2025年，A股资本市场迎来了再融资市场的结构性复苏，其中定增作为上市公司重要的股权融资方式，呈现出大幅增长态势。一方面，继续优化审核流程， 支持符合国家战略的优质项目；另一方面，对信息披露、募投项目合理性、承诺履行的监管将更加严格和精细化。 登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 2025年，A股定增市场回暖，合计有 172个项目发行（按上市日统计，含定增收购，收购、募集配套资金分别算一个项目，下同），累计募资8877.318亿 元，发行数量及募资金额分别较2024年增长18.62%、412.99%。 审核层面，2025年合计有130家纯定增项目上会，全部过会，过会率为100%。2025年共有41家并购重组项目上会接受审核40家顺利过会，名义过会率为 97.56%。 尽管2025年纯定增项目全部过会，并购重组过会率高达97.56%，但仍有220家项目终止定增过程。其中，华创证券、太平洋纯定增项目的撤否率高达100%。 定增发行情况：10家企业募资不及预期中信证券承销占 ...

今年以来，A股上市公司定增显著活跃。Wind数据显示，截至12月24日(按发行日期计)，今年以来A股 市场已有148家上市公司定增落地，增发股份数量合计为1010.20亿股，增发募资总额为7888.95亿元，同 比增长455.31%，来自电子、电力设备、通信、计算机等科技板块的上市公司数量较多。 分析人士认为，政策"组合拳"精准发力，为定增市场注入源头活水。2025年以来，A股定增市场呈现显 著量价齐升态势，硬科技与新兴产业成为核心聚焦领域，2026年定增市场维持较高活跃度的可能性较 大。 募资额同比增逾四倍 今年以来，A股上市公司定增显著活跃。 从今年以来实施定增的148家上市公司行业分布情况来看，来自电子、基础化工、电力设备行业的上市 公司数量居前，分别为23家、17家、15家，医药生物、汽车、国防军工、通信、计算机等行业也有多家 上市公司实施定增。今年以来实施定增的上市公司中，来自科技板块的上市公司数量较多。 "今年以来A股定增市场呈现显著回暖与结构性重塑的特征，整体从之前的相对平淡转向量质齐升。A股 定增市场显著活跃且大额定增项目增多，其背后是政策、产业、资金与市场环境多因素共振的结 果。"安爵资产董 ...

Wind数据显示，截至12月24日，今年以来A股市场共有438家上市公司发布定增预案公告，按定增发行 日期计算，已有148家上市公司定增落地，增发股份数量合计为1010.20亿股，增发募资总额达7888.95亿 元。而在2024年同期，仅有128家上市公司定增落地，增发募资总额为1420.64亿元。相比2024年同期， 定增落地的上市公司数量增加了20家，增发募资总额同比增长455.31%。 从148家上市公司定增募资金额来看，中国银行、邮储银行、交通银行、建设银行定增募集资金均在 1000亿元以上，分别为1650亿元、1300亿元、1200亿元和1050亿元，定增目的均为补充流动资金。其余 144家上市公司定增募集资金均在300亿元以下，定增目的包括项目融资、融资收购其他资产等。 对于A股上市公司定增的显著活跃，川财证券首席经济学家、研究所所长陈雳表示，政策"组合拳"精准 发力，为定增市场注入源头活水。近年来，以引导长期资金入市（如《关于推动中长期资金入市工作的 实施方案》明确银行理财、保险资管获同等参与权）和优化融资导向（如"科创板八条""并购六条"支持 科创与产业整合）为核心的政策密集落地。这套"组合拳 ...

南开大学金融发展研究院院长田利辉表示，2025年以来，A股定增市场呈现显著的量价齐升态势，已成 为上市公司融资的绝对主渠道。定增市场已从简单的"补血"手段，升级为产业升级与整合的重要资本平 台。 ● 本报记者 吴玉华 今年以来，A股上市公司定增显著活跃。Wind数据显示，截至12月24日（按发行日期计），今年以来A 股市场已有148家上市公司定增落地，增发股份数量合计为1010.20亿股，增发募资总额为7888.95亿元， 同比增长455.31%，来自电子、电力设备、通信、计算机等科技板块的上市公司数量较多。 分析人士认为，政策"组合拳"精准发力，为定增市场注入源头活水。2025年以来，A股定增市场呈现显 著量价齐升态势，硬科技与新兴产业成为核心聚焦领域，2026年定增市场维持较高活跃度的可能性较 大。 募资额同比增逾四倍 今年以来，A股上市公司定增显著活跃。 Wind数据显示，截至12月24日，今年以来A股市场共有438家上市公司发布定增预案公告，按定增发行 日期计算，已有148家上市公司定增落地，增发股份数量合计为1010.20亿股，增发募资总额达7888.95亿 元。而在2024年同期，仅有128家上市 ...

