2025年9月，共11只新股上市，主板3只、创业板5只、科创板0只、北交所3只，募集金额共计116.89亿 元，环比+185.58%。 其中，参与网下发行的个股共计8只，主板3只、创业板5只，募集金额合计106.28亿元，环比+314.65%。 2025年以来，共76只新股上市，主板25只、创业板29只、科创板7只、北交所15只，募集金额共计760.25 亿元。参与网下发行的个股共计55只，主板24只、创业板24只、科创板7只，募集金额合计677.32亿元。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 新股发行概况： 新股发行规模环比增长 风险分析： 报告中模型测算的参数假设存主观性，不同参数可对测算结果产生影响；报告结果均基于历史 数据，历史数据存在不被重复验证的可 ...

2025 年 10 月 9 日 金融工程 市场网下打新参与度仍在上升 ——打新市场跟踪月报 20251009 要点 新股发行概况： 新股发行规模环比增长。2025 年 9 月，共 11 只新股上市，主板 3 只、创业板 5 只、科创板 0 只、北交所 3 只，募集金额共计 116.89 亿元，环比 +185.58%。 其中，参与网下发行的个股共计 8 只，主板 3 只、创业板 5 只，募集金额合计 106.28 亿元，环比+314.65%。 2025 年以来，共 76 只新股上市，主板 25 只、创业板 29 只、科创板 7 只、北 交所 15 只，募集金额共计 760.25 亿元。参与网下发行的个股共计 55 只，主 板 24 只、创业板 24 只、科创板 7 只，募集金额合计 677.32 亿元。 询价账户数量稳步上升。2025 年 9 月，主板采用网下打新的新股 3 只，上市首 日平均涨幅为 131.33%，环比-9.35pct，初步询价配售对象为 9194 家，报价 入围率为 95.18%，环比-1.94pct；网下中签率分别为 A 类：0.11‰、C 类： 0.11‰。 双创板块（本文统计范围为创业 ...

Core Viewpoint - Shenzhen Red Chip Investment Co., Ltd. has been placed on a restricted list for offline investors for six months due to multiple compliance failures in its pricing evaluation and decision-making processes [1][6]. Group 1: Compliance Issues - The company failed to follow pricing evaluation and decision-making procedures, with a single researcher determining the final price without collective decision-making [6]. - There was insufficient basis for pricing, as the suggested price range lacked logical reasoning and was determined subjectively by the researcher [6]. - The research report writing mechanism was inadequate, lacking detailed regulations for using the lead underwriter's pricing report and approval processes [6]. Group 2: Internal Control Deficiencies - The company did not establish a necessary investment decision-making mechanism, leading to compliance issues in the pricing decision process [6]. - There was a lack of a comprehensive compliance management system, with inadequate execution of compliance checks [6]. - The company failed to implement a pricing review mechanism, with no written records of the final pricing review [6]. Group 3: Communication and Accountability - The control of communication devices was poorly executed, with no management of devices used by personnel aware of pricing during the inquiry period [6]. - The company did not establish an internal accountability mechanism or performance assessment indicators for pricing risks, failing to verify the objectivity and prudence of pricing retrospectively [6]. Group 4: Regulatory Framework - The violations were found to be in breach of several articles of the "Management Rules for Offline Investors in Initial Public Offerings," including Articles 18, 25, 26, 42, and 43 [1][4][5].

Core Viewpoint - Hansang Technology officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market with an initial price of 28.91 CNY per share, closing at 82.89 CNY, a rise of 186.72% on the first day of trading [2]. Group 1: Company Overview - Hansang Technology is a comprehensive supplier providing high-end audio products and technical solutions [3]. - The company had a significant price surge, reaching a high of 110 CNY during trading [2]. Group 2: Investment Participation - Two financial products from Ningyin Wealth Management participated in the offline subscription for Hansang Technology, each applying for 9 million shares at a price of 29.30 CNY per share [3]. - Ningyin Wealth Management has been actively participating in the equity market through various methods such as IPO subscriptions, private placements, and dividend investments [2][7]. Group 3: Market Trends - The trend of financial companies participating in the equity market is driven by continuous policy support and the need for enhanced returns in a low-interest-rate environment [7]. - In January, a policy was issued to treat bank wealth management products similarly to public funds in terms of participating in new stock subscriptions and private placements [7]. - As interest rates decline, wealth management funds are accelerating their entry into the market, seeking to diversify asset allocation and enhance product returns [7].

