Securities firm's Trust quotes and the new pricing power of new shares

Xiao Qing since November 12, the first batch of "early adopters" new issue system reform measures three companies announced the results of the inquiry so far, a total of 17 Shenzhen SME Board companies, 3 gem companies and 2 Shanghai Main Board Company completed the IPO inquiry, the companies have published the relevant agencies detailed quotes. As of December 3, in the 22 new shares issued after the second phase of the new share reform, the chances of the fund declaring the highest price have been greatly reduced, which shows that there is a clear effect on the Fund's development.　　Among them, there are 11 new shares of the highest price quoted from the securities companies, and fund companies with insurance companies, trust companies, financial firms and other institutional investors in the only 1 to 2 of the highest prices for new shares. "Because the fund is funded by the fund holder and is supervised by the fund holder." and listed companies detailed disclosure of agency information is tantamount to the fund in the spotlight, which allows the Fund to participate in the network under the purchase can not open their hands and feet to report high prices. Otherwise, if the fund quotes too high, once the IPO below the IPO price, or after 3 months after the lifting of the issue is less than the issue, will inevitably arouse the fund holders dissatisfaction.　　"says a fund researcher. Fund quote caution Another reason for the fund's caution is that as a result of a large increase in the network under the placing threshold, from the previous purchase of new shares "see a part", the transition to only some organizations in the net after the check can be a one-time large chips, which makes the net under the number of new shares in the scale of more than 10 times times or even dozens of times times more.　　As a result, some small and medium sized funds may be considered in the offer, and if they are checked, they may lead to a bigger share value than the fund's net worth, or even break the upper limit. such as the first batch of nets under the new Shares boss Electrical (002508.SZ), although participating in the network under the number of funds to purchase up to 65, the number of subscriptions accounted for 28.77%, but, the net purchase the highest price is not given by the fund, but by the brokerage.　　In the preliminary inquiry, the highest is the CICC investment Account of 32 yuan/share, the lowest is the HONGTA Securities proprietary account of 13 yuan/share. The average value of the sums reported by the fund is 23.25 yuan, less than the 23.59 yuan of 9 finance companies.　　Prior to this, the main underwriters issued a reasonable value range of 20.3-24.3 yuan/share. Data show that the boss of the final price of electrical 24 yuan. which， 65 fund company accounts quoted price range is 19-26.9 Yuan, 38 Securities company account Quotation range is 13-32 yuan, 9 finance company account quotation range is concentrated in 20.3-26.8 yuan, 16 trust companies account quotation range is 19.51-28 yuan; 52 Insurance company account quotation range is 14.6-27 yuan; 1 home QF　　II to participate in the offer, for 25.00 yuan, the recommended category of inquiry object to participate in the offer of a total of 19 accounts, the quotation range of 15-24.51 Yuan. And in Shun Jie Rou (002511.SZ) and Bao Xin Technology (002514.SZ) Despite the popularity of the fund in the net, but the fund bid is still more cautious. Among them, including Wang Yawei's Huaxia Strategy Select and Huaxia market, China has a total of 12 funds to participate in the two companies under the net purchase, to the shun-jie-soft declaration price ranging from 35 to 38.50 yuan. Prior to this, brokerage researchers believe that the reasonable value range of shun Jie soft 33.90 yuan/share ~38.36 yuan/share.　　It can be seen that the Chinese Department quotes basic reference to the value of the securities brokerage standards. Placing the results show that the 81 fund in Shun Jie, the declaration interval is 27.00 yuan ~43.50 yuan, the arithmetic average is 36.42 yuan, 10 financial company's declaration interval is 33.01 yuan ~40.00 yuan, the arithmetic average value is 38.25 yuan, compared to the fund average declaration price is higher than 5%.　　The seventh category of the recommended category of the average declaration price is as high as 38.58 yuan, compared with the average declared price of the fund is 6%. Daily Hair Digital (002520.SZ) has become the Chinese Department of the Fund to participate in the network under the most of the purchase of a company, under the 20 fund heavily offensive. However, the online purchase competition is also the most intense. The highest bid of the Huaxia bond fund declared price as high as 40.00 yuan/share, more than 35.00 yuan/share of the issue price of 14.29%. However, the number of shares allocated to the end of the home is only 4, oversubscribed multiples of up to 99 times times.　　