私募、量 派投资和茂源量化等均获配金额不低于100万元。 打新回报增厚基金收益 此前，摩尔线程打新引发全市场关注，摩尔线程网上中签率仅0.036%，约2.7万人中仅有1人中签；网下 申购倍数达1572倍。在摩尔线程的网下配售名单中，也出现了多家公私募基金的身影。公募排 ...

Core Insights - The rapid listing of Moer Technology has allowed bank wealth management subsidiaries to benefit from new stock subscriptions, indicating a trend towards equity investments to enhance returns amid declining fixed-income yields [1][2]. Group 1: Market Activity - Moer Technology, known as the "first domestic GPU stock," was listed on the STAR Market on December 5, with an opening surge of 468.78% and a closing price increase of 425.46% from the issue price [1]. - The offline issuance attracted 267 investors, with a total of 7,555 effective allocation targets, setting a new record for STAR Market IPO subscriptions since 2025 [2]. - Bank wealth management subsidiaries, such as Ningyin Wealth Management and Xingyin Wealth Management, successfully participated in the offline subscription, with Ningyin securing 34,400 shares and Xingyin obtaining 17,900 shares [2]. Group 2: Investment Strategies - Wealth management subsidiaries are increasingly participating in new stock subscriptions as a strategy to enhance returns, with Ningyin Wealth Management participating in 25 new stock subscriptions this year, successfully securing allocations in 24 instances [3]. - The trend towards equity investments is supported by policy changes that allow bank wealth management to participate in IPOs on par with public funds [2][3]. Group 3: Performance Metrics - The first-day surge of Moer Technology resulted in a potential profit of nearly 280,000 yuan for a single subscription of 500 shares, with related wealth management products showing significant annualized returns of over 20% [4]. - As of September, the average annualized returns for mixed and equity wealth management products were 5.03% and 13.72%, respectively, reflecting increases of 1.89 and 9.97 percentage points since June [4]. Group 4: Industry Challenges - The transition from fixed income to equity investments is driven by the need for higher returns, but challenges include meeting stock base value requirements and the need for robust research capabilities [6]. - Only a few wealth management subsidiaries have the capability to successfully participate in new stock subscriptions, with only 3 to 4 out of over 9 registered as offline investors being able to effectively compete [5]. Group 5: Strategic Recommendations - Industry experts suggest that wealth management subsidiaries should enhance their research capabilities, streamline operational processes, and innovate "fixed income + new stock" products to better align with investor preferences [6][7]. - There is a call for wealth management firms to leverage their parent bank resources to create differentiated product lines and improve investor education regarding net value fluctuations and long-term returns [7].

Core Insights - The active participation of bank wealth management in IPOs, particularly in technology companies and the Sci-Tech Innovation Board, is driven by supportive policies and the need for enhanced returns [1][3][4] Group 1: Bank Wealth Management Participation - In 2023, bank wealth management products have increasingly engaged in IPOs, with a total of 117 allocations and funding amounting to 16.57 million yuan by major firms [2] - The easing of regulations has allowed bank wealth management to participate as A-class investors in offline IPOs, enhancing their ability to generate returns in a low-interest-rate environment [3][4] - The strategic value of participating in Hong Kong IPOs is recognized, as the "A+H" dual listing model becomes more common, attracting wealth management firms to invest in quality enterprises [2][3] Group 2: Focus on Sci-Tech Companies - Over half of the IPOs that wealth management companies participated in this year were from the Sci-Tech Innovation Board or the Growth Enterprise Market, particularly in sectors like semiconductors and biomedicine [4] - The strong initial performance of new stocks in the Sci-Tech sector and their alignment with national strategic goals make them attractive to market funds [4][5] - Wealth management funds are seen as "patient capital" supporting the development of Sci-Tech enterprises, which aligns with the broader goal of financial support for the real economy [4][5] Group 3: Multi-Strategy Approach - The future of the IPO market is expected to remain vibrant, with wealth management companies encouraged to utilize various strategies such as "fixed income plus," quantitative methods, and alternative assets to enhance returns [6][7] - Wealth management firms are advised to focus on "hard technology" sectors supported by national strategies, improving their pricing and selection capabilities for new stocks [7] - Collaboration with external institutions for investment and advisory services is recommended to leverage professional research advantages and create competitive products [7]

