Since 2023, with the recovery of the market, the earning effect of A-share new shares has increased. So far this year, as of February 16, the 24 new shares listed (including the Beijing Stock Exchange) have generally performed steadily, with no break on the first day of listing, with an average increase of 54.74%. Among them, five new shares rose more than 100% on the first day of listing. At the same time, the CSRC recently solicited public opinions on the main system rules for the comprehensive implementation of the stock issuance registration system, and the reform of the comprehensive registration system was officially launched. As one of the most important institutional investors in the A-share market, the public offering fund has been ready to launch, and the enthusiasm for the new fight is still high. Some of the interviewed institutions told the Securities Daily that in the future, institutional investors who are short of professional IPO pricing ability will face great risks if they are shortlisted in the game, and the new strategy will depend on the in-depth research ability of the IPO market and the IPO target. The investment and research work of public funds should be ahead of the adjustment of the new strategy of the public funds that are more concerned by the market. Many interviewed institutions said that the new "making money with closed eyes" model will no longer exist, and the investment and research work of public funds should be ahead of the time. Zhongrong Fund told the reporter of Securities Daily that since the introduction of the new inquiry rules in 2021, the pricing of A-share issuance has accelerated marketization; In 2022, the market fluctuated widely, and the breakout of new shares was more common, and the income of new shares declined significantly. At present, the fund manager strategy has changed from "winning new shares" to selecting individual shares, and the income will be increased through the research of fundamentals and the improvement of the ability to quote. "After the implementation of the comprehensive registration system, the differentiated positioning of the main board, the growth enterprise board, the science and technology innovation board and the Beijing Stock Exchange will combine with different investor thresholds, and will bring a certain degree of impact on the development of new markets." Gao Yifan, the assistant fund manager of Boshi Fund Equity Investment III, predicted in an interview with the reporter of Securities Daily, referring to the "mass entrepreneurship and innovation" section under the registration system, The average issuance valuation of new shares of the main board project may significantly exceed the original approval system of 23 times the price-earnings ratio, which will drive the average fund-raising scale of the main board project to climb. At the same time, if the market sentiment is optimistic and the game situation intensifies, the valuation of the issuance of new shares on the main board may deviate significantly from its reasonable valuation in the secondary market, which will lead to a significant narrowing of the first-day increase, or even a break. Based on the above factors, Gao Yifan believes that the volatility of the new stock market under the comprehensive registration system reform is inevitable, but the overall new market will be in the process of healthy development, and the ability to accurately price the new stock fundamentals will become the winner or loser of the income gap between institutions. In terms of investment strategy, Bosera Foundation will conduct detailed research and full discussion on the relevant subject matter before participating in the IPO inquiry, and give a reasonable quotation based on the basic situation of the subject matter and in combination with the recent market environment. Dong Shanqing, assistant director of the equity investment department of Taixin Fund and manager of selected mixed funds in Taixin industry, told the Securities Daily that the public funds were basically ready for a smooth transition in terms of new investment. In terms of new practical operation and strategy, Taixin Fund will focus on the fundamental aspects of the research object and will not aggressively bid high prices. "Market-oriented issuance puts forward higher requirements for the investment and research capabilities of institutions." Hu Yongqing, the investment director of Harvest Fund's "fixed income+" solution, said in an interview with the reporter of Securities Daily