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]

Core Viewpoint - The A-share private placement market is experiencing a resurgence, with significant growth in fundraising activities and a shift in regulatory stance favoring mergers, acquisitions, and private placements [1][11]. Group 1: Market Overview - In Q1 2025, 101 listed companies disclosed private placement plans, with a total intended fundraising of nearly 500 billion yuan [3][5]. - The majority of these companies are from the electronics, machinery, and automotive sectors, indicating a diverse industry participation [3]. - Private placements have become the preferred method for listed companies to raise funds, surpassing public offerings and convertible bonds in terms of scale [1]. Group 2: Fundraising Details - The four major state-owned banks plan to raise a combined total of up to 520 billion yuan through private placements, with specific amounts allocated for core tier-1 capital replenishment [5]. - In Q1 2025, 39 companies completed private placements, raising a total of approximately 1,269.18 billion yuan, which accounted for about 85.24% of the total fundraising in the primary market [6]. Group 3: Notable Projects - Four major private placement projects have attracted significant market attention, including: - Guolian Securities' 294 billion yuan acquisition of Minsheng Securities, aimed at creating a leading brokerage firm [8]. - AVIC Chengfei's 174 billion yuan private placement to acquire 100% of Chengfei Group, enhancing its military aircraft manufacturing capabilities [9]. - China Nuclear Power's 140 billion yuan private placement for nuclear project construction [10]. - Guotai Junan's significant capital injection for international business and digital transformation [10]. Group 4: Investor Insights - The private placement market is characterized by a high level of professional involvement, with institutional investors dominating and individual investors accounting for less than 10% of participation [11]. - Investors are advised to monitor the critical "golden 72 hours" following private placement announcements, as high-quality projects tend to see average gains, while liquidity-driven projects may decline [12].