本报记者 于宏 今年以来，A股上市公司定增较为活跃。Wind资讯数据显示，截至7月30日（按发行日期计），今年以 来A股已有76家上市公司定增落地，增发股份数量合计为882.25亿股，实际募资总额为6633.02亿元，同 比大增667.15%。 作为市场中重要的金融机构，券商积极把握相关业务机遇，一方面通过担任主承销商或财务顾问等方式 做好上市公司定增服务，开拓投行业务增长空间；另一方面积极参与上市公司的定增，通过认购增发股 份抢占投资先机。 76家公司定增落地 在行业分布方面，在上述实施了定增的上市公司中，属于资本货物、材料、技术硬件与设备等行业 （Wind行业，下同）的上市公司数量居前。具体来看，有21家属于资本货物行业，10家属于材料行 业，9家属于技术硬件与设备行业，其余公司分布在半导体与半导体生产设备、多元金融、软件与服务 行业等行业。 对此，巨丰投资首席投资顾问张翠霞对《证券日报》记者表示："券商积极参与上市公司定增，具有多 方面积极意义。券商认购优质上市公司增发的股份，既能够增厚自身收益，也有利于优化资源配置，支 持实体经济发展与产业升级。同时，支持上市公司开展以并购为目的的定增，有助于帮助上市 ...

该行认为，内银H股股息回报达5厘以上具吸引力，并全线上调目标价，并将交通银行的投资评级由"中 性"升至"买入"，目标价由5.95港元升至8.6港元；并重申对工商银行、建设银行、中国银行和中信银行 的"买入"评级，工行目标价由5.98港元升至7.79港元，建行目标价由7.4港元升至10.2港元；将招行评级 由"买入"降至"中性"，基于估值较高及股息回报低于同业，将目标价由52港元升至56港元。 格隆汇7月30日｜瑞银发表报告，自2020年以来，高股息收益率和基本面透明度的提升推动了内银股的 行情。现在的关键议题是股息的可持续性，这取决于内银的盈利前景和资金流动。该行基本情景预测 是，中资银行将能够保持稳定的利润增长，并从2026年起恢复收入增长，同时维持平稳的拨备路径，并 对中资银行股息的可持续性以及进一步上涨持较乐观态度。 ...

Core Viewpoint - The A-share market has seen a significant increase in equity financing in 2023, with a total of 172 companies raising 823.51 billion yuan, marking a year-on-year growth of 371.52% [1] Group 1: Equity Financing Overview - As of July 28, 2023, 172 companies completed equity financing, raising a total of 823.51 billion yuan, which is a 371.52% increase year-on-year [1] - Among these, 90 companies completed private placements, raising 722.30 billion yuan, up 543.73% year-on-year, while 25 companies issued convertible bonds, raising 40.56 billion yuan, a 53.53% increase [1] - The financial sector leads in private placement scale, with major state-owned banks like Bank of China, Postal Savings Bank, and others raising over 1 trillion yuan each for liquidity support [2][8] Group 2: Regulatory Support and Market Trends - The surge in private placements is supported by regulatory measures aimed at increasing long-term capital inflow into the market, including a joint implementation plan released by six departments in early 2025 [5] - The total amount raised through private placements in 2023 has already surpassed the total for the entire previous year [6] - The "merger and acquisition policies" have also contributed to a rise in financing for acquisitions, with 16 out of 90 private placements being used for asset acquisitions [7] Group 3: Industry Distribution and Company Actions - The manufacturing and high-tech industries are the main contributors to private placements, with significant participation from sectors like chemicals, hardware, machinery, and electrical equipment [7] - Several companies are actively planning private placements, with 352 companies updating their refinancing plans by July 28, 2023, a 162.69% increase from the previous year [12] - The Shenzhen Stock Exchange has introduced guidelines to enhance financing flexibility for companies classified as "light asset" and "high R&D input," allowing them to bypass certain restrictions [13][14] Group 4: Simplified Procedures and Case Studies - A growing number of small and medium-sized enterprises are utilizing simplified procedures for private placements, which allow for quicker approvals and less stringent requirements [8][9] - For instance, Platinum New Materials raised 300 million yuan through a simplified procedure, demonstrating the efficiency of this financing method [10]

登录新浪财经APP 搜索【信披】查看更多考评等级 今年以来，随着A股市场持续回暖，股权融资也日渐活跃。 Wind数据显示，截至7月28日晚间，A股市场合计172家企业完成了股权融资，融资金额合计8235.08亿元，同比增长371.52%。其中，90家企业 完成定向增发融资，融资金额合计7223.03亿元，同比增长543.73%；25家企业完成可转债融资，融资金额合计405.59亿元，同比增长53.53%。 按照发行上市日期来看，今年有8家企业定增融资超过百亿元。中国银行、邮储银行、交通银行、建设银行四家国有银行定增融资均超过千亿 元，且均用于补充流动资金。其中，中国银行以1650亿元的募资金额成为今年迄今的"定增王"。在业内人士看来，补充资本金有助于提升银行 的贷款投放能力，更好服务实体经济。 定增市场的火爆，离不开监管的支持。 2025年，政策层面持续加码，推动中长期资金入市。2025年初，六部门联合发布《关于推动中长期资金入市工作的实施方案》（简称《实施方 案》），明确加大中长期资金入市力度。2025年3月，政府工作报告强调深化资本市场投融资改革，强化战略性力量储备。与此同时，上海证 券交易所修订再融资细 ...