Core Viewpoint - Shanghai Ningquan Asset Management Co., Ltd. has been placed on the restricted list for participating in the allocation of new securities, effective from June 2025 to December 2025 [2][3]. Group 1: Regulatory Changes - The recent revision of the "Management Rules for Offline Investors in Initial Public Offerings" has further regulated the offline subscription business, making it a focus for regulatory authorities [3]. - The revised rules explicitly prohibit twenty-one types of behaviors for offline investors or their managed allocation objects during the inquiry and allocation of initial public offerings, including false information submission and collusion with issuers or underwriters [3]. Group 2: Company Background - Ningquan Asset was founded by prominent asset manager Yang Dong in January 2018, who previously advised investors to redeem their funds during market peaks [4]. - The company has grown significantly, with its latest management scale exceeding 40 billion yuan [4].

Core Viewpoint - Ningquan Asset has recently come under scrutiny due to its "Ningquan Zhiyuan No. 55 Private Securities Investment Fund" being placed on a restricted list for participating in offline IPO subscriptions, effective from June 20, 2025, for a duration of six months [1][2]. Group 1: Company Overview - Ningquan Asset was founded in January 2018 by Yang Dong, who has 33 years of industry experience, and has gained significant recognition in the industry [4]. - As of the end of Q1 this year, Ningquan Asset managed approximately 45 billion yuan [4]. - The company has a total of 26 employees, with 18 in the investment research team, and focuses on sectors such as new energy, TMT (Technology, Media, and Telecommunications), semiconductors, pharmaceuticals, consumer goods, and finance [4]. Group 2: Incident Details - The restriction on the "Ningquan Zhiyuan No. 55" fund was attributed to a manual error in inputting net asset values [3]. - Other private equity firms have faced similar issues, indicating that errors in reporting, non-compliance, and procedural irregularities can lead to restrictions on participating in IPOs [4][6]. - The recent restrictions serve as a warning to the industry about the importance of compliance and thorough internal processes [6][7]. Group 3: Regulatory Context - The revised "Management Rules for Offline Investors in Initial Public Offerings" published on March 28 has made compliance in offline IPO participation a regulatory focus, outlining 21 prohibited behaviors [7]. - Institutions like GF Securities and Zhonghai Fund have also been restricted for various compliance failures, highlighting a broader trend of increased scrutiny in the industry [8][11].

Core Viewpoint - The well-known private equity firm Ningquan Asset's "Ningquan Zhiyuan No. 55 Private Securities Investment Fund" has been restricted from participating in offline IPO subscription activities for six months, from June 20, 2025, to December 19, 2025, as listed by the China Securities Association [1][2]. Group 1: Company Overview - Ningquan Asset, officially known as Shanghai Ningquan Asset Management Co., Ltd., was founded by prominent asset manager Yang Dong in January 2018, with a registered capital of 20 million yuan [2]. - Yang Dong has held significant positions in the financial industry, including General Manager of the Trading Department at Industrial Securities from 1992 to June 2003 and General Manager of Xinchuan Fund Management Co., Ltd. from June 2003 to January 2017 [2]. - Ningquan Asset has developed into a leading player in the domestic stock private equity sector, with a current management scale exceeding 40 billion yuan [2]. Group 2: Regulatory Environment - In March of this year, the "Management Rules for Offline Investors in Initial Public Offerings" were revised to further regulate offline subscription activities, making it a focus of regulatory scrutiny [3]. - The new rules explicitly prohibit twenty types of behaviors for offline investors, including false reporting, using multiple accounts for bidding, and colluding with issuers or underwriters [3]. - There has been an increase in regulatory actions, with three institutions and two individuals already placed on the restriction list this year due to issues such as inadequate pricing diligence and incomplete operational processes in offline subscription activities [3][4].