Core Viewpoint - The banking wealth management sector is increasingly participating in IPOs, particularly focusing on technology companies and those listed on the STAR Market, driven by supportive policies and the need for enhanced returns [1][2][3] Group 1: Participation in IPOs - In Q2 of this year, only one product from Everbright Wealth participated in an IPO inquiry, while in Q3, a total of 10 products from Everbright Wealth, Xinyin Wealth, and Ningyin Wealth participated in 13 IPO inquiries [2][8] - As of December 5, 2023, these three wealth management firms had a total of 117 allocations in IPOs, with a total investment of 16.5687 million yuan [2][8] - The increase in participation is attributed to policy relaxations, the need for enhanced returns in a low-interest-rate environment, and the strategic value of Hong Kong IPOs [2][9] Group 2: Focus on Technology Companies - Wealth management firms are particularly interested in technology companies, with over half of the IPO inquiries this year being from the STAR Market or ChiNext, covering sectors like semiconductors and biomedicine [4][10] - The strong initial performance of new stocks on the STAR Market and their alignment with national strategic goals make them attractive to market funds [4][10] - The participation of wealth management funds in supporting technology enterprises reflects a commitment to financial support for the real economy and the cultivation of new productive forces [4][10] Group 3: Strategies for Enhancing Returns - The future of the IPO market is expected to remain vibrant, with wealth management firms needing to employ various strategies such as "fixed income plus," quantitative methods, and alternative assets to enhance returns [6][12] - Wealth management firms should focus on sectors supported by national strategies, improve their pricing and selection capabilities for new stocks, and diversify their asset allocation to balance returns and liquidity [6][12] - Recommendations include expanding into public REITs, convertible bonds, gold, and cross-border assets, as well as utilizing systematic investment methods and derivative tools for risk hedging and return enhancement [6][12]

【导读】 瞄准科创赛道，银行理财加速掘金IPO 中国基金报记者 李树超 张玲 今年以来，在《关于推动中长期资金入市工作的实施方案》等政策推动下，银行理财积极参与打新，且对科技型公司尤其是科创板公司IPO 的关注度不断提高。 业内人士表示，未来打新市场有望保持活力，理财公司在挖掘权益市场机会时，可综合运用打新、量化、"固收+"等策略增厚产品收益。 银行理财积极参与打新 Wind数据显示，今年二季度仅有光大理财旗下一只产品参与信通电子IPO询价；三季度，光大理财、兴银理财、宁银理财合计10只产品参 与13只新股IPO询价；截至12月5日，四季度以来，光大理财、兴银理财、宁银理财合计11只产品参与17只新股IPO询价。 值得关注的是，理财公司对科技型公司尤其是科创板公司IPO的关注度较高。年内理财公司参与询价的IPO企业中，超半数为科创板或创业 板企业，涉及半导体、生物医药等行业。 在蔡梦苑看来，理财打新主要集中于科创领域的原因，一是科创板等板块的新股在上市初期通常表现强劲，其网下申购回报率较高；二是 科创板聚焦的"硬科技"领域，是新质生产力的集中体现，符合国家战略导向，较受市场资金青睐。 普益标准研究员付翘楚表示 ...

