2026 年 01 月 08 日 若启用市值配售，北交所新股申购 收益几何 ——北交所制度研究系列报告 相关研究 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 吕靖华 A0230124070002 lvjh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 - ⚫ 近期，市场对北交所新股申购规则的讨论度提升，本篇报告旨在厘清现有新股配售规则框 架的影响，并在市值配售情景假设下，展望北交所新股申购投资者的成本和收益。 ⚫ 北交所现行新股申购采用"全额预缴+比例配售"的方式，投资者是否获配完全取决于缴 款资金量，新股获配具有确定性。随着市场热度提升，一是近万亿冻结资金迁移扰动交易 所利率市场；二是获配门槛逐步抬升、新股配售向少数现金管理者集中。所以，长周期来 看，"市值配售"改革存在一定的必要性基础。 ⚫ 复盘我国新股配售制度变迁，市值配售 ...

Core Viewpoint - The article outlines the regulations and procedures for the upcoming IPO of Hanhigh Group Co., Ltd, detailing the requirements for both online and offline investors, including minimum holding values and subscription processes [1][2][3][4][5][6]. Group 1: Investor Eligibility and Subscription Limits - Offline investors must hold non-restricted A-shares and non-restricted depositary receipts with an average daily market value of at least 1 million yuan, while other participating investors must have at least 6 million yuan [1]. - Online investors must have a minimum holding of 10,000 yuan in non-restricted A-shares and depositary receipts to participate in the IPO, with a subscription limit of 500 shares for every 5,000 yuan held [2]. Group 2: Subscription Process and Payment - Both online and offline subscriptions will occur on the same day, July 21, 2025, with specific time slots for each type of subscription [3]. - Investors are not required to pay subscription funds at the time of application, but must ensure sufficient funds are available by July 23, 2025, to fulfill their subscription obligations [4]. Group 3: Allocation and Withdrawal Mechanisms - A mechanism is in place to adjust the allocation between online and offline subscriptions based on demand, which will be determined after the subscription period ends [3]. - If the total number of shares subscribed falls below 70% of the planned issuance, the IPO may be suspended, and reasons for this will be disclosed [5]. Group 4: Compliance and Penalties - Investors who fail to comply with payment obligations or who withdraw from their subscriptions may face penalties, including being reported to the China Securities Association [6]. - Continuous non-compliance by online investors may result in a temporary ban from participating in future IPOs and related securities offerings [6]. Group 5: Company and Underwriter Information - The issuer of the IPO is Hanhigh Group Co., Ltd, with Guotai Junan Securities Co., Ltd serving as the lead underwriter [6].