Group 1 - The total IPO financing scale in the A-share market for August 2025 was 28.17 billion yuan, a decrease of 42% month-on-month. The main board financing scale was 8.14 billion yuan, while the North Exchange financing scale was 14.04 billion yuan [3][7]. - A total of 8 new stocks were issued in the A-share market, remaining the same as the previous month. This included 1 from the main board, 5 from the North Exchange, and 2 from the Growth Enterprise Market [3][10]. - As of the end of August, there were 52 IPO projects approved but not yet issued across various A-share sectors, with a total proposed fundraising scale of 603.1 billion yuan. The Growth Enterprise Market accounted for 28% (10 projects), while the main board and Sci-Tech Innovation Board accounted for 37% and 27% respectively [14]. Group 2 - The offline subscription limit for new stocks in the past three months was mostly in the range of 100 million to 200 million yuan across various boards. The main board and Growth Enterprise Market primarily fell within this range, while the Sci-Tech Innovation Board had a more dispersed range of 500 million to 1 billion yuan [15]. - In August, the number of offline inquiry objects for the main board reached 624, a decrease of 60% month-on-month [20]. - The average winning rate for main board A/B class accounts in August was 0.0081% and 0.0080% respectively, down 33% and 32% month-on-month [21]. Group 3 - The contribution of new stocks to funds was measured, with funds participating in new stock subscriptions and allocations showing a contribution of +0.026% for funds below 200 million yuan and +0.037% for those between 200 million and 300 million yuan. The annualized return was 0.174% [26]. - In August 2025, a total of 3,037 funds participated in new stock subscriptions, with a total scale of 2.87 trillion yuan. The most numerous were equity mixed funds, totaling 1,136, followed by passive index funds with 725 and flexible allocation funds with 575 [27].

Group 1 - The total IPO financing scale in the A-share market for July 2025 was 4.887 billion, with the main board raising 2.105 billion and the ChiNext board raising 2.216 billion, marking a 60% increase in the number of new stocks issued compared to the previous month [5][7][11] - As of the end of July, there were 50 IPO projects approved but not yet issued across all A-share boards, with a total proposed fundraising of 54.92 billion. The main board accounted for 40% of the proposed fundraising, while the ChiNext and Sci-Tech Innovation boards accounted for 32% and 19%, respectively [11][13] - The average winning rate for new shares in July was 0.0121% for A-class accounts and 0.0118% for B-class accounts on the main board, reflecting a decrease of 79% and 76% respectively compared to the previous month [17][23] Group 2 - The average first-day price increase for new stocks on the main board in July was 231%, while the ChiNext board saw an average increase of 119% [31][34] - In July, 3,193 funds participated in new share subscriptions, with the highest number being equity mixed funds at 1,202, followed by flexible allocation funds at 604 and passive index funds at 758 [37][39] - The contribution of new shares to funds with a scale of 1-2 billion was +0.351%, while for those with a scale of 2-3 billion, it was +0.251%, indicating a positive impact on fund performance [32][35]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the equity market showed differentiation, with the BeiZheng 50 leading the gains and the small - cap value style outperforming. In terms of industries, comprehensive finance led, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. The bond market declined overall, while the convertible bond market rose. The average return of active equity funds in the whole market was - 0.41%; the average return of short - term bond funds was - 0.01%, and that of medium - and long - term bond funds was - 0.03%; the average return of bond funds with equity exposure was negative, and the average return of convertible bond funds was positive [1][2]. 3. Summary According to the Directory 3.1 Market Review - The equity market was differentiated, with the BeiZheng 50 leading and the small - cap value style dominant. Comprehensive finance led the industry performance, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. As of the close this week, the CSI 300 Index closed at 3840 points, down 1.08%; the Shanghai Composite Index closed at 3347 points, down 0.03%; the Shenzhen Component Index closed at 10041 points, down 0.91%; the ChiNext Index closed at 1993 points, down 1.4%. In the Hong Kong stock market, the Hang Seng Index fell 1.32%, and the Hang Seng Tech Index fell 1.46% [6]. - In terms of industry performance, comprehensive finance led with a gain of over 10%. National defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery performed well, while the automobile, non - ferrous metals, power equipment and new energy sectors declined by over 2% [8]. - As of May 30, 2025, there were 5413 stocks in the A - share market, of which 3228 stocks rose this week. The number of rising stocks on the BeiZheng, ChiNext, Science and Technology Innovation Board, and Main Board was 194, 816, 343, and 1875 respectively [11]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of the whole - market funds in the sample was - 0.41%. Funds with better performance were heavily invested in industries such as medicine, non - ferrous metals, and food and beverages. Among industry - themed funds, medical sector funds had the highest average return, while mid - stream manufacturing and cyclical sector funds lagged [17][20]. - **Position Estimation**: This week, the positions of ordinary stock - type funds increased slightly, while those of partial - stock hybrid funds decreased slightly. Compared with the previous week, the positions of ordinary stock - type funds increased by 0.22 percentage points, and those of partial - stock hybrid funds decreased by 0.60 percentage points. Actively managed partial - stock funds increased their allocation to cyclical and stable sectors and reduced their allocation to financial, consumer, and growth sectors [23]. 