◎记者 赵明超 随着A股震荡上行，市场热度持续升温。定增市场上，公募基金的参与热情也显著提升，今年以来总认 购金额已突破300亿元，超过去年全年水平。从参与定增的基金看，不乏朱少醒、葛兰等百亿级基金经 理所管理的基金产品。 Choice数据显示，以增发公告日为基准，截至10月9日，今年以来，共有34家基金公司参与了定增并获 配股份，认购金额合计达到301.21亿元。2024年全年，共有22家基金公司参与定增并获配股份，认购总 金额为296.51亿元。 从各家基金公司的认购总金额来看，今年以来，诺德基金、财通基金认购总金额均超过80亿元，易方达 基金、广发基金、兴证全球基金等认购的总金额均超过12亿元。 在部分热门标的上，公募基金成为定增股份的认购主力。以热门股寒武纪为例，根据该公司发布的定增 公告，此次募集资金总额为39.85亿元，在最终确定的13家发行对象中，有8家为公募基金公司，其获配 总金额为25.25亿元，占募集资金总额的六成以上。 从基金公司披露的信息看，多位知名基金经理管理的产品参与了上市公司定增，重点参与了高端制造、 医药等行业公司。 具体来看，近日，中欧基金发布关于旗下部分基金投资创新药龙头公 ...

载41分分 音增双 高品 2025 年 09 月 29 日 审核节奏放缓,申购热度延续 -定增市场双周报 2025.09.14-2025.09.28 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 相关研究 证券分析师 彭文玉 A0230517080001 penawv@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 申万宏源研究微信服务 新增节奏企稳，过会注册节奏放缓。截至 2025 年 9 月 28 日，上两周新增 17 宗定增项目 (其中竞价 11 宗) ，环比增加 1 宗;终止 10 宗(其中竞价 5 宗) ，环比增加 4 宗; 发审 委通过３宗（其中竞价２宗），环比减少８宗；证监会通过１１宗（其中竞价 ７宗），环比 减少 9 宗;处于正常待审阶段的定增项目共 628 个,其中已获发审委审核通过和证监会注 册的待发项目有 65 宗，环比减少 8 宗。 ...

【 导读】爱旭股份定增收官，易方达、景顺长城、大成等多家公募获配 中国基金报记者 张燕北 光伏企业的"罕见定增"，吸引多家基金公司集体入场。 近期公告显示， 上海爱旭新能源股份有限公司（以下简称爱旭股份）35亿元定增收官 ， 易方达基金、景顺长城基金、大成基金、财通基 金、诺德基金、易米基金等多家公募获配 。其中不乏知名基金经理管理产品的身影，例如景顺长城杨锐文、大成刘旭等。 业内人士表示，在当前光伏行业面临"寒冬"、融资环境趋紧的背景下，爱旭股份获批35亿元定增并不常见。整体而言，今年的定增市场聚 焦先进制造、AI等科技领域。在政策环境向好和市场行情的助推下，公募机构参与定增的热情高涨。 易方达等6家公募获配爱旭股份定增 爱旭股份公告显示，此次发行的参与报价机构有22家，包括两家外资机构、多家公私募机构、保险机构、证券公司。最终发行对象确定为 19家，发行价格为12.03元/股，发行股票数量为2.91亿股，募集资金总额为35亿元，发行对象所认购的本次向特定对象发行的股票自发行 结束之日起6个月内不得转让。 具体来看，姓名为"徐进喜"的认购对象获配金额最多，达4.50亿元；易方达基金获配金额位居第二，为3.6 ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 近期，定增市场话题不断升温，多位重量级基金经理集中亮相百利天恒定增，引发市场高度关注。 券商中国记者注意到，葛兰、赵蓓、朱少醒等知名基金经理旗下均有产品参与了此次百利天恒的定增。与 此同时，近期多个定增产品的获配名单里也频现知名基金经理身影，这些项目已录得浮盈，凸显出公募资 金在震荡市中的灵活把握与配置热情。 业内人士认为，知名基金经理参与定增项目，不仅体现了对标的成长性的认可，也显示出公募在二级市场 之外积极寻求超额收益的能力。随着政策环境趋稳与市场机制优化，定增有望成为公募主动管理价值加速 释放的重要舞台。 明星产品集中亮相百利天恒定增 9月23日，中欧基金公告披露，旗下由葛兰管理的中欧医疗健康和中欧医疗创新参与了百利天恒非公开发 行股票的认购。这是葛兰最新现身的定增项目，也再次将市场关注的焦点汇聚到医药主题基金上。 百利天恒是一家专注全球生物医药前沿领域的企业，具备ADC药物、大分子生物药和小分子化学药的全系 列研发能力，拥有从中间体、原料药到制剂的一体化优势。公告显示，百利天恒于9月19日完 ...

