研 究 专 题 新 股 发 行 相关研究 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 联系人 朱敏 A0230524050004 zhumin@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 ______________________________________________________________________________________________________________________________________ 2026 年 03 月 02 日 参与热度创新高，行业β加剧分化 - 证 券 研 究 报 告 ——定增市场双周报 2026.02.09-2026.03.01 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 定增双周报 ⚫ 过 ...

近期，A股市场密集出现定增发行价高于发行底价的案例，引发市场关注。 业内人士表示，赛道景气度高、技术壁垒强、管理层优质的头部企业更能获得资金青睐。未来，符合国 家战略、具有核心竞争力的企业，或出现定增发行价高于发行底价的情形。 定增发行价高于发行底价案例频现 2月10日晚，广电计量披露《2025年度向特定对象发行A股股票并在主板上市上市公告书》。公告显 示，本次发行数量约为5414.41万股，发行价为24.01元/股，募集资金总额约为13亿元，募集资金净额约 为12.92亿元，新增股份将于2月12日上市。 广电计量在公告中提到，本次向特定对象发行的定价基准日为发行期首日，即2026年1月21日，发行底 价为18.60元/股。根据投资者申购报价结果，并按照《认购邀请书》确定发行价格、发行对象及获配股 份数量的程序和规则，确定本次发行价为24.01元/股，较发行底价18.60元/股溢价29.09%。 另以风神股份为例，公司2月13日晚间披露《2025年度向特定对象发行A股股票上市公告书》。公告显 示，本次发行数量约为1.61亿股，发行价格为6.85元/股，募集资金总额约为11亿元，募集资金净额约为 10.95亿元 ...

另以风神股份为例，公司2月13日晚间披露《2025年度向特定对象发行A股股票上市公告书》。公告显 示，本次发行数量约为1.61亿股，发行价格为6.85元/股，募集资金总额约为11亿元，募集资金净额约为 10.95亿元。此前公司披露的发行底价为5.48元/股，本次发行价格与发行底价的比率为125%。 从行业角度看，出现定增发行价高于发行底价的案例中，汽车产业链上市公司数量整体较多，包括江淮 汽车、北汽蓝谷等。 近期，A股市场密集出现定增发行价高于发行底价的案例，引发市场关注。 业内人士表示，赛道景气度高、技术壁垒强、管理层优质的头部企业更能获得资金青睐。未来，符合国 家战略、具有核心竞争力的企业，或出现定增发行价高于发行底价的情形。 定增发行价高于发行底价案例频现 2月10日晚，广电计量披露《2025年度向特定对象发行A股股票并在主板上市上市公告书》。公告显 示，本次发行数量约为5414.41万股，发行价为24.01元/股，募集资金总额约为13亿元，募集资金净额约 为12.92亿元，新增股份将于2月12日上市。 广电计量在公告中提到，本次向特定对象发行的定价基准日为发行期首日，即2026年1月21日，发行底 价 ...

Group 1 - The core viewpoint of the report emphasizes the comprehensive measures introduced by the Shanghai, Shenzhen, and Beijing stock exchanges to optimize refinancing policies, focusing on enhancing support for quality listed companies and improving the flexibility and convenience of refinancing mechanisms [2][3]. - The new refinancing regulations clarify the principle of "supporting the strong and limiting the weak," simplifying the review process for stable and transparent companies while controlling misleading refinancing and blind cross-industry investments [3][4]. - The report highlights the importance of supporting technology innovation, addressing the financing challenges faced by innovative enterprises, and establishing a refinancing service system tailored to new productive forces [4][5]. Group 2 - The refinancing regulations optimize the review process, allowing companies to disclose previous fundraising usage at the time of application, thus enabling timely submissions to seize market opportunities [5]. - The simplification of application materials and the introduction of a negative list for simplified procedures aim to reduce the burden on companies, enhancing the efficiency of the refinancing process while maintaining regulatory quality [5]. - Overall, the report indicates a shift in the refinancing market from focusing on financing efficiency and scale to prioritizing financing quality and market stability, marking a new phase of high-quality development [3][4].

