（文章来源：每日经济新闻） 每经AI快讯，9月30日，Wind数据显示，9月30日，A股共18家公司发布定增相关公告。其中3家公司披 露股票定增预案，8家定增预案获股东大会通过，3家定增预案获交易所通过，2家定增预案获证监会通 过，2家定增方案停止实施。从当日最新披露定增预案来看，中材科技、罗欣药业、金埔园林分别拟定 增不超44.81亿元、8.42亿元、1.29亿元。 ...

Core Viewpoint - The A-share private placement market is currently very active, attracting multiple fund companies and notable fund managers to participate [1] Group 1: Private Placement Activities - Aishuo Co., Ltd. announced the results of its private placement, with 22 participating institutions, including two foreign institutions and various public and private funds, raising a total of 3.5 billion yuan by issuing 291 million shares at a price of 12.03 yuan per share [3] - E Fund was the second-largest recipient in the private placement, receiving 361 million yuan, alongside five other public funds that also participated [3] - In a separate announcement, Jingshun Great Wall Fund disclosed that ten of its actively managed equity funds participated in the private placement, with the highest individual fund value approaching 60 million yuan [3] Group 2: Fund Participation Details - E Fund's announcement indicated that four of its funds participated in the private placement, including two mixed funds managed by emerging fund manager Jia Jian, as well as a solar theme ETF and a new energy theme ETF [4] - Baili Tianheng reported that 18 professional investment institutions participated in its private placement, with a total allocation of 11,873,817 shares, amounting to 3.764 billion yuan [4] - Among the participating institutions, China Europe Fund received the most shares, totaling 2,141,397 shares worth 679 million yuan, while E Fund received 1,510,031 shares valued at 479 million yuan [4][5] Group 3: Fund Manager Contributions - Industrial Bank of China Fund announced that seven of its funds participated in Baili Tianheng's private placement, with a total cost of 323 million yuan [5] - According to reports from Fortune Fund, 15 of its funds participated in Baili Tianheng's private placement, with a total cost of 259 million yuan, including the Fortune Tianhui Growth Fund managed by Zhu Shaoxing, which received 315,457 shares valued at nearly 100 million yuan [6]

2025年的A股定增市场格外热闹。私募机构鱼贯而入，试图在这片"折价沃土"中获取超额收益。私 募排排网数据显示，从今年初至9月4日，已有41家私募机构参与A股定增项目，获配金额近40亿元，整 体浮盈超35%。另一家第三方机构监测数据显示，从今年初至9月9日，在私募参与的45只定增个股中， 8只个股的私募浮盈超过100%，16只个股的私募浮盈超过50%。在这场定增盛宴中，私募机构各显神 通，展现出不同的投资策略与择股能力。 定增市场正在成为私募机构的业绩增长点。市场回暖、政策优化等因素共同推动了私募定增策略收 益率攀升。在此背景下，今年A股定增市场正在经历一轮显著回暖。 根据私募机构涌津投资的监测，从今年初至8月7日，已有95家A股上市公司完成定增，合计募资 7279.22亿元，同比增长约542%，较2024年全年1730.52亿元的定增募资金额同比增长逾3倍。即便剔除 中国银行、邮储银行等多只银行股的巨额定增，其他项目的定增募资额仍高于2024年全年，显示出今年 定增市场活跃度的大幅提升。 涌津投资董事长谢小勇向记者透露："今年5月以来，定增市场热度明显提升，我们择机参与了2只 股票的定增项目，主要关注低估值 ...