Core Insights - The A-share private placement market is experiencing significant activity in 2025, with private equity firms entering to capitalize on discounted investment opportunities [1][2] - From the beginning of the year to September 4, 2025, 41 private equity firms participated in A-share private placements, with a total allocation of nearly 4 billion yuan and an overall floating profit exceeding 35% [1] - The market has seen a substantial increase in fundraising, with 95 A-share listed companies completing private placements, raising a total of 727.92 billion yuan, a year-on-year increase of approximately 542% [1][2] Market Recovery and Participation - The recovery of the private placement market is attributed to favorable policies and an overall positive market trend, which has increased investor interest [2] - The issuance price of private placements typically includes a discount, allowing private equity firms to acquire shares at a lower cost, enhancing investment returns [2][3] - The participation of private equity firms is characterized by a multi-tiered approach, with varying allocation amounts across different firms [2][3] Drivers of Returns - The returns from private placements are driven by three main factors: the discount of the issuance price compared to market value, overall market beta, and the alpha generated by outperforming stocks [3][4] - The discount advantage is a key attraction for private placement investments, with many projects offering around a 10% discount to market prices [3] - The overall market recovery provides beta returns, while the quality of private placement projects has improved due to stricter refinancing reviews [3][4] Investment Strategies - Different sizes of private equity firms exhibit distinct investment strategies, with smaller firms often taking concentrated bets on individual stocks, while larger firms focus on risk control through diversified investments [4][5] - The decision-making and risk management mechanisms of private equity firms are crucial, with the ability to make quick decisions providing a competitive edge [5] - The flexibility in capital allocation allows private equity firms to participate in private placements through various models, enhancing their ability to manage risks and achieve returns [5] Future Outlook - The A-share private placement market is expected to remain attractive in the coming years due to policy support, increased market activity, and ongoing financing needs from listed companies [5] - Investors are advised to be mindful of participation prices and to adapt flexibly to market conditions, with those possessing strong research and pricing capabilities likely to gain a competitive advantage [5]

Group 1 - The stock price of Guotai Junan closed at 20.30 yuan on July 31, 2025, down by 0.56 yuan, a decrease of 2.68% from the previous trading day [1] - The company operates in the securities industry, covering areas such as securities brokerage, investment banking, and asset management, and is a significant financial entity in the A-share market [1] - In the first seven months of 2025, the A-share private placement market saw a significant increase in activity, with actual fundraising amounting to 663.30 billion yuan, a year-on-year growth of 667.7% [1] Group 2 - Guotai Junan participated in 8 private placement projects as a lead underwriter, indicating potential benefits from market expansion in its investment banking business [1] - The company completed a private placement of 10 billion yuan, primarily to supplement capital and expand its business [1] - On July 31, the net outflow of main funds for Guotai Junan was 371 million yuan, accounting for 0.14% of its market capitalization [1]

Group 1 - The A-share private placement market has shown significant recovery this year, with 76 listed companies completing private placements by July 30, raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][3] - The active participation in the private placement market spans various industries, with capital goods, materials, and technology hardware and equipment leading in the number of listed companies involved [3] - Four major banks, including Bank of China and Postal Savings Bank, have raised over 100 billion yuan each through private placements, primarily for liquidity support [3] Group 2 - The growth in the private placement market has directly boosted the investment banking revenue for securities firms, with underwriting and advisory fees making up a significant portion of the issuance costs [4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] - 62 out of the 76 companies that completed private placements disclosed their issuance costs, totaling 904 million yuan [4] Group 3 - Securities firms have actively participated in private placements, with 8 firms and 5 asset management companies involved in 25 companies, totaling 46 subscription instances [5] - Leading firms like GF Securities and Hua'an Asset Management have been prominent in participating in private placements, enhancing their returns and supporting the real economy [5] - The substantial subscriptions by top securities firms signal positive market sentiment, boosting investor confidence and market activity [5]

