7800亿！上半年募资额大涨近700%！浮盈率超90%！

Core Viewpoint - The A-share private placement market showed significant recovery in the first half of 2025, with a total of 78 projects raising 780.51 billion yuan, marking a nearly 700% increase in fundraising compared to the same period last year [1][5]. Group 1: Fundraising Scale - The fundraising scale surged due to substantial private placements by state-owned banks, with major contributions from China Bank (165 billion yuan), Postal Savings Bank (130 billion yuan), Bank of Communications (120 billion yuan), and China Construction Bank (105 billion yuan), collectively accounting for 520 billion yuan or 66.62% of the total raised [3]. - Other listed companies also saw notable increases in their fundraising amounts, with 9 companies raising over 10 billion yuan, and 4 companies raising between 5 billion and 10 billion yuan [4]. Group 2: Historical Context - The fundraising amounts had been declining for several years prior to this recovery, with a peak in 2021 at 913.31 billion yuan, followed by a significant drop of 81.05% by 2024 [7]. - As of July 7, 2025, the A-share market had implemented 84 private placement projects, raising a total of 806.045 billion yuan, indicating a potential return to 2021 levels [7]. Group 3: Market Drivers - The recovery in the private placement market is attributed to supportive policies and favorable market conditions, including the involvement of public funds as strategic investors and ongoing improvements in restructuring regulations [8]. - The active stock market and improving economic conditions have further stimulated the private placement market [8]. Group 4: Profitability and Performance - Among the 78 private placement projects, 71 had stock prices above the placement price, resulting in a low break-even rate of 8.97% and an average increase of 55.89% since issuance [10]. - Notably, China Aviation Industry Corporation saw a remarkable price increase of 906.52% from its placement price of 8.36 yuan to 83.52 yuan [11].