Group 1: Market Dynamics - 30 new private placement projects were disclosed in the last two weeks, marking a 1 project increase from the previous period and setting a new high since 2025[5] - 15 projects were approved by the review committee, an increase of 8 projects, the second highest in the last two months[5] - 657 private placement projects are currently under normal review, with 93 projects awaiting approval, an increase of 3 projects[5] Group 2: Project Analysis - Aobi Zhongguang-UW aims to raise up to 980 million yuan for AI vision and spatial perception technology development, with revenue growth exceeding 50% in the first three quarters of 2024 and 2025[5][23] - China Shenhua plans to acquire 12 companies with an estimated equity value of 143.675 billion yuan, resulting in a 64.72% increase in coal reserves and a 56.57% increase in coal production post-transaction[5][28] Group 3: Fundraising and Pricing Trends - 14 private placement projects were listed in the last two weeks, raising a total of 17.599 billion yuan, a decrease of 84.29% from the previous period[33] - The average benchmark discount rate for competitive projects was 12.77%, down 1.65 percentage points, while the average market price discount rate increased to 17.43%, up 2.81 percentage points[33] Group 4: Performance Metrics - The average absolute return for newly unlocked competitive projects was 40.74%, with an excess return of 14.29%, both down from the previous period[5] - The average market price discount rate for competitive projects was 17.13%, up 4.18 percentage points, indicating a significant variation in industry performance during the "issuance-unlocking" period[5]

Core Viewpoint - The new year sees a renewed interest from funds in participating in private placements, particularly in sectors like manufacturing, new energy, and information technology, highlighting the long-term value of these investments [1][3]. Group 1: Fund Participation in Private Placements - Notable fund managers are actively participating in private placement projects, with examples including Zhang Qinghua's management of multiple funds involved in projects like Maigemit and Beiqi Blue Valley [2]. - Funds managed by Lin Guohua and Zhou Weiwen are also participating in various projects, indicating a trend towards investment in new energy and manufacturing sectors [2]. Group 2: Market Trends and Regulatory Environment - Over 70% of the financing in the private placement market is directed towards new productive forces, reflecting a shift towards supporting China's industrial upgrade [3]. - The regulatory environment is becoming increasingly stringent, promoting transparency and quality in the private placement market, which is expected to enhance the long-term investment value [3][5]. Group 3: Future Outlook for Private Placement Market - The combination of private placements and inquiry transfers is expected to drive capital more efficiently into core areas of the real economy, with a positive long-term outlook for the A-share market [4]. - Policy support for the private placement market is strengthening, with new regulations encouraging institutional investors to participate more actively, thereby enhancing market activity and long-term value [5].

Group 1: Market Dynamics - 29 new private placement projects were added in the last two weeks, a 52.63% increase from the previous period, with 15 being competitive bids[4] - 12 projects were terminated, marking a 100% increase, while 7 projects were approved by the review committee, a decrease of 36.36%[4] - The total number of pending private placement projects stands at 647, with 90 having received approval, a slight decrease of 1 project[4] Group 2: Fundraising and Valuation - The total fundraising amount reached 1120.23 billion CNY, a staggering 3865.96% increase, driven by two projects exceeding 400 billion CNY[4] - The average pricing discount rate for competitive bids decreased to 14.42%, down 5.58 percentage points from the previous period[4] - The PE and PB ratios for Guoyan Platinum Industry are 28.35X and 2.43X, respectively, which are at 57.11% and 60.38% of the industry average[28] Group 3: Performance Metrics - The average absolute return for competitive bid projects that were unlocked for the first time was 49.87%, a decrease of 10.68 percentage points[4] - The average absolute return for pricing projects on the unlock date surged to 310.29%, an increase of over 100%[4] - The average industry beta contribution during the "issue-unlock" period was 41.94%, reflecting a decrease of 1.82 percentage points[4] 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[4]

