At the level of the secondary market, the pace of issuance of new shares on the Beijing Stock Exchange accelerated markedly this year. The number of new shares purchased in the first 8 months surpassed the total of 2024 and 2025. Relying on the advantages of a system with no market capitalization bottom position and proportional placement, the popularity of new sector development remains high. Combined with the high profit effects after the listing of IPOs, incremental capital continued to enter the market, but market differentiation became more and more obvious. The highest increase in IPOs on the first day of the year was over 600%, and IPOs in some traditional manufacturing industries only rose 20% to 30%. According to an analysis by Tian Lihui, dean of the Financial Development Research Institute at Nankai University, market conditions are shifting from capital speculation to fundamental pricing. The ability to deliver performance, technical barriers, and track sentiment have become the core criteria for capital stock selection.

At the level of the secondary market, the pace of issuance of new shares on the Beijing Stock Exchange accelerated markedly this year. The number of new shares purchased in the first 8 months surpassed the total of 2024 and 2025. Relying on the advantages of a system with no market capitalization bottom position and proportional placement, the popularity of new sector development remains high. Combined with the high profit effects after the listing of IPOs, incremental capital continued to enter the market, but market differentiation became more and more obvious. The highest increase in IPOs on the first day of the year was over 600%, and IPOs in some traditional manufacturing industries only rose 20% to 30%. According to an analysis by Tian Lihui, dean of the Financial Development Research Institute at Nankai University, market conditions are shifting from capital speculation to fundamental pricing. The ability to deliver performance, technical barriers, and track sentiment have become the core criteria for capital stock selection.