Group 1 - The core viewpoint of the article is that the public offering and insurance capital financial institutions may participate in pricing and fixed increases in the future, which will invigorate the fixed increase market [1] - Since 2025, the fixed increase market has shown signs of recovery, primarily due to the increased enthusiasm for mergers and acquisitions [1] - From an investment perspective, both competitive and fixed pricing increases have high win rates and better returns, making them a favorable investment direction [1] Group 2 - Previously, public offerings and insurance capital financial institutions found it difficult to be recognized as strategic investors in fixed pricing increases [1] - However, since 2023, policy optimizations have allowed national social security funds to participate in fixed pricing increases for companies like China Nuclear Power and State Power Investment Corporation [1] - The potential participation of public offerings and insurance capital financial institutions in fixed pricing increases is expected to further inject vitality into the fixed increase market [1]

Core Insights - The A-share private placement market is showing a significant recovery trend in 2025, with 66 listed companies completing private placements, raising over 650 billion yuan, far exceeding the fundraising scale of the same period in 2024 [1][2] - The surge in private placement scale is closely related to the substantial fundraising by state-owned banks, which have collectively raised 520 billion yuan [1][4] - The booming private placement market is attributed to policy relaxation, industrial demand, and the restoration of the financing function of the A-share market [1][3] Fundraising Scale - As of July 15, 2025, the total amount raised through private placements has reached 651.79 billion yuan, significantly higher than the previous year [2] - The increase in private placements is driven by the implementation of new regulations that lower financing thresholds for companies [2][3] Bank Participation - State-owned banks account for nearly 80% of the total private placement fundraising, with major banks raising a total of 520 billion yuan [4][5] - The government has proposed issuing special bonds to support state-owned banks in replenishing their capital, highlighting the importance of these banks in maintaining financial stability [4][5] Market Performance - Over 91.55% of private placement projects this year are currently profitable, indicating a strong market performance [6] - Some companies have seen their stock prices rise over 100% compared to their issuance prices, attracting more investors to the private placement market [6] Future Outlook - The private placement market is expected to maintain a positive trend, driven by stable market expectations and ongoing demand [7]

Core Viewpoint - The article highlights a significant increase in the scale of private placements in the Chinese stock market, with 66 listed companies raising over 650 billion yuan in 2025, indicating a new phase of "quantity and quality improvement" in the private placement market [1][4]. Group 1: Market Overview - As of now, 66 listed companies have completed private placements, raising a total of over 650 billion yuan, which is significantly higher than the same period in 2024 [1][4]. - The surge in private placements is closely linked to substantial capital increases by state-owned banks, which have collectively raised 520 billion yuan [1][7]. - The private placement market is transitioning from "scale expansion" to "structural optimization," providing long-term capital support for high-quality development of the real economy [1]. Group 2: Regulatory Changes and Economic Factors - The explosive growth in private placements is attributed to policy relaxations and increased industrial demand, as well as the recovery of the A-share market's financing function [1][4]. - New regulations implemented in 2025 have made it easier for strategic investors to participate, with more flexible pricing and lower issuance price discounts [4]. - The macroeconomic recovery has improved corporate profit expectations, and liquidity has been released through central bank actions, enhancing market risk appetite [4][5]. Group 3: Bank Participation - State-owned banks account for nearly 80% of the total private placement funds raised this year, with major banks like China Bank and Postal Savings Bank leading the way [6][7]. - The government has proposed issuing special bonds to support state-owned banks in capital replenishment, highlighting the importance of these banks in maintaining financial stability [7]. - The core tier one capital adequacy ratios of major banks are under pressure due to rising non-performing loan risks, making private placements a vital method for rapid capital replenishment [8]. Group 4: Investment Performance - A significant majority of private placement projects this year are showing profits, with 91.55% of projects achieving floating gains [10]. - Some companies have seen their stock prices rise over 100% compared to their issuance prices, indicating a strong market performance [10]. - However, there are instances of losses in certain projects, emphasizing the need for careful analysis by institutional investors regarding the fundamentals and viability of the companies involved [10]. Group 5: Future Outlook - The private placement market is expected to maintain a positive trend, driven by stable market conditions and ongoing demand for capital [11].

