2025上半年A股IPO市场全景：受理量激增，保荐格局重塑，下半年活力可期

Core Insights - The A-share IPO market experienced a "surge" in acceptance in the first half of 2025, with a total of 177 companies' applications accepted, surpassing the total for the entire year of 2024 [1] - The North Exchange emerged as the "main force," accounting for 65% of the total acceptance with 115 companies, followed by the Shenzhen and Shanghai markets [1] - A significant number of applications were submitted in June, with 150 new acceptances, representing 84.7% of the half-year total, indicating a "last-minute application" trend [1] Group 1: IPO Market Dynamics - The surge in IPO applications is closely linked to policy guidance, particularly the relaxed listing standards for unprofitable companies on the Sci-Tech Innovation Board [1][5] - Notable companies like the domestic GPU "unicorn" Moore Threads and Muxi Co. have chosen to apply under various standards that align with their development stages, supported by prominent investors [1][4] - The first half of 2025 saw 21 companies accepted on the Sci-Tech Innovation Board, with a significant increase in the proportion of unprofitable companies, highlighting their high R&D investment and growth potential [5] Group 2: Underwriting Landscape - The competitive landscape among underwriting institutions has shifted, with 37 institutions participating in the underwriting of 177 companies, led by Guotai Junan with 26 underwritings [2] - CITIC Securities followed with 22 underwritings, while other notable firms included CITIC Jianzhong and CICC, indicating a significant concentration of underwriting activity among the top firms [2] Group 3: Market Performance and Future Outlook - In the first half of 2025, the total number of A-share IPO projects reached 48, with a financing scale of 38 billion yuan, reflecting a year-on-year growth of 25.53% [4] - The market is expected to maintain an active trend in the second half of 2025, driven by ongoing reforms and an increase in acceptance reviews [8] - Analysts predict a focus on supporting hard technology and strategic emerging industries, as well as enhancing merger and acquisition services to promote industrial upgrades [8]