封面图片来源：摄图网 7月1日晚间，埃斯顿（002747,SZ）发布了定增发行情况报告书，公司此次向7名认购对象发行了 2839.29万股股份。在认购对象中，摩根大通银行协会、摩根士丹利国际、安联环球投资新加坡有限公 司等多家QFII/RQFII在列，成为公司这场定增的重要参与者。 在A股历史上，一家上市公司的非公开发行引入多家外资机构的情况并不多见。《每日经济新闻》记者 注意到，埃斯顿此次定增似乎只是外资大举参与A股定增市场的一个缩影。记者粗略统计发现，单是近 1个月，已经有10多家上市公司的定增引来了较多外资机构认购，相关认购资金超过14亿元。 每经记者｜曾剑 每经编辑｜魏官红 ...

Core Viewpoint - The fundraising amount through private placements in the A-share market has significantly increased this year, with financial stocks leading the way in terms of capital raised [2]. Group 1: Fundraising Statistics - As of November 3, 2023, 140 companies have raised a total of 812.37 billion yuan through private placements, marking a 23% increase in the number of companies and a 5.4 times increase in the amount raised compared to the previous year [2]. - Among the top 10 companies by fundraising amount, 6 are financial institutions, highlighting the dominance of this sector in the private placement market [2]. - Four major state-owned banks, including China Bank, Postal Savings Bank, and others, have raised over 100 billion yuan each through private placements, contributing significantly to the overall market size [2]. Group 2: Specific Company Fundraising - China Bank raised 165 billion yuan, Postal Savings Bank 130 billion yuan, Traffic Bank 120 billion yuan, and Construction Bank 105 billion yuan through private placements [2]. - The successful completion of fundraising by these banks indicates a substantial breakthrough in their plans to supplement core Tier 1 capital through the capital market [2]. Group 3: Use of Funds - Companies are utilizing the funds raised through private placements for various purposes, including asset acquisitions and operational funding [3]. - For instance, AVIC Chengfei raised 17.439 billion yuan for acquiring 100% equity of AVIC Chengfei, while Sairisi raised 8.164 billion yuan for a new factory and operational funds [3]. - Guolian Securities raised 29.492 billion yuan to acquire 99.26% of Minsheng Securities [3]. Group 4: Policy Support and Market Dynamics - The revival of the private placement market is supported by policy initiatives, including the China Securities Regulatory Commission's new merger and acquisition guidelines [3]. - Local governments have also introduced measures to support corporate mergers and acquisitions, further stimulating the market [3]. Group 5: Notable Cases and Challenges - Some companies have seen significant participation from major shareholders in their private placements, such as Nanfang Electric, which plans to raise up to 2 billion yuan with substantial backing from its controlling shareholder [3]. - However, not all private placements have been successful; for example, GCL-Poly announced the termination of its nearly three-year fundraising plan, originally aimed at raising 4.842 billion yuan, due to market adjustments in the photovoltaic industry [4].