Core Insights - The A-share private placement market is experiencing significant activity in 2025, with private equity firms entering to capture excess returns in this "discounted land" [1][4] - From the beginning of the year to September 4, 41 private equity firms participated in A-share private placement projects, with a total allocation amount nearing 4 billion yuan and an overall floating profit exceeding 35% [1][4] - The market is witnessing a notable recovery, 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% [4] Market Dynamics - The resurgence of the private placement market is attributed to multiple factors, including market recovery and policy optimization, which have collectively driven up the returns of private placement strategies [4][11] - The new "National Nine Articles" and other capital market policies have improved the investor structure in the private placement market [4] - The overall positive trend in the A-share market has increased investor interest in participating in private placements [4] Investment Strategies - Private equity firms are employing various investment strategies and stock selection capabilities in this private placement feast [2][10] - The typical issuance price of listed company private placements often comes at a discount, allowing private equity firms to acquire shares at a lower cost, thereby enhancing investment returns [5][11] - The participation scale of private equity firms shows a "multi-layered participation" pattern, with varying allocation amounts across different firms [5] Return Drivers - The returns from private placement strategies are driven by three main factors: the discount of the issuance price compared to market value, overall market beta, and the alpha generated by individual stocks outperforming the market [6][7] - The discount advantage is a core attraction for private placement investments, with many projects offering issuance prices approximately 10% lower than market prices [7] - The overall market recovery provides beta returns, making the discount safety net more significant [7] Sector Preferences - Private equity firms have shown distinct preferences in investment sectors, focusing on TMT, chemicals, pharmaceuticals, electronics, and machinery, which are benefiting from "price increase expectations" or are in "policy-supported" industrial cycles [8][10] Decision-Making and Risk Management - Different scales of private equity firms exhibit contrasting strategies; smaller firms tend to adopt "betting" operations, while larger firms focus on risk control through diversified investments [10] - The decision-making and risk control mechanisms of private equity firms are crucial, with the ability to make quick decisions providing a relative advantage [10] - The flexibility in capital allocation allows private equity firms to participate in private placements through various models, enhancing risk management and return potential [10] 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 [11] - Investors are advised to focus on participation prices and adapt flexibly to market conditions, with those possessing deep research and pricing capabilities likely to gain a competitive edge [11]

Group 1 - The A-share private placement market is experiencing significant activity in 2025, with private equity firms entering to seek excess returns in a "discounted land" [1][2] - From the beginning of the year to September 4, 41 private equity firms participated in A-share private placements, with a total allocation amounting to nearly 4 billion yuan and an overall floating profit exceeding 35% [1][2] - As of September 9, among the 45 stocks involved in private placements, 8 stocks had floating profits exceeding 100%, and 16 stocks had floating profits exceeding 50% [1][2] Group 2 - The private placement market is becoming a performance growth point for private equity firms, driven by market recovery and policy optimization, leading to increased returns from private placement strategies [2] - A total of 95 A-share listed companies completed private placements from the beginning of the year to August 7, raising a total of 727.92 billion yuan, a year-on-year increase of approximately 542% [2] - The increase in private placement activity is attributed to several factors, including favorable capital market policies and a positive overall market trend for A-shares [2] Group 3 - The discount in the issuance price of private placements compared to market value is a core attraction for private equity firms, allowing them to acquire shares at a lower cost and enhance investment returns [3][4] - The overall market recovery provides beta returns for private placement investments, with many projects offering discounts of around 10% compared to market prices [4] - The quality of private placement projects has improved due to stricter refinancing reviews, filtering out less sustainable investment strategies [4] Group 4 - Different scales of private equity firms exhibit distinct strategies in private placements, with smaller firms often taking "betting-style" approaches while larger firms focus on risk control [6] - Private equity firms have a relative advantage in rapid decision-making, allowing them to quickly participate in private placement projects and achieve substantial returns [6] - The flexibility in capital allocation allows private equity firms to engage in private placements through various models, enhancing risk management and return potential [6] Group 5 - There is a growing focus among private equity firms on high-growth opportunities in quality companies and the potential for recovery in industries facing challenges [7] - 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 [7] - Private equity managers with flexible response capabilities and deep research and pricing abilities will have a competitive advantage in the evolving market [7]

【环球网财经综合报道】Wind数据显示，A股9月11日共7家公司发布定增相关公告。其中1家公司披露 股票定增预案，4家定增预案获股东大会通过，1家定增预案获证监会通过，1家定增方案停止实施。从 当日最新披露定增预案来看，盟固利定增募资预案金额最高，拟定增不超9.8亿元。 今年以来，已有91家公司公告定增方案已完成，40家公司定增金额超10亿元。具体来看，中国银行、邮 储银行、交通银行定增募资金额最高，募资总额分别为1650亿元、1300亿元、1200亿元。 另据公开报道，今年以来，公募基金在定增市场的表现颇为亮眼。随着市场回暖，公募八成以上的定增 项目实现了浮盈，部分基金在单个定增标的上的浮盈突破千万元，亦有个股因股价大幅攀升带来可观的 浮盈比例。 ...

