一段时间以来，各路资金不断涌入北交所新股。 以上市公司、新三板企业闲置资金为代表的产业资本，就是其中之一。乐视网、帝恩思、聚丰股份、华 创合成等企业明确表示，将闲置资金用于申购北交所新股。 各路资金的聚集，导致参与北交所打新的资金规模急剧飙升。 2022年北交所每只股票平均打新资金规模仅267亿元，2025年以来，平均规模已经飙升到了6500亿元， 峰值超过8600亿元。北交所打新生态正在发生变化。 产业资本申购北交所新股 12月3日，新三板挂牌企业乐视网公告称，为了获得投资效益，在不影响公司主营业务正常发展的前提 下，公司拟利用自有资金购买股票获得额外的资金收益。其中，用于北京证券交易所新股认购和国债逆 回购总金额不低于1.5亿元（含1.5亿元）。 再早一点，11月12日，新三板企业帝恩思公告称，为充分把握市场机遇，拓宽公司投资渠道，增加公司 资金收益水平，在确保正常经营所需流动资金及资金安全的情况下，公司拟使用不超过1200万元自有闲 置资金申购北交所新股等进行证券投资。在前述额度内，资金可以滚动使用。 7月10日，新三板企业聚丰股份公告表示，为进一步提高资金使用效率，提高资金收益水平，公司在保 证不影响 ...

Core Viewpoint - The influx of various funds into the Beijing Stock Exchange (BSE) new shares has significantly increased, with industrial capital, including listed companies and New Third Board enterprises, actively participating in new share subscriptions [1][2][3]. Group 1: Industrial Capital Participation - Companies like LeEco, Diens, Jufeng, and Huachuang have announced plans to use idle funds for subscribing to BSE new shares, indicating a strategic shift towards enhancing investment returns [2][4][5]. - LeEco plans to invest no less than 150 million yuan in BSE new shares and government bond reverse repos [4]. - Diens intends to use up to 12 million yuan of idle funds for BSE new share subscriptions, with the flexibility to roll over the funds [4]. - Jufeng announced an additional investment of 25 million yuan, bringing the total investment limit to 40 million yuan for various securities, including BSE new shares [4]. Group 2: Surge in Subscription Scale - The average subscription scale for BSE new shares has skyrocketed from 26.7 billion yuan in 2022 to 650 billion yuan in 2025, with a peak exceeding 860 billion yuan [3][10]. - The participation of industrial capital is just one segment of a broader trend, with total frozen subscription funds surpassing 800 billion yuan [9]. Group 3: Unique Characteristics of BSE New Share Subscriptions - BSE new share subscriptions are characterized by a cash-only requirement, allowing participation without needing a stock collateral, which is a significant advantage over the Shanghai and Shenzhen exchanges [6][8]. - The allocation of new shares is based on a proportional distribution rather than a lottery system, meaning that larger subscription amounts lead to higher chances of allocation, often resulting in a near 100% success rate for maximum subscriptions [6][7]. Group 4: Market Performance and Trends - In 2023, 24 new stocks were listed on the BSE, with none experiencing a price drop below the issue price, and the lowest first-day increase was 133%, while the highest was 1211% [8]. - The trend of increasing funds entering BSE new shares is accelerating, with the average subscription amount for new stocks rising significantly year-on-year [10].

北交所打新收益吸睛。 近日，乐视网表示计划以不超过1.8亿元的自有资金用于炒股，备受市场瞩目。其中，公司计划以不超 过1.5亿元的资金用于北交所打新及国债逆回购。在半年前，乐视网已表示投入不超过5000万元用于炒 股。 北交所新股首日涨幅均值表现最佳 值得注意的是，在上述42家企业中有16家明确会用于新股申购。今年以来，在新股首日表现持续亮眼的 驱动下，A股打新收益较去年明显大幅提升。 其中，"北交所打新"备受青睐。除乐视网外，华剑智能也表示闲置资金主要用于申购北交所新股。另有 聚丰股份在7月明确称，公司拟使用不超过4000万元自有闲置资金购买理财产品及投资股票，包括申购 北交所新股。 根据记者不完全统计，今年以来另有15家新三板公司表示将自有资金用于包括打新在内的投资，其中有 3家明确表示重点布局北交所打新市场。 数据显示，今年以来北交所打新热情高涨，赚钱效应明显提升。截至12月4日，今年共有24只新股在北 交所亮相，首日涨幅平均高达354.70%，要好于沪深市场新股上市首日平均221.12%的涨幅。 年内二度宣布炒股，合计投逾2亿 近日，乐视网公告称，为了提高资金使用率以及获得投资效益，在不影响公司主营业 ...