Huaxia China's only stable growth fund has been matched 800,000 shares. However, in the motherboard listed company Lifan shares (601777.SH) of the online purchase process, the fund of its value judgment is polarized. Finally, Lifan shares determine the issue price of 14.50 yuan/share.　　Among them, the highest bid everbright Baode letter increase profit bond fund out of 20.00 yuan per share, more than the final issue price of 37.93%, and the lowest price Peng Wah Harvest Bond Fund and Putian bond fund Price is only 9 yuan/share, compared with its issue price of 37.93% lower. In addition, Dalian Port (601880.SH) and Blue Fung Biochemical (002513.SZ) as an example, the fund for the Dalian Port reported the highest price of 4.08 yuan, and Chase Securities, Gezhouba Group Finance and Dalian Huaxin Trust also reported a price of 6 yuan, than the highest price of the fund more than 50%　　, the fund to the Blue Fung Biochemical reported the highest price of 53 yuan, for the country to invest in UBS stability Increase bond fund reported, but Ping an asset management company and the Xinhua Trust proprietary account quotes reached 55.3 Yuan and 55 yuan, are significantly higher than the fund's highest quotations.　　The price drop of new shares with the fund gradually fade out of the competition for pricing power, including brokers, trusts and the latest to join the seventh category of inquiry agencies, and other institutions have begun to scramble for the pricing power.　　However, there is a huge gap between the highest and lowest quotations for the same new shares because of the different value judgments of the various institutions. such as the first "taste" fuling mustard (002507.SZ) Inquiry NET report results show that the highest bid reached 19 Yuan, and the lowest is only 7.2 yuan. Among them, the most optimistic fuling mustard to the number of Anhui National Yuan Trust Limited Liability company account, it reported the price as high as 19 yuan, the number of purchase for 1 million shares, and the most cautious quotes from the Yangtze River Securities Co., Ltd. proprietary accounts, only 7.20 yuan for the price of 8 million shares.　　The gap between the highest and lowest quotations is as high as 160%. Similarly, the day-wide Fire Protection (002509.SZ) also has a similar situation.　　86 of the 162 placing accounts of the inquiry provided a quotation, of which Xinhua Trust Co., Ltd. proprietary account price of the highest, for 27.50 yuan, and the Capital Securities Limited liability Company's own account only reported a price of 10.92 yuan, the first quotation is also a difference of 152%.　　In Shun Jie soft under the net purchase, GF Set Asset Management plan (number 3rd) out of 51.00 yuan/share of the high price, and the lowest insurance company bids only 17.00 yuan/share, the difference is up to twice times.　　In addition, founder of the founder of the Securities Qinguanyu 1th collection of asset management plans in a row two times in the online purchase of the highest bid list. Crestec (002518.SZ) reported that the final issue price of 32.5 yuan/share. Among them, the highest bid of founder Securities reached 40 yuan/share, higher than the price of 23%.　　And the lowest China Life Insurance (group) company traditional products declared price is only 16 yuan/share, the difference between the two bids 150%.　　Similarly, in the Thai sub-shares (002517.SZ) network under the purchase, Founder Securities bid is also the highest, for 27.5 yuan/share, higher than 20 yuan/share of the issue price 37.5%. Also, Huaan financial 1th stable Income Collection Asset management plan and Zhejiang Merchants Huijin 1th Collection Asset Management plan for the South Pump Industry (300145.SZ) and Kailash shares (002521.SZ) of the highest quotations reached 45.00 yuan/unit and 57.00 yuan/share, compared to 37.80 yuan/　　Shares and 41.50 yuan/share price is higher than 19.05% and 37.35% respectively. It is worth mentioning that, as the new entry of the seventh category of inquiry agency Price also began to move higher. Recently, in Jiangsu broad-minded (002516.SZ) and Songcheng Tourism (300144.SZ) and other new shares inquiry, the seventh category of inquiry agencies have reported a high price,　　The average price given to Jiangsu Province is 21.22 yuan, the average price given to the star is 36.85 yuan, the average price for Songcheng tourism is 54.19 yuan, and all three are the highest value of the average quoted price of each kind of institution. In Jiangsu Province, the release of the announcement of the list of objects, the highest price of the 6 institutions 3 belong to the seventh category of inquiry agencies, of which Nanchang Hongcheng Mansion Co., Ltd. reported the highest price of 26 yuan, and the average price of the fund company is only 21.22 yuan.　　For Songcheng tourism, the average price of the seventh type of institution is 54.19 yuan, which is higher than the average price of 5%. Previously, the seventh category of inquiry agencies in the first phase of the inquiry in the new attitude to participate in the quotation, but due to the low price, resulting in the seventh category of agencies to participate in the first batch of three new shares, only 1 of the seventh type of institutions were 1.