Group 1 - The A-share private placement market has significantly rebounded this year, with 74 listed companies completing private placement projects and raising a total of 659 billion yuan, far exceeding the same period last year [1] - Among the 74 companies, 38 raised over 1 billion yuan, accounting for 51% of the total [1] - Key industries involved in private placements include capital goods, technology hardware and equipment, automotive, and banking [1] Group 2 - Major banks such as Bank of China, Postal Savings Bank of China, Bank of Communications, and China Construction Bank have led in private placement scale, collectively raising 520 billion yuan [1] - The funds raised by these banks are primarily used to increase core tier one capital, driven by the need for capital support in business expansion and risk management [1] - The active participation of banks in private placements indicates a strengthening support of the capital market for the real economy [1] Group 3 - There are numerous cases of listed companies using private placements for asset acquisitions, such as AVIC Chengfei's private placement of approximately 20.86 million shares, raising 17.44 billion yuan for acquiring 100% equity of AVIC Chengfei [1] - Another example is Seres Group, which raised approximately 8.16 billion yuan through private placement for purchasing a super factory in Chongqing and supplementing operational funds [1] Group 4 - In 2024, 132 listed companies completed private placements, raising a total of 206.65 billion yuan, indicating that the total amount raised this year has far exceeded the entire amount raised last year [2] - The recovery of the private placement market is believed to be related to policy support and the urgent need for funding to support R&D and capacity expansion amid industrial upgrades [2] - The market's ample liquidity has created a favorable funding environment for private placements, with a trend of larger financing projects and more flexible pricing observed this year [2]

Group 1 - The A-share private placement market remains active, with 7 listed companies disclosing related progress on July 10, including 1 company receiving approval for its private placement plan, 1 company announcing a new plan, and 5 companies having their plans approved by shareholders [1] - High New Technology Group Co., Ltd. plans to raise no more than 374 million yuan through private placement, aiming to build a self-sufficient production capacity, respond to national development strategies, and enhance its financial strength for sustainable high-quality development [1] - Shaanxi Srey New Materials Co., Ltd. received approval from the Shanghai Stock Exchange for its private placement application, which meets the issuance and listing conditions [1] Group 2 - The current activity in the private placement market is attributed to the collaboration of policies, industries, and funds, with relaxed access for strategic investors and special refinancing tools stimulating quality project supply [2] - The macroeconomic recovery has improved corporate profit expectations, and the central bank's reserve requirement ratio cut has released liquidity, enhancing market risk appetite [2] - It is projected that the total fundraising amount for the year may exceed 1.2 trillion yuan, with an increasing proportion from hard technology sectors such as semiconductors and AI [2]

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 total fundraising compared to the same period last year [1][4]. Group 1: Fundraising Scale - The surge in fundraising scale is largely attributed to substantial private placements by state-owned banks, with four major banks raising a combined total of 520 billion yuan, accounting for 66.62% of the total fundraising in the first half of 2025 [3][6]. - Nine companies raised over 10 billion yuan each, with four companies raising between 5 billion and 10 billion yuan, and ten companies raising between 2 billion and 5 billion yuan [3]. - The total amount raised by companies listed on the Shenzhen Stock Exchange was 42.763 billion yuan, while those on the Shanghai Stock Exchange raised 737.747 billion yuan [3]. Group 2: Market Trends - The total fundraising amount has shown a significant increase compared to the same period last year, reversing a trend of declining fundraising numbers and scales over the past several years [4][6]. - In 2024, the number of private placements was 145, with a total fundraising amount of 173.052 billion yuan, reflecting a year-on-year decline of 56.33% and 70.07% respectively [6]. - 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 recovery to 2021 levels [6]. Group 3: Performance of Private Placements - Among the 78 private placement projects, 71 had stock prices above the placement price, resulting in a break-even rate of only 8.97% and an average increase of 55.89% since the placements [7]. - Ten companies saw stock price increases exceeding 100% compared to their placement prices, with AVIC Chengfei's stock price rising by 906.52% [8]. - The most significant decline was observed in Shen高速, with a placement discount rate of 20.58% [8].