Core Viewpoint - The company, Shuyou Shen (300204.SZ), announced plans to issue shares to specific investors, aiming to raise a total of no more than 1.253 billion yuan for innovative drug research and development projects, as well as to supplement working capital [1] Group 1 - The total amount to be raised through the share issuance is capped at 1.253 billion yuan [1] - The funds will be allocated for innovative drug research and development projects [1] - Additional funds will be used to supplement the company's working capital [1]

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨龙净环保（600388.SH） [Table_Title] 拟向紫金定增募资 20 亿元，紫金持股比例或将 提升至 33.76% 报告要点 [Table_Summary] 2025 年 10 月 24 日，龙净环保发布《2025 年度向特定对象发行 A 股股票预案》，拟向紫金矿 业募集不超过 20 亿元（含），募集净额拟全部用于补充流动资金，发行后紫金矿业持股比例或 将增至 33.76%，向紫金增发利于龙净发展长逻辑。Q2 起公司进入绿电业绩加速兑现期，当前 储能销售良好，烟气订单规模稳定，并积极布局新方向钠离子电池。看好公司长期发展。 分析师及联系人 [Table_Author] 徐科 王筱茜 叶之楠 盛意 SAC：S0490517090001 SAC：S0490519080004 SAC：S0490520090003 SAC：S0490525070006 SFC：BUV415 SFC：BWM115 请阅读最后评级说明和重要声明 1 [Table_scodeMsg2] 龙净环保（600388.SH） cjzqdt11111 [Tabl ...

Core Points - Zhongke Feimiao's stock price increased by 5.14% this week, closing at 123.7 yuan, with a market capitalization of 43.315 billion yuan [1] - The company received a government subsidy of 37.96 million yuan, which is expected to positively impact its 2025 profits [2][4] - Zhongke Feimiao completed a private placement of A-shares, raising approximately 2.5 billion yuan, with new shares registered and a six-month lock-up period [3][4] Group 1 - The stock price of Zhongke Feimiao reached a high of 124.32 yuan and a low of 114.82 yuan during the week [1] - The company ranks 37th in market capitalization within the semiconductor sector and 410th among all A-shares [1] - The government subsidy has not been audited yet, and its final accounting treatment will depend on the annual audit results [2] Group 2 - The private placement involved issuing 28,571,428 shares at a price of 87.50 yuan per share, resulting in a net fundraising amount of approximately 2.48 billion yuan [3] - The controlling shareholder remains unchanged, with the major shareholders being Suzhou Yiliu Mingguang Technology Co., Ltd. and the actual controllers being Chen Lu and Ha Chengshu [3] - The shareholding structure still complies with listing conditions after the issuance [3]

Core Viewpoint - Shenzhen Zhongjin Lingnan Nonfemet Company Limited (hereinafter referred to as "Zhongjin Lingnan") announced that its controlling shareholder, Guangdong Guangsheng Holding Group Co., Ltd. (hereinafter referred to as "Guangsheng Holding"), has issued a commitment letter regarding the non-reduction of company shares during a specific period related to the issuance of A-shares in 2025 [1][2] Group 1: Event Background - Zhongjin Lingnan's board approved a proposal for a targeted issuance of A-shares on March 3, 2025, with Guangsheng Holding as the core subscriber, committing to fully subscribe to the new shares with cash [2] - The commitment letter aims to clarify the lock-up period and reduction arrangements for the newly issued shares, ensuring the smooth progress of the fundraising [2] Group 2: Commitment Details - Guangsheng Holding confirmed that it has not reduced its holdings in Zhongjin Lingnan shares in the six months prior to the pricing benchmark date, ensuring fairness in the pricing of the new shares [3] - The commitment includes a lock-up period extending from the pricing date to six months after the issuance, indicating a long-term support strategy for the company's development [3] Group 3: Violation Constraints - Guangsheng Holding established a breach handling mechanism, stating that any profits from the transfer of newly subscribed shares would belong to Zhongjin Lingnan if the non-reduction commitment is violated [4] Group 4: Market Impact Analysis - The full subscription and extended lock-up commitment from the controlling shareholder signal strong confidence in Zhongjin Lingnan's operational fundamentals and long-term prospects, which is seen as a positive market signal [5] - The commitment helps stabilize market expectations and reduces investor concerns about potential sell-offs after the lock-up period, which is crucial for the stability of current stock prices and the successful implementation of the fundraising [5] - As a significant player in the nonferrous metals industry, Zhongjin Lingnan's performance is closely tied to commodity prices and downstream demand, and the controlling shareholder's actions may reflect optimism about industry recovery and the company's competitiveness [5]

