中国股市10年来高位，IPO窄门难入

Core Insights - The core observation is that while the Shanghai Composite Index is at a 10-year high, the IPO fundraising amount from January to September has significantly decreased by 84% compared to the peak year of 2022, indicating a shift in policy direction towards prioritizing certain industries like electric vehicles (EV) and semiconductors [1][2]. Group 1: IPO Market Overview - The total IPO fundraising amount in mainland China from January to September is approximately $10.065 billion, which is a 70% increase from the previous year but an 84% decline from the record high of $63.346 billion in 2022 [1]. - The number of IPOs during this period is only 75, representing just 20% of the 375 IPOs in the same period of 2021 [1][2]. - The current high stock prices facilitate easier fundraising for companies, yet the overall IPO activity remains low due to controlled supply in the stock market [2]. Group 2: Industry Focus - The IPOs are increasingly concentrated in sectors such as EVs and semiconductors, reflecting government intentions to direct funds towards high-potential manufacturing industries [1][2]. - Notably, five out of the top ten companies by fundraising amount are in the automotive-related sector, including companies like Heilongjiang Tianyouwei Electronics, which serves major clients like BYD and Changan Automobile [2]. - Semiconductor companies, particularly those involved in manufacturing equipment, are also prioritized for IPOs, as seen with Beijing Yitang Semiconductor Technology's listing on the STAR Market [2][3]. Group 3: Future Prospects - There are expectations for more listings related to advanced technologies, with companies like Unitree Robotics and Moore Threads planning to submit IPO applications soon [4]. - The focus on EVs, semiconductors, and robotics aligns with national policies aimed at enhancing competitiveness in these sectors, which are considered "national strategy stocks" [4]. - A study indicates that subsidies for the manufacturing sector are significantly higher than for non-manufacturing, further supporting the government's strategy to bolster manufacturing competitiveness [4].