Core Insights - The core viewpoint of the articles is that the public fund's strategy for participating in offline new share subscriptions has evolved significantly due to regulatory changes and market conditions, leading to a more selective and competitive approach in the current environment [1][6][9]. Group 1: Changes in Public Fund Strategies - Public funds have shifted from a "collective easy profit" approach to a "selective excellence" strategy in new share subscriptions, reflecting a significant evolution in their participation tactics [1][6]. - The introduction of a "whitelist" system by the China Securities Association has led to 21 institutions being recognized, including major players like Bosera Fund and GF Fund, which may influence the competitive landscape of new share subscriptions [1][10]. - The average offline subscription allocation ratio has drastically decreased from 0.3658% in 2023 to just 0.0191% in the first seven months of 2024, indicating heightened competition and reduced chances of winning allocations [2][3]. Group 2: Market Performance and Trends - In 2024, there were 100 new stocks listed, with only one experiencing a first-day drop, and the average first-day closing price increase exceeded 250%, showcasing a strong market for new shares [2]. - The enthusiasm for public funds participating in new share subscriptions has returned, with over 3,530 public fund products receiving allocations this year, amounting to approximately 5.4 billion yuan [3]. - The average first-day closing price increase for new stocks in the first seven months of 2025 was 236%, with no stocks experiencing a drop, further attracting capital into the market [2][3]. Group 3: Regulatory Environment and Compliance - The regulatory environment has become stricter, with new rules requiring public funds to demonstrate better pricing capabilities and compliance in their new share subscription processes [6][7]. - The introduction of a self-regulatory mechanism has led to penalties for non-compliance, with some smaller funds being placed on restriction lists due to inadequate pricing practices [8][9]. - The new regulations emphasize the need for public funds to enhance their research capabilities and focus on the fundamentals of new stocks rather than merely participating for short-term gains [6][10].

Core Insights - The Chinese Securities Association has released the "white list" for offline professional institutional investors for 2024, with 21 institutions including Bosera Fund and GF Fund included, indicating a shift in public fund strategies for new stock subscriptions [1][9] - Public funds are experiencing a resurgence in new stock subscriptions, transitioning from a "collective profit" approach to a more selective strategy, focusing on quality investments [1][6] - The average subscription rate for offline offerings has significantly decreased, with the average offline subscription allocation ratio for the first seven months of 2024 being only 0.0191%, compared to 0.3658% for the entire year of 2023 [2] Public Fund Strategies - Public funds are increasingly participating in new stock subscriptions, with over 3530 public products receiving allocations amounting to approximately 5.4 billion yuan in 2024, compared to 4.1 billion yuan in the same period of 2023 [2] - The strategies of public funds have evolved, with a focus on enhancing returns through new stock subscriptions, particularly in the Sci-Tech Innovation Board and Growth Enterprise Market [3][4] - Traditional public "new stock funds" have adopted two main strategies: a "fixed income plus" approach and an "index plus hedge" strategy, both aimed at optimizing returns while managing risks [4] Regulatory Environment - Recent regulatory changes have imposed stricter requirements on public funds' pricing capabilities for new stock subscriptions, leading to the exit of some smaller funds from the market, leaving larger public funds as the main players [6][7] - The introduction of the "white list" system aims to improve the pricing efficiency of new stock offerings and reduce market irregularities, promoting a more strategic long-term investment approach [9][10] - The regulatory framework has been enhanced to prevent collusion and ensure compliance among institutional investors, with penalties for non-compliance already being enforced [7][8]

Core Viewpoint - The public offering strategy has shifted from a passive "collective profit" approach to a more active "elite game" strategy, indicating a significant transformation in investment behavior and tactics within the industry [1] Group 1: Strategy Transformation - The public offering market has seen a notable change in strategy, moving towards a more competitive and selective approach among institutional investors [1] - This shift reflects a growing emphasis on identifying high-quality investment opportunities rather than relying on broad market participation [1] - The new strategy is characterized by a focus on elite investors who are better equipped to navigate the complexities of the market [1] Group 2: Market Dynamics - The change in strategy is driven by evolving market conditions and the need for investors to adapt to a more challenging environment [1] - Increased competition among institutional investors has led to a more sophisticated approach to public offerings, with a focus on due diligence and strategic selection [1] - The transformation is expected to impact the overall performance of public offerings, as investors become more discerning in their choices [1]