通威股份有限公司盐城基地。 通威股 份有限公司供图 □卢文 2025年上半年，中国银行股份有限公司四川省分行（以下简称中行四川省分行）坚决贯彻党中央 和省委省政府相关决策部署，履行国有大行责任担当，以精准触达的优质服务、敢为人先的创新 产品、高效务实的执行效率，差异化赋能大中小型各类企业，为天府沃土注入强劲发展动能。 服务龙头建圈强链，培育经济中坚力量，滋润小微"毛细血管"，该行"五篇大文章"及重点领域贷 款全部实现份额提升，确保每一滴金融"活水"都滴灌到最需要的地方。 护航龙头企业 助力建圈强链 在全球产业版图上，川企正愈发引人关注。中行四川省分行通过"跨境金融+产业链金融"双轮驱 动，助力本土企业巨头在经济舞台上大展拳脚。 7月24日，2025（第二届）产融合作大会在宜宾举行，四川省18个重点产融合作项目签约，涉及新 型显示、低空经济、新能源汽车等领域。会议现场，中行四川省分行相关负责人介绍，"龙头企业 拥有较强的技术优势、成本优势和规模优势，此次我们计划向通威集团授信100余亿元。" 通威集团是国家技术创新示范企业，也是全球光伏行业首家世界500强企业。2024年至2025年二季 度，中行四川省分行已为 ...

Group 1 - Financial institutions are optimizing resource allocation and enhancing efficiency in serving the real economy, which is crucial for high-quality economic development [1] - In Tongren City, Guizhou Province, a local credit cooperative provided a 2 million yuan green finance loan to support the upgrade of new energy equipment in tea plantations [1] - Shengyuan Carpet Group in Xining, Qinghai Province, received 8 million yuan in fixed asset loans to introduce advanced intelligent production equipment, significantly improving production efficiency and product quality [2] Group 2 - In the first half of the year, China's social financing scale exceeded 430 trillion yuan, with new loans nearing 13 trillion yuan, creating a favorable monetary environment for economic recovery [2] - The China Bank's Shaanxi branch introduced 16 measures to support technological innovation, including R&D loans and incubation loans, with R&D loans extending up to 10 years [2] - Financial support for key sectors such as advanced manufacturing, technological innovation, and private economy has seen rapid growth, with the establishment of government industry funds in Pinghu City to alleviate financing difficulties [3] Group 3 - The National Development and Reform Commission, along with the Ministry of Finance, allocated 69 billion yuan in special bonds to support the consumption of old goods, promoting positive outcomes in the replacement of consumer goods [3] - Retail sales of consumer goods increased by 5% year-on-year, with significant growth in categories such as home appliances and automobiles, driven by the consumption stimulus [3] - The People's Bank of China plans to implement a moderately loose monetary policy to enhance the quality and efficiency of financial services for the real economy [4]

基金管理人：华夏基金管理有限公司 基金托管人：中国银行股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 1、华夏上证科创板综合指数增强型证券投资基金（以下简称"本基金"）已获中国证监会2025年6月16日 证监许可【2025】1266号文准予注册。 2、本基金是契约型开放式股票型基金。 3、本基金的基金管理人及登记机构为华夏基金管理有限公司（以下简称"本公司"），基金托管人为中 国银行股份有限公司。 4、本基金的募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格 境外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 5、本基金自2025年8月6日起至2025年8月26日（含）通过基金份额发售机构公开发售，具体业务办理时 间参见本发售公告及基金管理人后续发布的相关公告，各销售机构具体业务办理时间以其各自规定为 准。本基金的募集期限不超过3个月，自基金份额开始发售之日起计算。本公司也可根据基金销售情况 在募集期限内适当延长或缩短基金发售时间，并及时公告。基金管理人可合理调整发售期并公告。 6、本基金首次募集总规模上限为人民币 80 亿元（即确认的 ...

