Shenwan Hongyuan Securities·2025-04-03 11:12Group 1: Market Trends - Since Q3 2024, the market sentiment has improved, leading to a recovery in industry and individual stock performance, with absolute returns from lock-up expirations reaching new highs in Q1 2025[2] - The number of listed private placement projects in Q1 2025 was 38, raising a total of 1187.54 billion yuan, a 121.69% increase quarter-on-quarter and a 78.71% increase year-on-year[8] - The average discount rate for listed projects in Q1 2025 was 10.49%, down 2.09 percentage points from the previous quarter, indicating a narrowing of discounts compared to the secondary market[14] Group 2: Investment Participation - The average number of inquiry institutions per project in Q1 2025 was 23, an increase of 3 from the previous quarter, while the average number of allocated institutions remained stable at 12[24] - The proportion of projects issued at the base price reached a near one-year low of 13.64% in Q1 2025, reflecting increased investor participation and competition[14] - The average bid premium rate for projects in Q1 2025 was 9.17%, showing a year-on-year increase of 2.12 percentage points[24] Group 3: Performance Metrics - The average absolute return for lock-up projects in Q1 2025 was 32.64%, with 88.24% of projects yielding positive returns, outperforming the CSI 300 index by approximately 20.25%[29] - The average market price discount rate for listed projects in Q1 2025 was 10.52%, marking a new low since the new regulations were implemented[14] - The average stock price increase during the issuance to lock-up period was 16.27%, significantly higher than the average increase of the CSI 300 index[33] Group 4: Future Outlook - The number of projects awaiting approval as of March 31, 2025, was 577, with a total of 71 projects approved or registered in Q1 2025, indicating a faster pace of project approvals[35] - The total proposed fundraising amount in Q1 2025 reached 5820.72 billion yuan, a threefold increase compared to the previous quarter, driven by several large-scale projects[44]