First-level semi-market formed excessive "rich ore" public offering fixed increase strategy with differentiated floating profit.

The first-level over-the-counter market is becoming an important source of excess returns for public funds. Based on the "semi-annual assessment" of public funds' private equity investments, many fund companies have made substantial profits. Traditional large investors and top fund companies are leading in terms of returns from private placements, while some medium-sized institutions have made a lot of money with their "small and refined" private placement strategies. However, there are also a few institutions whose products are dragged down by the performance of individual stocks, resulting in losses from private placement projects.