当日关注点 交易信息汇总 7月25日，中国银行的资金流向显示主力资金净流出8878.78万元，占总成交额6.37%；游资资金净流入 530.79万元，占总成交额0.38%；散户资金净流入8347.99万元，占总成交额5.99%。 公司公告汇总 截至2025年7月25日收盘，中国银行(601988)报收于5.53元，下跌0.54%，换手率0.12%，成交量251.03万 手，成交额13.94亿元。 中国银行股份有限公司宣布其减记型无固定期限资本债券已发行完毕。根据2023年6月30日股东大会决 议，中国银行获准发行不超过4500亿元人民币或等值外币资本工具。此次发行的减记型无固定期限资本 债券总额为300亿元人民币，前5年的票面利率定为1.97%，并且每5年调整一次利率，在第5年及之后的 每个付息日赋予发行人赎回的权利。所募资金将用于补充中国银行的其他一级资本。中国银行股份有限 公司董事会确认公告内容真实、准确、完整，并对此承担法律责任。公告日期为2025年7月24日。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 交易信息汇总: ...

Core Viewpoint - The A-share private placement market has significantly rebounded since 2025, with 74 companies completing placements and raising a total of 659 billion yuan, marking a substantial increase compared to the same period last year [1][3]. Group 1: Market Recovery and Drivers - The increase in the number of companies initiating private placements, the proposed fundraising amounts, and the total amount raised are all significantly higher than the previous year [3]. - The recovery of the private placement market is attributed to a combination of policy incentives and market dynamics, with the release of policy benefits and the demand for industrial upgrades acting as dual driving forces [3]. - The "Six Merger Policies" released in September 2024 have activated the merger and acquisition market, leading to a surge in financing needs [3]. - The easing of restrictions for long-term funds such as public funds, insurance funds, and pension funds to participate in private placements has improved project approval efficiency and shortened project cycles [3]. - Over 90% of private placement projects this year have achieved floating profits, further attracting institutional funds into the market [3]. Group 2: Changes in Project Management - There has been a noticeable increase in new private placement projects this year, particularly in sectors such as software, information technology services, and electronic equipment manufacturing [6]. - Many investment banks maintain strong strategic ties with existing clients, leading to a higher proportion of old clients in new private placement projects [6]. - A significant number of new projects are related to merger financing, necessitating the establishment of specialized merger teams within investment banks to provide comprehensive services [7]. Group 3: Evolving Investor Participation - The private placement market has seen a significant profit effect this year, attracting more investors [9]. - Institutional investors' participation logic has undergone profound changes, shifting from viewing private placements as mere discount arbitrage tools to a dual validation approach of fundamentals and discount rates [9]. - There is a transition from short-term trading orientation to long-term allocation thinking, with public funds increasing their allocation in sectors like basic chemicals and non-ferrous metals [9]. - Private equity firms are now actively participating in pricing, utilizing quantitative models to select targets based on discount rates, industry rotation, and ESG factors [9]. Group 4: Competitive Strategies for Investment Banks - Investment banks are urged to enhance their competitive edge in private placements by transitioning from merely being a "channel" to creating value through industry research, funding services, technology application, and product innovation [10]. - Investment banks should establish professional teams in key sectors to conduct in-depth analysis and build industry valuation models [10]. - The need for dynamic pricing systems that adjust issuance base prices in real-time based on industry trends and interest rates is emphasized [10]. - The private placement business is evolving from a funding channel to a capital ecosystem organizer, with research capabilities and resource integration becoming key competitive advantages [10].

Scale - The total wealth management scale increased by 0.72 trillion, returning to over 30 trillion [1] - As of the end of Q2 2025, the wealth management balance reached 30.67 trillion, reflecting a 2.4% growth since the beginning of the year [1][2] - The Q2 single-season wealth management scale increment was 1.53 trillion, lower than the 1.89 trillion from the same period last year, but higher than the average increment of 0.64 trillion from 2021 to 2023 [1][3] Product Characteristics - Open-ended products maintained a stable proportion of around 80%, while cash management products decreased to 6.4 trillion [5] - Open-ended products contributed 86.1% of the scale increment in the first half of the year, with significant growth from minimum holding period products [5] - Fixed income products accounted for 97.2% of the total wealth management products, with a slight increase in the proportion of mixed and equity products [8][10] Asset Allocation - As of the end of Q2 2025, cash and bank deposits reached 8.18 trillion, increasing by 500 billion since the beginning of the year [11] - The allocation to public funds significantly increased by 450 billion, reaching 1.38 trillion, indicating a growing preference for high liquidity assets [12] - The overall asset allocation showed a tendency to increase high liquidity assets while reducing credit bonds [9][11] Market Dynamics - The "disintermediation" effect is expected to support the growth of wealth management scale, although potential disturbances may increase in the second half of the year [13][14] - The low interest rate environment and the need for stable returns are driving the demand for fixed income products, while cash management products face challenges due to lower yields [15] - Regulatory changes are anticipated to enhance the asset management capabilities of wealth management institutions, focusing on quality over scale [16]