Core Viewpoint - The company, Daily Interactive (300766), announced on October 24 that it will adopt a competitive bidding method for its upcoming private placement, with the final issuance targets and pricing yet to be determined [1] Group 1 - The company is currently unable to confirm the issuance targets and pricing for the private placement [1] - The final issuance targets and pricing will be determined after obtaining approval from the China Securities Regulatory Commission [1] - The determination will be based on investor bidding and subscription conditions, negotiated through a market-oriented mechanism with the lead underwriter [1]

在市场行情回暖带动下，公募机构参与上市公司定向增发获得丰厚回报。公募排排网数据显示，按定增 上市日统计，截至2025年10月22日，今年以来共有37家公募机构参与18个申万一级行业中的74家A股公 司定增，合计获配金额达302.92亿元，较去年同期的235.73亿元相比，增幅28.50%。按当日收盘价统 计，目前公募定增浮盈金额达108.45亿元，整体浮盈比例达35.80%。 具体来看，今年以来公募定增个股覆盖18个申万一级行业，15个行业公募定增获配金额不低于1亿元， 其中6个行业公募定增获配金额4亿—9.99亿元，另外9个行业公募定增获配金额不低于10亿元。电子行 业个股定增最受公募机构青睐，公募机构参与寒武纪、盛美上海、芯原股份、胜宏科技等13只电子行业 个股定增，合计获配金额达89.86亿元。紧随其后的是医药生物行业，公募机构参与该行业中的百利天 恒、迪哲医药等6只个股定增，合计获配金额达45.18亿元。此外，公募机构参与电力设备、基础化工和 有色金属行业定增获配金额均超10亿元。 公募参与定增的18个申万一级行业目前均实现浮盈，其中参与13个行业定增浮盈比例介于10%—50%之 间，更有3个行业浮盈 ...

Summary of Key Points Core Viewpoint - In 2023, a total of 119 companies have implemented private placements, raising a cumulative amount of 797.84 billion yuan, indicating a significant trend in capital raising through equity financing [1][2]. Group 1: Company Fundraising - The company with the highest fundraising amount is Bank of China, raising 165 billion yuan, followed by Postal Savings Bank and Bank of Communications with 130 billion yuan and 120 billion yuan respectively [2]. - The top five companies by fundraising amount include: 1. Bank of China: 1650.00 million yuan 2. Postal Savings Bank: 1300.00 million yuan 3. Bank of Communications: 1200.00 million yuan 4. China Construction Bank: 1050.00 million yuan 5. Guolian Minsheng: 314.92 million yuan [2][3]. Group 2: Industry Distribution - The industries with the most companies implementing private placements include electronics (20 companies), electrical equipment (15 companies), and basic chemicals (12 companies) [1]. - The industries with the highest fundraising amounts are banking (520 billion yuan), non-bank financials (506.84 billion yuan), and electronics (488.36 billion yuan) [1]. Group 3: Fundraising Amount Distribution - There are 9 companies that raised over 10 billion yuan, 10 companies raised between 5 billion and 10 billion yuan, and 55 companies raised less than 1 billion yuan, with 32 companies raising less than 500 million yuan [1]. - The distribution of fundraising amounts shows a significant number of smaller placements, indicating a diverse range of capital needs among companies [1]. Group 4: Premium and Discount Analysis - Among the implemented placements, 122 records show a premium of the latest closing price over the placement price, with the highest premiums recorded by companies such as AVIC (919.17%), Dongshan Precision (514.41%), and Roborock (456.20%) [2][3]. - Conversely, 10 records show a discount, with the largest discounts seen in companies like Shen High-Speed (21.06%), AVIC Heavy Machinery (20.90%), and Bank of Communications (16.10%) [4].

