南开大学金融学教授田利辉对《证券日报》记者表示，近年来，险资调研次数持续下降，实为"提质增 效"的理性选择。一方面，险资投资策略从"广撒网"转向"深挖井"，依托大数据与内部研究体系，对已 深度覆盖的硬科技、高端制造等领域减少重复调研，聚焦核心标的持续跟踪；另一方面，A股信息披露 质量提升与机构化深化，使基础研判效率提高。同时，监管倡导"长期主义"，险资主动规避短期博弈式 调研，将资源集中于投后管理与战略配置，体现专业机构成熟度。 作为A股长期资金的重要代表，险资的调研动向受到市场普遍关注。数据显示，截至1月28日记者发 稿，年内险资机构（包括保险公司和保险资管公司）调研A股公司次数达592次，对科创板和创业板标 的关注度明显增加。 具体来看，在今年以来的592次调研中，保险公司调研次数合计达281次，其中，太平养老保险股份有限 公司、中国人民养老保险有限责任公司和长江养老保险股份有限公司的调研次数位居前三；保险资管公 司调研次数合计达311次，其中，泰康资产管理有限责任公司、华泰资产管理有限公司和大家资产管理 有限责任公司的调研次数位居前三。 近年来，险资调研频次持续下降，2023年、2024年和2025年， ...

Core Insights - The IPO market in A-shares is undergoing transformation in 2024, with a significant increase in IPO activities expected in 2025, characterized by a normalization of acceptance, review, and issuance processes [2] Group 1: IPO Acceptance and Trends - In 2025, a total of 251 IPO applications were accepted across the Shanghai, Shenzhen, and Beijing stock exchanges, which is 3.26 times the number in 2024 [3] - The number of companies that passed the review in 2025 reached 109, doubling the figure from the previous year [5] - The number of withdrawn applications significantly decreased, with only 95 companies terminating their reviews, a reduction of 77% compared to the previous year [7] Group 2: Monthly IPO Activity - June and December are peak months for IPO applications, with June accounting for 60% of the total applications for the year [3] - In June 2025, 150 IPO applications were accepted, while December saw an additional 46 applications [3] Group 3: Fundraising and Industry Distribution - The highest fundraising amount from accepted IPOs was 24.5 billion yuan by China Resources New Energy Holdings, followed by China Electric Power Construction Group with 9 billion yuan [4] - The manufacturing sector dominated the applications, particularly in chemicals, industrial machinery, electronic devices, semiconductors, and automotive components [4] Group 4: Review Success Rates - The approval rate for IPOs in 2025 was 93%, consistent with the previous year, with 62 companies successfully listing after passing the review [5] - Notably, the first unprofitable IPO on the ChiNext board was approved, indicating increased support for innovative companies [5] Group 5: Underwriters and Market Dynamics - The top three underwriters by the number of approved companies were Guotai Junan Securities, CITIC Securities, and CITIC Jianzhong, with 15, 12, and 11 approvals respectively [6] Group 6: IPO Queue Status - As of December 30, 2025, there were 297 companies still in the IPO queue, with the majority (173) planning to list on the Beijing Stock Exchange [8] - Guangdong province had the highest number of companies in the IPO queue, followed by Jiangsu and Zhejiang provinces [9]

