Group 1: Market Trends - The pace of new listings has slowed, with 12 new private placement projects added in the last two weeks, a decrease of 10 projects compared to the previous period[2] - The number of terminated projects also decreased by 8, totaling 8 terminations in the same period[2] - The number of projects approved by the review committee increased by 5, totaling 12 approvals, while the number of projects registered by the CSRC decreased by 13, totaling 2 registrations[2] Group 2: Project Analysis - Fangzheng Technology plans to raise up to 1.98 billion CNY for an AI and high-density interconnect circuit board project, expected to generate an annual output value of approximately 2 billion CNY[2] - Deler Co. intends to acquire 100% of Aizhuo Technology and raise 0.83 billion CNY for smart upgrades, with the target company's valuation at 270 million CNY, reflecting a 203.33% increase[2][26] Group 3: Pricing and Discount Rates - The average base discount rate for the newly listed projects was approximately 14.34%, with a market price discount rate of 21.94% for the only competitive project listed in the last two weeks[30] - The average market price discount rate for two pricing projects was 48.99%[31] Group 4: Lock-up Period Returns - Among the three competitive projects that were unlocked, two had positive returns, with an average absolute return of 21.56% and an average excess return of -22.25%[42] - The average market price discount rate for these projects was 11.04%, indicating a slight increase from the previous period[42] Group 5: Risk Factors - Risks include slower-than-expected progress in private placement reviews, fluctuations in secondary market stock prices, and changes in the market environment for private placement pricing[49]

Group 1: Market Trends - The pace of new public offerings has slowed, with 12 new projects added in the last two weeks, a decrease of 10 projects compared to the previous period[6] - The number of terminated projects also decreased by 8, totaling 8 terminations in the same period[6] - There are currently 624 projects in the normal review stage, with 67 projects having passed the review and registration, an increase of 10 projects[6] Group 2: Project Analysis - Fangzheng Technology plans to raise up to 1.98 billion CNY for an AI and high-density interconnect circuit board project, expected to generate an annual output value of approximately 2 billion CNY[23] - Deler Co. intends to acquire 100% of Aizhuo Technology and raise 83 million CNY for smart upgrades, with the target company's valuation at 270 million CNY, reflecting a 203.33% increase[25] Group 3: Fundraising and Pricing - In the last two weeks, three projects were listed, raising a total of 786 million CNY, a 96.47% decrease from the previous period[30] - The average market price discount rate for two fixed-price projects was 48.99%[31] - The average bid premium rate for Changbai Mountain was 9.27%, with a bid success rate of 77.78%[38] Group 4: Unlocking Gains - Among three newly unlocked bidding projects, 66.67% had positive returns, a decrease of 33.33 percentage points from the previous period[42] - The average absolute return on the unlocking day for these projects was 21.56%, marking a decline of 6.09 percentage points[42] - For four fixed-price projects, the average absolute return on the unlocking day was 92.33%, with a 100% success rate[46] Group 5: Risk Factors - Risks include slower-than-expected review progress, fluctuations in secondary market stock prices, and changes in the market environment for fundraising bids[48]

证 券 研 究 报 告 乘势而上，均衡配置 ——2025年定增市场总结及2026年展望 证券分析师：彭文玉 A0230517080001 朱敏 A0230524050004 联系人: 朱敏 A0230524050004 2025.11.17 摘要 www.swsresearch.com 证券研究报告 2 ◼ 解禁收益创新高，科技与周期双领跑。25年1-10月，竞价定增解禁绝对收益率均值达到31.61%，跑赢同期申万一级行业涨幅约 15.90pct，二者均创下新规后新高，且有85.53%项目绝对收益率为正，赚钱效应显著，主要系行业β及个股α双双回暖， "发行 -解禁"期间平均涨幅达15.71%、12.53%，为近三年最佳表现。其中，解禁收益结构呈现以下特征：1）定增折扣：高折价项目 收益依然领先；2）行业动能：科技成长与周期板块双双领跑；3）参与主体：大股东参与成为重要信心指标，而国资及产业资本 收益相对较弱。 ◼ 申购市场更"卷"，机构偏好分化。竞价申购市场参与热度攀升，平均申报溢价率达10.17%（较24年+2.17pct），推动基准折 价率压缩至10.97%（较24年-3.18pct），底价发行占比仅11 ...

