CMB Securities: Large A-share IPO listings may exert short-term pressure on market sentiment.

CSC Securities stated that by analyzing the historical performance of large IPOs in the A-share market, it can be found that large IPOs have a short-term suppressive effect on market sentiment, while the cyclical and pharmaceutical industries have relatively strong resilience after the listing of large IPOs. Analysts such as Zhang Xia pointed out in their report that using companies with total fundraising of over 20 billion yuan as samples, the results show that there have been a total of 25 companies in A-share history with IPO fundraising exceeding 20 billion yuan. Before the listing of large IPOs, the market usually shows a stage of pre-heating, while the short-term fund suction effect brought by large IPOs after listing suppresses market sentiment in stages. In terms of market style, small-cap value and small-cap growth styles demonstrate strong resilience after the listing of large IPOs.