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, primarily due to the divestment of thermal power assets in the previous year, although there was slight growth in continuous operating income [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 22.2 billion yuan, a year-on-year decrease of 17.29%, and a net profit attributable to shareholders of 4.393 billion yuan, down 21.02% [1]. - In Q3 alone, revenue was 6.564 billion yuan, a decline of 13.98%, with net profit dropping 38.19% to 1.018 billion yuan [1]. - The company’s operating costs in Q3 decreased by approximately 300 million yuan compared to Q2, mainly due to the depreciation of old units reaching maturity [1]. Power Generation and Capacity - The total power generation for the first three quarters was 56.5 billion kWh, a slight decrease of 0.53%, but a 13.81% increase when excluding thermal power impacts [2]. - Wind and solar power generation reached 46.2 billion kWh and 10.4 billion kWh, respectively, with year-on-year growth of 5.3% and 77.98% [2]. - As of September 30, 2025, the company’s installed capacity reached 43.42 million kW, a year-on-year increase of 17%, with wind and solar capacities growing by 11% and 49% respectively [1]. Pricing and Market Conditions - The wind power on-grid price for Q3 was 0.4283 yuan/kWh (including tax), showing a slight increase from Q2, while the solar power price was 0.2627 yuan/kWh (excluding tax), indicating a slight decrease [2]. - The decline in wind utilization hours was attributed to reduced wind speeds, with the average utilization at 1511 hours, down 95 hours year-on-year [2]. Financing and Investment - The company plans to issue A-shares to raise 5 billion yuan, aimed at funding wind power projects, which is expected to alleviate investment pressures in the wind sector [3]. - The current A-share valuation at 1.87x PB is significantly higher than the H-share valuation of 0.74x PB, suggesting a more efficient fundraising opportunity through A-shares [3]. Profit Forecast - The company forecasts net profits attributable to shareholders of 6.2 billion yuan, 6.3 billion yuan, and 6.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 9, 9, and 8 times [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported stable operations in the third quarter and plans to raise funds through a private placement of A-shares for wind power projects [6][8] - The company experienced a revenue decline of 17.29% year-on-year in the first three quarters, primarily due to the divestment of thermal power assets [8] - The company aims to alleviate investment pressure in wind power through a planned A-share issuance, which is expected to improve cash flow [8] Financial Performance Summary - Revenue for 2023 is projected at 37,642 million RMB, with a year-on-year decline of 5.6% [7] - Net profit attributable to shareholders is expected to be 6,249 million RMB in 2023, reflecting a year-on-year growth of 22.24% [7] - The company’s total installed capacity reached 43.42 million kilowatts by the end of September 2025, a year-on-year increase of 17% [8] Operational Highlights - The company generated 565 billion kilowatt-hours of electricity in the first three quarters, a slight decrease of 0.53% year-on-year, but a 13.81% increase when excluding thermal power [8] - Wind power and photovoltaic generation increased by 5.3% and 77.98% respectively in the same period [8] - The company plans to issue 361 million A-shares to raise 5 billion RMB for wind power projects [8] Earnings Forecast - The forecasted net profit for 2025 is 6,208 million RMB, with a corresponding PE ratio of 9 [7][8] - The company expects net profits of 6,338 million RMB in 2026 and 6,875 million RMB in 2027, with PE ratios of 8.7 and 8 respectively [7][8]

Group 1 - A total of 1 company announced a private placement on November 3, with 1 plan approved by the exchange [1] - Since the beginning of the year, 123 companies have announced completed private placement plans, with 57 companies raising over 1 billion yuan [1] - The highest fundraising amounts were reported by China Bank, Postal Savings Bank, and Transportation Bank, with total fundraising of 165 billion yuan, 130 billion yuan, and 120 billion yuan respectively [1]

Group 1 - On November 1, a total of 13 companies in the A-share market announced plans related to private placements [1] - Among these, 5 companies disclosed private placement proposals, 3 proposals were approved by shareholders' meetings, 1 proposal was approved by the exchange, 1 proposal was approved by the CSRC, and 3 proposals were halted [1] - The latest disclosed private placement proposals include Shengxin Lithium Energy, Nanguang Energy, and Zhongyuan Co., with planned amounts not exceeding 3.2 billion yuan, 2.0 billion yuan, and 500 million yuan respectively [1]

其中电子行业个股德明利（001309）私募参与定增目前浮盈比例达317.76%，排名第一。该股吸引到聚 力基金、信持力资产和轻盐创业投资3家私募机构参与定增，私募合计获配金额1.61亿元，浮盈金额近 5.12亿元。基础化工行业个股横河精密（300539）和晶华新材（603683）私募参与定增浮盈比例排名第 二和第三，其中横河精密吸引到轻盐创业投资和鹿秀投资2家私募机构参与定增，私募合计获配金额 0.69亿元，但浮盈金额达1.83亿元，浮盈比例达266.02%。晶华新材吸引到北京金泰基金一家私募机构 定增，私募获配金额0.18亿元，浮盈金额达0.47亿元，浮盈比例为255.65%。此外，私募机构参与中钨 高新（000657）、北方铜业（000737）、威腾电气、佰维存储和乐山电力（600644）等5只个股定增， 目前浮盈比例均超100%。 2025年以来，A股定增市场明显走出回暖行情，私募参与定增的热情高涨。私募排排网数据显示，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，与去年同期的44.85亿元相比， ...

