【导读】 定增募资规模激增超6倍，私募积极布局 中国基金报记者 吴君 任子青 今年以来，A股定增市场显著回暖，募资规模同比激增超6倍。私募机构成为重要参与力量， 年内41家私募获配金额近40亿元，整体浮盈比例超35%。 受访机构表示，私募积极参与定增，既受政策与市场环境的推动，也源于自身产业视角、灵 活策略与资源整合的独特优势。在当前市场环境下，定增仍具吸引力，未来市场仍以结构性 机会为主。 私募积极参与定增 Wind数据显示，截至9月6日，年内已有81家上市公司完成定增，合计募资6875.05亿元，同 比增长673.81%；即便剔除中国银行、邮储银行、交通银行、建设银行合计5200亿元的巨额 定增，其余项目募资额较去年同期仍增长近89%。 私募机构积极参与定增。私募排排网数据显示，截至9月4日，按定增上市日统计，今年以来 共有41家私募机构参与40多只个股定增，获配金额合计39.60亿元；以当日收盘价计算，整 体浮盈达13.90亿元。 "2023年、2024年市场整体低迷，定增市场冷清，公司转为谨慎出手、精选项目，去年仅参 与个位数项目。但2025年5月以来市场热度回升，公司择机参与2只定增，聚焦低估值、高 ...

Core Viewpoint - The investment banking sector in China is experiencing significant growth, driven by an increase in IPO activities and a recovering capital market, particularly in the A-share and Hong Kong markets [1][2][3]. Group 1: A-share Market Performance - In the first half of the year, the A-share equity financing issuance scale reached 774.14 billion yuan, a year-on-year increase of 347.55% [2]. - The IPO issuance scale was 37.36 billion yuan, up 14.96% year-on-year, while refinancing reached 736.78 billion yuan, increasing by 424.47% [2]. - Among 42 listed securities firms, 28 reported growth in investment banking revenue, with leading firms like CITIC Securities achieving 2.05 billion yuan in investment banking income, the highest in the sector [3][5]. Group 2: Investment Banking Revenue Growth - Major securities firms, including CITIC Securities and CICC, reported substantial increases in investment banking revenue, with CICC's revenue growing nearly 150% year-on-year [5][6]. - A number of mid-sized firms also saw significant gains, with revenues ranging from 400 million to 1 billion yuan, indicating a broad recovery across the sector [5][6]. - Conversely, some smaller firms faced challenges, with 14 listed small securities firms reporting investment banking revenues below 100 million yuan [6][7]. Group 3: Hong Kong Market Opportunities - The Hong Kong IPO market has been particularly active, with 42 IPOs completed in the first half, raising 14 billion USD, a year-on-year increase of 713.7% [9][10]. - Major firms like CICC and CITIC Securities capitalized on this trend, securing large IPO deals, including significant transactions for companies like CATL and BYD [9][10]. - The competitive landscape in Hong Kong has prompted firms to allocate more resources and personnel to capture these opportunities, with some firms sending teams to Hong Kong to enhance their presence [11][12]. Group 4: Future Outlook - Analysts expect the IPO market to continue its recovery, supported by favorable market conditions and policy adjustments [1][12]. - The resurgence of the private placement market, with a total of 663.3 billion yuan raised from 76 companies, indicates a growing appetite for equity financing [13][14]. - The trend of larger firms dominating the investment banking space is likely to persist, as smaller firms struggle to compete effectively [6][7].

Group 1: Market Dynamics - 26 new private placement projects were added in the last two weeks, a 8.33% increase from the previous period, with 17 being competitive bids[5] - The number of projects terminated remained stable at 10, with 6 being competitive bids[5] - The approval rate for projects was 100%, with 5 projects approved by the review committee, a decrease of 50% from the previous period[5] Group 2: Fundraising and Pricing - A total of 166.42 billion CNY was raised from 9 projects, a staggering 1613.24% increase compared to the previous period[34] - The average base discount rate for competitive projects was 12.59%, up 6.78 percentage points, while the market price discount rate averaged 13.27%, down 0.86 percentage points[34] - The average market price discount rate for non-competitive projects was 33.37%[34] Group 3: Competitive Bidding Insights - The average number of institutions participating in competitive bids was 25, with an average allocation rate of 63.86%, an increase of 28.44 percentage points[43] - The average premium rate for competitive bids was 8.52%, down 3.44 percentage points from the previous period[43] Group 4: Project Analysis - Aikodi plans to raise up to 520 million CNY for acquisitions, with a projected PE of 10.25X, lower than its current PE of 20.18X[25] - Lukan Pharmaceutical aims to raise up to 1.2 billion CNY for high-end formulation projects, with a market outlook driven by aging population and chronic diseases[27]