Core Viewpoint - The IPO market in A-shares is stabilizing in 2025, with a significant increase in the number of applications and approvals, while the number of withdrawals has decreased substantially [3][10]. Group 1: IPO Activity Overview - In 2025, a total of 251 IPO applications were accepted across the Shanghai, Shenzhen, and Beijing stock exchanges, which is 3.26 times that of 2024 [4][5]. - The number of companies that successfully passed the IPO approval process reached 109, doubling the figure from the previous year [8]. - The total number of companies that withdrew their IPO applications was 95, a significant decrease of 77% compared to the previous year [10][11]. Group 2: Monthly Trends and Patterns - June and December were peak months for IPO applications, with 150 applications in June alone, accounting for 60% of the annual total [6]. - The majority of companies tend to submit their IPO applications by June 30 to maximize the validity period of their financial reports [6]. Group 3: Industry Distribution - The manufacturing sector led the number of IPO applications, particularly in sub-sectors such as chemicals, industrial machinery, electronic devices, semiconductors, and automotive components [7]. Group 4: Approval Rates and Market Support - The approval rate for IPOs was 93%, consistent with the previous year, indicating a stable market environment [8]. - The introduction of policies supporting unprofitable innovative companies has enhanced the inclusivity and adaptability of the market towards high-quality tech enterprises [8]. Group 5: Current IPO Pipeline - As of December 30, 2025, there are 297 companies still in the IPO queue, with the majority (173) planning to list on the Beijing Stock Exchange [12].

Core Insights - The IPO market in 2025 is characterized by a significant increase in the number of applications and approvals, indicating a normalization of IPO activities compared to the previous year [1][2][4]. Group 1: IPO Application and Approval Trends - In 2025, a total of 251 IPO applications were accepted across the Shanghai, Shenzhen, and Beijing stock exchanges, which is 3.26 times the number from 2024 [2]. - The number of companies that successfully passed the IPO approval process reached 109, doubling the 53 approvals from 2024, with a pass rate of 93% [4]. - The peak periods for IPO applications were noted in June and December, with June alone accounting for 60% of the total applications for the year [2]. Group 2: Industry and Fundraising Insights - The highest fundraising amount from accepted IPOs was 24.5 billion yuan by China Resources New Energy Holdings, followed by China Electric Power Construction Group with 9 billion yuan and Huike Co., Ltd. with 8.5 billion yuan [3]. - The manufacturing sector dominated the applications, particularly in sub-sectors such as chemicals, industrial machinery, electronic devices, semiconductors, and automotive parts, reflecting increased support for the real economy and innovative enterprises [3]. Group 3: Withdrawal and Registration Trends - The total number of companies withdrawing their IPO applications decreased significantly by 77% year-on-year, with only 95 companies withdrawing in 2025 compared to the previous year [6]. - Among the withdrawn applications, 22 had already passed the approval stage, indicating a trend of companies facing challenges in the registration process [6]. - As of December 30, 2025, there were still 297 companies in the IPO queue, with the majority (173) planning to list on the Beijing Stock Exchange [7][8].

Group 1 - The core focus of broker research in November has been on Chinese companies expanding overseas, with a total of 1990 research sessions conducted covering 398 A-share listed companies [1] - The most frequently researched stock this month is Trina Solar, which has been surveyed 39 times, followed by Luxshare Precision and Anji Technology, each with 36 surveys [1] - The industrial machinery and electronic components sectors have seen the highest interest, with 37 and 28 companies respectively being researched [1] Group 2 - Among the 398 stocks, 220 have seen price increases, with the highest increase being 189.46% for Huasheng Lithium Battery [1] - In terms of broker participation, CITIC Securities led with 102 research sessions, followed by Guotai Junan and Changjiang Securities with 99 and 77 sessions respectively [2] - The overseas expansion of Chinese companies has been a key topic during broker inquiries, with Trina Solar reporting significant growth in orders from high-margin markets like the US and Europe [2] Group 3 - The trend of Chinese companies going global is expected to significantly enhance their profit growth potential, as indicated by the performance of some representative companies exceeding market expectations [3] - The active research by brokers not only aids in value discovery and risk warning but also helps in understanding the cross-border financial needs of Chinese companies [3]

