Core Viewpoint - The A-share market is experiencing a significant increase in new stock subscription enthusiasm, driven by a recovering market sentiment, with record numbers of investors participating in new stock offerings [1][3][10]. Group 1: New Stock Subscription Trends - On August 25, Huaxin Jingke initiated online subscriptions, with valid subscription accounts exceeding 13 million, marking a new high since March 2022 for the Shanghai Stock Exchange [1][3]. - The number of investors participating in new stock subscriptions has surged, with nearly 15 million investors in the Shenzhen main board and a significant increase in the number of subscriptions across various boards, including the ChiNext and STAR Market [1][5][7]. - The number of online subscription accounts for new stocks in the Shanghai main board has nearly doubled over the past year, increasing by approximately 650,000 accounts [5][7]. Group 2: Market Performance and Investor Sentiment - The new stock market has shown a clear profit-making effect this year, with several new stocks yielding substantial returns for investors, such as Guangdong Jianke, which saw a first-day price increase of 409.80% [9][10]. - The overall market has been buoyant, with major indices like the Shanghai Composite Index rising over 8% in August, contributing to a positive investment atmosphere [10]. - The increase in investor enthusiasm for new stock subscriptions has led to a decrease in the winning rate for new stock allocations, with Huaxin Jingke's winning rate reported at only 0.01%, one of the lowest levels this year [11]. Group 3: Market Activity and Future Outlook - The trading activity in the A-share market has also seen a notable uptick, with daily trading volumes surpassing 3 trillion yuan, marking a new high for the year [13]. - Analysts suggest that the current market environment is entering a positive feedback loop, characterized by increased capital inflow, rising market prices, and further capital attraction [13]. - The overall improvement in market liquidity and the continuous emergence of market hotspots have contributed to the sustained upward trend in the A-share market [13].

- The report tracks the recent IPO performance in the Sci-Tech Innovation Board, ChiNext, and Main Board markets, assuming all stocks are successfully subscribed and sold at the average market price on the first listing day, ignoring lock-up restrictions. As of August 22, 2025, the IPO yield for Class A accounts with a scale of 2 billion is 2.07%, and for Class B accounts with the same scale, it is 1.87%. For accounts with a scale of 10 billion, the yield is 0.65% for Class A and 0.59% for Class B[11][12][41] - The average first-day increase for Sci-Tech Innovation Board stocks is 218.45%, while for ChiNext stocks, it is 222.39%[16][17] - The median number of valid quotation accounts for the recent 20 IPOs is tracked. For Sci-Tech Innovation Board stocks, the median number of valid Class A accounts is approximately 3062, and Class B accounts are around 1602. For ChiNext stocks, Class A accounts are approximately 3664, and Class B accounts are around 2086. For Main Board stocks, Class A accounts are approximately 3866, and Class B accounts are around 2290[19][23] - The theoretical calculation of IPO yields assumes Class A accounts participate in all IPOs, with all quotations included, and stocks sold at the average price on the first open day. For accounts with scales of 1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion, the yields for individual stocks are calculated based on the average subscription rate and the first open-day price minus the issue price. For example, the yield for Guangdong Jianke is 17.63 million yuan for accounts with a scale of 2 billion[33][36][37] - Monthly IPO yields for Class A accounts are calculated under the assumption of full participation and 90% capital utilization efficiency. For accounts with a scale of 2 billion, the cumulative yield since 2024 is 5.80%, and since 2025, it is 2.07%[41][42][43] - Monthly IPO yields for Class B accounts are calculated similarly. For accounts with a scale of 2 billion, the cumulative yield since 2024 is 4.79%, and since 2025, it is 1.87%[45][46][48]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On August 18, 2025, Jindawei announced plans to issue convertible bonds worth up to 1.292 billion yuan on August 20, 2025, through online distribution. The funds will be used for projects such as the Coenzyme Q10 Reconstruction and Expansion Project, the Annual Production of 30,000 Tons of Allulose and 5,000 Tons of Inositol Construction Project, the Information System Construction Project, and to supplement working capital [1][12]. - The initial conversion price of Jinwei Convertible Bond is 19.59 yuan. As of August 19, 2025, the bond's parity is 99.95 yuan, and the estimated conversion premium rate on the first - day of listing is in the range of 33% - 36%, with a target price of 133 - 136 yuan. It is recommended to actively subscribe [2][19]. - The estimated first - day new bond subscription winning rate is around 0.0061% - 0.0072% [20]. 