自从能从投资上赚钱以后，一直有一个念想，就是带着老同学，老朋友一起赚钱，保守点， 一个月5000总能有的，风险也不高。毕竟他们很多人现在只是一个普通的打工人，太不容易 了，五千一万不是小数字了。 可是我知道这事情不会有好的结果，这想法有毒，甚至让亲戚反目成仇，朋友也当不下去 了。因为如果认知跟不上，每一步都牵着拉着，太累了。 可是我时不时就会想这些，放不下。 持有小市值 我在过去十年里有三种带亲戚朋友赚钱的方式，列出来供参考 1.账户买断制。 我出30万对方出10万，用对方账户。如果亏钱了我是他们的三倍，他们也没啥好说的，我的 好处也是能用他们账户打新。 多年下来算上新股基本都是20%左右年化。 双方也都挺满意 的。 3.短期借款 拼多多方式打北交所新股，基本都是我离安全多拿100股差几十万的时候问别人借钱，两天就 还。按中介的价格出价。虽然只有几百块，但对于退休没事干的人来说也不错。 当然，这些都是自己和家人长期信得过的朋友，几十万额度讲清楚后基本不会出现利益纠 葛。 因为这几种方式对双方都是互惠互利的，所以哪怕有点风险（资金和关系上），我也敢冒。 单纯的帮别人赚钱，说实话我不愿意也做不到。 蚁工 没有好下 ...

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]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the performance and trends in the Chinese stock market, particularly focusing on new stock issuances, REITs (Real Estate Investment Trusts), and the North Exchange (北交所) market dynamics in April 2025. Key Insights and Arguments 1. **New Stock Issuance and Valuation** - April's new stock issuance PE valuation reached a 24-year low, averaging around 15 times, primarily due to the concentration of issuances in the main board and ChiNext, with no new stocks from the Sci-Tech Innovation Board [1][7] - New stocks were issued at an average discount of 42% compared to comparable companies, with a slight narrowing of the discount to about 4.2% [1][7] - The offline inquiry heat reached a 25-year high, with an average of 282 institutions participating in ChiNext and 7,800 participants in the main board [1][7] 2. **REITs Market Performance** - Public REITs saw a significant increase in offline subscription interest, with subscription multiples exceeding 200 times, leading to a very low winning rate [1][6] - The first-day price increase for REITs has been generally positive, with recent variations noted [1][6] - The total number of REITs issued reached 66, raising a cumulative amount of 172 billion yuan [1][16] 3. **North Exchange (北交所) Developments** - In April, the North Exchange had one new stock issuance with a 5% decrease in effective accounts to 430,000, and a subscription multiple of 2,417 times [1][9] - The average first-day increase for new stocks was 216%, maintaining a zero break-even status [1][9] - Strategic placement rules were revised to allow a higher proportion of strategic placements, increasing participation feasibility [1][22] 4. **Market Trends and Future Expectations** - The issuance pace of new stocks is expected to accelerate post-May, with an estimated 1 to 3 new stocks issued weekly, totaling close to 100 for the year [1][4] - The average financing scale for new stocks is projected to rise to 250 million yuan [1][25] - The overall market sentiment remains cautious due to seasonal factors and financial report updates affecting the issuance rhythm [1][3] 5. **Impact of Regulatory Changes** - The adjustment of insurance asset management and bank wealth management accounts from C-class to A-class has had a limited impact on offline subscriptions due to the large number of participants [1][5] - The strategic placement policy changes are expected to enhance long-term capital participation in the North Exchange [1][28] Additional Important Information - The REITs market showed a mixed performance in April, with infrastructure sectors like consumption and water operations performing well, while energy and industrial parks faced significant declines [1][10] - The average subscription amount required for new stock applications has decreased significantly, reflecting a shift in investor behavior [1][21] - The overall market dynamics indicate a trend towards lower-risk investments, with a notable absence of significant declines in new stock issuance returns since 2024 [1][30]