The rational return of new earnings has become more and more important for fundamental analysis

Recently, a number of registered new stocks have suffered a break on the first day of listing, completely breaking the mindset of "new stocks are undefeated". Under the registration system, the new IPO inquiry regulations adjust the maximum quotation exclusion ratio and relax the soft constraint of "four values are low", which has an impact on the quotation center, the winning rate, and the new yield. However, many industry experts remind that the new rules for inquiry only revise the unreasonableness of the previous IPO pricing system and reduce the arbitrage space of inquiry institutions. In the context of the significant improvement of the level of marketization of issuance pricing, the fundamental factors of enterprises will become the top priority in determining the new yield. (SSE)