3. Summary According to the Directory 3.1. Jinwei Convertible Bond New Bond Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance methods of Jinwei Convertible Bond are priority placement and online distribution, with a debt and issuer rating of AA. The issuance scale is 1.292 billion yuan, the initial conversion price is 19.59 yuan, the bond parity is 99.95 yuan, and the pure bond value is 98.2 yuan. The game terms are normal, with high issuance scale, good liquidity, acceptable rating, and good bond floor protection. It is easy for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 3.1.2. Analysis of New Bond Initial Listing Price - The company mainly engages in the R & D, production, and sales of nutritional health foods (including raw materials and end - products) and feed additives. The funds raised from this issuance will be used for specific projects, which are in line with industry trends, can enhance the company's market competitiveness, optimize its capital structure, and support its development [18]. - The target price of the convertible bond on the first day of listing is 133 - 136 yuan, and it is recommended to actively subscribe. Considering the market environment and parity level, the estimated conversion premium rate on the first - day of listing is in the range of 33% - 36% [2][19]. 3.1.3. Analysis of Convertible Bond New Bond Subscription Winning Rate - As of the end of 2024, the top two shareholders held 53.39% of the shares, and the top ten shareholders held 60.76%. Assuming the old shareholders' placement ratio is 53% - 61%, the scale available for the market is 507 million - 602 million yuan. Referring to recent bond issuances, the estimated winning rate is around 0.0061% - 0.0072% [20]. 3.2. Analysis of the Underlying Stock's Fundamental Situation 3.2.1. Company's Main Business and Industry Upstream and Downstream - The company is mainly involved in the R & D, production, and sales of nutritional health foods and feed additives. The upstream of the nutritional health food industry includes raw material producers, and the downstream includes brand operators and channel merchants. The upstream of the feed additive industry consists of raw material - providing industries, and the downstream is the feed manufacturing industry. Various factors such as raw material price fluctuations, industry development, and market competition affect the industry [21][22]. 3.2.2. Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income showed an increasing trend, with year - on - year growth rates of - 16.78%, 3.1%, 4.43%, and 11.31% respectively. The company's comprehensive gross profit margin fluctuated slightly, and the net profit margin increased. The company's accounts receivable showed an upward trend, and the turnover rate fluctuated. The net profit attributable to the parent company began to grow [25][35][38]. 3.2.3. Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two shareholders held 53.39% of the shares, and the top ten shareholders held 60.76%. The Wang family indirectly controlled 60.18% of the shares and was the actual controller. The company had 28 holding companies and 8 participating companies [42]. 3.2.4. Company's Business Characteristics and Advantages - The company has advantages in technological innovation, overseas operations, large - scale production, personnel reserves, and patents. It has multiple R & D platforms, overseas subsidiaries, rich production experience, a professional talent team, and 194 patents as of December 31, 2024 [44][47][48]. 3.2.5. Arrangement of This Fund - Raising Investment - The company plans to raise up to 1.292 billion yuan. The Coenzyme Q10 Reconstruction and Expansion Project, with a total investment of 320 million yuan and a planned use of 297 million yuan of the raised funds, aims to increase production capacity. The Annual Production of 30,000 Tons of Allulose and 5,000 Tons of Inositol Construction Project, with a total investment of 537 million yuan and a planned use of 464 million yuan of the raised funds, will supplement product categories. The Information System Construction Project, with a total investment of 153 million yuan and a planned use of 144 million yuan of the raised funds, will improve the company's informatization level [49][50][51].