近期，定增市场话题不断升温，多位重量级基金经理集中亮相百利天恒定增，引发市场高度关注。 业内人士认为，知名基金经理参与定增项目，不仅体现了对标的成长性的认可，也显示出公募在二级市场之外 积极寻求超额收益的能力。随着政策环境趋稳与市场机制优化，定增有望成为公募主动管理价值加速释放的重 要舞台。 明星产品集中亮相百利天恒定增 券商中国记者注意到，葛兰、赵蓓、朱少醒等知名基金经理旗下均有产品参与了此次百利天恒的定增。与此同 时，近期多个定增产品的获配名单里也频现知名基金经理身影，这些项目已录得浮盈，凸显出公募资金在震荡 市中的灵活把握与配置热情。 在总结定增市场近期表现时，开源证券研究所中小盘组组长周佳分析称，本轮并购重组市场在政策引导和市场 实践两端均呈现显著创新，推动行业由数量扩张转向高质量发展。 从政策端看，他发现了四个新变化：一是窗口期更长，二是支持力度更大，三是政策导向更清晰，四是参与主 体更多元。从市场端看，也有三个新趋势：一是并购类型转变，二是并购标的创新，三是交易方案创新。 9月23日，中欧基金公告披露，旗下由葛兰管理的中欧医疗健康和中欧医疗创新参与了百利天恒非公开发行股 票的认购。这是葛兰最新现身 ...

Group 1 - The second batch of 14 Sci-Tech Innovation Bond ETFs was collectively listed on September 24, attracting significant subscriptions from institutions such as banks and insurance companies, with subscription amounts reaching 30 billion units for some banks and 20 billion units for an insurance company [1] - Public fund institutions have begun a new round of portfolio adjustments in response to market volatility, with some reducing mixed fund positions and increasing allocations to fixed-income funds [1][2] - The A-share private equity market is shifting focus from technology stocks to cyclical, consumer, and high-end manufacturing sectors due to concerns over short-term risks in tech stocks [2] Group 2 - The A-share private placement market has seen significant activity this year, with 115 companies completing private placements, raising approximately 959.5 billion yuan, a 711% increase compared to the same period last year [2] - Apple addressed concerns regarding the durability of the iPhone 17 Pro and Pro Max, stating that marks on the aluminum body are not permanent and can be cleaned easily [3] - AI startup Modular raised $250 million in a funding round, achieving a valuation of $1.6 billion, with participation from notable investors [3] Group 3 - Wahaha Group plans to rebrand to "Wah Xiaozong" starting from the 2026 sales year, with a sales target of 30 billion yuan set by its new leader, which is nearly 80% of the current brand's annual sales [5] - Citic Securities' Jinan branch was warned for allowing unqualified personnel to conduct fund sales, highlighting compliance issues within the company [6] - Hengli Industrial was fined 3.5 million yuan for failing to disclose its 2024 annual report on time, with penalties imposed on several executives [7]

