智通财经APP获悉，中金公司发布研究报告称，预期2026年定增项目募资规模稳中有升，竞价类项目募 资规模预计可达1650亿元。中金公司构建了结合风格轮动思路的定增投资策略。历史回测表现来看， 2020年以来该策略年化收益率可接近30%，相较不做筛选的定增组合优势明显，且历年超额收益稳定。 基于均线模型的动量维度和估值差指标的风险维度判断，当前模型认为仍相对看好成长风格，推荐应用 景气型思路筛选优质项目。 2025年度回顾：市场规模提升，项目收益持续回升 再融资主要包括定向增发、公开增发、配股、优先股、可转债发行等，相比于其他的再融资方式，定向 增发在企业盈利、杠杆率等方面的门槛要求相对较低，因而上市公司的大部分再融资项目均采用定向增 发的方式。 1)市场回顾：2025年度定增市场规模有所提升，新增预案数量、项目过审数量均同比上行，完成募资规 模7141.3亿元，其中，国有银行募资金额为5200亿元。此外，2025年完成发行的项目折扣(平均12.7%)较 去年略有下降，体现报价拥挤度的回升；项目收益(平均36.3%)相较过去3个年度有较为明显的改善，有 利于吸引更多投资者未来参与到定增市场。 2)收益分解：20 ...

Core Viewpoint - The article highlights the recovery of the refinancing market in 2025, with an increase in market size and project returns, particularly through targeted placements, which are favored due to lower thresholds for profitability and leverage requirements [2][24]. Market Review 2025 - In 2025, the targeted placement market saw a fundraising scale of 714.13 billion yuan, with state-owned banks contributing 520 billion yuan. The average discount for issued projects was 12.7%, slightly down from previous years, while the average project return improved to 36.3% [2][24]. - The revenue from targeted placements primarily came from issuance discount returns and market returns during the lock-up period, with an average discount return rate of 15.8% in 2025 [2][25]. Funding Preferences - The participation ratio of various investors in targeted placements remained stable, with public funds being the main contributors. In 2025, institutional investors showed a preference for projects with higher discount rates [3]. Outlook for 2026 - The fundraising scale for targeted placements in 2026 is expected to remain stable, with competitive projects estimated to raise around 165 billion yuan. The overall fundraising scale may show a trend of high in the beginning and low later in the year [4][58]. - The expected safety margin for the targeted placement market in 2026 is around 10 percentage points, with average discount rates projected at approximately 13.8%, translating to a discount return of about 16.0% [4][59]. Investment Strategy - The company recommends a growth-oriented investment strategy, utilizing a style rotation approach. Historical backtesting indicates that this strategy has achieved an annualized return close to 30%, significantly outperforming non-screened targeted placement portfolios [5][62]. - The current model suggests a favorable outlook for growth style investments, advocating for the selection of high-quality projects during favorable market conditions [5][62].

Group 1: Market Dynamics - As of December 29, 2025, there were 24 new private placement projects in the last two weeks, a decrease of 2 projects compared to the previous period[5] - The approval rate for projects was 100%, with 10 projects approved by the review committee, a decrease of 17 projects from the previous period[19] - The number of projects in the normal review stage is 636, with 88 projects having received approval and registration, a decrease of 4 projects[5] Group 2: Fundraising and Investment Trends - The total fundraising amount for the 7 projects listed in the last two weeks reached 72.86 billion yuan, an increase of 364.92% compared to the previous period[33] - The average base discount rate for competitive projects increased to 11.81%, up by 2.01 percentage points[33] - The average premium rate for competitive projects was 8.31%, a decrease of 2.31 percentage points from the previous period[40] Group 3: Project Analysis - Lingyun Technology plans to raise up to 695 million yuan to acquire 100% of JAI, which has an estimated value of 103 million euros, reflecting a valuation increase rate of 680.15%[24][26] - Guangha Communication aims to raise up to 750 million yuan for the construction of a new generation intelligent scheduling system, with revenue growth exceeding 20% in 2024 and the first three quarters of 2025[27] Group 4: Market Risks - 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[5]

