沪市昨日创出年内新低之后小幅上涨，尽管恐慌情绪稍有修复，但二级市场赚钱难并未因此而消逝，然而转视一级市场，情况似乎更为糟糕。历来以稳妥见长的新股申购风光不再，年内上市的116只新股中，有32只首日即遭破发，破发率达到27.59%，为近四年之最。

Shanghai yesterday after a modest rise in creating new low，Despite a slight repair panic，But the secondary market did not so difficult to make money and dies，But turn on level 1 market，Situation seems to be worse。Always takes supply of safe new stock purchase scenery no longer，Years of new shares listed in 116 only，There are 32 only by first namely break，Break rate reached 27.59%，For the past four years。

　　回顾2009年，随着万马电缆(002276,股吧)登陆A股市场，IPO在时隔7个月之后正式重启，年内上市的99只新股表现强劲，实现了首日“零破发”，在此局面下，0.556%的平均中签率自然可以理解；到了2010年，年内共有349只新股扎堆上市，但首日破发数量也仅有26只，破发率为0.07%，平均中签率为0.875%；再看2011年，在282只上市的新股中，首日破发数量上升到77只，破发率陡增至27.30%，平均中签率迅速飙升到了2.266%，为上年的2.6倍，打新的人气衰减非常明显。

Reviewing 2009 years，With all the horse cable(002276,Shares it)Landing A share market，In the first seven months of the IPO after formal restart，Years of the 99 new shares listed only strong，First realized“Zero break”，In this position，0.556% of the average ZhongQianLv natural can understand；By 2010，There were 349 New Year parties only listed，But the first break the number is only 26 only，Break rate is 0.07%，ZhongQianLv average is 0.875%；And look at 2011，In 282 the new shares listed only，The first break up to 77 the number only，Break rates sharply from 27.30% to，Average ZhongQianLv quickly soared to 2.266%，For last year's 2.6 times，Play new popularity attenuation is very apparent。

　　今年以来，在新股首日破发率创出近四年新高的背景下，平均中签率却只有1.645%，尽管这一数值高于2008年与2009年，但较去年相比，大幅下降了近三成，似乎新股频频破发并没有影响投资者的申购热情，反而是在悄悄地回升。

Since this year，The first break in the new rate makes nearly four years under the background of a record high，Average ZhongQianLv is only 1.645%，Although this rate is higher than in 2008 and 2009，But more than a year，Plunged nearly thirty percent，New seem to break and without the influence frequently the subscription of the investor enthusiasm，It is quietly in the back。

　　对此，首创证券研发部副总经理王剑辉对《大众证券报》记者表示：“今年的新股发行数量可能不及去年，融资总额或减少近六成，但从当前市场打新参与度看来，对新股申购热情的下滑并没有和融资规模的下滑保持同步，这一方面是由于二级市场缺乏赚钱效应，另一方面则是因为机构的‘战略性’支持吸引了大量散户粉丝。不过正因为是弱势，此时参与新股申购可能并不是明智之举。”

this，The research and development of vise general manager of securities WangJianHui《Public stock certificate report》reporters：“This year the number of new shares may not as good as last year，The total amount of financing or reduce nearly sixty percent，But from the current market dozen new participation opinion，Enthusiasm for new shares of the downturn and not explain buy and financing scale of decline in sync，This was partly due to lack of 2 class market to make money effect，On the other hand it is because of the organization‘strategic’Support attracted a large retail fans。But because be vulnerable，Participate in the new stock purchase at this time may not be advisable。”

　　王剑辉进一步分析，首先，新股上市后的走势与市场环境有着一定的关系，弱市之中，基于对预期的担忧，新股上市后的表现会受到一定程度的制约；其次，较低的中签率与较高的破发率，从机会成本上来考虑，申购新股占用了大量的资金却并不能获得确定的、与投入成比例的收益；?隰下转8版

WangJianHui further analysis，first，After the ipo market environment and the trend has a certain relationship，Weak city of，Based on the concerns of the expected，After the ipo performance will be affected by a certain degree of restraint；second，Low ZhongQianLv and higher break rate，From opportunity cost up to consider，Explain buy new take up a lot of cash but are unable to obtain certain、And investment returns in proportion；?Xi turn below 8 edition

　　?邗上接1版 再者，一旦新股上市首日破发，对于投资者而言，股票的去留难以抉择，如果持有，弱市中可能面临越亏越多的风险，并且降低了资金使用效率，如果卖出，则可能失去收复失地，甚至获得更高收益的机会，这会非常矛盾。

?Han up 1 edition again，Once the first ipo break，For investors，The stock was difficult to choice，If a，Weak in the city could face a deficit of the more risk，And reduce the service efficiency of funds，If sell，May lose our lost territories，Even higher revenue opportunity，It is very contradictory。

　　据Wind显示，截至昨日，在2009年以来135只上市首日即破发的个股中，有20只个股的累计涨幅为正，其中舒泰神(300204,股吧)、广联达(002410,股吧)、东江环保已跃然成为不可多得的大牛股；其中近半数个股在上市之后的一段时间内，不同程度地收复了失地，最为典型的代表当属猛狮科技(002684,股吧)，上市首日开盘几近跌停，最终以近4%的跌幅收盘。不过自从第二个交易日开始便一发不可收拾，1月之内股价翻倍，至今累计涨幅依然高达75.77%。

According to Wind show，Till yesterday，In 2009 only since 135 market-watchers namely break in the stocks，Only the accumulative total of 20 individual stocks rise is positive，Cable car glides of god(300204,Shares it)、GuangLian of(002410,Shares it)、Dongjiang environmental protection has become a rare on the big winners；With almost half in individual stocks listed after a period of time，Different degree recovered the landless，The most typical representative when the lion of science and technology(002684,Shares it)，Market-watchers open quotation nearly drop stop，Eventually fall to nearly 4% of the day。But since the second trading day begins a shield，1 month share price doubled，Cumulative increase 75.77% still so far。

　　记者注意到，猛狮科技上市恰逢大盘加速下跌阶段，如果申购中签，那么盘面风险与破发风险便会双重交加，不论是选择逃离危险地带，还是选择沉默作壁上观，纠结之心自然不可言语。因此，王剑辉也加以提醒，与其申购新股，不如持币观望次新股，相对发行价格折价幅度达到15%，甚至更高，市盈率降至发行时的50%以下的次新股值得引起重视，尽管低价的背后同样会预示着问题的所在，但现在是问题以后可能就是机会，只要基本面的前景无碍，投资这样的次新股可能更稳妥一些，选择面也会更大。 记者 惠晨晨

Reporters noticed that，The lion technology comes down stage acceleration listed market，If be the lucky number explain buy，So the disk risk and break risk will double and despair，No matter choose escape from the danger zone，Still choose to silence the performance，The heart of the tangle of natural not words。so，WangJianHui also to remind，And its purchase of new，As the currency wait-and-see second new，Relative issue price discount rate reached 15%，Even higher，City is filled with lead down to below 50% of the issue, the second new deserves attention，Despite the low behind will also indicates the problem，But now is probably after problems is opportunity，As long as the prospect basic precaution，Investment this second new may be more safe some，Choice is also will be greater。 Reporter HuiChenChen