IPO募资总额同比增长91.23%，科创赛道成绝对主力

Core Insights - The A-share IPO market in 2025 has shown significant structural changes, with 106 companies listed, a year-on-year increase of 9.28%, and a total fundraising amount of 119.08 billion yuan, a remarkable increase of 91.23% [1] - The trend indicates a shift from "scale expansion" to "quality first," with large projects driving the surge in fundraising [1] - The top ten IPO projects raised a total of 56.32 billion yuan, accounting for 47.3% of the total fundraising, highlighting the focus on high-tech and strategic emerging industries [1] Industry Distribution - The electronics sector emerged as the "dual champion" of IPOs, with 19 companies raising a total of 33.84 billion yuan [2] - Five key industries, including electronics, automotive, public utilities, power equipment, and biomedicine, contributed over 70% of the total fundraising, aligning with national strategic goals [2] - Jiangsu led in the number of listed companies with 25, while Beijing topped in fundraising with 20.04 billion yuan from 8 companies [2] Investment Banking Landscape - A total of 30 securities firms participated in A-share IPO projects, with underwriting fees amounting to 6.00 billion yuan, a year-on-year increase of 38.03% [4] - Guotai Junan and Haitong Securities, post-merger, led the industry with 17 projects, surpassing CITIC Securities [4] - The average fundraising amount per project for CICC was 4.79 billion yuan, while Huatai United ranked first in actual fundraising at 26.67 billion yuan [4] Regulatory Environment - The number of companies that terminated IPO reviews decreased significantly by 75.34%, indicating a more cautious approach to applications and improved market ecology [4] - As of December 21, there were 268 companies in the IPO queue, with the Beijing Stock Exchange accounting for the highest proportion at 164 [4] Future Outlook - Analysts suggest that the surge in fundraising alongside stable growth in the number of IPOs marks a new phase of "quality improvement and efficiency enhancement" in the A-share IPO market [5] - The capital market is expected to continue supporting large technology companies and strategic emerging industries, enhancing the overall quality of listed companies [6] - The trend of consolidation in the investment banking sector is expected to continue, with a focus on companies that align with national strategies and possess high technological content [6]