中信证券：未来公募、险资等金融机构或可参与定价定增

Group 1 - The core viewpoint of the article is that the public offering and insurance capital financial institutions may participate in pricing and fixed increases in the future, which will invigorate the fixed increase market [1] - Since 2025, the fixed increase market has shown signs of recovery, primarily due to the increased enthusiasm for mergers and acquisitions [1] - From an investment perspective, both competitive and fixed pricing increases have high win rates and better returns, making them a favorable investment direction [1] Group 2 - Previously, public offerings and insurance capital financial institutions found it difficult to be recognized as strategic investors in fixed pricing increases [1] - However, since 2023, policy optimizations have allowed national social security funds to participate in fixed pricing increases for companies like China Nuclear Power and State Power Investment Corporation [1] - The potential participation of public offerings and insurance capital financial institutions in fixed pricing increases is expected to further inject vitality into the fixed increase market [1]