Core Insights - The Chinese Securities Association has released the "white list" for offline professional institutional investors for 2024, with 21 institutions including Bosera Fund and GF Fund included, indicating a shift in public fund strategies for new stock subscriptions [1][9] - Public funds are experiencing a resurgence in new stock subscriptions, transitioning from a "collective profit" approach to a more selective strategy, focusing on quality investments [1][6] - The average subscription rate for offline offerings has significantly decreased, with the average offline subscription allocation ratio for the first seven months of 2024 being only 0.0191%, compared to 0.3658% for the entire year of 2023 [2] Public Fund Strategies - Public funds are increasingly participating in new stock subscriptions, with over 3530 public products receiving allocations amounting to approximately 5.4 billion yuan in 2024, compared to 4.1 billion yuan in the same period of 2023 [2] - The strategies of public funds have evolved, with a focus on enhancing returns through new stock subscriptions, particularly in the Sci-Tech Innovation Board and Growth Enterprise Market [3][4] - Traditional public "new stock funds" have adopted two main strategies: a "fixed income plus" approach and an "index plus hedge" strategy, both aimed at optimizing returns while managing risks [4] Regulatory Environment - Recent regulatory changes have imposed stricter requirements on public funds' pricing capabilities for new stock subscriptions, leading to the exit of some smaller funds from the market, leaving larger public funds as the main players [6][7] - The introduction of the "white list" system aims to improve the pricing efficiency of new stock offerings and reduce market irregularities, promoting a more strategic long-term investment approach [9][10] - The regulatory framework has been enhanced to prevent collusion and ensure compliance among institutional investors, with penalties for non-compliance already being enforced [7][8]