IPO Performance - In November 2025, the average first-day return for new stocks was 471%, showing an increase from previous months[24] - The average first-day return for IPOs in the first 11 months of 2025 reached 356%, significantly higher than in 2024[25] Fundraising and Market Activity - A total of 23 companies completed their IPOs in the first 11 months of 2025, raising 6.7 billion yuan, surpassing the total for 2024[2] - In November, 5 companies went public, raising 980 million yuan, maintaining a rapid IPO pace[19] Subscription Trends - The average subscription amount for new shares in November was 711.2 billion yuan, reflecting strong market interest[32] - The average subscription limit for accounts in the first 11 months of 2025 increased to 12.28 million yuan, significantly higher than 8.07 million yuan in 2023 and 8.43 million yuan in 2024[36] Company Quality - The average revenue for newly listed companies in 2025 was 800 million yuan, with an average net profit of 110 million yuan, indicating improved company quality[41] - The average gross margin for new IPOs in 2025 was 34%, up from previous years[40] Market Risks - Risks include potential changes in IPO review policies and market enthusiasm for new stock subscriptions[2]