Core Insights - The A-share market has been experiencing a bullish trend, with significant participation from private equity firms in the financing of listed companies through private placements [1][2] - A total of 51 private equity firms have participated in 53 private placements this year, with a total allocation amounting to 5.524 billion yuan, representing a 23.17% increase compared to the same period last year [2][4] - The private equity firms have seen substantial floating profits from these placements, with 51 out of 53 stocks currently in a profit state, and 8 stocks showing floating profits exceeding 100% [4][5] Group 1: Market Performance - The A-share market is currently contesting the 4000-point mark, with notable gains in technology stocks [1][2] - The Shanghai Composite Index has risen by 17.99% this year, while the ChiNext Index has surged by 48.84% [4] Group 2: Private Placement Participation - The leading private equity firm, Ruijun Asset, has participated in the private placement of Lexin Technology, securing an allocation of 598 million yuan, making it the top participant this year [2][3] - Other notable participants include Qingyan Venture Capital and Run Cheng Investment, with allocations of 558 million yuan and 481 million yuan, respectively [2] Group 3: Floating Profits - The top floating profit among private placement stocks is held by Demingli, with a floating profit of 317.76%, and a total allocation of 161 million yuan from participating private equity firms [4] - Other stocks with significant floating profits include Henghe Precision and several others, with floating profits exceeding 100% [5][6] Group 4: Reasons for Participation - Private equity firms are attracted to private placements due to lower pricing compared to market prices, often at a discount of 10-20%, providing a safety margin [3] - There is a strong confidence in future market development, as the lock-up period of private placements serves as a dual restriction, indicating optimism towards the market and companies [3]

值得一提的，16只私募定增获配金额达1亿元的个股中，电子行业个股占6只，分别是乐鑫科技、TCL科技、德明利、胜宏科技、富乐德和容大 感光。 从收益情况来看，私募参与定增的53只个股中，51只个股目前处于浮盈状态，其中11只私募定增股当前浮盈比例在10%以内，24只私募定增股 浮盈比例在10%至49.99%，8只私募定增股浮盈比例在50%至99.99%，另有8只私募定增股浮盈比例超100%。 年内私募定增热情高涨。 10月31日，记者从私募排排网获悉，按定增上市日统计，截至2025年10月30日，今年以来，共有51家私募机构参与到17个申万一级行业中的53 家A股公司定增，合计获配金额达55.24亿元，较去年同期的44.85亿元，增幅23.17%。按当日收盘价统计，目前私募定增浮盈金额达24.38亿元，整 体浮盈比例达44.13%。 从个股来看，33只个股私募定增获配金额不低于0.5亿元，其中17只个股私募定增获配金额0.5亿至0.99亿元，16只个股私募定增获配金额超1亿 元。乐鑫科技最受私募定增青睐，吸引到睿郡资产、金筹投资、展博投资和振兴嘉杰等4家私募机构参与定增，合计获配金额达7.88亿元。紧随其后 的 ...

融智投资FOF基金经理李春瑜表示，私募参与定增有几方面的好处。其一，定增发行价格通常较市价有 一定折扣，私募可借此以较低成本获取股份，增厚投资收益，为产品提供安全垫；其二，退出渠道多元 化，除二级市场减持外，还有协议转让、大股东回购等退出方式，降低投资风险。 以5月21日收盘数据计算，年内私募机构参与定增合计浮盈金额达5.28亿元，浮盈比例达27.19%。其 中，乐山电力（600644）浮盈比例达205.79%，为今年以来私募参与定增浮盈比例最高的股票。据悉， 乐山电力定增吸引了立华投资参与。此外，私募机构参与德明利、容大感光、星云股份（300648）、嵘 泰股份等4只股票定增，目前的浮盈比例均超45%。 李春瑜认为，今年私募定增表现出色有两方面的原因，一方面是市场因素。2025年股市整体表现较好， 大盘点位相较定增发行时有显著上涨，为定增项目退出创造了良好的市场环境，使得多数项目在解禁后 能实现盈利。另一方面是政策因素。政策放宽并购重组和定增的监管要求，推动定增市场回暖，为私募 参与定增提供了更宽松的政策环境。 具体来看，年内私募机构参与定增的23只A股中，17只个股私募机构定增获配金额超0.5亿元。其中， ...