Core Viewpoint - The article highlights the increasing enthusiasm for new stock subscriptions on the Beijing Stock Exchange (北交所), particularly noting the significant returns and investment activities from companies like LeEco (乐视网) [2][5]. Group 1: Investment Activities - LeEco plans to invest up to 180 million yuan of its own funds in stock trading, with 150 million yuan specifically allocated for new stock subscriptions on the Beijing Stock Exchange and reverse repos [2][3]. - This marks LeEco's second announcement of stock trading this year, with a total investment exceeding 200 million yuan [3]. - Other companies, including 15 new third board companies, have also indicated plans to use their idle funds for investments, with three specifically targeting the Beijing Stock Exchange [2][4]. Group 2: Performance of New Stocks - The average first-day gain for new stocks on the Beijing Stock Exchange has reached 354.70%, significantly outperforming the average of 221.12% for new stocks on the Shanghai and Shenzhen markets [2][5]. - Notable first-day performances include a 1211.11% increase for Dapeng Industrial and a 785.62% increase for Sanxie Electric [5]. - The enthusiasm for new stock subscriptions is driven by a combination of lower issuance price-to-earnings ratios and improved stock quality [6]. Group 3: Market Trends - The number of effective subscription accounts for new stocks on the Beijing Stock Exchange has surged by 180.4% year-on-year, reaching an average of 526,000 accounts in the first three quarters of 2025 [6]. - Subscription funds for new stocks have also seen a dramatic increase, averaging 646.9 billion yuan in the first eleven months of 2025, compared to 36.9 billion yuan in 2023 and 212.9 billion yuan in 2024 [6]. - The competition for new stock subscriptions has intensified, leading to a decrease in the average winning rate for subscriptions [6].

（原标题：新股"火出圈"！昔日A股"网红"，入局北交所打新！） 日前，被终止上市后转入老三板的乐视网3(400084)公告，为了获得投资效益，在不影响公司主营业务 正常发展的前提下，公司拟利用自有资金购买股票获得额外的资金收益。投资品种包括北交所新股认 购、二级市场自由买卖的股票、国债逆回购。 公告称，投资额度为任意时点累计的投资本金总金额不超过1.8亿元，其中二级市场自由买卖的股票总 市值不超过3000万元（银行股比例不低于50%，沪深300指数成份股不低于80%），北交所新股认购和 国债逆回购总金额不低于1.5亿元。在该额度内，资金可以滚动使用，任一时点获得的累计净收益可进 行再投资，再投资的金额不包含在上述额度内。 新、老三板公司一齐入局北交所打新，核心驱动力是其丰厚的打新回报。Wind的统计显示，今年以来 北交所总共迎来24只新股，上市首日表现十分出色，平均涨幅达到3.61倍，其中11月21日上市的大鹏工 业当天涨幅更是达到12.11倍，刷新北交所新股上市首日涨幅的历史纪录。 中国小康建设研究会经济发展工作委员会专家余伟认为，乐视网的这一举措具有标志性意义，这意味着 曾经的知名A股上市公司，尤其擅长资 ...

乐视网3提醒，公司投资的股票存在一定的不可预期性，主要受股市整体表现及股票政策、财政政策、产业政策等宏观政策 及相关法律法规政策发生变化的影响，存在一定的系统性风险。为防范风险，公司会安排证券相关人员对股票进行持续跟 踪、分析，加强风险控制和监督，确保资金的安全性和流动性。公司同时表示，使用的自有资金是在确保公司日常经营所需 流动资金和资金安全的前提下实施的，不影响公司主营业务的正常发展。 日前，被终止上市后转入老三板的乐视网3(400084)公告，为了获得投资效益，在不影响公司主营业务正常发展的前提下，公 司拟利用自有资金购买股票获得额外的资金收益。投资品种包括北交所新股认购、二级市场自由买卖的股票、国债逆回购。 公告称，投资额度为任意时点累计的投资本金总金额不超过1.8亿元，其中二级市场自由买卖的股票总市值不超过3000万元 （银行股比例不低于50%，沪深300指数成份股不低于80%），北交所新股认购和国债逆回购总金额不低于1.5亿元。在该额 度内，资金可以滚动使用，任一时点获得的累计净收益可进行再投资，再投资的金额不包含在上述额度内。 乐视网3于10月30日晚间发布三季报，前三季度实现营业收入1.15亿 ...

