作者 | 深水财经社 何离 今年的IPO数量大概率是要超过去年了。 据近日深水财经社发布的A股上市公司月度报告显示，2025年前10个月，A股IPO上市数量已经达到87家，比2024年同期多上市7家，按照年底IPO数量会集 中的规律，今年全年IPO数量肯定会超过2024年。 另外报告还显示，今年前10个月，A股IPO募资总额已经达到901.72亿，远超过去年全年募资规模。 从单个募资规模来看，今年首发募资金额超过20亿的有8家，最高的是是华电新能（600930），他们一家就拿走了181.71亿，西安奕材-U为46.36亿，中策橡 胶为40.66亿，天有为37.4亿，联合动力36.01亿，禾元生物25.99亿，屹唐股份24.97亿，友升股份22.38亿。 今年哪个省是最大赢家？一定是大江苏莫属。 今年各省区中，江苏省获得大丰收，今年前10个月已经上市21家，远超去年全年。 2019-2023年是A股IPO的井喷的几年，这五年里，A股一共上了1899家，平均每年380家，这是一个非常恐怖的数字。而这五年合计首发募资1.74万亿，平均 每年3478亿。 那么这五年上市的1899家公司究竟成色如何呢？我们有时间可以好 ...

Core Insights - The report highlights the IPO activities in Jiangsu province for October 2025, indicating a stable trend with 9 new A-share companies listed, similar to previous months [1][10]. Group 1: IPO Overview - In October 2025, Jiangsu saw the listing of 1 new company, Changjiang Energy Materials, on the Beijing Stock Exchange, with a fundraising amount of 1.84 billion [2][10]. - For the first ten months of 2025, Jiangsu ranked first among provinces with 21 new A-share companies, surpassing Guangdong by 4 companies [10][17]. - The total fundraising amount for Jiangsu's IPOs in the first ten months reached 129.27 billion, placing it third nationally [17][29]. Group 2: City-wise IPO Distribution - Suzhou led the province with 7 new A-share companies in the first ten months, followed by Wuxi and Changzhou with 3 each [10][17]. - The distribution of new A-share companies by city in October 2025 shows that Jiangsu's cities are actively participating in the IPO market, with various cities contributing to the overall count [5][10]. Group 3: Fundraising Analysis - The total fundraising for Jiangsu's IPOs in October was relatively low at 1.84 billion, indicating a need for more robust fundraising activities [17]. - Suzhou's total fundraising amount for the first ten months was 57.48 billion, maintaining its position as the top city in Jiangsu for IPO fundraising [17][13]. Group 4: Sector and Board Distribution - The newly listed companies in Jiangsu for the first ten months were distributed across four boards, with the Growth Enterprise Market (GEM) having the highest number at 7 companies [17][11]. - The breakdown of the newly listed companies by board shows a diverse participation across different sectors, reflecting the province's economic landscape [11][17]. Group 5: IPO Pipeline and Support - As of the end of October, there were 301 companies in the IPO application queue nationwide, with Jiangsu having 51, ranking third in the country [29]. - Jiangsu also leads in the number of companies undergoing IPO guidance, with 243 firms, indicating a strong support system for potential IPO candidates [29][26].

