2024年IPO年度策略：重量更重质，展望IPO新常态

1 2 3 4 5 请参阅附注免责声明1 请参阅附注免责声明2 请参阅附注免责声明3 01 01 2023 2023 4A 212172410A 2023 A2023Q2IPO ≠  2023 12023IPO 2023/1/7 2023/2/12023/2/17 2023/4/1010 2023/8/2132 2023/8/27IPO 2023/9/15≠ 2023/9/1 2023/10/87—2023 2023/10/1480%100%) 2023/11/8 2023/11/10 请参阅附注免责声明4 01 01 2023 2023 2023Q4 Q42024 100%1110A/B/C20231146.98/1123.76/901.73 827IPO9Q431110Q4 12Q42023 Q4 时间 主板（万元） A类B类C类 创业板（万元） A类B类C类 科创板（万元） A类B类C类 合计（万元） A类B类C类 2022Q1 29.85 11.81 5.50 144.27 119.06 77.24 35.98 36.56 25.32 210.10167.43108.06 2022Q2 68.89 43.17 9.93 132.98 101.06 77.05 317.92 314.80 295.31 519.79459.03382.29 2022Q3 23.26 13.71 7.56 241.39 211.34 154.57 379.70 370.14 327.73 644.35595.19489.86 2022Q4 17.06 10.43 4.81 110.05 96.61 79.15 139.36 125.55 118.21 266.46232.58202.18 2022年全年 139.06 79.12 27.79 628.69 528.06 388.02 872.95 847.05 766.58 1640.711454.231182.38 2023年全年 155.78 147.31 102.87 494.10 485.82 368.04 497.10 490.63 430.83 1146.981123.76901.73 2023Q1 24.29 16.53 7.92 93.32 85.04 79.44 138.08 131.61 110.29 255.69233.17197.65 2023Q2 90.78 90.78 67.39 41.43 41.43 28.45 319.70 319.70 298.15 451.91451.91393.98 2023Q3 12.13 12.13 9.89 337.20 337.20 245.21 40.75 40.75 23.62 390.08390.08278.72 2023Q4 28.57 27.87 17.67 22.15 22.15 14.94 -1.42 -1.42 -1.23 49.29 48.59 31.38 10月 12.89 12.89 7.41 22.15 22.15 14.94 -1.42 -1.42 -1.23 33.61 33.61 21.12 11月 15.68 14.98 10.25 15.68 14.98 10.25 时间 收益合计（万元） 主板 A类B类C类 创业板 A类B类C类 科创板 A类B类C类 合计 A类B类C类 2022Q1正收益项目2022Q1负收益项目 29.8511.815.50 187.81158.80112.82 -43.54-39.75-35.58 180.57178.45156.68-144.59-141.89-131.36 398.23349.06274.99-188.13-181.63-166.93 2022Q2正收益项目2022Q2负收益项目 68.8943.179.93 155.54122.2190.16 -22.55-21.15-13.11 405.01394.46358.08 -87.09-79.66-62.77 629.44559.84458.16-109.64-100.81-75.87 2022Q3正收益项目2022Q3负收益项目 23.2613.717.56 263.10228.18166.66 -21.71-16.84-12.09 494.45476.34422.13-114.76-106.20-94.40 780.82718.23596.35-136.46-123.04-106.49 2022Q4正收益项目2022Q4负收益项目 17.0610.434.81 129.76113.8691.80 -18.59-16.67-12.13 167.626.906.28 -28.27-4.36-3.31 314.44276.01234.71 -46.86-42.85-32.01 2023Q1正收益项目2023Q1负收益项目 24.4416.627.98 -0.14-0.09-0.06 107.2198.9391.55 -13.89-13.89-12.11 138.08131.61110.29 269.72247.16209.82 -14.03-13.98-12.16 2023Q2正收益项目2023Q2负收益项目 90.7890.7867.39 65.5565.5546.80 -24.12-24.12-18.35 337.33337.33313.72 -17.63-17.63-15.57 493.67493.67427.91 -41.75-41.75-33.92 2023Q3正收益项目2023Q3负收益项目 15.4015.4012.05 -3.27-3.27-2.17 343.54343.54250.37 -6.34-6.34-5.15 110.41110.4184.03 -69.66-69.66-60.41 469.35469.35346.45 -79.27-79.27-67.73 2023Q4正收益项目2023Q4负收益项目 28.5727.8717.67 22.6722.6715.46 -0.52-0.52-0.52 -1.42-1.42-1.23 51.2450.5433.13 -1.95-1.95-1.75 2023年正收益合计2023年负收益合计 159.19150.67105.09 -3.42-3.37-2.22 538.97530.69404.17 -44.88-44.87-36.14 585.82579.35508.04 -88.72-88.72-77.21 1283.981260.711017.30-137.01-136.96-115.57 22023.11.10100%32022~2023 请参阅附注免责声明5 Wind 2023 2023Q4 10% 20231110 100% 6 1110 01 01 2023 42022 2023 A B C A B C A B C A B C 202220222022 123 18.6 7.24.1 6.53.22.1 2.41.71.4 76.017.550.7 67.714.037.3 51.3 9.6 16.3 17.1 7.1 11.8 15.8 6.5 14.3 17.8 4.43.1 111.8 31.866.5 90.023.653.8 71.615.720.8 202220222022 456 55.6 6.56.7 34.6 3.94.7 6.12.21.6 15.110.7 107.1 3.58.7 88.9 0.84.3 71.9 -50.4 87.8 280.5 -43.4 87.3 270.9 -28.5 83.2 240.7 20.3 105.1394.4 -5.4 99.9 364.5 -21.5 89.7 314.2 202220222022 789 8.5 3.8 2.9 89.4 85.8 72.9 22.9 19.4 8.6 120.9 109.0 84.5 9.4 7.1 3.1 146.4 121.0 77.5 379.7 374.4 341.3 535.5 502.5 421.9 5.4 2.8 1.6 5.5 4.5 4.1 -22.9 -23.7 -22.2 -12.0 -16.4 -16.5 2022 10 2.9 1.9 1.0 5.7 5.0 2.7 58.2 50.0 50.2 66.8 56.9 53.9 2022 11 2.7 2.1 1.0 78.8 72.7 61.2 38.1 33.6 29.7 119.6 108.4 91.9 2022 12 11.4 6.4 2.8 25.6 18.9 15.2 43.0 42.0 38.3 80.0 67.3 56.3 2022 139.1 79.1 27.8 628.7 528.1 388.0 873.0 847.0 766.6 1640.71454.21182.4 202320232023 123 3.4 2.2 1.4 3.4 1.7 1.5 28.5 25.8 16.8 35.3 29.7 19.6 11.2 7.9 3.4 88.1 84.0 78.2 74.4 72.5 66.9 173.8 164.5 148.6 9.6 6.4 3.1 1.8 -0.6 -0.3 35.2 33.3 26.6 46.6 39.0 29.4 202320232023 456 88.5 88.5 66.1 -0.2 -0.2 -0.5 199.2 199.2 193.9 287.5 287.5 259.5 2.3 2.3 1.3 25.8 25.8 19.4 54.6 54.6 47.7 82.6 82.6 68.4 - - - 15.9 15.9 9.5 65.9 65.9 56.5 81.8 81.8 66.0 202320232023 789 - - - 80.0 80.0 57.3 -8.2 -8.2 -11.0 71.8 71.8 46.3 3.5 3.5 2.9 191.9 191.9 135.8 2.9 2.9 2.3 198.3 198.3 141.0 8.6 8.6 7.0 65.3 65.3 52.2 46.1 46.1 32.3 119.9 119.9 91.4 20232023 1011 12.915.7 12.915.0 7.4 10.3 22.1 22.1 14.9 -1.4 -1.4 -1.2 33.615.7 33.615.0 21.110.3 2023 155.8 147.3 102.9 494.1 485.8 368.0 497.1 490.6 430.8 1147.01123.8901.7 2023Q4 1110Q4 主板上市数量 主板破发率（右轴） 创业板上市数量 科创板上市数量 创业板破发率（右轴）科创板破发率（右轴） 25 2023下半年新股 破发率整体回落 120% 20 100% 80% 15 60% 10 40% 5 20% 0 0% 22022  请参阅附注免责声明6 Wind 2023 2023Q4 20231110 100% 01 01 2023 2023 / / ABCABC / / ABCABC 2022 77 1636.97 21.26 42.34% 16.20 15.60 13.96 0.76 0.73 0.66 46 883.47 19.21 -16.84% -8.15 -7.69 -6.70 -0.42 -0.40 -0.35 2023Q1 9 116.94 12.99 80.13% 15.38 14.66 12.29 1.18 1.13 0.95 - - - - - - - - - - 2023Q2 25 637.00 2