Group 1 - The report highlights a significant recovery in the private placement market in 2025, driven by favorable policies and increased market activity, leading to a pronounced profit effect [4][5][6] - The "Merger Six Guidelines" initiated a new round of relaxed policies for mergers and acquisitions, enhancing market activity and increasing the number of related private placement projects [16][18] - The implementation of the "Long-term Capital Market Entry Plan" allows various institutional investors to participate in private placements, potentially increasing investment in pricing-based private placements [17][21] Group 2 - The number and scale of new private placement proposals have significantly increased, with a 92.3% year-on-year rise in competitive private placement proposals and a 105.3% increase in financing scale from January to October 2025 [5][19] - The average fundraising amount per project has notably increased, with competitive private placements averaging 15.22 million yuan, a 69.63% year-on-year growth [6][34] - The average yield of competitive private placements reached 38.69% by October 31, 2025, marking a new high since 2020, with a substantial increase from the previous year [6][37] Group 3 - The report emphasizes the focus on high-end manufacturing and innovative sectors, with the top five industries for new private placement financing being electronics, computers, machinery, power equipment, and automobiles [28] - The report identifies key investment themes, including smart vehicles, high-end manufacturing, and outdoor products, with specific companies recommended for investment [8][52] - The report notes that the private placement market is increasingly supporting the dual innovation sector, with nearly 50% of new financing proposals coming from the Sci-Tech Innovation Board and the Growth Enterprise Market [28][32]

Group 1: Market Dynamics - As of November 3, 2025, there were 22 new private placement projects in the last two weeks, a 4.76% increase from the previous period[6] - The number of terminated projects rose to 16, marking a 45.45% increase[6] - The approval rate for projects remained at 100%, with 7 projects approved by the review committee, a decrease of 12.5%[6] Group 2: Fundraising and Participation - The total fundraising amount for 13 projects listed in the last two weeks reached 22.271 billion yuan, a 96.18% increase[25] - The average bid discount rate for competitive projects was 10.51%, up 2.45 percentage points[25] - The average premium rate for bids was 12.59%, reflecting a 2.05 percentage point increase[35] Group 3: Performance Analysis - The average absolute return on newly unlocked competitive projects was 27.65%, with an excess return of -11.23%[38] - The average market price discount rate for these projects was 10.99%, an increase of 5.76 percentage points[38] - The average individual stock return during the "issue-unlock" period was 12.34%, down 18.14% from the previous period[38] Group 4: Risk Factors - Risks include slower-than-expected review progress, stock price volatility in the secondary market, and changes in the pricing environment for private placements[6]

Group 1: Market Dynamics - As of November 3, 2025, there were 22 new private placement projects added, a 4.76% increase from the previous period, with 16 projects terminated, marking a 45.45% increase[5] - The approval rate for projects was 100%, with 7 projects approved by the review committee, a decrease of 12.5% from the previous period[16] - There are currently 622 projects in the normal review stage, with 57 projects having received approval and registration, remaining unchanged[5] Group 2: Fundraising and Participation - In the last two weeks, 13 private placement projects were listed, raising a total of 22.271 billion yuan, a 96.18% increase from the previous period[25] - The average bid discount rate for competitive projects rose to 10.51%, an increase of 2.45 percentage points[25] - The average application premium rate for competitive projects was 12.59%, up by 2.05 percentage points, with an average of 23 institutions participating in bids[36] Group 3: Unlocking Gains - Among the 5 competitive projects that were unlocked, the average absolute return was 27.65%, while the average excess return was -11.23%, both showing a decline from the previous period[39] - The average market price discount rate for unlocked projects was 10.99%, an increase of 5.76 percentage points[39] - The average industry beta contribution during the "issue-unlock" period was 29.81%, with the electronics sector seeing gains exceeding 50%[39] Group 4: Risk Factors - Risks include slower-than-expected review progress for private placements, fluctuations in secondary market stock prices, and changes in the pricing environment for private placements[2]

Core Insights - Public institutions have shown increasing enthusiasm for participating in the private placement of listed companies, with a total subscription amount of 30.29 billion yuan in 2023, representing a 28.50% increase compared to 23.57 billion yuan in the same period last year [1][2] Group 1: Participation and Performance - A total of 37 public institutions participated in 74 private placement projects across 18 industries, with notable interest in the electronics and pharmaceutical sectors [1][2] - The floating profit amount from public institutions' participation in private placements has reached 10.84 billion yuan, indicating significant profit potential [1] - 59 companies had private placement projects that attracted over 100 million yuan from public institutions, with six companies receiving over 1 billion yuan [1] Group 2: Industry Preferences - The electronics and pharmaceutical industries are particularly favored by public institutions, with total subscriptions of 8.99 billion yuan and 4.52 billion yuan respectively [2] - Specific companies like Cambrian and Semiconductor Manufacturing International Corporation have attracted substantial investments, with Cambrian receiving 2.53 billion yuan from eight public institutions [1][2] Group 3: Institutional Insights - Among the 37 participating public institutions, 27 had total subscriptions exceeding 100 million yuan, with five institutions surpassing 1 billion yuan [2] - Nord Fund led with a subscription total of 8.90 billion yuan, participating in 70 companies' private placements [2] - The active participation of public institutions reflects their ability to capture market opportunities and indicates an optimized ecosystem in the private placement market [3]