3.2.2 Bond - type Funds - **Bond Market Performance**: The bond market declined overall this week. The ChinaBond Total Wealth Index closed at 245.89, down 0.07% from last week; the ChinaBond Treasury Bond Index closed at 246.62, down 0.07% from last week; the ChinaBond Credit Bond Index closed at 223, down 0.01% from last week. The CSI Non - Pure Bond Fund Index closed at 2184.93 on Thursday, down 0.02% from last Thursday. The CSI Convertible Bond Index closed at 429.31, with a weekly increase of 0.46% and a trading volume of 277.1 billion yuan, an increase of 2.093 billion yuan from last week [29][31]. - **Fund Performance Overview**: The average return of short - term bond funds was - 0.01%, and the median was - 0.01%. The average return of medium - and long - term bond funds was - 0.03%, and the median was - 0.04%. The average return of first - tier bond funds was 0%, and the median was - 0.01%. The average return of second - tier bond funds was - 0.02%, and the median was - 0.01%. The average return of partial - bond hybrid funds was - 0.03%, and the median was - 0.02%. The average return of low - position flexible allocation funds was - 0.07%, and the median was - 0.05%. The average return of convertible bond funds was 0.28%, and the median was 0.22% [34][37][40]. 3.2.3 New - share Subscription Funds - **New - share Overview**: One new stock was listed this week, with a total raised capital of 604 million yuan. There was no break - even on the first day of listing, and the expected total入围 income was 35,400 yuan [41]. - **New - share Subscription Income Calculation**: Assuming weekly participation in offline new - share subscriptions and successful入围, the weekly new - share subscription return sequence of an 800 - million - yuan account was calculated [42]. - **Fund Company New - share Subscription Overview**: Eight fund companies with more than two new - share subscription funds were selected. This week, the new - share subscription return rate of an 800 - million - yuan account was 0.004%. The optimal scale for weekly and annual new - share subscriptions was 400 million yuan [44]. - **New - share Subscription Fund Performance**: The average return of new - share subscription funds in the sample this week was - 0.18% [46]. 3.2.4 FOF Fund Performance - The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample this week were - 0.28%, - 0.88%, and - 1.45% respectively [48]. 3.2.5 QDII Funds - During the statistical period, partial - stock and index QDII funds declined by 0.71% and 0.83% on average respectively, while alternative and bond QDII funds rose by 0.02% and 0.37% on average respectively [2][49]. 3.2.6 REITs Funds - This week, REITs declined by 0.02% on average. The Huaxia TBEA New Energy REIT led the gains, rising 4.26% this week. The Huatai Suzhou Hengtai Rental Housing REIT had the highest liquidity, with a trading volume of 130.2489 million yuan this week [51].

Group 1 - The total IPO financing scale in the A-share market for March 2025 was 54.08 billion yuan, a decrease of 16% month-on-month. The main board raised 16.47 billion yuan, the ChiNext raised 22.25 billion yuan, and the Sci-Tech Innovation Board raised 3.66 billion yuan [2][5][6] - A total of 10 new stocks were issued in March, representing an 11% increase month-on-month, with 3 from the main board, 5 from the ChiNext, and 1 from the Sci-Tech Innovation Board [2][6] - As of the end of March, there were 46 IPO projects approved but not yet issued across all A-share boards, with a total proposed fundraising scale of 776.9 billion yuan [11] Group 2 - The average winning rate for A/B class accounts on the main board in March was 0.0082% and 0.0070%, down 33% and 31% respectively month-on-month. For the ChiNext, the rates were 0.0117% and 0.0100%, down 49% and 52% respectively [17][22] - The average winning rate for A/B class accounts on the Sci-Tech Innovation Board in March was 0.0412% and 0.0407% [23] - The contribution of new stocks to funds with a scale of 1-2 billion yuan was +0.206%, while for those with a scale of 2-3 billion yuan, it was +0.138%. The annualized return for funds in the 8-9 billion yuan range was 0.447% [29][30] Group 3 - In March 2025, a total of 2,963 funds participated in new stock subscriptions, with a total scale of 5.9 trillion yuan. The most numerous were equity mixed funds, totaling 1,165, followed by passive index funds with 664 [31][32] - The distribution of offline subscription limits for new stocks in the past three months was primarily in the [1,2) billion yuan range across various boards [12][14]