星标 ★ IPO日报 精彩文章第一时间推送 AI制图 打到就是赚到！股民无脑打新时代又回来了！ 2025年的新股表现可谓亮瞎眼。 截至6月9日，2025年A股上市45只新股，全部实现首日上涨，无 一破发。 而在2022年，A股新股破发率超过28%，2023年也有16.6%，2024年上市100家，只 有一支股票破发。也就是说，几乎从2024年开始，A股重新进入了无脑打新时代。 另外，当前新股发行数量大幅下降。注册刚施行时，新股发行的数量一度猛增。 2020 年， A 股 共计发行 399 只新股， 2021 年 520 家企业上市， 2022 年 428 家， 2023 年则有 313 家。 那年几年，新股可谓"量大管饱"。这种情况到 2024 年出现转折：仅有 100 家上市，不到 2021 年的 1/5 。而今年过去了 5 个月，也才有 40 多家。 "物以稀为贵罢"，没有了 "三高"（高发行价、高市盈率、高超募）的新股，吸引出大量股民的打 新热情。 然而，过犹不及。当前新股没有破发的情况发生，也不能算是市场常态， 毕竟市场运作的本身就应 该有它自身的规律，而破发是市场化定价的健康信号，倒逼新股合理定价。 ...

New IPOs - In March 2025, 14 new stocks were issued in the A-share market, raising a total of 7.9 billion yuan, a month-on-month increase of 104.6%[6] - The average fundraising rate for new stocks was 85%, up 6 percentage points from the previous month[7] - The average first-day increase for new stocks was 227%, with a 2 billion yuan allocation yielding a profit of 1.468 million yuan[45] REITs - In March 2025, there were 2 REITs issued, with an average of 93 institutions participating in the offline inquiry, resulting in an average subscription multiple of 128.8 times, a record high since 2024[2] - The average pricing level for REITs rose to the 78th percentile of the inquiry range, an increase of 14 percentage points month-on-month[2] - The first-day average increase for REITs was 27.3% in the first quarter of 2025, with no instances of "zero break" on the first day of listing[2] Market Trends - The average initial PE ratio for new stocks in March 2025 was 21 times, a month-on-month increase of 22%, with a 46% discount compared to comparable companies[16] - The number of offline inquiry participants increased, with the average number of participants for the Sci-Tech Innovation Board and the Growth Enterprise Market reaching 5,767 and 6,530, respectively, both hitting new highs for the year[21] Risk Factors - Potential risks include changes in the pace of IPO reviews, adjustments to issuance systems, fluctuations in investor participation, and the quality and quantity of declared projects[2]