Core Viewpoint - Lin Yuan Investment has been increasingly active in A-share market, participating in multiple company research activities and IPOs, indicating a strategic focus on essential consumer goods and biopharmaceuticals [2][5][8]. Group 1: Research Activities - Lin Yuan Investment participated in 8 research activities involving 7 A-share listed companies by the end of July 2025, a significant increase from only 2 companies in the same period last year [2][5]. - The sectors of the researched companies include 2 biopharmaceuticals, 2 automotive industry companies, and 1 each from food, semiconductor, and new materials, showing a preference for medical and essential consumer stocks [5]. - The two biopharmaceutical companies researched focus on surgical medical devices and the development of innovative drugs for cancer and autoimmune diseases [5][6]. Group 2: Market Performance - The two biopharmaceutical companies have shown strong market performance, with one increasing over 18% and the other by 44.31% year-to-date as of August 5, 2025 [6]. - Among the 7 researched companies, Feilong Co., a veteran automotive parts manufacturer, has the best performance with a year-to-date increase of 57.08% [6]. - Feilong Co. has been actively engaging with investors, receiving 153 institutional research visits, including from notable private equity firms [6]. Group 3: IPO Participation - Lin Yuan Investment has participated in 41 IPOs this year, with the highest first-day return reaching 606.83% for Jiangnan New Materials [8][9]. - The average first-day increase for the 41 IPOs Lin Yuan participated in is over 220%, reflecting a strong market for new listings [9]. - The participation in IPOs has been driven by a tightening IPO environment, with a significant drop in the number of new listings, making new stocks more scarce and attractive [8].

Core Viewpoint - The article reflects on the author's investment experiences over the years, highlighting key mistakes and lessons learned from various market conditions and personal decisions [2][5][9][11]. Group 1: Investment Mistakes and Lessons - The first significant mistake occurred in 1992 when the author missed the opportunity to invest in stock subscription certificates, which skyrocketed in value, illustrating the importance of timely decision-making [3][4]. - The second mistake happened in 2008 during the financial crisis, where the author believed in a market rebound due to the Beijing Olympics, leading to significant losses after initially avoiding the downturn [6][8]. - The third mistake in 2012 involved relying on a perceived market pattern, which resulted in losses when an unexpected market downturn occurred, emphasizing the unpredictability of markets [10][11]. Group 2: Market Conditions and Reactions - The 2008 financial crisis was marked by a significant drop in stock values, with the author managing to limit losses through strategic shifts to bonds, showcasing the importance of asset allocation during downturns [6][7][8]. - The 2012 market conditions were characterized by a false sense of security based on historical data, which led to a quick reversal of gains when the market unexpectedly declined [10][11]. Group 3: Investment Strategies - The article discusses the strategy of investing in closed-end funds and bonds during market downturns, highlighting the benefits of diversifying investments to mitigate risks [6][7]. - The author also reflects on the importance of independent thinking and not succumbing to social pressures or market sentiment, which can lead to poor investment decisions [9].