Group 1: Market Dynamics - As of July 7, 2025, there were 20 new private placement projects added in the last two weeks, a 10.00% increase from the previous period[7] - The approval rate for projects was 100.00%, with 7 projects approved by the review committee, an increase of 133.33%[17] - The total number of projects under normal review is 609, with 58 projects having received approval from the review committee and the CSRC, remaining stable[7] Group 2: Fundraising and Pricing - The total fundraising amount for 8 projects listed in the last two weeks was 116.52 billion yuan, a decrease of 59.43% from the previous period[32] - The average market price discount rate for competitive projects was 14.61%, down 3.77 percentage points[32] - The average subscription success rate for competitive projects was 66.40%, an increase of 8.81 percentage points[40] Group 3: Unlocking Gains - Among the 5 competitive projects that were unlocked, 80.00% had positive returns, an increase of 13.33 percentage points[45] - The average absolute return on the unlocking day was 22.18%, with an excess return of 18.90%, both showing significant increases[45] - The average market price discount rate for unlocked projects was 15.56%, up 2.27 percentage points[45]

Market Overview - In H1 2025, there were 76 listed private placement projects in the A-share market, a year-on-year decrease of 7% but a quarter-on-quarter increase of 23%[3] - The total fundraising amount reached CNY 695.92 billion, a sixfold increase year-on-year and quarter-on-quarter, accounting for 91% of equity financing[3] Investor Participation - The average number of participants per project increased to 23, leading to a selection rate of 57.99%[3] - The bidding projects' full fundraising rate rose to 71.43%, a year-on-year increase of 27 percentage points[3] Discount Rates - The average benchmark discount rate and market price discount rate reached new lows at 11.17% and 11.68%, respectively[3] - 16.67% of bidding projects were priced at the floor price, marking the lowest since H1 2024[3] Performance Metrics - The average absolute return for 43 bidding projects that were unlocked was 24.88%, a significant increase of over 29 percentage points year-on-year[3] - 65% of these projects outperformed the Shenwan first-level industry, with an average excess return of 11.60%[3] Future Outlook - The approval pace for new projects is expected to remain steady, with a focus on small-cap stocks, as 58% of existing bidding projects have a total market value of less than CNY 5 billion[3] - The discount rates are anticipated to remain low, with expected ranges of 10% to 15% in H2 2025, influenced by stable supply and increased participation[3] Risk Factors - Potential risks include slower-than-expected issuance and review progress, changes in market conditions, and fluctuations in secondary market stock prices[3]

Group 1 - Public funds have shown increasing enthusiasm for investing in high-quality assets through A-share private placements, with a total investment amount reaching 10.917 billion yuan as of June 24 [1][4] - Notable public fund participants include Nord Fund, which engaged in 39 placements with a total investment of 4.712 billion yuan, and Caitong Fund, which participated in 41 placements with a total investment of 3.876 billion yuan [1][2] Group 2 - The attractiveness of private placement projects is highlighted by Haohua Technology, which attracted three public funds with a total investment of 1.628 billion yuan, and Guolian Minsheng, which drew four institutions with a total investment of 916 million yuan [4] - The trend in public fund private placements is shifting from "arbitrage" to "industry trend investment," with leading institutions actively investing in hard technology and resource restructuring [4] Group 3 - A total of 34 public fund private placement targets have achieved floating profits, with 14 of them having a floating profit rate exceeding 20%, and four targets exceeding 50% [5] - The non-ferrous metal industry is the most favored sector for public fund investments, with companies like Anning Co. and Zhongtung High-tech receiving a combined investment of 1.849 billion yuan [5] Group 4 - The recovery of the private placement market this year is attributed to supportive policies and improving market conditions, with public funds allowed to participate as strategic investors in private placements [5][6] - The private placement projects in key strategic areas such as semiconductors, AI computing power, and new energy are becoming capital hubs for industrial upgrades, indicating their potential for valuation elasticity and performance realization [6]