Core Viewpoint - Ningquan Asset's "Ningquan Zhiyuan No. 55 Private Securities Investment Fund" has been restricted from participating in offline IPO subscription activities for six months, from June 20, 2025, to December 19, 2025, as per the China Securities Association [1][2]. Group 1 - Ningquan Asset, founded by Yang Dong in January 2018, has a registered capital of 20 million yuan and has grown to manage over 40 billion yuan in assets, positioning itself among the top tier of domestic stock private equity firms [3]. - The recent revision of the "Management Rules for Offline Investors in Initial Public Offerings" has tightened regulations on offline IPO subscription activities, making compliance a key focus for market participants [3][4]. - Ningquan Zhiyuan No. 55 was previously involved in offline subscriptions, as evidenced by its appearance in the allocation list for the offline issuance of Youyou Green Energy on May 28, but has since been absent from subsequent new stock issuance announcements [5]. Group 2 - This year, three institutions and two individuals have been placed on the restriction list by the China Securities Association due to violations primarily related to inadequate pricing diligence and incomplete operational processes in offline IPO inquiries [6]. - The Shanghai Stock Exchange has also issued regulatory warnings to firms like Shanghai Chenxiang Private Fund Management Co., citing issues such as inadequate internal systems and non-compliance with decision-making processes [7].

Core Insights - The article highlights the significant milestone achieved by Everbright Wealth Management, which has successfully entered the A-class investor category, allowing it to participate directly in offline IPO subscriptions, marking a shift from a supporting role to a leading role in the capital market [1][3]. Group 1: Industry Developments - Everbright Wealth Management participated in the offline IPO of Shandong Xintong Electronics Co., Ltd. at a subscription price of 17 yuan per share, becoming the first bank wealth management subsidiary to do so as an A-class investor [1][2]. - The participation of bank wealth management in the capital market is accelerating, with several subsidiaries actively engaging in IPO allocations, indicating a new trend of deepening capital market investments [1][2][6]. - The shift to A-class investor status allows bank wealth management products to enjoy the same preferential treatment as public funds, enhancing the allocation of new shares and potentially increasing product returns [2][3]. Group 2: Policy and Regulatory Changes - Recent policy changes have facilitated the entry of bank wealth management into the A-class investor category, driven by the need to boost capital market participation from long-term funds [3][4]. - The China Securities Regulatory Commission (CSRC) has amended regulations to include bank wealth management products as priority allocation objects for IPOs, aligning them with public funds in terms of policy treatment [4][5]. Group 3: Future Outlook - Bank wealth management is expected to continue increasing its participation in offline IPOs while enhancing its research and analysis capabilities in equity investments [2][5]. - The industry is exploring diversified investment strategies, with a focus on equity assets, as traditional fixed-income returns are under pressure due to low interest rates [5][6]. - Reports indicate that as of the end of 2024, the total investment assets of wealth management products will reach 32.13 trillion yuan, with equity assets only accounting for 2.58%, suggesting significant room for growth in this area [5].

Group 1: New Stock Issuance and Market Trends - In June 2025, a total of 8 new stocks were listed, raising a total of 9.153 billion yuan, a month-on-month increase of 164.8% [1] - Among these, 6 stocks participated in offline issuance, raising a combined amount of 8.730 billion yuan, with a month-on-month increase of 174.1% [1] - The average first-day increase for new stocks on the main board was 188.17%, while the average for the dual-innovation board was 190.72% [1] Group 2: Pharmaceutical Industry Insights - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, aiming to transition China from a "generic drug powerhouse" to an "innovative drug stronghold" [2] - The policy is expected to promote the comprehensive prosperity of innovative drug leading companies, niche biotech sectors, and the CXO industry chain [2] - Recommended companies to watch include Heng Rui Medicine, Innovent Biologics, CanSino Biologics, WuXi AppTec, and Kelaiying [2] Group 3: Company Performance Analysis - The company, Xingsen Technology, has seen continuous revenue growth with significant long-term growth potential [4] - The profit forecast for 2025-2026 has been revised down to 112 million yuan and 271 million yuan, representing a reduction of 77% and 60% respectively [4] - A new profit forecast for 2027 has been introduced at 442 million yuan, with current stock prices corresponding to PE ratios of 196, 81, and 50 times [4]