A股前三季度新股数量与募资额双增

Core Viewpoint - The A-share IPO market is experiencing growth in both the number of new listings and total fundraising amounts in the first three quarters of 2025 compared to the same period in 2024, indicating a healthier market environment [1][3][8]. Summary by Category IPO Quantity and Fundraising - A total of 78 new stocks were listed in the A-share market in the first three quarters of 2025, a 13.04% increase from 69 stocks in the same period last year [3][4]. - The total fundraising amount reached approximately 771.64 billion yuan, representing a 61.2% increase from 478.68 billion yuan in the previous year [3][4]. Major IPOs - The top five IPOs raised a total of about 320.75 billion yuan, a significant increase of 237.74% compared to 94.97 billion yuan in the same period last year [4]. - The largest IPO was Huadian New Energy, which raised approximately 181.71 billion yuan, followed by Zhongce Rubber with 40.66 billion yuan [3][4]. Market Segmentation - The number of new stocks listed on different boards included 29 on the Growth Enterprise Market (GEM), 26 on the Main Board, 15 on the Beijing Stock Exchange, and 8 on the Sci-Tech Innovation Board [5][6]. - The GEM accounted for approximately 37.18% of the new listings, with total fundraising of about 205.6 billion yuan, making up 26.64% of the total fundraising for the year [5][6]. Performance of New Stocks - Among the 78 new stocks, 50 reported a year-on-year increase in net profit, accounting for about 64.1% of the total [7]. - Notably, United Power achieved the highest net profit growth rate, with a 92.91% increase in net profit for the first half of 2025 [7]. Market Outlook - Experts suggest that the emphasis on "hard technology" in new stock listings reflects a focus on quality and regulatory control in the market [8]. - The overall performance of the A-share IPO market is expected to be better in 2025 compared to 2024, indicating a trend towards a healthier and fairer market environment [8].