Shenwan Hongyuan Securities·2025-10-21 02:45Group 1: Market Dynamics - 21 new private placement projects were added in the last two weeks, a 23.53% increase from the previous period, with 14 being competitive bids[6] - 11 projects were terminated, marking a 10% increase, while 7 projects were approved by the review committee, a 75% increase[6] - The number of projects awaiting review stands at 622, with 57 having passed the review and registration, a decrease of 12.3%[6] Group 2: Fundraising and Pricing - Total fundraising from newly listed projects reached 11.35 billion yuan, a 64.52% increase from the previous period[28] - Competitive bid projects maintained a 100% fundraising success rate, with an average benchmark discount rate of 8.06%, down 3.10 percentage points[30] - The average premium rate for competitive bids was 10.54%, reflecting a slight increase of 0.49 percentage points[42] Group 3: Performance Analysis - Over 83% of newly unlocked competitive bid projects yielded positive returns, with an average absolute return of 42.75%[3] - The average market price discount rate for competitive projects was 5.24%, a decrease of 5.53 percentage points[3] - The average absolute return for pricing projects was 143.04%, although this represents a significant decline of 263.49 percentage points from the previous period[3]