20230807-华安证券-_打新定期跟踪_系列之一百三十六_破发改善_打新情绪指数持积极态度_23页_1mb

Report Summary

• Key Findings on New Share Subscription Yields: The report estimates different scenarios for new stock subscription yields, considering factors like profitability and pricing power. For example, under scenario 1 (all stocks subscribed), A-class 200 million CNY accounts achieve 177% yield, while C-class accounts see 126%. Scenarios focusing on profitable stocks or efficient pricing could yield higher returns, up to 189% for A-class accounts in ideal case.

• New Share Subscription Emotion Index: A weekly index tracks market sentiment, suggesting investors maintain a positive attitude towards subscription due to expected gains, based on factors like新股定价 and market participation.

• Risk Considerations: New stock issuance may lead to price drops or negative returns, along with other risks such as market volatility, paused issues, and uncertain IPO volumes, which could impact overall returns.