Group 1: Project Dynamics - As of June 23, 2025, there are 607 ongoing private placement projects, with 18 new projects added in the last two weeks, a decrease of 3 from the previous period[5] - The number of terminated projects decreased by 4 to 7, while the number of projects approved by the review committee fell by 8 to 2[5] - The average time from proposal to approval for non-simple procedures is approximately 528 days, an increase of 274 days from the previous period[16] Group 2: Fundraising Overview - Total fundraising in the last two weeks reached 287.21 billion yuan, a significant increase of 96602.56% driven by two projects exceeding 100 billion yuan[27] - The average benchmark discount rate for competitive bidding projects decreased by 8.83 percentage points to 11.17%[27] - The average market price discount rate for competitive bidding projects increased by 0.58 percentage points to 18.38%[27] Group 3: Unlocking Gains - Among the 6 competitive bidding projects that were unlocked, 4 had positive returns, with a positive return rate of 66.67%, down 33.33 percentage points from the previous period[40] - The average absolute return rate on the unlocking day for these projects was 7.02%, a decrease of 12.76 percentage points[40] - The average market price discount rate for these projects was 13.29%, down 3.69 percentage points from the previous period[41] Group 4: Pricing Project Performance - The two pricing projects unlocked had an average absolute return rate of -11.04%, a decline of 198.24 percentage points, with a success rate of 50%[47] - The average market price discount rate for these pricing projects was 7.39%, down 18.96 percentage points[49] - The average industry return during the "issue-unlock" period was -25.23%, a decrease of 55.25 percentage points[49] Group 5: Risk Factors - Risks include slower-than-expected review progress, fluctuations in secondary market stock prices, and changes in the competitive bidding market environment[51]

研 究 专 题 定增双周报 2025 年 06 月 09 日 新增数量维持高位，解禁收益均为正 ——定增市场双周报 2025.05.26-2025.06.08 本期投资提示： 新 股 发 行 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 研究支持 朱敏 A0230524050004 zhumin@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - ⚫ 新增项目维持高位，存量项目环比增加。截至 2025 年 6 月 9 日，上两周（5 月 26 日至 6 月 8 日）新增 21 宗定增项目（其中竞价 11 宗），环比持平；终止 11 宗（其中竞价 5 宗）， 环比增加 1 宗；发审委通过 10 宗（其 ...

Group 1: Market Dynamics - 21 new private placement projects were added in the last two weeks, a 10.53% increase from the previous period[5] - 10 projects were terminated, marking a 42.86% increase in terminations[5] - The number of projects awaiting approval stands at 598, with 60 projects having passed the review and registration process[5] Group 2: Fundraising and Pricing - The total fundraising amount for the 9 projects listed in the last two weeks reached 5.362 billion yuan, a 286.83% increase[26] - The average base discount rate for competitive projects was 14.88%, up 2.94 percentage points from the previous period[26] - The average subscription success rate for competitive projects dropped to 40.00%, a decrease of 60.00 percentage points[26] Group 3: Unlocking Gains - Among the 5 competitive projects that were unlocked, 4 yielded positive returns, resulting in an 80.00% success rate[42] - The average absolute return on the unlocking day for these projects was 25.30%, with an excess return of 26.87%[42] - The average market price discount rate for unlocked projects was 15.91%, down 1.12 percentage points[42] Group 4: Project Analysis - Long White Mountain aims to raise up to 236 million yuan for tourism-related projects, with a total market value of 8.475 billion yuan[19] - China Energy Construction plans to raise up to 9 billion yuan for multiple renewable energy projects, with a total market value of 80.176 billion yuan[20]

Group 1: Market Dynamics - The registration pace has significantly accelerated, with a total of 594 projects currently under review, an increase of 2 from the previous period[6] - In the last two weeks, 18 new private placement projects were added, a decrease of 6 from the previous period, while 7 projects were terminated, also down by 6[6] - The average time from proposal to approval has shortened to 233 days, with a 100% approval rate for projects reviewed in the last two weeks[18] Group 2: Fundraising and Pricing - Two competitive bidding projects raised a total of 1.386 billion yuan, a decrease of 88.08% from the previous period, with a full subscription rate of 100%[32] - The average base discount rate for competitive bidding projects increased by 3.05 percentage points to 11.95%[32] - The average market discount rate for these projects rose by 3.73 percentage points to 12.76%[32] Group 3: Performance Analysis - Among the six competitive bidding projects that were unlocked, 66.67% had positive returns, a decrease of 33.33 percentage points from the previous period[43] - The average absolute return on the unlock date for these projects was 23.62%, down by 6.16 percentage points[43] - For four pricing projects, the average absolute return was -20.52%, a significant drop of 96.50 percentage points from the previous period[49] Group 4: Risk Factors - Risks include slower-than-expected review progress, fluctuations in secondary market stock prices, and changes in the competitive bidding environment[54]