Core Insights - State-owned capital, represented by central and local state-owned enterprises, is becoming a significant participant in the private placement market, with a subscription scale of 113.81 billion yuan in 2025, accounting for 27.73% of the total market subscription scale [1][3] - The structure of the private placement market is undergoing profound changes, with projects related to new productive forces exceeding 70% of the total, marking a historical high [1][3] - Private placements have transitioned from a mere financing channel to a key mechanism for serving national strategies and promoting industrial upgrades, providing an efficient path for investors to participate in the growth of core assets [1][3] Market Trends - The number and scale of inquiry transfer projects are expected to increase several times year-on-year in 2025, with an average discount rate of approximately 15.66%, which has been incorporated into an integrated "pan-discount" asset strategy pool [4] - Inquiry transfers primarily address the allocation of "existing potential assets," while private placements focus on "future asset creation," with both strategies being deeply complementary and forming an important direction for discount asset allocation [4]

Group 1: Market Dynamics - As of January 12, 2026, there were 19 new private placement projects added in the last two weeks, a decrease of 5 projects compared to the previous period[7] - The number of projects terminated increased by 1 to 6, with 2 being competitive bidding projects[7] - The approval rate for projects was 100%, with 11 projects approved by the review committee, an increase of 1[19] Group 2: Fundraising and Valuation - The total fundraising amount for the 4 projects listed in the last two weeks was 2.825 billion yuan, a decrease of 61.23%[34] - The average price discount rate for competitive bidding projects was 22.76%, an increase of 10.20 percentage points[34] - The PE and PB ratios for Dongfang Tantalum were 71.14x and 6.92x, respectively, significantly higher than the industry average[22] Group 3: Performance Metrics - The absolute return rate for newly unlocked competitive bidding projects averaged 60.55%, with an excess return rate of 26.36%, both up over 36 percentage points[4] - The average industry beta during the "issuance-unlocking" period was 43.76%, an increase of 14.97 percentage points[4] - The average individual stock alpha during the same period was 35.66%, up 29.54 percentage points[4] Group 4: Risk Factors - Potential risks include slower-than-expected approval processes, fluctuations in secondary market stock prices, and changes in the competitive bidding market environment[4]

Core Insights - The report from China International Capital Corporation (CICC) anticipates a steady increase in the fundraising scale of private placements, with competitive projects expected to reach 165 billion yuan by 2026 [1][4]. Group 1: Market Overview - In 2025, the private placement market saw an increase in scale, with a total fundraising amount of 714.13 billion yuan, including 520 billion yuan raised by state-owned banks [2]. - The average discount for projects completed in 2025 was 12.7%, slightly down from the previous year, indicating a recovery in pricing competition [2]. - The average return on projects in 2025 improved to 36.3%, attracting more investors to the private placement market [2]. Group 2: Revenue Breakdown - The revenue from private placement projects in 2025 primarily came from issuance discount gains and market returns during the lock-up period [2]. - The average discount return rate for 2025 was 15.8%, contributing significantly to the overall project returns [2]. - The excess performance of individual stocks during the lock-up period contributed positively, with a return rate of approximately 2.6% for projects issued in 2025 [2]. Group 3: Investor Preferences - The participation rate of various investors in private placement projects has remained relatively stable, with public funds being the main source of capital [3]. - In 2025, public funds, foreign capital, and securities institutions showed a preference for projects with higher discount rates [3]. Group 4: 2026 Outlook - CICC expects the fundraising scale for private placements in 2026 to remain steady, with competitive projects projected to reach around 165 billion yuan [4]. - The expected return from private placement projects in 2026 could provide a safety margin of approximately 10 percentage points [4]. - The revenue components for 2026 are expected to include issuance discount gains, market returns during the lock-up period, and excess returns from individual stocks, with historical data suggesting an average discount rate of about 13.8% [4].