Group 1: Market Trends - A total of 21 new private placement projects were added in the last two weeks, a 23.53% increase from the previous period[5] - The number of terminated projects increased to 11, marking a 10% rise[5] - The approval rate for projects remains at 100%, with 7 projects approved by the review committee, a 75% increase[5] Group 2: Fundraising and Valuation - The total fundraising amount for the last two weeks reached 11.352 billion yuan, a 64.52% increase[28] - The average price-to-earnings (PE) ratio for the leading company, Zhongke Xingtou, is 88.95X, which is in the 25.50% percentile since 2020[22] - The average price-to-book (PB) ratio for the assets being acquired by Yunda Environmental is 1.64X, lower than its own PB of 1.99X[24] Group 3: Market Performance - Over 83.33% of the newly unlocked projects yielded positive returns, with an average absolute return of 42.75%[46] - The average market price discount rate for newly listed projects was 8.67%, a decrease of 7.55% from the previous period[30] - The average申报溢价率 (bidding premium rate) for competitive projects was 10.54%, reflecting a slight increase of 0.49%[42]

Group 1: Market Dynamics - 21 new private placement projects were added in the last two weeks, a 23.53% increase from the previous period, with 14 being competitive bids[6] - 11 projects were terminated, marking a 10% increase, while 7 projects were approved by the review committee, a 75% increase[6] - The number of projects awaiting review stands at 622, with 57 having passed the review and registration, a decrease of 12.3%[6] Group 2: Fundraising and Pricing - Total fundraising from newly listed projects reached 11.35 billion yuan, a 64.52% increase from the previous period[28] - Competitive bid projects maintained a 100% fundraising success rate, with an average benchmark discount rate of 8.06%, down 3.10 percentage points[30] - The average premium rate for competitive bids was 10.54%, reflecting a slight increase of 0.49 percentage points[42] Group 3: Performance Analysis - Over 83% of newly unlocked competitive bid projects yielded positive returns, with an average absolute return of 42.75%[3] - The average market price discount rate for competitive projects was 5.24%, a decrease of 5.53 percentage points[3] - The average absolute return for pricing projects was 143.04%, although this represents a significant decline of 263.49 percentage points from the previous period[3]

Core Insights - The public offering of private placements in China has seen a significant recovery this year, with total subscriptions exceeding 31.5 billion yuan, marking a growth of over 50% compared to the same period in 2024 [1][2]. Group 1: Market Trends - The increase in market sentiment has led many public funds to engage in private placements to achieve returns through discounts and valuation enhancements, particularly benefiting from the strong performance of technology stocks [1][2]. - As of October 17, 2023, 35 fund companies participated in private placements, with total subscriptions reaching 31.592 billion yuan, a notable increase from the previous year [2]. Group 2: Fund Participation - Notable fund companies such as Nuode Fund and Caitong Fund have each subscribed over 9 billion yuan, while others like E Fund and GF Fund have subscriptions ranging from 1.2 billion to 2.7 billion yuan [2]. - The current supply of private placement projects is relatively low, suggesting that the favorable market conditions may continue [2]. Group 3: Future Outlook - The private placement market is expected to see stable growth in supply in 2025, although discount rates and additional ratios are lower than the previous year, indicating increased interest and participation in private placement assets [3]. - The demand for private placements is largely driven by supply, and with a favorable project supply outlook, the market is anticipated to remain positive unless significant adverse factors emerge [2]. Group 4: Investment Strategies - The focus of large fundraising projects this year has been on sectors such as technology innovation, high-end manufacturing, and pharmaceuticals, with the potential for dual benefits from "discount Alpha" and "asset Alpha" [4]. - Investors are advised to conduct in-depth fundamental research rather than relying solely on discount rates, emphasizing the importance of relative valuation within historical and industry contexts [4]. Group 5: Sector Opportunities - There is a growing interest in sectors like artificial intelligence, semiconductors, and innovative pharmaceuticals, which are particularly appealing to institutional investors [5].