证券研究报告 摩尔线程获追捧，约定限售集中A1档 ——2025年A股IPO市场11月报 证券分析师：彭文玉 A0230517080001 朱敏 A0230524050004 任奕璇 A0230525050002 联系人: 任奕璇 A0230525050002 2025.12.02 摘要 www.swsresearch.com 2 ◼ 投资提示：沪深新股首发节奏相对稳定、募资规模显著扩大，并带动主板、创业板网下中签率抬升；科创板 盈利新股则因网下询价产品数大幅增加导致中签率有所摊薄，科创板未盈利新股在约定限售的中签率倾斜激 励之下吸引更多产品选择A1档。目前沐曦股份、昂瑞微正在发行阶段，相应的中签率测算请关注我们相应 的《注册制新股纵览》系列个股报告。 ◼ 新股募资规模扩大，网下中签率提升。25年11月，A股发行新股10只，合计募资205亿元。其中沪深市场共 发行6只询价新股（环比-2只），平均募资率94%（环比-1.1pct），合计募资197亿元（环比+34%）。盈 利新股网下参与产品数仍处于年内高位：科创板平均8150户产品参与询价（较6月+32%），创年内新高， A/B类平均中签率摊薄至0.0256%/0 ...

Core Points - China Uranium Industry issued 248 million shares at a price of 17.89 yuan, raising 4.44 billion yuan [1] - A total of 95 companies have gone public this year, raising a cumulative amount of 102.48 billion yuan, with an average fundraising of 1.08 billion yuan per company [1] - The most funds raised this year were by Huadian New Energy, totaling 18.17 billion yuan, primarily for wind and solar power projects [1] Fundraising Statistics - The Shanghai Stock Exchange had 21 new listings raising 41.41 billion yuan, while the Shenzhen Stock Exchange had 12 listings raising 14.60 billion yuan [1] - The ChiNext board had 28 new listings raising 22.03 billion yuan, and the Sci-Tech Innovation Board had 11 listings raising 17.75 billion yuan [1] - The Beijing Stock Exchange had 23 new listings raising 6.70 billion yuan [1] Price and Regional Distribution - The average initial public offering (IPO) price this year was 20.66 yuan, with four companies priced above 50 yuan [2] - The highest IPO price was for Tianyouwei at 93.50 yuan, while Huadian New Energy had the lowest at 3.18 yuan [2] - New listings were primarily concentrated in Jiangsu, Guangdong, and Zhejiang, with fundraising amounts led by Fujian, Guangdong, and Jiangsu [2]