Group 1 - Public institutions have actively participated in offline subscription for new stocks, with 104 institutions involved in three A-share market new stocks, acquiring a total of 68.73 million shares worth 1.02 billion yuan, accounting for 59.15% of the final issuance volume after the callback mechanism was activated [1] - China Electronics Technology Blue Sky Technology Co., Ltd. attracted significant public funding due to its scarcity and high growth in the aerospace sector, with public institutions acquiring shares worth 568 million yuan, representing 59.96% of the final issuance volume [2] - Yisiwei (Hangzhou) Technology Co., Ltd. also received attention from public institutions, with a total acquisition amount of 381 million yuan, accounting for 54.56% of the final issuance volume [2] Group 2 - Anhui Linping Circular Development Co., Ltd. was favored by public institutions, with a total acquisition amount of 74 million yuan, representing 52.76% of the final issuance volume [3] - Public institutions' active participation in offline subscriptions signals multiple positive trends, including more reasonable new stock pricing and a focus on "hard technology" and advanced manufacturing sectors, supporting the real economy and guiding long-term funds towards quality growth enterprises [3] - Among the participating public institutions, 19 institutions received over 10 million yuan, with E Fund, Southern Fund, and ICBC Credit Suisse Fund each surpassing 100 million yuan in allocations [4] Group 3 - Public institutions are shifting their offline subscription strategy from broad participation to precise selection, focusing on fundamental research and dynamic adjustments based on market conditions and risk preferences [5] - To enhance the accuracy of offline subscription pricing, five areas of focus have been identified: deepening industry chain research, establishing a dynamic valuation system, monitoring market sentiment, promoting cross-institution collaboration, and improving risk management frameworks [6] - The improvement in pricing accuracy is seen as a systematic enhancement of public institutions' research depth, data breadth, and rational decision-making [6]