Core Viewpoint - The article emphasizes the importance of enhancing public financial literacy and risk prevention capabilities, particularly in the context of the Beijing Stock Exchange (北交所) and its new initiatives to educate investors about market participation. Group 1: New Share Subscription Process - Investors can participate in new share subscriptions on the Beijing Stock Exchange during designated hours: 9:15-11:30 and 13:00-15:00. Each subscription unit consists of 100 shares, and the total subscription amount must be in multiples of 100 shares, not exceeding 5% of the initial online issuance or 99.999 million shares, otherwise the application will be invalid [1]. Group 2: Querying Subscription Results - Investors can check the allocation results of new share subscriptions on the evening of T+2 (where T is the subscription day) via the official website of the Beijing Stock Exchange or through the app used for subscription [2]. Group 3: Important Considerations for Investors - Before participating in new share subscriptions, investors must ensure that sufficient funds are deposited in their securities account. Once a subscription application is confirmed by the trading system of the Beijing Stock Exchange, it cannot be revoked. The interest generated from the frozen funds will be allocated to the Securities Investor Protection Fund according to relevant regulations [3].

Core Insights - The recent surge in the Beijing Stock Exchange (BSE) IPO market is marked by record-breaking frozen funds and participation, with over 5525.49 billion yuan frozen for the recent IPO of Guangxin Technology and more than 517,200 investors participating, indicating a significant interest in new stock offerings [2][3] - The average allocation rate for online subscriptions has drastically decreased, with a mere 0.0308% allocation rate for the latest IPO, highlighting the increasing difficulty of obtaining shares [2][3] Group 1: Market Dynamics - The BSE has seen a consistent increase in frozen funds for IPO subscriptions, with an average of 4953.51 billion yuan in 2023, compared to only 245.16 billion yuan in 2022, while the average allocation rate has plummeted from 3.42% in 2022 to just 0.06% in 2023 [3][4] - New third board companies are actively participating in the BSE IPO market, with companies like Huajian Intelligent announcing plans to invest up to 100 million yuan in BSE IPOs [3][4] Group 2: Investment Appeal - The attractiveness of BSE IPOs is driven by lower valuations and higher potential returns, with an average issuance price-earnings ratio of 14.6 for BSE IPOs in 2024, compared to 22.3 for main board IPOs, creating an arbitrage opportunity [5][6] - The first-day average price increase for BSE IPOs has significantly risen, with averages of 8%, 58.51%, and 229.96% from 2022 to 2024, and a staggering 267.63% for the four IPOs in 2025, indicating a strong market sentiment [5][6] Group 3: Economic Environment - The current low-interest-rate environment has heightened the appeal of BSE IPOs, as institutional and high-net-worth investors seek higher-yielding assets, with BSE's cash subscription and proportional allocation rules favoring larger investors [6][7] - The annualized return from BSE IPOs has been calculated at approximately 8.71%, significantly surpassing the interest rates of major banks and money market funds, further attracting capital to the BSE [7]

Core Insights - The article discusses the investment opportunities and strategies related to the Beijing Stock Exchange (北交所), particularly focusing on the new stock subscription process and its unique rules [1][4][6]. Group 1: Subscription Rules and Market Dynamics - The subscription process at the Beijing Stock Exchange requires investors to freeze the full amount of funds for new stock purchases upfront, differing from the Shanghai and Shenzhen markets where payment is made after winning a subscription [1][4]. - The average winning rate for new stock subscriptions on the Beijing Stock Exchange is 2.3 times higher than that of the Shanghai market and 1.8 times higher than that of the Shenzhen market, indicating a favorable probability for investors [4]. - Funds are frozen for three trading days, which can lead to opportunity costs during volatile market conditions, as investors cannot utilize their capital during this period [4][6]. Group 2: Stock Selection Strategies - Investors are advised to monitor strategic placements by well-known industry capital before subscribing to new stocks, as this can indicate potential success [6]. - Caution is advised against stocks with sudden spikes in price-to-earnings ratios, as these may represent inflated valuations and higher risks [6]. - Monitoring public sentiment and institutional interest can provide valuable insights into stock performance, as evidenced by a semiconductor company that received increased institutional attention [6]. Group 3: Investment Strategies and Mindset - A recommended strategy is to divide investment accounts into three parts to stagger subscription times, which helps maintain liquidity while covering more new stocks [7]. - Investors should maintain a stable mindset and avoid impulsive decisions based on market fluctuations, akin to the patience required in fishing [9]. - The potential for high returns exists, as evidenced by instances of over 30% gains on the day of subscription, but investors should be prepared for volatility and price corrections [9].