Group 1: Market Dynamics - New supply remains high with a noticeable slowdown in the approval pace, with 24 new private placement projects added in the last two weeks, a decrease of 2 projects compared to the previous period[5] - The number of projects terminated was 5, down by 6 projects, while the approval by the review committee decreased by 17 projects to 10[5] - The number of projects in the normal review stage stands at 636, with 88 projects approved and registered, a decrease of 4 projects[8] Group 2: Fundraising and Pricing Trends - The number of projects listed in the last two weeks increased to 7, with total fundraising amounting to 72.86 billion yuan, a 364.92% increase[36] - The average benchmark discount rate for competitive projects rose to 11.81%, an increase of 2.01 percentage points[36] - The average market price discount rate for competitive projects was 12.56%, slightly down by 0.07 percentage points[36] Group 3: Project Analysis - Lingyun Technology plans to raise up to 695 million yuan to acquire 100% of JAI, which has a valuation of 103 million euros, reflecting a valuation increase rate of 680.15%[25] - Guangha Communication aims to raise up to 750 million yuan for new intelligent scheduling systems, with revenue growth exceeding 20% year-on-year for both 2024 and the first three quarters of 2025[29] Group 4: Risk Factors - Risks include slower-than-expected approval progress for private placements, fluctuations in secondary market stock prices, and changes in the pricing environment for private placements[5]

抢滩2026年 47只新基金整装待发 据统计，2026年元旦假期后计划启动发行的基金数量达到47只（不同份额分开计算）。作为新年首个交 易日，1月5日将迎来基金发行小高峰，单日待发产品多达28只，万家、中欧、汇添富等多家知名基金公 司悉数入局，抢滩新一年的布局先机。（人民财讯） 公募主动权益基金年内最高收益率达236.88% 截至12月28日，公募主动权益基金年内最高收益率达到236.88%，可能刷新业绩纪录，成为公募史上年 度收益最高的翻倍基。业内人士表示，2025年主动权益基金表现亮眼，但需注意翻倍基持仓集中度高， 与结构性行情深度绑定。基金产品多为"流星"，需平常心看待，行业需更多持续业绩良好的产品以惠及 持有人。（人民财讯） 迷你基金难逃清盘 多只绩优产品退场 今年以来，已经有超过270只公募基金清盘，多数原因是规模过小。值得一提的是，一些规模较小的绩 优产品即便在今年取得良好的业绩，也难逃清盘命运。业内人士表示，基金清盘已成常态化，投资者应 优先选择规模适中、业绩优良、投研实力强的基金产品。（中证报） 现货白银持续暴拉 刷新纪录高位至83美元上方 国际现货白银周一开盘突破80美元/盎司后，持续暴拉， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：安迪堂 一级半（定增）市场近年来备受资本关注，2025年的定增市场在经历了前两年的相对低迷后，呈现出明 显的"政策驱动、结构分化、质量提升"的特征，整体活跃度持续低迷萎缩。废话少说，多捞干货。 Andy对2025年一级半（定增）市场数据及未来展望总结如下，如有不足欢迎轻拍砖： 一、定增发行市场总量回顾 截至2025年12月28日，以报价日为口径，2025年沪深A股累计发行定增项目110家，相较于2024年累计 发行定增项目144家同比下降，降幅达23.61%；2025年定增项目合计募资1567．91亿元，同比2024年合 计募资1728.21亿元缩水9．28%，降至2020至今的年度谷值。 登录新浪财经APP 搜索【信披】查看更多考评等级 表：2025年已发行定增项目情况表（时间排序，截至12.28） | 51 | 603268.SH | 松发殷份 | 2025/8/4 | 45.80 | 80.07% | 12000 | 40.00 | 143.41% | 36.67 | 2025/8/5 | 94.39% | 52 | 000 ...

｜2025年12月29日 星期一｜ NO.1 公私募机构"掘金"定增市场：获配金额超400亿元，浮盈比例普遍超过30% 2025年A股定增市场显著回暖，机构参与定增的热情也在攀升。Choice数据显示，截至12月23日，2025 年公募基金定增获配金额已超352.6亿元，同比增长约18%。私募机构也不甘示弱，全年共有52家私募 参与定增，合计获配金额达59.80亿元，同比增长23.48%。公募与私募机构在定增市场合计投入资金超 过410亿元，浮盈比例普遍超过30%，其中硬科技与新兴产业成为资金布局的重点方向。业内人士分 析，这一现象凸显出行业机构等"聪明资金"对科技创新领域的强烈信心，定增将成为公募私募与实体经 济深度连接的"高速通道"和金融服务实体经济的关键渠道，投资价值将愈加凸显。 点评：公私募机构超400亿元掘金定增市场，浮盈比例普遍超30%，彰显市场活跃度提升。机构资金硬 科技与新兴产业成布局重点，将强化相关板块估值支撑。此举不仅为实体经济发展注入动能，也提振了 投资者对A股中长期配置价值的信心，市场投融资生态有望持续优化。 NO.2 国金证券：获准公开发行不超250亿元公司债券 国金证券(60010 ...

