投行业务增收！26家券商分食“定增蛋糕”

Core Viewpoint - The private placement market has shown a significant increase in both volume and price since 2025, with a notable rise in the number of companies and total fundraising amounts compared to the previous year [1][4][5]. Group 1: Market Trends - As of July 20, 2025, 68 listed companies have completed private placements, an increase of 8 companies year-on-year, with total fundraising exceeding 50 billion yuan [1][4]. - The number of disclosed private placement plans has also maintained a growth trend, with 332 plans disclosed, nearly double that of the same period last year [5][12]. - The actual fundraising amount for the year reached 652.85 billion yuan, a significant increase of 575.97 billion yuan compared to the previous year [4]. Group 2: Characteristics of the Market - The average fundraising amount for private placements has increased, with the average amount reaching 1.93 billion yuan, up from 1.22 billion yuan in the previous year [6]. - Financing remains the mainstream purpose for private placements, but fundraising for mergers and acquisitions has significantly increased, accounting for nearly 30% of the projects [6]. - The majority of private placements are concentrated in the TMT (Technology, Media, and Telecommunications), advanced manufacturing, and pharmaceutical industries, with state-owned enterprises leading in the number of projects [6]. Group 3: Impact on Investment Banks - The recovery of the private placement market has created new business opportunities for investment banks, with 26 securities firms participating in the projects [2][9]. - Major securities firms dominate the market, with companies like CITIC Securities and Guotai Junan leading in the number of projects [9]. - The total issuance fees for the 60 companies with available data amounted to 884 million yuan, indicating a healthy fee income for investment banks [8]. Group 4: Future Outlook - The private placement market is expected to continue its growth trend, driven by the active mergers and acquisitions market and supportive policies [3][10]. - Regulatory reviews for private placements are speeding up, and the overall market sentiment is positive, suggesting a favorable environment for future fundraising activities [12].