2025回顾| 猛涨450%，逼近万亿，定增大爆发！

Core Viewpoint - Since 2025, A-share listed companies have been more active in private placements, with both the scale and returns significantly improving [1][2]. Group 1: Fundraising Scale and Performance - As of December 25, 2025, 164 A-share companies have implemented private placements, raising a total of 959.38 billion yuan, a staggering increase of 454.4% compared to the total amount raised in 2024 [2][7]. - The approval rate for private placement projects has reached 100%, with nearly 90% of projects currently showing profits [2][20]. - The fundraising scale in 2025 has approached the 1 trillion yuan mark, with the total amount exceeding 950 billion yuan, marking a significant recovery from the previous years [6][7]. Group 2: Sector and Company Distribution - Among the companies that have implemented private placements, the financial sector leads with 11 companies raising a total of 659.47 billion yuan, with major contributions from China Bank, Postal Savings Bank, and others [8][10]. - The manufacturing and high-tech industries are at the forefront, with 118 manufacturing companies raising 189.66 billion yuan, indicating a strong demand for mid- to long-term funding [7][8]. Group 3: Role of State-Owned Banks - The substantial increase in private placements is closely linked to the large-scale fundraising by state-owned banks, which collectively raised 520 billion yuan, accounting for 52.5% of the total private placement amount this year [3][10]. - The capital replenishment of state-owned banks is part of a broader strategy to support macroeconomic stability and enhance their capacity to serve national strategic needs [12][10]. Group 4: Market Dynamics and Approval Process - The approval process for private placements has accelerated significantly, with the number of approved projects by July 2025 surpassing the total for the entire year of 2024 [20][21]. - The introduction of policies such as the "merger and acquisition six guidelines" has led to a notable increase in the proportion of financing for mergers and acquisitions, becoming a vital component of the private placement market [23][21]. Group 5: Investment Returns and Market Sentiment - Approximately 88% of private placement projects this year have shown profits, with 33 projects experiencing price increases exceeding 100% since their issuance [14][18]. - The positive market sentiment is further supported by the participation of public funds in private placements, which has increased the overall investment enthusiasm and demand [18][12].