Core Insights - Private equity firms have significantly participated in A-share private placements this year, with a total allocation amounting to 3.96 billion yuan and an overall floating profit of 1.39 billion yuan, representing a floating profit ratio of 35.11% [1][2] Group 1: Participation and Performance - A total of 41 private equity firms participated in 41 private placements across 15 industries, achieving a combined allocation of 3.96 billion yuan [1][2] - The floating profit distribution shows that 4 firms have a floating profit ratio below 10%, 9 firms between 10% and 19.99%, 10 firms between 20% and 39.99%, 15 firms between 40% and 90%, and 3 firms exceeding 100% [2][3] Group 2: Scale of Private Equity Firms - Among the participating firms, 17 firms with assets under management of 0-500 million yuan accounted for 1.1 billion yuan, representing 27.79% of the total allocation [2] - Firms with 10-20 billion yuan in assets accounted for 1.02 billion yuan, or 25.81% of the total, while those with 5-10 billion yuan accounted for 780 million yuan, or 19.71% [2] - The largest firms, those with over 100 billion yuan in assets, accounted for 340 million yuan, or 8.59% of the total allocation [2] Group 3: Market Sentiment and Investment Strategy - The active participation of private equity firms in private placements indicates a warming confidence in the A-share market, as noted by industry experts [3] - A stable market environment has reduced the difficulty of issuing private placement projects and enhanced investor optimism, encouraging participation in financing for companies [3] - Private equity firms have demonstrated precise investment capabilities, effectively selecting high-quality private placement projects through in-depth research on macroeconomic conditions, industry trends, and company fundamentals [3]

Group 1 - Public funds have invested 17.4 billion yuan in private placements this year, with floating profits exceeding 8 billion yuan [1][5] - The demand for private placements this year is better than last year, with increased market participation enthusiasm and a richer investor structure, particularly with rising interest from state-owned enterprises [1][7] - The sentiment in the private placement market is expected to remain moderate, influenced by a stable stock market and potential interest rate cuts by the Federal Reserve [1][7] Group 2 - The most profitable private placement project for public funds this year is Jinghua New Materials, with a floating profit ratio exceeding 200% [3][4] - As of the end of August, 98% of the private placement stocks have achieved floating profits, with an average floating profit ratio of 48.14% [4][6] - Notable public funds participating in private placements include Nord Fund and Caitong Fund, with significant floating profits of 2.9 billion yuan and 2.88 billion yuan respectively [6]

Group 1 - On August 27, a total of 11 companies in the A-share market announced related plans for private placements [1] - Among these, 2 companies disclosed new private placement proposals, while 3 proposals were approved by shareholders' meetings [1] - Additionally, 2 proposals received approval from the stock exchange, and 3 proposals were approved by the China Securities Regulatory Commission (CSRC) [1] - One private placement plan was halted [1] Group 2 - The latest disclosed private placement proposals include Pan Asia Micro-Optics, which plans to raise no more than 699 million yuan, and Tianyu Biology, which aims to raise up to 465 million yuan [1]

Core Insights - The company reported a revenue of 3.919 billion yuan for the first half of 2025, representing a year-on-year growth of 4.30% [1] - The net profit attributable to shareholders reached 960 million yuan, showing a significant increase of 24.04% year-on-year [1] Revenue Performance - Toll revenue for the first half was 2.449 billion yuan, with a year-on-year increase of 0.64%. Excluding the impact of Yichang Expressway no longer being included in the consolidated scope since March 21, 2024, the toll revenue growth on a comparable basis was 4.31% [1] Project Development - The company has made steady progress on its ongoing projects, with the opening of the Outer Ring Kengzi East Hub and the Outer Ring Xinwei Toll Station on March 11 and April 23, respectively [1] - The Outer Ring Phase III has commenced construction, achieving approximately 20% of the engineering progress by the end of the reporting period [1] - The main construction of the Jihe Expressway expansion project has started, with about 12% of the engineering progress completed [1] - The company is also advancing the expansion of the Guangzhou to Shenzhen section of the Jinggang'ao Expressway through its subsidiary Bay Area Development, with the Dongguan-Guangzhou section entering the physical construction phase [1] Financial Strategy - The company has optimized its debt structure by issuing short-term financing bonds, medium-term notes, and perpetual corporate bonds totaling 9.3 billion yuan to replace existing debt and supplement working capital [2] - A successful issuance of 4.7 billion yuan in A-share private placements has strengthened the company's capital position, providing robust support for sustainable future development [2]