Group 1 - The public fund sector has seen significant gains in the private placement market this year, with a total allocation amounting to 17.35 billion yuan and a floating profit of 8.35 billion yuan, resulting in an overall floating profit ratio of 48.14% [1] - The most favored stock for public fund private placements is Haohua Technology, with a total allocation of 1.63 billion yuan from three public fund institutions [1] - Other notable stocks include Chipone Technology, which attracted 1.27 billion yuan from five public fund institutions, and Guolian Minsheng, which received 916 million yuan from four public fund institutions [1] Group 2 - As of the end of August, 54 stocks from public fund private placements have achieved floating profits, with 9 stocks showing a floating profit ratio of at least 100% [2] - Among these, Jinghua New Materials has a floating profit ratio of 206.42%, while Yokogawa Precision follows with a ratio of 145.38% [3] - Other stocks with floating profit ratios exceeding 100% include Guoji Precision, Zhongtung High-tech, and Xinyun Technology [3] Group 3 - The recovery of the private placement market since 2025 is attributed to an increase in merger and acquisition activities, with public funds and insurance capital expected to participate more actively in pricing private placements [4] - Policy optimizations have allowed national social security funds to engage in pricing private placements, enhancing market vitality [4]

Group 1: Market Dynamics - As of August 4, 2025, there were 20 new private placement projects in the last two weeks, a decrease of 6 projects compared to the previous period[6] - The number of terminated projects decreased by 8, totaling 5 projects, with 2 being competitive bidding[6] - The number of projects approved by the review committee decreased by 4 to 7, while the number registered by the CSRC increased by 1 to 11[6] Group 2: Fundraising and Pricing Trends - The total fundraising amount for the 4 projects listed in the last two weeks was 76.33 billion yuan, a decrease of 45.53%[27] - The average benchmark discount rate for competitive bidding projects increased by 12.84 percentage points to 18.36%[27] - The average market price discount rate for competitive bidding projects rose by 13.92 percentage points to 21.13%[27] Group 3: Investor Participation and Returns - The average bid participation rate for competitive projects increased to 83.62%, up by 45.54 percentage points[27] - Among the 5 competitive projects that were unlocked, 4 had positive returns, with an average absolute return of 32.02%[39] - The average absolute return for 6 pricing projects that were unlocked was 45.96%, with a 100% success rate[42] Group 4: Company-Specific Insights - Lexin Technology plans to raise up to 1.778 billion yuan for Wi-Fi 7 router chip development, with a projected revenue growth of over 30%[19] - Huaneng Hydropower aims to raise up to 5.825 billion yuan for hydropower projects, with a total installed capacity of 2.6 million kilowatts[23]

Group 1 - The A-share private placement market has shown significant recovery in the first seven months of 2025, with 76 listed companies completing private placements and raising a total of 663.3 billion yuan, representing a year-on-year increase of 667% [1][3] - The substantial growth in private placement scale is primarily attributed to large private placements by state-owned banks, which have directly boosted the total fundraising amount in the market [3] - The industries with the highest number of completed private placements include electronics, machinery, power equipment, basic chemicals, and national defense, with 10, 10, 9, 8, and 6 companies respectively [4] Group 2 - Nine companies have seen their stock prices double following private placements [6] - The average price increase of stocks that issued private placements is 62.39% compared to their issuance price, driven by expectations of mergers and acquisitions and significant profit growth due to industry trends [7] - Over 200 listed companies have announced private placement plans in the first seven months of the year, with an expected total fundraising amount of nearly 250 billion yuan after excluding projects that have been halted [8]