Quantitative Models and Construction Methods Model Name: New Stock Issuance Model - **Construction Idea**: The model aims to track the performance of newly issued stocks in various market segments, including the main board, ChiNext, and STAR Market[1][12][22]. - **Construction Process**: - Collect data on the number of new stocks issued, the amount of funds raised, and the first-day price performance. - Calculate the average first-day price increase for each market segment. - Formula: $ \text{Single Account Stock 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} $ - Parameters: - Winning Rate: Actual winning rate of offline new stock issuance. - Return Rate: For new stocks listed on the STAR Market and ChiNext, and under the comprehensive registration system on the main board, the return rate is the first-day average transaction price relative to the issue price. For non-registration system main board stocks, the return rate is the average transaction price on the opening day relative to the issue price[40][41][42]. - **Evaluation**: The model provides a comprehensive view of the performance of new stock issuances across different market segments, helping investors understand the potential returns from participating in new stock offerings[1][12][22]. Model Backtesting Results New Stock Issuance Model - **Main Board**: - A Class: Monthly return rate 0.159%, cumulative return 1.000%[41][42][47] - C Class: Monthly return rate 0.141%, cumulative return 0.908%[41][42][47] - **ChiNext**: - A Class: Monthly return rate 0.035%, cumulative return 1.128%[41][45][47] - C Class: Monthly return rate 0.034%, cumulative return 0.989%[41][45][47] - **STAR Market**: - A Class: Monthly return rate 0.064%, cumulative return 0.547%[41][46][47] - C Class: Monthly return rate 0.063%, cumulative return 0.527%[41][46][47] Quantitative Factors and Construction Methods Factor Name: New Stock Performance Factor - **Construction Idea**: This factor aims to measure the performance of new stocks on their first day of trading, providing insights into the potential returns from participating in new stock offerings[1][12][22]. - **Construction Process**: - Collect data on the first-day price performance of new stocks. - Calculate the average first-day price increase for each market segment. - Formula: $ \text{First-Day Price Increase} = \frac{\text{First-Day Closing Price} - \text{Issue Price}}{\text{Issue Price}} \times 100\% $ - Parameters: - First-Day Closing Price: The closing price of the stock on its first day of trading. - Issue Price: The price at which the stock was issued[1][12][22]. - **Evaluation**: This factor provides a clear measure of the initial performance of new stocks, helping investors gauge the potential returns from participating in new stock offerings[1][12][22]. Factor Backtesting Results New Stock Performance Factor - **Main Board**: - Average first-day price increase: 276.29%[22][23] - **ChiNext**: - Average first-day price increase: 356.00%[22][23] - **STAR Market**: - Average first-day price increase: 174.56%[22][23] Fund Product Performance Fund Product Performance in New Stock Offerings - **Construction Idea**: Measure the participation and success rate of fund products in new stock offerings, and calculate their estimated returns based on their participation and winning rates[57][58][59]. - **Construction Process**: - Collect data on the participation and winning rates of fund products in new stock offerings. - Calculate the estimated returns based on the latest fund quarterly report. - Formula: $ \text{Participation Rate} = \frac{\text{Number of New Stocks Quoted}}{\text{Total Number of New Stocks Issued}} $ $ \text{Winning Rate} = \frac{\text{Number of Valid Quotes}}{\text{Number of New Stocks Quoted}} $ - Parameters: - Participation Rate: The rate at which the fund product participates in new stock offerings. - Winning Rate: The rate at which the fund product's quotes are accepted[57][58][59]. - **Evaluation**: This method provides a detailed view of the performance of fund products in new stock offerings, helping investors understand the potential returns from participating in new stock offerings through fund products[57][58][59]. Fund Product Backtesting Results Fund Product Performance - **Top Performing Funds**: - Middle European Shanghai-Shenzhen 300 Index A: Estimated return rate 0.337%[57][58][59] - ICBC Quality Selection A: Estimated return rate 0.33%[57][58][59] - Huatai-PineBridge Innovation Power: Estimated return rate 0.33%[57][58][59] Institutional Performance Institutional Performance in New Stock Offerings - **Construction Idea**: Measure the participation and