近日，天津银行A股IPO上市辅导工作披露了最新进展情况报告。作为一家已在H股上市的区域性商业银行，天津银行 的A股IPO进程已经进入第十个年头。 在这十年IPO长跑中，天津银行一方面积极补充资本、扩张资产规模，另一方面也面临盈利增长放缓、上市前景不明 等多重挑战。值得关注的是，天津银行于2025年3月完成新一届董事会换届，"新班子"如何破局被市场期待。 长跑十年，仍在等待关键批复 天津银行的 A 股 IPO 辅导工作始于2015年8月18日，距今已十年。辅导机构中银证券与中信证券近日公布了第二十八 期辅导工作进展报告，指出该行上市进程的主要卡点在于尚未取得上市所需的外部批复。"辅导对象尚未申请及取得部 分外部批复,辅导机构将根据辅导对象战略规划安排和具体工作计划，协助发行人适时进行监管申报，确保辅导对象在 上市申报前及时取得相关批复。"该报告称。 截至2025年一季度末，该行资产总额达9457.8亿元，较年初增长2.14%，向万亿资产规模稳步逼近。其中，客户贷款及 垫款作为核心资产，2025 年 3 月末余额达 4592.29 亿元，较年初增长 4.19%。 负债端同样保持稳定增长。2025年3月末负债总额升 ...

策略定期研究 2025 年 8 月 3 日 7 月新股上市及基金收益月度跟踪 投资要点： 团队成员 分析师 周浦寒 执业证书编号：S0210524040007 邮箱：zph30515@hfzq.com.cn 分析师 章孟菲 执业证书编号：S0210525020004 邮箱：zmf30020@hfzq.com.cn 相关报告 《7 月政治局会议定调"十五五"航 向》 2025/7/30 《美联储议息会议压轴"超级周"》 2025/7/28 《海南自贸港税收新政落地》 2025/7/27 策 略 研 究 策 略 定 期 研 究 证 券 研 究 报 告 1 华福证券 IPO 发行规模与节奏： IPO 发行规模与节奏：2025 年 7 月 A 股市场 IPO 融资总规模为 48.87 亿元。其中，主板融资规模为 21.05 亿元，创业板 为 22.16 亿元。 A 股市场共发行新股 8 只，环比上升 60%。其中，主板 发行 3 只，创业板 3 只。 项目储备与审核进展：截至 7 月末，A 股各板块审核通过尚未发行的 IPO 项目共计 50 个，拟募资规模合计 549.2 亿元。创业板占比 22%（11 家）， 主板 ...

【深圳商报讯】（记者钟国斌）今年前7个月，A股IPO数量和融资额呈现回暖态势，IPO融资额较去年 同期增长七成。据Wind资讯数据统计，今年1月至7月，A股市场新增IPO企业58家，较去年同期增加9 家；IPO合计募资规模达612.63亿元，较去年同期增长70.05%。其中，创业板IPO企业22家，沪市主板 IPO企业14家，深市主板IPO企业8家，科创板IPO企业8家，北交所IPO企业6家。 从IPO企业融资额看，今年前7个月，37家企业IPO融资额超5亿元，19家企业IPO融资额超7亿元，11家 企业IPO融资额超10亿元，4家企业IPO融资额超20亿元，IPO融资额前三名分别为华电新能、中策橡 胶、天有为，IPO募资额分别为181.71亿元、40.66亿元、37.40亿元。此外，屹唐股份、影石创新、开发 科技、兴福电子、汉朔科技、威高血净、恒鑫生活、永杰新材等公司IPO募资额均超10亿元。 记者统计发现，今年前7个月A股IPO融资额同比增长七成，主要得益于单个IPO企业融资额较去年同期 大增；同时，IPO数量较去年同期也增加了9家。以IPO募资规模前三名为例，今年前7个月，前三名IPO 合计融资额259 ...

Group 1 - Dongguan Bank's IPO process has been updated to "accepted" status by the Shenzhen Stock Exchange, indicating a potential recovery in its long IPO journey [1] - The bank plans to issue up to 781 million shares, representing 25% of its post-issue total share capital, to raise funds for capital replenishment [1] - The bank's IPO application has faced multiple interruptions, including a halt due to expired financial data earlier this year [1] Group 2 - The A-share IPO market has seen a 14% year-on-year increase in the first half of this year, with 50 companies listed and raising 37.1 billion yuan [2] - The banking sector has been particularly affected by regulatory changes, with no new bank IPOs since Lanzhou Bank's successful listing in 2022 [2][4] - Despite challenges, the banking sector is showing signs of recovery, with improved stock performance and investor interest [2][4] Group 3 - Dongguan Bank has maintained a strong capital position, with a core Tier 1 capital adequacy ratio of 9.41% and a total capital adequacy ratio of 13.85% as of the end of Q1 this year [5] - The bank's non-performing loan ratio is at 1.01%, which is competitive among its peers in the city commercial bank sector [6] - The bank's asset quality is supported by its focus on the Guangdong-Hong Kong-Macao Greater Bay Area and effective risk management practices [6]