Group 1 - The A-share market has seen a significant change in refinancing structure since 2025, with a remarkable increase in private placements, totaling 663.3 billion yuan raised by 76 listed companies, marking a year-on-year increase of 667.15% [1][2] - The majority of companies engaging in private placements are concentrated in capital goods, materials, and technology hardware sectors, indicating strong financing demand from traditional manufacturing and tech hardware firms [2] - The four major state-owned banks, including Bank of China, Postal Savings Bank, Transportation Bank, and Construction Bank, have emerged as the main contributors to the private placement market, each raising over 100 billion yuan, collectively accounting for more than half of the total fundraising [2] Group 2 - Securities firms are actively seizing opportunities in the private placement market, serving as lead underwriters or financial advisors, and benefiting from the growth of investment banking business [4] - A total of 62 out of the 76 listed companies disclosed issuance fees amounting to 904 million yuan, with a significant portion attributed to underwriting fees, highlighting the dominance of leading securities firms [4] - Securities firms are also participating as institutional investors in private placements, with 8 firms and 5 asset management companies involved in 46 placements, which helps enhance their investment returns and supports the real economy [4]

Core Viewpoint - The A-share private placement market has significantly rebounded since 2025, with 74 companies completing placements and raising a total of 659 billion yuan, marking a substantial increase compared to the same period last year [1][3]. Group 1: Market Recovery and Drivers - The increase in the number of companies initiating private placements, the proposed fundraising amounts, and the total amount raised are all significantly higher than the previous year [3]. - The recovery of the private placement market is attributed to a combination of policy incentives and market dynamics, with the release of policy benefits and the demand for industrial upgrades acting as dual driving forces [3]. - The "Six Merger Policies" released in September 2024 have activated the merger and acquisition market, leading to a surge in financing needs [3]. - The easing of restrictions for long-term funds such as public funds, insurance funds, and pension funds to participate in private placements has improved project approval efficiency and shortened project cycles [3]. - Over 90% of private placement projects this year have achieved floating profits, further attracting institutional funds into the market [3]. Group 2: Changes in Project Management - There has been a noticeable increase in new private placement projects this year, particularly in sectors such as software, information technology services, and electronic equipment manufacturing [6]. - Many investment banks maintain strong strategic ties with existing clients, leading to a higher proportion of old clients in new private placement projects [6]. - A significant number of new projects are related to merger financing, necessitating the establishment of specialized merger teams within investment banks to provide comprehensive services [7]. Group 3: Evolving Investor Participation - The private placement market has seen a significant profit effect this year, attracting more investors [9]. - Institutional investors' participation logic has undergone profound changes, shifting from viewing private placements as mere discount arbitrage tools to a dual validation approach of fundamentals and discount rates [9]. - There is a transition from short-term trading orientation to long-term allocation thinking, with public funds increasing their allocation in sectors like basic chemicals and non-ferrous metals [9]. - Private equity firms are now actively participating in pricing, utilizing quantitative models to select targets based on discount rates, industry rotation, and ESG factors [9]. Group 4: Competitive Strategies for Investment Banks - Investment banks are urged to enhance their competitive edge in private placements by transitioning from merely being a "channel" to creating value through industry research, funding services, technology application, and product innovation [10]. - Investment banks should establish professional teams in key sectors to conduct in-depth analysis and build industry valuation models [10]. - The need for dynamic pricing systems that adjust issuance base prices in real-time based on industry trends and interest rates is emphasized [10]. - The private placement business is evolving from a funding channel to a capital ecosystem organizer, with research capabilities and resource integration becoming key competitive advantages [10].

Group 1: New Issuance Dynamics - As of July 21, 2025, there are 598 ongoing private placement projects, with 26 new projects added in the last two weeks, a 30% increase from the previous period[5] - The average time from proposal to approval for private placements has decreased by 90 days to 341 days, maintaining a 100% approval rate[16] - The China Securities Regulatory Commission (CSRC) approved 11 projects, a decrease of 5 from the previous period[5] Group 2: Market Performance and Trends - The total fundraising amount for newly listed projects in the last two weeks is 14.01 billion CNY, a decrease of 38.6% from the previous period[28] - The average benchmark discount rate for competitive projects is 5.51%, down 8.49 percentage points, while the market price discount rate is 7.21%, down 7.40 percentage points[28] - The average absolute return for competitive projects that were unlocked in the last two weeks is 26.74%, with a positive return rate increasing by 20%[28] Group 3: Project Analysis - Sui Rui New Materials plans to raise up to 600 million CNY for projects related to liquid rocket engine components, with expected revenue growth exceeding 10% in 2023 and 2024[20] - Zhao Long Interconnect aims to raise up to 1.195 billion CNY for a production base in Thailand, with expected capacity increases including 170,000 kilometers of data cables[24] - The average price-to-earnings (PE) ratio for Sui Rui New Materials is 4.06, significantly higher than the industry average of 9.34%[23]

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].