□本报记者 王雪青 公募打新策略重回公众视野 "从2024年10月前后，随着市场活跃度上升，公募发现打新又可以赚钱了，沉寂已久的公募打新策略重 回公众视野。"上述公募基金资深人士对中国证券报记者表示。 数据显示，2024年全年上市新股共100只，首日收盘破发的仅有1只。2024年9月以来，红四方 （603395）、长联科技（301618）、强邦新材（001279）等多只个股上市首日涨幅较大，打新"大肉 签"频出，拉动2024全年新股首日收盘价平均涨幅超250%。2025年前7个月，A股59只新股首日收 盘"零"破发，上市首日收盘价平均涨幅为236%。丰厚的打新收益，吸引来了大量资金参与，导致网下 申购中签率大幅下降，今年前7个月的平均网下申购配售比例（0.0191%）仅为2023全年数据 （0.3658%）的零头。 公募基金参与新股网下配售的热情显著回归。数据显示，截至7月末，今年以来已有超过3530只公募产 品获得新股配售，获配金额约54亿元；2024年同期分别为3100余只和41亿元。从2024年9月至2025年7 月，公募基金每月获得新股网下配售的产品数量从2200余只增至接近3200只，每月公募基金获 ...

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]