Shenwan Hongyuan Securities·2026-03-02 10:47Approval Project Dynamics - As of March 2, 2026, there are 656 pending private placement projects, with 83 having passed the review and registration process, a decrease of 10 from the previous period[9] - In the last two weeks, 27 new private placement projects were added, a decrease of 3 from the previous period, while 11 projects were terminated, an increase of 3[9] - The approval rate for projects remains at 100%, with the average review period for 7 non-simple procedure projects reduced by 83 days to 255 days[20] Market Issuance Overview - A total of 12 private placement projects were listed in the last two weeks, raising a total of 20.73 billion yuan, an increase of 17.77% from the previous period[33] - All 7 competitive bidding projects were fully subscribed, with a subscription rate increase of 12.50 percentage points to 100%[33] - The average base discount rate for competitive bidding projects was 2.55%, down 10.22 percentage points from the previous period[33] Unlocking Gains - The average absolute return for 6 newly unlocked competitive bidding projects was 72.04%, with an excess return of 46.99%, both up significantly from the previous period[5] - The average market price discount rate for these projects was 14.05%, down 3.08 percentage points from the previous period[5] - The average industry return during the "issue-unlock" period was 32.89%, with only one sector showing less than 10% growth[5] Risk Factors - Potential risks include slower-than-expected approval progress for private placements, fluctuations in secondary market stock prices, and changes in the market environment for private placement pricing[5]