Core Viewpoint - Northern International (000065) has received approval from the Shenzhen Stock Exchange for its issuance of securities to specific investors [1] Group 1: Issuance Details - The company plans to issue A-shares to no more than 35 specific investors, including various financial institutions and qualified investors [3] - The pricing benchmark for the issuance will be set at no less than 80% of the average trading price over the 20 trading days prior to the issuance date [3] - The total number of shares to be issued will not exceed 105,032,822 shares, which is capped at 30% of the company's total share capital prior to the issuance [3][6] Group 2: Fundraising Purpose - The total amount to be raised from this issuance is capped at 960 million yuan, which will be allocated to the Bosnia Komanyan Mountain 125MWp photovoltaic project and to supplement working capital [4][5] - The total investment for the Bosnia project is approximately 75.45 million yuan, with 72.44 million yuan expected to be funded from the issuance [5] Group 3: Shareholding Structure - As of June 30, 2025, the company directly holds 40.31% of Northern International's shares and indirectly holds 11.70% through Northern Technology, totaling 52.01% [6] - The actual controller of the company remains unchanged, with the State-owned Assets Supervision and Administration Commission of the State Council as the ultimate controller [6]

Group 1 - The core viewpoint of the articles highlights the continued recovery and increasing enthusiasm of public funds in the private placement market, particularly in high-growth sectors such as pharmaceuticals, technology, and advanced manufacturing [1][4][5] - Notable public funds and well-known fund managers are actively participating in private placements, indicating a shift in institutional capital towards high-quality growth companies [1][4] - The private placement market is experiencing a significant increase in project numbers and fundraising scale since the third quarter, with public funds playing a major role [6] Group 2 - In October, public funds have shown strong interest in technology leaders, with companies like Cambricon and Shenghong Technology attracting significant investments [2][3] - Cambricon's private placement raised approximately 3.985 billion yuan at an issue price of 1195.02 yuan per share, with participation from 13 institutions including major fund managers [2] - Shenghong Technology's private placement raised around 1.9 billion yuan at an issue price of 248.02 yuan per share, with 10 institutions participating [3] Group 3 - The trend of public funds participating in private placements has been ongoing, with several projects in the second half of the year attracting notable fund managers, reflecting a sustained pursuit of quality assets [4] - The private placement market is characterized by a structural increase in allocations towards sectors like pharmaceuticals and technology, indicating a long-term investment strategy shift among institutions [4][6] - The performance of private placement theme funds has been strong, with median returns of 15.76% for the third quarter and 17.93% year-to-date, showcasing the profitability of these investments [6]

Core Viewpoint - The private placement market is experiencing a recovery, with public funds increasingly participating in high-quality growth companies, particularly in sectors like pharmaceuticals, technology, and advanced manufacturing [1][4]. Group 1: Market Trends - Since October, public funds have actively engaged in private placements, favoring technology stocks such as Cambricon and Shenghong Technology [2]. - The private placement market is transitioning from recovery to warming, with an increase in both the number of projects and the amount raised since the third quarter [6]. - Public funds are focusing on high-quality assets, with notable participation from well-known fund managers in various private placement projects [4][6]. Group 2: Specific Company Activities - Cambricon announced a private placement on October 21, with a subscription price of 1195.02 yuan per share, raising approximately 3.985 billion yuan [2]. - Shenghong Technology's private placement on October 17 had a subscription price of 248.02 yuan per share, raising around 1.9 billion yuan [3]. - Both companies have seen significant stock price increases, with Cambricon's market value reaching 602.8 billion yuan and Shenghong Technology's at 242.5 billion yuan [2][3]. Group 3: Fund Performance - The median return for private placement theme funds was 15.76% for the third quarter and 17.93% for the year as of the end of September [6]. - Notable gains have been observed in projects involving well-known fund managers, with some experiencing floating profits of nearly 30% [6].