Core Viewpoint - The A-share IPO market saw significant activity in the first half of 2025, with a total of 177 companies receiving IPO approvals, predominantly from the Beijing Stock Exchange [1][3][4]. Group 1: IPO Statistics - In June alone, 150 IPO applications were received, accounting for over 84.75% of the total for the first half of the year [1][3][4]. - The Beijing Stock Exchange was the main venue, with 115 IPOs, representing 64.97% of the total [4]. - The top three provinces for IPO approvals were Zhejiang (35), Guangdong (33), and Jiangsu (29) [8][10]. Group 2: Fundraising Amounts - China Resources New Energy led the fundraising efforts with a proposed amount of 24.5 billion yuan, making it the largest IPO in the first half [5][6]. - Huike Co. and Moer Thread followed with proposed fundraising amounts of 8.5 billion yuan and 8 billion yuan, respectively [6]. - Other companies like Shanghai Chao Silicon and Zhaoxin Integrated are targeting fundraising amounts between 4 billion to 5 billion yuan [6]. Group 3: Market Trends - The surge in IPO approvals in June is attributed to the high activity level of the Beijing Stock Exchange and the typical peak periods for IPO applications in June and December [4][11]. - The overall sentiment in the A-share IPO market is optimistic, with expectations for continued growth in the second half of the year [11].

Group 1 - The A-share IPO market shows signs of recovery, with 41 new IPOs accepted on June 30 alone, bringing the total to 177 for the first half of the year, surpassing the total for the entire previous year [1][3] - The atmosphere for making profits from new stock listings remains strong, with all 51 new stocks listed in the first half of the year experiencing price increases on their debut, averaging a rise of over 229% [1][3] - Jiangnan New Materials achieved the highest debut increase of over 606%, while significant profits were noted for stocks like Ying Shi Innovation and Xi Dian Co., with potential earnings exceeding 60,000 yuan per share [1][2] Group 2 - In the first half of 2025, A-shares raised over 37.3 billion yuan through IPOs, slightly higher than the same period in 2024, with the highest fundraising coming from Zhongce Rubber at over 4 billion yuan [3] - The average initial price-to-earnings ratio for new stocks decreased to approximately 18.84 times, down from 21.71 times in 2024, enhancing the potential for investor returns [3] - The highest initial stock price was 93.5 yuan per share for Tian You Wei, while the lowest was 3.94 yuan for Tian Gong Co. [3] Group 3 - The online subscription success rate for new stocks remains low, with the highest being 0.17% for Kai Fa Technology and the lowest at 0.01% for Xi Dian Co., making it challenging for average investors to secure shares [4][5] - The number of active trading accounts in the A-share market exceeds 50 million, with over 200 million retail investors, leading to a competitive environment for new stock subscriptions [4][5] Group 4 - In the first half of 2025, cities like Shenzhen and Hangzhou led in the number of new A-share listings, indicating strong economic vitality in these second-tier cities [7] - The total number of A-share listed companies exceeds 5,400, with Beijing, Shanghai, and Shenzhen having the highest numbers of listings [7] Group 5 - A significant number of companies are withdrawing from the IPO process, with over 70 companies having terminated their IPO applications in 2025, following more than 400 in 2024 [11] - As of June 30, 2025, there are 337 companies in the IPO queue, with notable firms like China Resources New Energy and Moer Thread among those seeking to raise over 2 billion yuan [12]

Group 1 - The core viewpoint of the article is that Honor Terminal Co., Ltd. has accelerated its listing process, which is expected to enhance the innovation vitality of the technology sector in the A-share market [1]. Group 2 - On June 26, Honor Terminal Co., Ltd. received listing counseling registration, with CITIC Securities as the counseling broker [1].