IPO Pipeline Status - As of November 9, there are 276 companies in the IPO pipeline, including 21 on the Shanghai Main Board, 35 on the Sci-Tech Innovation Board, 21 on the Shenzhen Main Board, 26 on the ChiNext, and 173 on the Beijing Stock Exchange [1] Newly Listed Companies - From November 3 to November 9, five companies were newly listed: - Dana (Tianjin) Biotechnology Co., Ltd. on the Beijing Stock Exchange with a closing price of 102.10 CNY per share, a rise of 497.08%, and a trading volume of 6.65 billion CNY [3] - Suzhou Fengbei Biotechnology Co., Ltd. on the Shanghai Main Board with a closing price of 66.76 CNY per share, a rise of 172.60%, and a trading volume of 16.50 billion CNY [3] - Daming Electronics Co., Ltd. on the Shanghai Main Board with a closing price of 64.45 CNY per share, a rise of 413.55%, and a trading volume of 16.94 billion CNY [4] - Delijia Transmission Technology (Jiangsu) Co., Ltd. on the Shanghai Main Board with a closing price of 70.52 CNY per share, a rise of 51.07%, and a trading volume of 18.50 billion CNY [5] - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on the Beijing Stock Exchange with a closing price of 38.54 CNY per share, a rise of 170.08%, and a trading volume of 4.62 billion CNY [6] New Counseling Record Companies - During the same period, 10 companies were added to the counseling record, including: - Hangzhong Tianqi (Chongqing) Microelectronics Co., Ltd., focusing on communication and intelligent terminal chips [7] - Anwen Technology Group Co., Ltd., specializing in automotive cabin safety and comfort components [9] - Duality Biotherapeutics, Inc., a clinical-stage innovative biopharmaceutical company [9] - Wuhan Jiachen Electronics Technology Co., Ltd., engaged in high-voltage safety systems for new energy vehicles [9] - Guangdong Jingyi Furniture Co., Ltd., focusing on office seating solutions [9] - Inner Mongolia Dongyuan Environmental Protection Technology Co., Ltd., involved in wastewater treatment [9] - Ningbo Jinlai Chemical Co., Ltd., a chemical product manufacturer [9] - Shenzhen Zhongji Automation Co., Ltd., specializing in lithium battery automation production equipment [10] - Huanuo Star Technology Co., Ltd., engaged in radar and intelligent robotics research [10] - Anhui Xinyuan Technology Co., Ltd., focusing on fine chemicals [10] Companies Approved for Review - Five companies successfully passed the review process from November 3 to November 9: - Shandong Qilong Marine Oil Steel Pipe Co., Ltd., involved in marine drilling riser development [12] - Chongqing Zhixin Industrial Co., Ltd., specializing in automotive welding parts [12] - Shaanxi Tourism Culture Industry Co., Ltd., offering tourism-related services [12] - Zhejiang Haiseng Medical Devices Co., Ltd., providing anesthesia and monitoring medical devices [12] - Hebei Guoliang New Materials Co., Ltd., focusing on high-temperature industrial refractory materials [12] Companies Registered Successfully - Two companies received registration approval during the period: - Ningbo Jianxin Superconducting Technology Co., Ltd., involved in MRI equipment core components [15] - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd., focusing on PVA and specialty fibers [15] Companies Terminated IPO Review - Two companies withdrew their IPO applications: - Fujian Haichuang Optoelectronic Technology Co., Ltd., specializing in laser technology [16] - Shandong Canon Technology Co., Ltd., focusing on energy-saving and environmental protection technologies [17]

Group 1: Market Trends - In October 2025, 11 new stocks were issued in the A-share market, raising a total of 15.3 billion yuan, a 29% increase month-on-month[10] - The average first-day closing price increase for new stocks in the Shanghai and Shenzhen markets was 235%, up 28.2 percentage points from the previous month[28] - The average first-day increase for three unprofitable new stocks was 162%[28] Group 2: Pricing and Allocation Mechanism - The average first-day price-earnings (PE) ratio for new stocks was 25 times, reaching a monthly peak for the year, but still at a 34% discount compared to comparable companies[13] - The A1 allocation tier saw an average winning rate of 0.073%, a 76% increase compared to previous periods, while the A2 tier's winning rate dropped to 0.026%, a 38% decrease[19] - The new stock pricing and allocation mechanism is being optimized to encourage long-term holding, with higher allocation ratios for investors committing to longer lock-up periods[6] Group 3: Growth in Specific Sectors - The first batch of new stocks in the Sci-Tech Innovation Board's growth tier raised a total of 8.8 billion yuan in October 2025[10] - The inquiry results showed that the first three growth tier new stocks attracted an average of 6,691 product participants, an increase of 8.6% compared to June[19] - The total number of IPO projects in the A-share market reached 114, with a total proposed fundraising amount of 207.8 billion yuan as of the end of October 2025[54] Group 4: Risks and Challenges - Risks include potential changes in the pace of new stock issuance reviews, fluctuations in investor participation, and the quality and quantity of submitted projects[57] - There is a need to monitor the structural adjustments in industries and the risk of unprofitable companies facing share price declines[57]

