Core Insights - The participation of bank wealth management subsidiaries in IPO subscriptions is gaining momentum, with notable involvement in the recent listing of domestic GPU company Moer Thread [1][2]. Group 1: Participation in IPOs - Two bank wealth management subsidiaries, Ningyin Wealth Management and Xingyin Wealth Management, successfully participated in the offline allocation for Moer Thread's IPO, with Ningyin receiving approximately 34,400 shares valued at about 3.93 million yuan and Xingyin receiving around 17,900 shares valued at about 2.04 million yuan [1]. - A total of 267 investors participated in the offline subscription for Moer Thread, setting a record for the highest number of participants in a new stock listing on the Sci-Tech Innovation Board this year [2]. Group 2: Factors for Successful Participation - The successful allocation for bank wealth management subsidiaries was attributed to three main factors: compliance with stock base value requirements, precise pricing by the research team, and efficient collaboration among compliance, risk control, and trading departments [2][7]. - The current number of bank wealth management subsidiaries actively engaging in IPO strategies is limited, with only three to four having successfully participated in offline allocations [3]. Group 3: Market Expectations and Challenges - Following the China Securities Regulatory Commission's decision to allow bank wealth management products to be prioritized in IPO allocations, there were high expectations for rapid adoption of A-share IPO strategies among these subsidiaries [4][5]. - Challenges faced by many bank wealth management subsidiaries include meeting stock base value requirements, insufficient research capabilities, and the lack of efficient operational mechanisms [5][6]. Group 4: Operational Mechanisms - Effective operational mechanisms are crucial for timely submission of subscription materials and pricing information within three trading days after the issuance of the prospectus [8]. - Only a few bank wealth management subsidiaries have established the necessary trading systems and operational processes, while most are still working to streamline inter-departmental workflows [8]. Group 5: Future Outlook - Many bank wealth management subsidiaries are accelerating the implementation of A-share IPO strategies, recognizing the potential for differentiation in product returns [9]. - There is an expectation that if these subsidiaries can maintain a high "inclusion rate" in offline allocations, their product yields could exceed the industry average by 1-2 percentage points [8][9].

Group 1 - The IPO market of the Beijing Stock Exchange (BSE) has shown significant activity, with a notable increase in the number of new companies applying for listing, reaching 97 in June alone, including many high-quality firms with net profits exceeding 50 million yuan [1][5] - The enthusiasm for new stock subscriptions continues to rise, with the "unbeaten myth" of A-share market subscription strategies lasting for 15 months, indicating strong investor confidence in the BSE [1][2] - The subscription for Suzhou Dingjia Precision Technology Co., Ltd. saw 80,300 accounts participating, with a subscription multiple of 2965.66 times and a total frozen capital of approximately 628.84 billion yuan, marking a breakthrough of 600 billion yuan [2][3] Group 2 - The pace of new stock issuance on the BSE has accelerated since June, with two new stocks listed in June alone, compared to only six in the first half of 2025 [3][4] - The current review process for companies applying to list is approximately one company per week, which could lead to around 50 new listings annually if maintained, or 100 if the pace is doubled [3][4] - The quality of companies applying for listing has improved, with 44 out of 133 new applicants being recognized as "specialized and innovative" enterprises, accounting for 33.08% [5][6] Group 3 - The new companies accepted for listing are primarily engaged in key sectors such as semiconductors, biomedicine, and artificial intelligence, aligning with national strategic priorities [5][6] - The average revenue of new applicants in 2024 is expected to be between 200 million and 1 billion yuan, with a significant portion of companies falling within this range [5][6] - The average operating income of companies in the new third board's innovation layer has reached 569 million yuan, with a notable increase in profitability and R&D investment [6]