财通基金汪海：国有资本已成定增市场最活跃认购主体，定增申购规模达1138．亿元，占比近三成

Core Insights - State-owned capital, represented by central and local state-owned enterprises, is becoming a significant participant in the private placement market, with a subscription scale of 113.81 billion yuan in 2025, accounting for 27.73% of the total market subscription scale [1][3] - The structure of the private placement market is undergoing profound changes, with projects related to new productive forces exceeding 70% of the total, marking a historical high [1][3] - Private placements have transitioned from a mere financing channel to a key mechanism for serving national strategies and promoting industrial upgrades, providing an efficient path for investors to participate in the growth of core assets [1][3] Market Trends - The number and scale of inquiry transfer projects are expected to increase several times year-on-year in 2025, with an average discount rate of approximately 15.66%, which has been incorporated into an integrated "pan-discount" asset strategy pool [4] - Inquiry transfers primarily address the allocation of "existing potential assets," while private placements focus on "future asset creation," with both strategies being deeply complementary and forming an important direction for discount asset allocation [4]