“8·27”新政迎来两周年，IPO募资规模大幅缩减 二级市场走高 投融资更趋平衡

Group 1 - The China Securities Regulatory Commission (CSRC) announced a phased tightening of IPOs to promote a dynamic balance between investment and financing, marking a key time point in market ecosystem restructuring [1] - In the two years following the "8.27" policy, 236 new stocks were issued, raising a total of 182.77 billion yuan, a significant decrease compared to the previous period [1] - The number of IPOs in the last two years is only 60% of the previous year's total, with fundraising amounts being less than half of the pre-policy levels, averaging over 9 billion yuan per year, an 80% drop [1][2] Group 2 - Among the 236 new stocks issued in the last two years, 58 were from the Beijing Stock Exchange, 81 from the ChiNext, 32 from the Sci-Tech Innovation Board, and 65 from the Shanghai and Shenzhen main boards, indicating strong regulatory support for emerging industries [1] - Only one company, Huadian New Energy, raised over 5 billion yuan in the last two years, while 190 companies raised less than 1 billion yuan, accounting for 80% of the total [2] - The A-share market has shown a fluctuating upward trend, with the Shanghai Composite Index increasing by over 800 points, nearly 30%, reaching a 10-year high [2] Group 3 - The CSRC has further optimized IPO policies, including the introduction of the "Eight Measures for the Sci-Tech Innovation Board" to enhance the board's focus on "hard technology" and support for new industries and technologies [2] - The capital market is accelerating its focus on sci-tech enterprises, with over 80% of IPO companies in the first half of this year coming from emerging industries such as electronics, power equipment, machinery, pharmaceuticals, and computers [2] - The policy aims to guide resources towards high-quality enterprises, creating a "selecting the best among the best" mechanism that enhances the quality of listed companies and alleviates market pressure [3]