Wind数据显示，1月10日，A股共5家公司发布定增相关公告。其中2家公司披露股票定增预案，1家定增 预案获股东大会通过，1家定增预案获交易所通过。从当日最新披露定增预案来看，通富微电、美联新 材定增募资预案金额最高，分别拟定增不超44.0亿元、10.0亿元。今年以来，已有5家公司公告定增方案 已完成，3家公司定增金额超10亿元。具体来看，上能电气、深桑达A、泰胜风能定增募资金额最高， 募资总额分别为16.49亿元、12.0亿元、11.76亿元。 ...

记者丨崔文静 实习生 张长荣 编辑丨张星 A股定增市场正迎来爆发式复苏！ Wind数据显示，截至12月29日（下同），2025年已有155家上市公司通过定向增发募资8244.55亿元，较2024年全年2066.52亿元的规模猛增近 四倍，甚至超过2022年的7804.52亿元。这一跃升不仅终结了2023年"827新政"后融资低迷的困局，更成为市场信心回暖的鲜明信号。 多重利好共同推动热潮：自2024年9月A股持续企稳，股市承载力显著提升，定增发行难度降低；再融资政策同步转向宽松，交易所审核提 速；加之此前积压的融资需求集中释放，企业纷纷抓住窗口期推进项目。 更亮眼的是募资完成率——2025年定增完成率达98.81%，较2024年大幅改善12.25个百分点。凸显市场对优质项目的强劲承接力。 券商承销格局也随之洗牌。2025年券商定增承销总额飙升至7168.90亿元，是2024年的5倍以上。中信证券以1885.63亿元稳居榜首；国泰海通、 中银证券分列二、三位。不过，承销金额虽暴涨，行业总收入仅微增0.17亿元至10.50亿元，反映竞争白热化。 | 近四年A股定增募资情况一览 | | | | | --- | -- ...

记者丨崔文静 实习生 张长荣 编辑丨张星 A股定增市场正迎来爆发式复苏！ 多重利好共同推动热潮：自2024年9月A股持续企稳，股市承载力显著提升，定增发行难度降低；再融资政策同步转向宽松，交易所审核提速； 加之此前积压的融资需求集中释放，企业纷纷抓住窗口期推进项目。 更亮眼的是募资完成率——2025年定增完成率达98.81%，较2024年大幅改善12.25个百分点。凸显市场对优质项目的强劲承接力。 券商承销格局也随之洗牌。2025年券商定增承销总额飙升至7168.90亿元，是2024年的5倍以上。中信证券以1885.63亿元稳居榜首；国泰海 通、中银证券分列二、三位。不过，承销金额虽暴涨，行业总收入仅微增0.17亿元至10.50亿元，反映竞争白热化。 | 近四年A股定增募资情况一览 | | | | | --- | --- | --- | --- | | (按发行日期) 初始预计募资总额(亿元) 实际募资总额(亿元) | | | 券资完成率 | | 2025年1月1日—12月29日 | 8, 343. 63 | 8, 244. 55 | 98. 81% | | 2024年 | 2, 387. 32 | 2, 0 ...

Core Insights - The A-share private placement market has shown significant profitability since 2025, with 52 private equity firms investing nearly 6 billion yuan and achieving a floating profit of over 2.7 billion yuan [1][4][7] - The electronic industry is the most favored sector for private placements, with substantial investments and high floating profits observed [4][5][8] Investment Trends - In 2025, the A-share private placement market rebounded significantly, with 158 companies conducting private placements, raising over 850 billion yuan, a year-on-year increase of more than 400% [4] - Private equity firms have shown high enthusiasm for participating in private placements, with a total allocation amounting to 5.98 billion yuan, a 23.48% increase from the previous year [4][5] - The electronic sector attracted the most investment, with private equity firms allocating 2.03 billion yuan across 10 electronic companies, accounting for 33.98% of total allocations [4][5] Profitability Analysis - As of December 23, 2025, the overall floating profit from private placements reached 2.72 billion yuan, with a floating profit ratio of 45.55% [7] - Among the 58 stocks involved in private placements, 54 are currently in a floating profit state, with 9 stocks showing a floating profit ratio exceeding 100% [8] - Notable performers include Demingli, with a floating profit ratio of 274.19%, contributing nearly 441 million yuan in floating profit [8] Private Equity Firm Performance - Large private equity firms have adopted a more conservative investment style, while smaller firms have favored growth-oriented strategies, achieving higher floating profits [9][10] - Smaller private equity firms, particularly those managing between 5 billion and 20 billion yuan, have reported floating profit ratios exceeding 100% [10][11] - Overall, 50 out of 52 private equity firms involved in private placements have achieved floating profits, with over 30% of firms reporting floating profit ratios above 50% [11] Market Dynamics - The surge in private placement investments is attributed to a combination of market stabilization, policy benefits, and the inherent discount advantages of private placement projects [13][14] - Private equity firms leverage their stock selection capabilities and negotiation advantages to secure excess returns in structural market conditions, further driving their participation in the private placement market [14]