● 本报记者 吴玉华 今年以来，A股上市公司定增显著活跃。数据显示，截至12月24日（按发行日期计），今年以来A股市 场已有148家上市公司定增落地，增发股份数量合计为1010.20亿股，增发募资总额为7888.95亿元，同比 增长455.31%，来自电子、电力设备、通信、计算机等科技板块的上市公司数量较多。 分析人士认为，政策"组合拳"精准发力，为定增市场注入源头活水。2025年以来，A股定增市场呈现显 著量价齐升态势，硬科技与新兴产业成为核心聚焦领域，2026年定增市场维持较高活跃度的可能性较 大。 募资额同比增逾四倍 今年以来，A股上市公司定增显著活跃。 数据显示，截至12月24日，今年以来A股市场共有438家上市公司发布定增预案公告，按定增发行日期 计算，已有148家上市公司定增落地，增发股份数量合计为1010.20亿股，增发募资总额达7888.95亿元。 而在2024年同期，仅有128家上市公司定增落地，增发募资总额为1420.64亿元。相比2024年同期，定增 落地的上市公司数量增加了20家，增发募资总额同比增长455.31%。 从148家上市公司定增募资金额来看，中国银行、邮储银行（601658 ...

新华财经上海12月18日电（记者 魏雨田）2025年以来，A股市场结构性机会凸显，叠加定增市场政策环 境持续优化，公募基金参与定向增发的热情持续上涨。公募排排网最新数据显示，按定增上市日统计， 截至12月17日，今年以来共有39家公募机构积极布局定增市场，参与了85家A股公司的定增项目，合计 获配金额达340.88亿元，较去年同期的298.4亿元增长14.24%。若以17日收盘价计算，目前这些定增项 目已实现浮盈112.24亿元，整体浮盈比例达32.93%。 从具体投资标的来看，创新药龙头百利天恒成为今年公募定增市场的"香饽饽"，成功吸引易方达基金、 汇添富基金、广发基金等11家公募基金参与，合计获配金额达25.56亿元，位居所有个股首位。AI概念 龙头寒武纪紧随其后，博时基金、嘉实基金等8家公募基金合计获配金额达25.25亿元。此外，中泰证 券、昊华科技、爱旭股份、盛美上海和芯原股份这5只个股的公募定增获配金额也均突破10亿元，成为 公募布局的重点标的。值得一提的是，在获配金额超10亿元的个股中，电子行业占据主导地位，寒武 纪、盛美上海和芯原股份3只电子股入围。 从机构维度看，今年参与定增的公募机构普遍获利 ...

Group 1: Market Trends - The number of newly added private placement projects increased to 26 in the last two weeks, a 62.5% increase from the previous period[5] - The approval rate for projects remains at 100%, with 27 projects approved by the review committee, up 171.4% from the previous period[5] - There are currently 631 projects in the normal review stage, with 92 projects having received approval, an increase of 33.33%[5] Group 2: Fundraising Dynamics - Total fundraising amount in the last two weeks was 1.567 billion yuan, a decrease of 84.48% from the previous period[29] - The average benchmark discount rate for fundraising projects dropped to 9.81%, a decrease of 10.03%[29] - The average premium rate for bidding projects increased to 10.62%, up 8.77% from the previous period[39] Group 3: Project Analysis - Aopu Mai plans to acquire a preclinical CRO service company, with an estimated valuation of 1.452 billion yuan, reflecting a 56.62% increase in value[22] - Qide New Materials aims to raise up to 275 million yuan for expanding production capacity, with a PE ratio of 211.91X, placing it in the top 30% of industry valuations[23] - The average absolute return for newly unlocked bidding projects was 36.29%, a decrease of 41.07% from the previous period[29]