Core Insights - In 2025, a total of 81 companies successfully went public on the A-share market, raising a total of 78.464 billion yuan, with 5.745 billion yuan allocated for intermediary fees, accounting for 7.32% of the total fundraising [1][3] Summary by Category Overall Market Performance - The average fundraising amount per company was 969 million yuan, with an average intermediary fee of 70.925 million yuan, resulting in an average intermediary fee percentage of 11.40% [3] - The highest fundraising amount recorded was 18.171 billion yuan, with the highest intermediary fee reaching 212.132 million yuan, which accounted for 20.94% of the total fundraising [3] Intermediary Fees by Market Segment - **ChiNext**: - Total fundraising: 709 million yuan - Total intermediary fees: 68.502 million yuan - Intermediary fee percentage: 11.56% [5] - **STAR Market**: - Total fundraising: 1.015 billion yuan - Total intermediary fees: 94.409 million yuan - Intermediary fee percentage: 12.13% [5] - **Main Board**: - Total fundraising: 1.643 billion yuan - Total intermediary fees: 90.072 million yuan - Intermediary fee percentage: 10.43% [5] - **Beijing Stock Exchange**: - Total fundraising: 320 million yuan - Total intermediary fees: 33.597 million yuan - Intermediary fee percentage: 12.34% [5] Notable Companies and Their Fees - **ChiNext**: - Highest intermediary fee: Han Shuo Technology (301275.SZ) with 132.488 million yuan, accounting for 11.41% of its 1.162 billion yuan fundraising [6] - Lowest intermediary fee: Chao Yan Co. (301602.SZ) with 41.064 million yuan, accounting for 9.54% of its 430 million yuan fundraising [6] - **STAR Market**: - Highest intermediary fee: Ying Shi Innovation (688775.SH) with 184.414 million yuan, accounting for 9.52% of its 1.938 billion yuan fundraising [7] - Lowest intermediary fee: Sai Fen Technology (688758.SH) with 45.213 million yuan, accounting for 20.94% of its 216 million yuan fundraising [7] - **Main Board**: - Highest intermediary fee: Huaneng New Energy (600930.SH) with 212.132 million yuan, accounting for 1.17% of its 18.171 billion yuan fundraising [8] - Lowest intermediary fee: Jiangnan New Materials (603124.SH) with 47.598 million yuan, accounting for 12.39% of its 384 million yuan fundraising [8] - **Beijing Stock Exchange**: - Highest intermediary fee: Kai Fa Technology (920029.BJ) with 59.725 million yuan, accounting for 5.11% of its 1.169 billion yuan fundraising [9] - Lowest intermediary fee: Hong Hai Technology (920108.BJ) with 18.426 million yuan, accounting for 14.38% of its 128 million yuan fundraising [9]

Group 1 - The A-share IPO market in 2025 shows a trend of "slight increase in quantity, significant increase in fundraising and market value" [1][2] - In Q3 2025, there were 27 IPOs raising approximately 39.9 billion yuan, a significant increase compared to 15.4 billion yuan in Q3 2024 [2] - The total number of IPOs in the first three quarters of 2025 reached 78, with a total fundraising amount of about 77.3 billion yuan, reflecting a year-on-year growth of 61.28% [2] Group 2 - Among the IPOs in Q3 2025, 10 companies had a market value exceeding 10 billion yuan, with three companies surpassing 70 billion yuan, including Huadian New Energy at 266.55 billion yuan [3][4] - Shanghai led the IPO rankings with 4 companies, while Suzhou followed with 3 companies, indicating a concentration of IPOs in major cities [4] - The Beijing Economic-Technological Development Area is highlighted for its strong semiconductor industry, with companies like Yitang Co. and Huadian New Energy benefiting from local industrial foundations [5][6] Group 3 - Huadian New Energy has a market share of over 6% in the wind power sector and over 4% in the photovoltaic sector, with significant projects in Fujian [5] - Yitang Co. is positioned in the semiconductor equipment sector, closely tied to the Beijing Economic-Technological Development Area's industrial ecosystem [6][8] - The investment strategies of the Beijing Economic-Technological Development Area government focus on new economy sectors, enhancing the local industrial landscape [8]

Core Insights - The A-share IPO market shows improvement with a nominal approval rate of 91.67% in September 2025, and a year-to-date approval rate of 95.08%, up nearly 10 percentage points from 85.37% in the same period of 2024 [1][9] - The number of terminated IPOs has significantly decreased, with only 91 terminations in the first nine months of 2025, a 74% drop from 350 in the same period of 2024, indicating a more favorable market environment [1][10] - In terms of fundraising, 78 new A-share IPOs raised a total of 773.02 billion yuan in the first nine months of 2025, representing a year-on-year increase of 13.04% in the number of IPOs and 61.49% in total fundraising compared to the same period in 2024 [1][11] IPO Review Situation - In September 2025, 12 companies were reviewed for IPO, with 11 approved and one, Youxun Co., Ltd., facing deferred review due to accounting treatment concerns [2][5] - The review committee raised three main questions regarding Youxun's financial sustainability, potential undisclosed relationships among shareholders, and compliance with accounting standards for share-based payments [5][6] Termination of IPOs - Seven companies terminated their IPO processes in September 2025, maintaining a single-digit termination count for three consecutive months [10] - The decline in terminated IPOs reflects an improved market environment, with a significant reduction in the number of companies in the IPO queue [10] Fundraising Situation - In September 2025, 11 new A-share IPOs collectively raised 116.9 billion yuan, with the highest fundraising from United Power at 36.01 billion yuan, while the lowest was from Sanxie Electric at 1.83 billion yuan [11][12] - The overall fundraising in the first nine months of 2025 reached 773.02 billion yuan, with 30 companies exceeding their fundraising targets, while 48 fell short [12] Underwriting and Brokerage Performance - In the first nine months of 2025, the top underwriters by total fundraising were Zhongjin Company, Huatai United Securities, and Guotai Haitong, with respective amounts of 125.38 billion yuan, 108.89 billion yuan, and 106.56 billion yuan [14][17] - The combined underwriting amount of the top five brokers accounted for 66.98% of the total A-share IPO underwriting amount, highlighting a significant concentration of market share [17]