success rate of institutions in new stock offerings, and calculate their estimated returns based on their participation and winning rates[60][61][62]. - **Construction Process**: - Collect data on the participation and winning rates of institutions in new stock offerings. - Calculate the estimated returns based on the latest institutional quarterly report. - Formula: $ \text{Participation Rate} = \frac{\text{Number of New Stocks Quoted}}{\text{Total Number of New Stocks Issued}} $ $ \text{Winning Rate} = \frac{\text{Number of Valid Quotes}}{\text{Number of New Stocks Quoted}} $ - Parameters: - Participation Rate: The rate at which the institution participates in new stock offerings. - Winning Rate: The rate at which the institution's quotes are accepted[60][61][62]. - **Evaluation**: This method provides a detailed view of the performance of institutions in new stock offerings, helping investors understand the potential returns from participating in new stock offerings through institutional products[60][61][62]. Institutional Backtesting Results Institutional Performance - **Top Performing Institutions**: - GF Fund: Estimated return rate 1.74 billion[60][61][62] - China Asset Management: Estimated return rate 1.51 billion[60][61][62] - E Fund Management: Estimated return rate 1.33 billion[60][61][62]

Group 1 - The core viewpoint of the articles highlights a significant increase in the performance of newly listed stocks in the first seven months of the year, with an average first-day gain of 231.85% for 58 new stocks, compared to 135% in the same period last year [1][2] - Among the 58 new stocks, 51 had first-day gains exceeding 100%, with 33 stocks gaining over 200%, and 15 stocks gaining over 300%. The top three performing stocks were Jiangnan New Materials, Guangxin Technology, and Hangu Group, with gains of 606.83%, 500.00%, and 418.50% respectively [1] - The "million-yuan" profit rate for new stocks was notably high, with 46 out of 52 stocks yielding over 10,000 yuan in profit on the first day, resulting in a rate of 88.46%. Additionally, 17 stocks had profits exceeding 20,000 yuan, and 9 stocks exceeded 30,000 yuan [2] Group 2 - The average turnover rate for the 58 newly listed stocks was 78.86%, with 28 stocks having turnover rates over 80% and 6 stocks over 85%. The top 6 stocks with the highest turnover rates all had first-day gains exceeding 200%, indicating a strong selling activity among investors [2]

Group 1: New IPOs and Offerings - This week, there are three new stocks available for subscription, including one from the Shanghai Stock Exchange, one from the ChiNext, and one from the Beijing Stock Exchange [1] - The Shanghai Stock Exchange new stock Tianfulong has an issue price of 23.6 yuan per share and a price-to-earnings ratio of 20.93 times, while the industry average dynamic price-to-earnings ratio is 30.31 times [2] - The Beijing Stock Exchange new stock Youli Intelligent has an issue price of 23.99 yuan per share and a price-to-earnings ratio of 11.75 times, with the industry average dynamic price-to-earnings ratio at 27.03 times [2] Group 2: Company Profiles and Business Operations - Tianfulong specializes in the research, production, and sales of differentiated polyester short fibers, with a production capacity of 612,400 tons per year, ranking ninth in the native polyester short fiber sector and second in the recycled polyester short fiber sector [2][3] - Guangdong Jianke, which will start its IPO subscription on August 1, provides inspection and testing technology services in the construction engineering field, having participated in major projects like the Hong Kong-Zhuhai-Macao Bridge and Guangzhou Baiyun International Airport [3][4] - DeLijia, which is set to go public on the Shanghai Stock Exchange, focuses on the research, production, and sales of high-speed heavy-duty precision gear transmission products, particularly for wind power generation [5][6] Group 3: Financial Performance and Projections - Tianfulong's projected revenues for 2022 to 2024 are 2.576 billion yuan, 3.336 billion yuan, and 3.841 billion yuan, with net profits of 338 million yuan, 420 million yuan, and 451 million yuan respectively [3] - Guangdong Jianke's expected revenues for the same period are 1.072 billion yuan, 1.154 billion yuan, and 1.197 billion yuan, with net profits of 103 million yuan, 99 million yuan, and 107 million yuan respectively [3][4] - DeLijia aims to raise 1.881 billion yuan for the production of large-scale wind turbine gearboxes, with a projected global market share of 10.36% in 2024, ranking third globally and second in China [5][6]