Group 1 - The core focus of broker research this month has been on Chinese companies expanding overseas, with a total of 1990 research sessions conducted covering 398 A-share listed companies [1] - The most frequently researched stock is Trina Solar, which has been surveyed 39 times, followed by Luxshare Precision and Anji Technology, both with 36 surveys [1] - The industrial machinery and electronic components sectors have seen the highest interest, with 37 and 28 companies respectively being researched [1] Group 2 - A total of 98 brokerage firms conducted research this month, with CITIC Securities leading with 102 surveys, followed by Guotai Junan and Changjiang Securities [2] - High-frequency questions during the research sessions indicate a strong interest in the overseas expansion of Chinese companies, with Trina Solar reporting significant growth in orders from high-margin markets like the US and Europe [2] - Tongyu Communication revealed that its overseas revenue has surpassed domestic revenue for the first time, becoming a key driver of growth [2] Group 3 - The trend of Chinese companies expanding overseas is seen as a significant market opportunity, attracting investor attention and guiding capital towards companies with global development prospects [3] - Some representative companies have exceeded market expectations in their overseas performance this year, indicating substantial profit potential [3]

Group 1 - A total of 346 listed companies were researched by institutions from November 10 to November 14, with Ambotong receiving the most attention from 95 institutions [1] - Boying Special Welding, Optoelectronics, and Anke Biology were followed closely, receiving attention from 79, 75, and 69 institutions respectively [1] - Boying Special Welding and Binglun Environment were researched 4 times, while Kesi Technology, Youcai Resources, Boshi Jie, Guangfa Securities, and Agricultural Products were researched 3 times [1] Group 2 - Institutions are continuously focusing on sectors such as industrial machinery, automotive parts and equipment, and electronic components [2]

Group 1 - Securities firms have conducted a total of 3,845 research activities involving 644 listed companies since September 21, with a focus on industries such as industrial machinery and electronic components [1][2] - The most frequently researched company is Lanke Technology, which has been surveyed by 54 securities firms, followed by Juguang Technology with 40 surveys [1] - Leading securities firms include CITIC Securities and Guotai Junan, each conducting 175 surveys, while Changjiang Securities has conducted 135 surveys [1] Group 2 - Among the 644 listed companies, 76 are in the industrial machinery sector, and 42 are in the electronic components sector, indicating a preference for these industries [2] - As of September 19, 288 of the surveyed stocks have seen price increases this month, with 24 stocks rising over 30%, led by World with a 76.94% increase [2] Group 3 - Key issues of interest in the surveys include companies' overseas expansion strategies, with Juguang Technology actively integrating its acquisitions in Switzerland and Singapore [3] - Companies like Kaiying Network reported a 59.57% year-on-year increase in overseas revenue in the first half of the year, focusing on enhancing their product matrix for international markets [3] - Analysts predict that a number of Chinese companies will emerge as influential players in international markets, potentially leading to greater valuation premiums for leading domestic firms [3]

Group 1 - A total of 627 listed companies were investigated by institutions from September 15 to September 19 [1] - Hanhai Group received the most attention, with 91 institutions participating in the investigation [1] - Jepter, Ganli Pharmaceutical, and Guangri Co., Ltd. were also notable, receiving investigations from 86, 84, and 74 institutions respectively [1] Group 2 - From the industry perspective, institutions are focusing on sectors such as commodity chemicals, automotive parts and equipment, and industrial machinery [1] - Banshan Steel was investigated 4 times, while Changqing Group, Zhiguang Electric, and Lingang Co., Ltd. were investigated 3 times each [1]

Group 1 - A total of 429 listed companies were researched by institutions from September 1 to September 5, with Lanke Technology receiving the most attention from 231 institutions [1] - Other companies that attracted significant institutional research include Juguang Technology, Kaiying Network, and Zhonglian Heavy Industry, with 192, 162, and 100 institutions respectively [1] - Lesser-known companies such as Lian De Equipment, Tongyi Zhong, and Yageo received 9, 4, and 4 institutional research visits respectively, while Kesi Technology, Weisheng Information, GF Securities, and Maolai Optics were researched 3 times each [1] Group 2 - Institutions are focusing on sectors such as industrial machinery, electronic components, and automotive parts and equipment [2]