Domestic News - Xiaomi launched its SUV YU7 with a starting price of 253,500 yuan, achieving over 289,000 pre-orders within one hour [3] - The first AI glasses were also released by Xiaomi, priced starting at 1,999 yuan [3] - Honor has received listing counseling registration from the Shenzhen Securities Regulatory Bureau, marking a significant step towards its A-share IPO [5] - The Shanghai Stock Exchange held a meeting to implement the "1+6" policy for sponsor institutions in the Sci-Tech Innovation Board [5] - The National Development and Reform Commission announced that the third batch of funds for the replacement of old consumer goods will be distributed in July [5] - A new generation of domestically developed general-purpose processor, Longxin 3C6000, has been released [5] - The Ministry of Commerce provided updates on the approval of rare earth export applications to the EU, confirming that a certain number of compliant applications have been approved [5] - The National Financial Regulatory Administration and the People's Bank of China jointly released the "Implementation Plan for High-Quality Development of Inclusive Finance in the Banking and Insurance Industries" [5] - Guidelines for the adjustment of the basic medical insurance directory and the commercial insurance innovative drug directory for 2025 have been issued, marking the first inclusion of commercial insurance innovative drugs [5] International News - The U.S. Treasury Secretary requested Congress to remove the "899 retaliatory tax clause" [5] - The yield spread between U.S. 5-year and 30-year bonds has surpassed 101 basis points, the steepest since 2021 [5] - The EU summit did not reach an agreement on a new round of sanctions against Russia, but agreed to extend existing sanctions for six months [5] - The U.S. trade deficit unexpectedly widened in May, with exports experiencing the largest decline since the pandemic began; first-quarter GDP data was revised downwards [5]

Summary of Key Points Core Viewpoint - The A-share market has shown signs of recovery in IPO activity in the first half of 2025, with an increase in the number of new listings and fundraising amounts compared to the previous year [1][2]. Group 1: A-share Market Performance - As of June 26, 2025, there have been 51 new IPOs in the A-share market, representing a year-on-year increase of approximately 16% from 44 IPOs in the same period last year [2]. - The total fundraising amount for these IPOs reached 37.355 billion yuan, reflecting a year-on-year growth of about 15% [2]. - The average first-day price-to-earnings (P/E) ratio for new listings has decreased to 18.84 times, down 17.73% from 22.90 times in the previous year [2]. Group 2: Secondary Market Performance - There have been no instances of new stocks breaking below their issue price on the first day of trading this year, with an average first-day increase of 229.09%, surpassing last year's average of 136.05% [3]. - Notable first-day performances include Jiangnan New Materials with a 606.83% increase and Guangxin Technology with a 500% increase [3]. Group 3: Hong Kong Market Activity - The Hong Kong market has also experienced a surge in IPO activity, with 40 new listings as of June 26, 2025, a 33% increase from the previous year [4]. - The total fundraising in the Hong Kong market reached 104.7 billion HKD, a significant increase of 575% compared to 13.5 billion HKD last year [4]. - Chinese companies have been actively listing in Hong Kong, with major firms like CATL and Hengrui Medicine leading in fundraising [4]. Group 4: Future Outlook - Deloitte anticipates that the A-share market will maintain its IPO issuance levels in 2025, supported by new policies aimed at enhancing the market for innovative companies [5][6]. - The Hong Kong market is expected to raise more funds than previously forecasted, with an estimated 80 new IPOs generating 200 billion HKD in 2025 [6]. - The ongoing optimization of Hong Kong's listing system is expected to attract more new economy enterprises and enhance its position as a leading global IPO platform [6].

Group 1 - In the first half of 2025, A-shares saw 50 companies achieve IPOs, raising over 37.1 billion yuan, with both the number of IPOs and the amount raised increasing by 14% year-on-year [2] - The average first-day return for A-share IPOs reached 220%, a significant increase from 136% in the first half of 2024, with no IPOs experiencing a price drop on debut [2][3] - The enthusiasm for IPO subscriptions in A-shares has surged due to the high returns and the scarcity of IPOs, leading to a substantial increase in the average oversubscription multiple [2][3] Group 2 - The A-share market's IPOs are characterized by a focus on smaller companies, with an average fundraising amount of 743 million yuan, while the first-day price increases are substantial [3][4] - In contrast, the Hong Kong market experienced a significant increase in IPO activity, with 40 companies raising approximately 108.7 billion HKD, marking a 33% increase in the number of IPOs and a 711% increase in the amount raised year-on-year [5] - Despite the increase in IPOs in Hong Kong, the market faced challenges, with 30% of new stocks experiencing a price drop on their first day and an average first-day return of only 11%, down 10 percentage points from the previous year [5] Group 3 - Both A-shares and H-shares are seeing a trend towards hard technology in their IPOs, with significant activity in the industrial, technology, and materials sectors [6][7] - The A-share market is increasingly focusing on technology-driven companies, with the China Securities Regulatory Commission emphasizing support for high-quality, unprofitable tech firms to go public [6][8] - The introduction of the "Tech Company Special Line" in Hong Kong aims to facilitate the listing of technology and biotech companies, enhancing the market's appeal to innovative firms [7][8]