Core Viewpoint - Index enhancement funds are a specialized subset of index funds, aiming to achieve excess returns relative to a benchmark index through various enhancement strategies [1][4]. Group 1: Types of Enhancement Strategies - There are six common enhancement strategies: fundamental enhancement, quantitative enhancement, IPO subscription, ETF premium/discount arbitrage, ETF futures arbitrage, and index enhancement return swaps [6][69]. - Fundamental enhancement involves overweighting stocks with strong profitability and favorable outlooks, similar to active fund stock selection [5][7]. - Quantitative enhancement utilizes various quantitative factors to capture investment opportunities, including valuation, fundamental, price-related, and sentiment factors [13][15][21]. - IPO subscription allows funds to participate in new stock offerings, typically yielding profits on the first trading day [31][34]. - ETF premium/discount arbitrage exploits price discrepancies between the net asset value and market price of ETFs [37][42]. - ETF futures arbitrage takes advantage of price differences between ETF spot prices and futures prices [55][58]. Group 2: Advantages and Disadvantages of Strategies - Fundamental enhancement has a flexible scale requirement, but may experience volatility in excess returns during unusual market conditions [10][12]. - Quantitative enhancement can yield good excess returns when fund sizes are small, but larger fund sizes may dilute these returns [27][28]. - IPO subscription can provide good excess returns for funds sized between 200 million to 1 billion, but larger funds may see diminished returns [35][36]. - ETF premium/discount arbitrage is flexible and offers stable excess returns, but the effectiveness can be impacted by the scale of participating funds [54]. - ETF futures arbitrage provides stable excess returns but is susceptible to regulatory changes [61]. Group 3: Application of Strategies in Financial Products - Different financial products utilize various enhancement strategies, with public funds commonly employing fundamental and quantitative enhancements, while private funds have more flexibility [66][71]. - Public funds often use IPO subscription and ETF premium/discount arbitrage as auxiliary strategies, while ETF futures arbitrage and index enhancement return swaps are less common [67]. Group 4: Investment Considerations - Investing in small-cap indices tends to yield better enhancement results due to higher retail investor participation and greater price inefficiencies [79][84]. - The scale of the enhancement fund is crucial; funds sized between 200 million to 1 billion are more likely to achieve excess returns [88]. - Investing during undervalued phases of indices can mitigate risks associated with high valuations [90][92]. Group 5: Summary of Findings - The primary source of returns for index enhancement products is the underlying index's profit growth, supplemented by various enhancement strategies [95][96]. - The six enhancement strategies each have unique advantages and disadvantages, with common applications in public and private index enhancement funds [97][98].

Group 1 - N Huaxin (Hua Dian Xin Neng) debuted on the Shanghai Stock Exchange on July 16, with an intraday surge of nearly 220%, reaching a peak price of 10.17 yuan per share, setting a new record for A-shares [1] - The closing price for N Huaxin was 7.18 yuan per share, reflecting a 125.79% increase, with a total trading volume of 12.702 billion yuan, ranking third in A-shares [1] - N Huaxin is the only platform for the integration of China Huadian's wind and solar power generation business, focusing on the development, investment, and operation of renewable energy projects [1] Group 2 - The new stock market has been active this year, with an average first-day increase of 225.42% for 55 new stocks listed in 2025, compared to 134.54% for 47 new stocks in the same period of 2024 [2] - The average issuance price of new stocks this year is 22.69 yuan, down from 25.21 yuan in the same period last year [2] - A total of 48 new stocks have seen first-day increases exceeding 100%, accounting for 87.27% of the total new stocks listed [2] Group 3 - The new stock sector has shown structural strength after a slight weakness in the previous trading week, with analysts suggesting that the active market may continue temporarily [3] - Regulatory policies are expected to support quality IPOs and mergers, enhancing market construction and deepening openness [3] - The pricing of new stocks is becoming more reasonable, and the market environment is improving, leading to significantly increased returns from new stock investments [3]