- The report tracks the recent performance of the IPO market, including the Sci-Tech Innovation Board, the Growth Enterprise Market, and the Main Board, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [2][10] - The report calculates the IPO yield for different account sizes, with A-class 2 billion scale accounts yielding 1.89%, B-class 2 billion scale accounts yielding 1.69%, A-class 10 billion scale accounts yielding 0.60%, and B-class 10 billion scale accounts yielding 0.55% [2][10] - The report tracks the median number of valid quotation accounts for recent 20 new stocks, with A-class valid quotation accounts for Sci-Tech Innovation Board stocks around 3062, B-class around 1602; A-class valid quotation accounts for Growth Enterprise Market stocks around 3591, B-class around 2079; A-class valid quotation accounts for Main Board stocks around 3790, B-class around 2275 [2][22] - The report lists the recent IPO results, including the issuance price, issuance P/E ratio, industry P/E ratio, number of new shares issued, actual fundraising amount, strategic placement, online issuance, offline issuance, online winning rate, online issuance oversubscription multiple, offline preliminary inquiry oversubscription multiple, offline subscription allocation ratio, and offline issuance effective subscription multiple [24] - The report calculates the theoretical IPO yield for different account sizes, assuming all stocks are hit, sold at the market average price on the first day of listing, and using 90% capital efficiency [39][40] - The report lists the monthly IPO yield and IPO yield rate for different account sizes, assuming all stocks are hit, sold at the market average price on the first day of listing, and using 90% capital efficiency [43][44][45][46] - The report lists the monthly IPO yield and IPO yield rate for different account sizes, assuming all stocks are hit, sold at the market average price on the first day of listing, and using 90% capital efficiency [47][50][51][52][53] - A-class 2 billion scale accounts IPO yield rate is 1.89% [10] - B-class 2 billion scale accounts IPO yield rate is 1.69% [10] - A-class 10 billion scale accounts IPO yield rate is 0.60% [10] - B-class 10 billion scale accounts IPO yield rate is 0.55% [10] - Sci-Tech Innovation Board stocks first-day average increase is 218.45% [16] - Growth Enterprise Market stocks first-day average increase is 227.38% [16] - Sci-Tech Innovation Board stocks A-class valid quotation accounts around 3062 [22] - Sci-Tech Innovation Board stocks B-class valid quotation accounts around 1602 [22] - Growth Enterprise Market stocks A-class valid quotation accounts around 3591 [22] - Growth Enterprise Market stocks B-class valid quotation accounts around 2079 [22] - Main Board stocks A-class valid quotation accounts around 3790 [22] - Main Board stocks B-class valid quotation accounts around 2275 [22] - The highest first-day increase for new stocks is 426.31% [33] - The highest fundraising amount for new stocks is 181.71 billion yuan [33] - The highest full subscription yield for new stocks is 141.4 million yuan [37] - The highest monthly IPO yield for A-class accounts is 248.20 million yuan [44] - The highest monthly IPO yield rate for A-class accounts is 6.22% [44] - The highest monthly IPO yield for B-class accounts is 179.55 million yuan [50] - The highest monthly IPO yield rate for B-class accounts is 5.04% [50]

Core Viewpoint - The recent revision of the issuance and underwriting rules by the Shanghai and Shenzhen Stock Exchanges aims to enhance the participation of long-term funds in the IPO market, particularly by including wealth management companies as offline investors and allowing bank wealth management and insurance asset management products to be classified as A-class allocation objects, which is expected to positively impact the offline subscription market [2][8]. Group 1: Impact on Offline Subscription Market - The inclusion of insurance asset management products as A-class investors is expected to increase their offline subscription returns by approximately 10-20%, assuming other conditions remain unchanged [9]. - The number of A-class account investors is anticipated to see a slight increase, driven by an expected acceleration in new stock issuance and the continuation of first-day price surge effects [9]. - If the current concentration level of bids and the qualification situation remain unchanged, the winning rate may face downward pressure [9]. Group 2: Market Review and Performance - In March 2025, there were 11 IPOs in the A-share market, raising a total of 5.4 billion yuan, which represents a 22% increase in the number of IPOs month-on-month but a 16% decrease in financing scale [5][23]. - The average winning rates for A/B class accounts in the main board were 0.0133% and 0.0111%, respectively, while for the ChiNext board, they were 0.0291% and 0.0260% [8]. - New stocks in March 2025 saw significant first-day price increases, with the main board averaging a 299% increase and the ChiNext board averaging a 219% increase [5][40]. Group 3: Revenue Forecasts - Under neutral assumptions, the expected annual subscription returns for a 200 million yuan A/B class account in A-shares for 2025 are projected to be 4.54% and 3.69%, respectively [3][21]. - For a 500 million yuan A/B class account, the expected returns are 2.97% and 2.42%, while for a 1 billion yuan A/B class account, the returns are projected at 1.69% and 1.38% [3][21]. - The analysis indicates that the overall IPO issuance pace and fundraising scale are expected to steadily increase compared to the previous year, with the 2025 IPO rhythm anticipated to be between the levels of 2023 and 2024 [14].