Group 1: New IPOs - Five new stocks are available for subscription from December 8 to December 12, including Youxun Co., Nabaichuan, Yuanchuang Co., Xihua Technology, and Tiansu Measurement [1][23] - Youxun Co. focuses on optical communication front-end transceiver chips, with an issue price of 51.66 yuan per share and a P/E ratio of 60.27 [24][25] - Nabaichuan is a strategic supplier for CATL, specializing in thermal management products for electric vehicle batteries, with an issue price of 22.63 yuan per share and a P/E ratio of 28.70 [28][5] - Yuanchuang Co. is a leading company in the rubber track industry, with an issue price of 24.75 yuan per share and a P/E ratio of 12.93 [32][9] - Xihua Technology is recognized as a national-level "little giant" enterprise, focusing on high-end equipment components, with an issue price and P/E ratio yet to be disclosed [35][12] - Tiansu Measurement is a third-party measurement and testing service provider, with an issue price and P/E ratio yet to be disclosed [38][15] Group 2: Financial Performance - Youxun Co. expects revenue of 475 million to 495 million yuan in 2025, representing a growth of 15.70% to 20.57%, and a net profit of 92 million to 98 million yuan, growing by 18.15% to 25.86% [26][27] - Nabaichuan anticipates 2025 revenue of 1.737 billion yuan, a 20.86% increase, and a net profit of 105 million yuan, up by 9.72% [30][7] - Yuanchuang Co. projects 2025 revenue of 1.414 billion yuan, a 4.82% increase, and a net profit of 157 million yuan, growing by 1.50% [34][11] - Xihua Technology forecasts 2025 revenue between 1.277 billion and 1.354 billion yuan, with a growth rate of 33.74% to 41.85%, and a net profit between 204 million and 217 million yuan, increasing by 43.89% to 52.61% [37][14] - Tiansu Measurement expects 2025 revenue of 865 million to 900 million yuan, with a growth of 8.11% to 12.48%, and a net profit of 120 million to 125 million yuan, increasing by 8.05% to 12.56% [22][21] Group 3: Industry Insights - China is the largest production base for optical devices and modules globally, but optical communication chips remain a weak link in the industry chain [2][24] - Optical communication chips are crucial for amplifying, driving, and processing complex digital signals, directly affecting the performance and reliability of the entire optical communication system [2][24] - The rubber track industry in China is relatively stable, with Yuanchuang Co. being one of the few leading companies, holding the top market share [9][32]

Group 1: North Exchange IPO Insights - In the first 11 months of 2025, 23 companies completed their IPOs on the North Exchange, raising a total of 6.7 billion yuan, surpassing the total fundraising of 2024 [2][6] - The average first-day increase for new stocks in November was 471%, with a notable contribution from Dapeng Industrial, which saw a first-day increase of over 12 times [2][7] - The average online subscription amount reached 6.469 billion yuan in the first 11 months of 2025, indicating increasing competition and a decline in the average winning rate to 0.038% [7][8] Group 2: Real Estate Sector Developments - The real estate sector saw a 0.7% increase, with new home transactions in 42 key cities rising by 9.8% week-on-week, totaling 206 million square meters [9][10] - The China Securities Regulatory Commission is promoting the pilot program for commercial real estate REITs to enhance investment tools and support new real estate development models [10][11] - Various cities are implementing policies to stimulate the housing market, such as increasing housing provident fund loan limits and enhancing supply chain management [11][12] Group 3: Ninebot Company Analysis - Ninebot is a leading global player in smart short-distance transportation and service robots, with a revenue of 11.74 billion yuan in the first half of 2025, reflecting a year-on-year growth of 76.1% [14][15] - The company has a strong competitive advantage due to its technological expertise and established overseas brand channels, particularly after acquiring Segway in 2015 [15][16] - The main business segments include high-end electric two-wheelers and a recovering revenue stream from B2B and self-branded scooters, with significant growth expected in new product categories like all-terrain vehicles and robotic lawn mowers [16][17]

