打新是指投资者在新股上市时认购，并参与其中的一种投资行为。相比于二级市场的交易，打新被认为是一种没有风险的投资方式。然而，这种观点并不完全准确。在探讨为什么打新没有风险之前，我们需要了解打新的实质和可能的风险。

首先，打新的本质是参与新股上市并认购股票。新股往往在上市初期受到市场热情追捧，因为投资者对新公司的发展前景抱有高度期待。新股发行价格通常较低，而且由于初始供应有限，投资者往往认为有获利机会。这种认购行为被视为没有风险，因为投资者可以通过打新扭转市场价差，并在上市后以较低的价格购买到稀缺的股票。

然而，打新并非没有风险。首先，打新需要投资者做出合适的决策，选择具备潜力的新股。如果投资者选择了一个业绩低迷、前景不明朗的公司，那么即便以较低的价格购买到了股票，也可能面临投资亏损的风险。此外，即使认购了看似具有潜力的公司股票，也可能面临市场的不确定性和波动性。股票价格可能会在短期内剧烈波动，投资者可能无法准确判断最佳的买入和卖出时机。

另外，打新的申购过程也存在一定的风险。由于新股供应有限，投资者必须通过抢购、摇号等方式来争夺稀缺的额度。然而，这个过程充满着不确定性，投资者可能并不能成功申购到想要的份额。这就意味着，即便投资者认为某只新股是有潜力的，也无法保证能够参与其中。

总体而言，打新并非毫无风险。投资者需要在选择新股时仔细研究、评估公司的基本面和前景，并冒着市场波动和不确定性的风险。同时，打新申购过程中也存在着额度争夺的风险。因此，打新虽然有一定的投资机会，但并不是没有风险的投资方式。

In English:

Investing in IPO (Initial Public Offering), also known as "打新", is the act of subscribing to and participating in the issuance of new stocks. Compared to trading on the secondary market, some believe that investing in IPOs is a risk-free investment method. However, this view is not entirely accurate. Before discussing why there is no risk in "打新," it is important to understand its essence and potential risks.

Firstly, the essence of "打新" lies in participating in the listing and subscription of new stocks. New stocks are often highly sought after in the early stages of their listing because investors have high expectations for the future prospects of the company. The issuance price of new stocks is usually lower, and due to limited initial supply, investors often perceive profit opportunities. This subscription activity is seen as risk-free because investors can exploit the price difference through "打新" and buy scarce stocks at a lower price after the listing.

However, "打新" is not without risk. Firstly, investors need to make informed decisions and select new stocks with potential. If an investor chooses a company with poor performance and uncertain prospects, even if they purchase the stocks at a lower price, there is still a risk of investment losses. Additionally, even if investors subscribe to stocks from seemingly promising companies, they may still face market uncertainty and volatility. Stock prices can fluctuate dramatically in the short term, and investors may struggle to accurately determine the best buying and selling opportunities.

Furthermore, there are risks associated with the subscription process of "打新". Due to limited supply, investors must compete for a limited allocation through methods like lottery or scramble for shares. However, this process is filled with uncertainty, and investors may not successfully secure the desired allocation. This means that even if investors perceive a particular new stock as promising, there is no guarantee of participation.

In conclusion, "打新" is not entirely risk-free. Investors must carefully research and evaluate the fundamentals and prospects of companies when selecting new stocks, while facing the risks of market fluctuations and uncertainty. Additionally, there are risks associated with the subscription process. Therefore, although "打新" presents investment opportunities, it is not a risk-free investment method.