Core Insights - The article discusses the challenges and complexities of helping friends and relatives invest, highlighting the emotional and financial risks involved [1][5][12]. Investment Methods - **Account Buyout System**: The author previously used a method where friends' accounts were used to buy stocks, with profits shared. However, returns have diminished in recent years due to lower new stock profits [2]. - **Proportional Sharing System**: A model where the author invests 300,000 while the counterpart invests 100,000, sharing profits and losses. This method has yielded an annualized return of about 20% over the years [3]. - **Short-term Borrowing**: The author borrows money from trusted friends to invest in new stocks, repaying quickly, which has proven beneficial for both parties involved [4]. Emotional and Relational Dynamics - The author emphasizes the emotional toll of investing with close relatives, noting that expectations can lead to significant strain in relationships, especially during losses [6][11]. - There is a strong sentiment that helping others invest can lead to misunderstandings and conflicts, particularly when financial outcomes do not meet expectations [7][10]. Personal Experiences - The author shares past experiences of helping relatives invest, which often resulted in mixed outcomes, reinforcing the idea that different individuals have varying risk tolerances and investment knowledge [12][13]. - The article concludes that while it may seem beneficial to assist others in investing, the potential for relationship damage and emotional distress often outweighs the financial benefits [8][9].

Group 1: Market Overview - The fixed income market is experiencing a decline in investment returns, prompting investors to seek "fixed income plus" products to enhance yields while managing withdrawal risks[14]. - The recent policy to restore value-added tax (VAT) on bond interest income is expected to reduce returns by 5-10 basis points (bp) for bond investors[14][15]. - The bond market is currently seeing a recovery in sentiment, with significant fluctuations in interest rates and a high issuance volume of government bonds[40][44]. Group 2: Investment Strategies - The North Exchange's online IPOs offer low-cost, high-yield opportunities, making them suitable for "fixed income plus" strategies[16]. - Historical data shows that the average first-day return for new stocks listed on the North Exchange in 2024 was 245%, with no instances of price drops below the issue price[16]. - A strategy involving the maximum subscription amount (5% of the initial issuance) yields an average return of 0.17%, while optimizing for minimum investment can lower returns to 0.12%[21][27]. Group 3: Recommendations - Investors are advised to focus on "fixed income plus" opportunities due to the low withdrawal risk associated with the North Exchange's IPO strategy[35]. - The optimal investment strategy involves adjusting the investment amount to achieve a balance between success probability and return efficiency, with a target return of 0.20% when investing 2.5 times the minimum subscription amount[30][31].

Group 1 - The report highlights the impact of the restoration of VAT on pure bond markets, predicting a reduction in interest income for bond investors by 5-10 basis points [9][10][11] - Short-term effects of the VAT policy may lead to a scarcity of tax-exempt existing bonds, potentially triggering a buying spree [9][10] - In the medium term, the VAT restoration could slow the inflow of funds into the bond market, as institutions may seek higher yields from other asset classes [10][11] Group 2 - The report emphasizes the advantages of participating in the Beijing Stock Exchange (BSE) new share offerings, which offer low costs and high returns, making them suitable for enhancing fixed income+ products [11][12] - Historical data shows that new shares listed on the BSE have maintained significant first-day price increases, averaging over 300% since 2025 [12][13] - The report suggests that the optimal strategy for new share subscriptions involves balancing the amount of capital invested with the probability of successful allocation, with findings indicating that investing 1.7 times the minimum subscription amount yields the highest efficiency [23][25] Group 3 - The report notes that the fixed income market is currently facing challenges due to declining returns, prompting investors to explore fixed income+ strategies [8] - It outlines the expected issuance of 8,285 billion in interest rate bonds this week, indicating a high level of activity in the bond market [27][29] - The sentiment in the bond market is recovering, with various interest rate bonds showing a downward trend in yields, suggesting a favorable environment for bond investors [32][33]

Group 1 - The core viewpoint of the articles highlights the increasing participation of New Third Board companies, specifically Zhejiang Huajian Intelligent Equipment Co., Ltd., in the Beijing Stock Exchange (BSE) new share subscription market, indicating a growing trend in investment activities [1][2] - Zhejiang Huajian plans to use up to 100 million RMB of its idle funds for BSE new share subscriptions, emphasizing the company's strategy to enhance investment channels and improve capital returns while ensuring operational liquidity [1][2] - The subscription rates for new shares in the BSE have been notably low, with recent figures showing a subscription rate of only 0.03% for the company Jiao Da Tie Fa, reflecting a highly competitive market environment [3][4] Group 2 - The investment activity by Zhejiang Huajian is seen as a response to the rising enthusiasm among investors for participating in the BSE, with significant amounts of frozen capital reported in recent new share offerings [3][5] - The total frozen capital for the recent Jiao Da Tie Fa offering reached approximately 516.77 billion RMB, indicating a robust interest in new listings on the BSE [5] - Industry experts suggest that for institutional investors, the returns from strategic investments in the BSE could be higher, positioning the participation of New Third Board companies as a favorable asset appreciation strategy [6]