- The report introduces a quantitative model for calculating IPO returns based on the formula: **Single account IPO return = min(account size, subscription limit) * winning rate * return rate** **A/B class investors full subscription return = subscription limit * A/B class offline winning rate * return rate** The winning rate considers actual offline IPO results, and the return rate is calculated using the first-day average transaction price relative to the issue price for registered IPOs, or the average transaction price on the opening day for non-registered IPOs[42][43][48] - The model evaluates IPO returns across different market segments (Main Board, ChiNext, STAR Market) and investor classes (A/B). For November 2025, the calculated IPO return rates for a 5-billion-scale account are: **Main Board:** A class: 0.037%, B class: 0.035% **ChiNext:** A class: 0.058%, B class: 0.058% **STAR Market:** A class: 0.046%, B class: 0.045%[43][44][47] - The cumulative IPO return rates for 2025 are: **A class:** 1.716% **B class:** 1.399% These values are based on a 5-billion-scale account participating in all IPOs during the year[49][50][51] - Full subscription returns for November 2025 are calculated as follows: **Main Board:** A class: 19 million yuan, B class: 17.9 million yuan **ChiNext:** A class: 31.3 million yuan, B class: 31.2 million yuan **STAR Market:** A class: 22.8 million yuan, B class: 22.6 million yuan[52][53][55]

Core Insights - The article discusses strategies to improve the success rate of new stock subscriptions and the certainty of returns on the first day of listing [1][3] Group 1: Strategies for Improving Subscription Success Rate - Effective fund management is crucial to ensure sufficient capital for new stock subscriptions, as excessive funds may lower the success rate due to allocation based on subscription quantity [1] - Staying informed about new stock information, including company fundamentals, industry outlook, and financial status, aids in assessing investment value and enhances subscription success probability [3] - Choosing the right subscription timing by analyzing historical data and market trends can help avoid peak periods, typically selecting a time frame from two days before the issuance to the subscription day [3] Group 2: Techniques to Enhance First-Day Return Certainty - Utilizing multiple accounts for subscription can increase the chances of success if conditions permit [3] - Participating in offline subscriptions generally yields a higher success rate due to the larger participation of institutional and major individual investors [3] - Understanding market sentiment is vital, as positive market conditions encourage more investors to subscribe, thereby increasing success rates [3] Group 3: Long-Term Investment Considerations - Long-term holding of fundamentally strong companies with growth potential can yield satisfactory returns, even if the initial subscription success rate is low [3] - Diversifying investments across different stocks or sectors can mitigate risks and enhance overall return certainty [3] - Continuous monitoring of market performance post-listing is essential, as both first-day performance and subsequent market behavior are critical for strategy adjustments [3] Group 4: Knowledge and Experience Sharing - Learning investment knowledge and exchanging experiences with other investors can elevate overall investment skills, thereby improving subscription success rates and first-day return certainty [3]

Core Insights - The performance of mixed financial products has been outstanding this year, with the highest unit net value growth rate approaching 36% [2][4] - The recovery of the equity market and the increase in structural opportunities in specific sectors have contributed to the explosive performance of mixed financial products [2][4] - There is significant growth potential for mixed financial products, especially in the context of declining deposit rates, prompting financial institutions to enhance their equity research capabilities and innovate product offerings to meet diverse market demands [2][4] Performance Highlights - As of November 27, over 90% of mixed financial products have shown positive unit net value growth this year, with 11 products exceeding a 20% growth rate, the highest being 35.97% [4] - The average annualized returns for mixed financial products over the past week and month were 13.21% and 6.62%, respectively, marking increases of 112.44 percentage points and 35.32 percentage points from the previous quarter [4] - Key drivers for the strong performance include the recovery of the equity market, refined operational strategies, and diversified asset allocation [4] Market Position - Despite the impressive performance, the scale of mixed financial products remains relatively low within the banking wealth management sector, with a total market size of 749.19 billion yuan, accounting for only 2.37% of bank wealth management [5] - The market size has increased by nearly 160 billion yuan since the end of January, with a 0.39 percentage point rise in market share [5] Strategic Recommendations - Financial institutions are encouraged to focus on diversified asset allocation and product innovation to meet the varied investment needs of clients [7] - There is a need to enhance intelligent advisory and dynamic asset allocation technologies to improve management efficiency and customer experience [7] - Institutions should explore opportunities in technology growth sectors, cross-border asset allocation, and alternative fixed-income assets while strengthening research capabilities in equity investment and new stock pricing [7]