Group 1 - The A-share IPO market shows a recovery trend in the first three quarters of this year, with the number of IPOs and the total financing amount exceeding last year's figures [1] - A total of 78 new IPO companies were added in the A-share market, an increase of 9 compared to the same period last year [1] - The total amount raised through IPOs reached 77.3 billion yuan, surpassing last year's total of 67.4 billion yuan, representing a year-on-year growth of 61.49% [1] Group 2 - The distribution of IPOs by industry indicates that the majority of new listings come from sectors such as power equipment, automotive, electronics, machinery, light manufacturing, basic chemicals, non-ferrous metals, and pharmaceuticals, with emerging industries accounting for 90% of the total [1] - In terms of regional distribution, Jiangsu province leads with 20 new listings, followed by Guangdong with 14 and Zhejiang with 13 [1] - Suzhou city has the highest number of new listings at 7, followed by Shanghai with 5, and both Shenzhen and Hangzhou with 4 each [1] Group 3 - The financing amounts by sector show that the Shanghai main board leads with 37.28 billion yuan, followed by the ChiNext board with 20.56 billion yuan, and the Sci-Tech Innovation board with 8.12 billion yuan [2] - The financing amounts for the Shenzhen main board and the Beijing Stock Exchange are 6.28 billion yuan and 5.06 billion yuan, respectively [2] - The combined financing amounts for the ChiNext, Sci-Tech Innovation, and Beijing Stock Exchange account for 33.74 billion yuan, which is 43.64% of the total A-share financing [2]

Core Viewpoint - Tianjin Bank reported a slight increase in revenue and net profit for the first half of 2025, but faced challenges in various business segments, including a significant decline in fee income and investment returns [1][8]. Financial Performance - For the first half of 2025, Tianjin Bank achieved operating income of 8.828 billion RMB, a year-on-year increase of 0.82% [1][2]. - The net profit attributable to shareholders was 1.988 billion RMB, reflecting a growth of 1.11% compared to the previous year [1][2]. - The bank's total assets reached 965.67 billion RMB, marking a 4.3% increase from the end of the previous year [2][8]. - The total liabilities amounted to 895.76 billion RMB, up 4.6% year-on-year [2]. Asset Quality - As of June 30, 2025, the non-performing loan (NPL) ratio remained stable at 1.70%, unchanged from the end of the previous year [3][5]. - The provision coverage ratio improved to 171.29%, an increase of 2.08 percentage points from the previous year [3][5]. Income Breakdown - Interest income for the first half of 2025 was 15.143 billion RMB, down 5.1% from the previous year [4]. - Net interest income decreased by 1.8% to 5.923 billion RMB [4]. - Investment income fell to 1.267 billion RMB, a decline of 15.5% year-on-year, primarily due to a strategic shift in investment structure [3][4]. Business Challenges - The bank's intermediary business income saw a significant drop, with net fee and commission income decreasing by 26.9% [8]. - The individual loan business experienced a notable contraction, leading to the largest decline among listed city commercial banks [8]. - Despite efforts to enhance collaboration through investments, the expected synergistic effects have yet to materialize [8].

Core Insights - The report highlights the performance of Jiangsu's A-share IPO market in August 2025, indicating a total of 17 new A-share companies in the first eight months, ranking first among all provinces in China [19] - Despite leading in the number of new listings, Jiangsu ranks fourth in total fundraising amount, with a total of 21.86 billion yuan raised in the first eight months [19][7] - The newly listed companies are primarily concentrated in strategic emerging industries such as semiconductors, biomedicine, and new materials, reflecting an ongoing optimization and upgrading of the industrial structure in Jiangsu [19] IPO Quantity and Fundraising - In August 2025, Jiangsu added three new A-share companies: Tianfulong from Yangzhou, Youli Intelligent from Suzhou, and Hansang Technology from Nanjing [19] - The total fundraising amount for A-share IPOs in August reached 40.93 billion yuan, with Jiangsu's contributions being 9.44 billion yuan from Tianfulong, 3.09 billion yuan from Youli Intelligent, and 9.32 billion yuan from Hansang Technology [19][15] - In the first eight months, Suzhou led the province with six new A-share companies, followed by Wuxi, Changzhou, and Yangzhou with two each, and other cities like Nantong, Nanjing, Huai'an, Zhenjiang, and Taizhou each contributing one [19][14] Regional Performance - Suzhou also topped the province in total fundraising, accumulating 21.46 billion yuan in the first eight months [19] - The report indicates a strong performance in the A-share market for Jiangsu, showcasing the province's vibrant corporate activity and its attractiveness to investors [19]