Shenwan Hongyuan Securities·2026-01-13 10:44Group 1: Market Dynamics - As of January 12, 2026, there were 19 new private placement projects added in the last two weeks, a decrease of 5 projects compared to the previous period[7] - The number of projects terminated increased by 1 to 6, with 2 being competitive bidding projects[7] - The approval rate for projects was 100%, with 11 projects approved by the review committee, an increase of 1[19] Group 2: Fundraising and Valuation - The total fundraising amount for the 4 projects listed in the last two weeks was 2.825 billion yuan, a decrease of 61.23%[34] - The average price discount rate for competitive bidding projects was 22.76%, an increase of 10.20 percentage points[34] - The PE and PB ratios for Dongfang Tantalum were 71.14x and 6.92x, respectively, significantly higher than the industry average[22] Group 3: Performance Metrics - The absolute return rate for newly unlocked competitive bidding projects averaged 60.55%, with an excess return rate of 26.36%, both up over 36 percentage points[4] - The average industry beta during the "issuance-unlocking" period was 43.76%, an increase of 14.97 percentage points[4] - The average individual stock alpha during the same period was 35.66%, up 29.54 percentage points[4] Group 4: Risk Factors - Potential risks include slower-than-expected approval processes, fluctuations in secondary market stock prices, and changes in the competitive bidding market environment[4]