今年以来，私募机构参与A股市场定向增发(以下简称"定增")项目的热情持续高涨，并实现了丰厚的投 资回报。据私募排排网最新统计数据，截至12月23日，年内共有52家私募机构旗下产品参与了58家A股 上市公司定增，合计获配金额达59.80亿元，较去年同期的48.43亿元增长23.48%。以12月23日收盘价计 算，私募机构参与定增项目合计浮盈金额约27.24亿元，展现出较强的投资收益能力。 谈及A股市场定增项目缘何吸引私募机构，融智投资FOF基金经理李春瑜对《证券日报》记者表示："今 年以来，随着A股市场企稳回升与政策支持形成共振，定增项目对私募机构的吸引力进一步增强。其 一，定增发行价通常较市价有一定折价，这为参与其中的私募机构提供了天然的成本'安全垫'；其二， 再融资政策持续优化、项目质量不断提升，也增强了机构在持股锁定期的信心；其三，退出渠道日趋多 元化，除传统二级市场减持外，协议转让等方式也为流动性管理增添了灵活性。此外，凭借专业的选股 能力与议价优势，私募机构在结构性行情中更容易捕捉超额收益，这也进一步激发了其参与定增市场的 积极性。" 珠海黑崎资本投资管理合伙企业(有限合伙)首席战略官陈兴文也持相同观 ...

Core Viewpoint - The A-share private placement market is experiencing significant participation from public funds in 2025, with a total allocation amount reaching 17.3 billion yuan, marking a 140% increase compared to the entire year of 2024 [1][3][5] Group 1: Participation and Investment Trends - A total of 33 public fund companies have participated in private placements in 2025, with the total allocation amount reaching 17.3 billion yuan, a substantial increase from 7.2 billion yuan in 2024 [3][9] - Leading public fund institutions, such as E Fund, GF Fund, and others, are taking the lead in this investment trend, with E Fund alone allocating 3.687 billion yuan [3][10] - The investment focus is heavily on hard technology sectors, particularly semiconductors, artificial intelligence, and innovative pharmaceuticals, reflecting a strong market sentiment [4][11] Group 2: Fund Allocation and Sector Focus - Public funds have allocated 7.45 billion yuan in the electronics sector and 5.6 billion yuan in the biopharmaceutical sector, targeting key companies like Cambricon and Dize Pharmaceutical [4][11][12] - The most favored private placement projects in 2025 include companies like Baile Tianheng and Cambricon, each receiving over 1 billion yuan in public fund allocations [12] Group 3: Drivers of Market Activity - The resurgence of private placements is driven by three main factors: policy incentives, a safety margin from discounts, and significant profit potential [5][13] - Policies encouraging capital market support for the real economy, especially in technology, have created a favorable environment for refinancing [6][13] - The overall performance of public funds in private placements has been strong, further motivating institutional participation [6][13]

Group 1 - The core point of the article is that Estun (002747, SZ) has successfully completed a private placement, issuing 28.39 million shares to seven subscription entities, including several foreign institutional investors [1] - The participation of multiple foreign institutions in Estun's private placement is noted as a rare occurrence in the history of A-share non-public offerings [1] - In the past month, over ten listed companies have attracted significant foreign institutional investment in their private placements, with total subscription funds exceeding 1.4 billion yuan [1]

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]