1. Sub-IPO is a variety with short listing time. After the reform of the issuance system, all parties have stricter control over the IPO issuance of listed companies. Therefore, the quality of sub-new shares that can be listed in the securities market is generally excellent, and a considerable part of them belong to leading companies in sub-sectors.

2. In addition, in a relatively bull market, the market positioning of the sub-new shares is relatively high, but in a weak environment, the positioning of the sub-new shares will be significantly reduced, and in the face of systematic risks in the market, the sub-new shares may continue to fluctuate widely after listing, and the stock price will further fluctuate lower, so overall, the valuation level of the sub-new shares is relatively low, which has certain investment value.

3. The connotation of sub-new shares changes with the passage of time. Generally speaking, if a listed company does not receive dividends within one year after listing or its share price is not obviously hyped by the main market forces, it can basically be classified as a sub-new stock sector.

4. Near the end of the year, due to the short listing time, the performance of sub-new shares generally does not change abnormally, so the performance risk of annual report basically does not exist. It can be said that from the perspective of avoiding the annual report mines, the sub-new shares are the safest sector in the release stage of the annual report.