近期，定增市场话题不断升温，多位重量级基金经理集中亮相百利天恒定增，引发市场高度关注。 实际上，随着A股市场行情不断升温，定增市场也随之回暖。近期，定增市场不断迎来明星基金经理的 活跃身影。 9月，朱少醒管理的富国天惠精选成长参与了上市公司农产品的定增项目；8月，张清华管理的易方达裕 丰回报、易方达新收益等基金也出现在TCL科技的定增名单中。随着相关个股股价走高，这些项目均已 实现浮盈，显示出基金经理在定增策略上的广泛布局与灵活把握。 在总结定增市场近期表现时，开源证券研究所中小盘组组长周佳分析，本轮并购重组市场在政策引导和 市场实践两端均呈现显著创新，推动行业由数量扩张转向高质量发展。 从政策端看，他发现了四个新变化：一是窗口期更长，二是支持力度更大，三是政策导向更清晰，四是 参与主体更多元。从市场端看，也有三个新趋势：一是并购类型转变，二是并购标的创新，三是交易方 案创新。 9月23日，中欧基金公告披露，旗下由葛兰管理的中欧医疗健康和中欧医疗创新参与了百利天恒非公开 发行股票的认购。这是葛兰最新现身的定增项目，也再次将市场关注的焦点汇聚到医药主题基金上。 百利天恒是一家专注全球生物医药前沿领域的企业，具备 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the A-share private placement market in 2023, with 115 companies completing fundraising projects totaling approximately 959.5 billion yuan, a 711% increase compared to 118.3 billion yuan in the same period of 2022 [1] - The private placement market has seen a structural optimization, with a notable increase in projects related to high-end manufacturing and AI [1][2] - The majority of private placement projects have shown a profit effect, with over 90% achieving floating profits, indicating a shift from a small-scale market to one characterized by both quantity and quality [5][6] Group 2 - The funds raised through private placements are primarily directed towards hard technology projects, including AI, robotics, innovative pharmaceuticals, and semiconductors [2] - Notable examples include Suzhou Green's private placement for precision transmission devices aimed at the robotics sector and Beijing Yandong Microelectronics' 4 billion yuan fundraising for a 12-inch integrated circuit production line [3] - State-owned banks have emerged as major players in the private placement market, with four banks collectively raising 520 billion yuan, primarily to enhance their core tier one capital [3] Group 3 - There is a growing trend of companies using private placements to achieve resource integration along the industrial chain, accelerating their transformation and upgrading [4] - Public funds have predominantly participated in private placements that yield positive returns, focusing on high-growth targets [6] - The investment strategy among institutions has shifted from seeking discounts to emphasizing long-term growth value and industry prosperity, which helps reduce investment risks and stabilize returns [6]

Group 1: Market Dynamics - As of September 15, 2025, there were 16 new private placement projects added, a decrease of 10 projects compared to the previous period[6] - The number of terminated projects was 6, down by 4 projects from the previous period[6] - The approval rate for projects was 100%, with 10 projects approved by the review committee, an increase of 2 projects[17] Group 2: Fundraising and Valuation - The total fundraising amount for the three listed projects in the last two weeks was 11.281 billion yuan, a decrease of 32.21%[32] - The average price discount rate for the successful project "Fulede" was 13.26%, with a market price discount rate of 16.25%[32] - Zhongke Xingtou plans to raise up to 2.488 billion yuan for various projects, with a projected revenue growth rate exceeding 20% for 2024 and H1 2025[23] Group 3: Performance Metrics - The average absolute return for newly unlocked competitive projects was 33.82%, a decrease of 74.78 percentage points[32] - The average absolute return for pricing projects was 52.71%, down by 32.70 percentage points[32] - The average market price discount rate for pricing projects was 54.35%, an increase of 31.31 percentage points[32] Group 4: Risks - Risks include slower-than-expected review progress, stock price volatility in the secondary market, and changes in the pricing environment for private placements[32]

Group 1 - The A-share refinancing market has seen significant activity in 2023, with total funds raised reaching 800.21 billion yuan, a substantial increase of 258.7% compared to 223.12 billion yuan in the previous year [1] - The private placement market has been particularly strong, with 108 projects completed, raising a total of 756.43 billion yuan, marking a growth of 337.1% year-on-year [1] - There have been 29 convertible bond projects completed, with a total fundraising amount of 43.78 billion yuan [1] Group 2 - The growth trend in the private placement market appears to be sustainable, with 424 private placement proposals disclosed this year, averaging an expected fundraising of 1.10 billion yuan each [1] - The manufacturing and high-tech industries are the main drivers of refinancing, with numerous projects in the chemical, machinery, hardware, and semiconductor sectors [1] - In the chemical industry, 11 companies completed private placements, while the machinery and hardware sectors each had 10 companies complete similar transactions [1] Group 3 - The dominance of private placements in the refinancing market is attributed to their large financing scale, high approval efficiency, and flexible use of funds, along with regulatory support for economic development [2] - The key reasons for the warming of the refinancing market this year include the resonance of policies and market conditions, with the registration system reform significantly optimizing the refinancing process and lowering financing thresholds for companies [2] - The demand for funds has surged due to economic recovery and the need for industrial upgrades, particularly in strategic areas such as new energy and semiconductors, where companies need to overcome technological bottlenecks [2]