Core Insights - The enthusiasm of private equity institutions for participating in A-share private placements has significantly increased this year, with a total of 51 private equity products involved in 53 A-share companies, amounting to 5.524 billion yuan, a growth of over 23% compared to the same period last year [1] - The overall floating profit from these private placements is approximately 2.438 billion yuan, with a floating profit ratio of 44.13% [1] Group 1: Market Environment and Participation - The positive market environment and supportive policies have created a favorable backdrop for private placements, with strong stock performance in the A-share market [1] - The discount advantage of private placements provides a safety margin, allowing private equity institutions to acquire shares at lower costs, enhancing potential returns [1] - Multiple exit channels, including traditional secondary market sales and agreement transfers, help private equity institutions mitigate liquidity risks and improve strategy stability [1] Group 2: Sector and Individual Stock Performance - The electronic industry is the most favored sector for private equity participation, with 10 electronic stocks involved in private placements, accounting for 36.78% of the total allocation [2] - Among the 53 stocks, 16 received over 100 million yuan in allocations, with companies like Lexin Technology and TCL Technology being particularly attractive to private equity institutions [1][2] - Lexin Technology attracted significant attention, with a total allocation of 788 million yuan from four private equity institutions [1] Group 3: Institutional Insights and Market Signals - Private equity institutions' active participation in private placements signals optimism about future market trends, indicating a belief that the current market level is not high and that the probability of future increases outweighs the risks of declines [3] - The involvement of professional investors in private placements serves as a reference for ordinary investors, especially in sectors like technology, high-end manufacturing, and new energy [3] - This trend reflects a shift from short-term speculation to long-term value investment among private equity institutions, showcasing enhanced research and risk tolerance capabilities [3]

Core Insights - On October 16, a total of 10 companies in the A-share market announced plans related to private placements [1] - Three companies disclosed new private placement proposals, six companies had their proposals approved by shareholders, and one company's proposal was halted [1] Group 1: Private Placement Proposals - The companies with the highest proposed fundraising amounts are Junpu Intelligent, Digital Government, and Delixi Shares, with proposed amounts of up to 1.161 billion, 1.05 billion, and 720 million respectively [1] - A total of 114 companies have announced completed private placement plans this year, with 55 companies raising over 1 billion [1] Group 2: Major Fundraising Amounts - The highest fundraising amounts from private placements were reported by China Bank, Postal Savings Bank, and Transportation Bank, with total fundraising amounts of 165 billion, 130 billion, and 120 billion respectively [1]

Group 1: A-Share Underwriting Growth - In the first three quarters of this year, the total A-share equity underwriting amount by securities firms reached 8540.44 billion yuan, marking a year-on-year increase of 414.42% [1] - The significant growth is primarily driven by a substantial increase in private placement fundraising, which amounted to 7322.62 billion yuan, providing strong support for the rise in underwriting scale [1] - The concentration of the underwriting business is increasing, with the top five firms accounting for 71% of the market share, led by CITIC Securities with 1864.47 billion yuan in total underwriting [1] Group 2: Market Dynamics and Competitive Landscape - The surge in A-share equity underwriting is reshaping the competitive landscape of the investment banking sector, with leading firms expected to see significant revenue growth and strengthened market positions [2] - The overall performance expectations for the brokerage sector are improving, but smaller firms face greater competitive pressure, potentially leading to increased market differentiation [2] - The heightened activity in the capital market is expected to provide positive support for the stock market, although the expansion of fundraising scales may have potential impacts on market liquidity [2] Group 3: Shareholder Actions and Market Sentiment - Huaneng Capital, the controlling shareholder of Changcheng Securities, completed a share buyback plan amounting to 5017 million yuan, increasing its stake to 46.53%, reflecting confidence in the company's long-term development [3] - Such actions by major shareholders often convey positive signals to the market, potentially enhancing valuation expectations for the brokerage sector amid current industry differentiation [3] Group 4: Fund Participation in Private Placements - Public funds have shown a significant increase in participation in private placements, with 34 fund companies involved this year, totaling 301.21 billion yuan in subscriptions [4] - Notable fund managers, including Zhu Shaoxing and Ge Lan, are actively participating in private placements, which reinforces market confidence and may lead to liquidity improvements for related stocks [4] Group 5: Corporate Bond Issuance - China International Capital Corporation (CICC) has been approved to issue up to 100 billion yuan in corporate bonds, indicating strong financing capabilities and market recognition [5] - This bond issuance is expected to optimize the company's capital structure and provide ample resources for business expansion, positively impacting its stock price [5][6] - The expansion of financing channels for leading securities firms may intensify competition, particularly for smaller firms, while enhancing overall market liquidity and investor confidence [6]