2025.12.30 本文字数：2077，阅读时长大约4分钟 作者 |第一财经 安卓 如果说，2024年A股IPO市场是在变革中探寻新方向，那么进入2025年，IPO活动整体平稳，受理、审 核、发行节奏呈现常态化，同时，资本市场资源要素继续向"新质生产力"加速集聚。 第一财经结合交易所网站、Wind数据统计发现，2025年的IPO呈现出"两增一减"的格局，即受理数量大 幅增加，沪深北交易所合计受理企业IPO申请251家，是2024年的3.26倍；过会数量大幅增加，年内109 家企业顺利过会，数量是去年的2倍之多；撤单数量大幅减少，全年累计95家企业终止审核，较去年同 期大幅减少77%。 6月扎堆申报IPO 据第一财经统计，2025年沪深北交易所合计受理企业IPO申请251家，是2024年的3.26倍。 回首2024年，IPO融资收紧，受理数量锐减，全年仅有77家获得新受理，其中北交所受理家数占比超过 八成，而沪深交易所受理家数均为个位数。 而进入2025年，IPO受理步入常态化，上交所合计受理60家、深交所合计受理55家、北交所受理136 家。 按拟上市板块划分，主板受理29家、科创板受理44家、创业板受理4 ...

如果说，2024年A股IPO市场是在变革中探寻新方向，那么进入2025年，IPO活动整体平稳，受 理、审核、发行节奏呈现常态化，同时，资本市场资源要素继续向"新质生产力"加速集聚。 本文字数：2077，阅读时长大约4分钟 第一财经结合交易所网站、Wind数据统计发现，2025年的IPO呈现出"两增一减"的格局，即受理数 量大幅增加，沪深北交易所合计受理企业IPO申请251家，是2024年的3.26倍；过会数量大幅增 加，年内109家企业顺利过会，数量是去年的2倍之多；撤单数量大幅减少，全年累计95家企业终止 审核，较去年同期大幅减少77%。 6月扎堆申报IPO 2025.12. 30 作者 | 第一财经 安卓 据第一财经统计，2025年沪深北交易所合计受理企业IPO申请251家，是2024年的3.26倍。 回首2024年，IPO融资收紧，受理数量锐减，全年仅有77家获得新受理，其中北交所受理家数占比 超过八成，而沪深交易所受理家数均为个位数。 而进入2025年，IPO受理步入常态化，上交所合计受理60家、深交所合计受理55家、北交所受理 136家。 按拟上市板块划分，主板受理29家、科创板受理44家、创业板受 ...

如果说，2024年A股IPO市场是在变革中探寻新方向，那么进入2025年，IPO活动整体平稳，受理、审 核、发行节奏呈现常态化，同时，资本市场资源要素继续向"新质生产力"加速集聚。 第一财经结合交易所网站、Wind数据统计发现，2025年的IPO呈现出"两增一减"的格局，即受理数量大 幅增加，沪深北交易所合计受理企业IPO申请251家，是2024年的3.26倍；过会数量大幅增加，年内109 家企业顺利过会，数量是去年的2倍之多；撤单数量大幅减少，全年累计95家企业终止审核，较去年同 期大幅减少77%。 6月扎堆申报IPO 据第一财经统计，2025年沪深北交易所合计受理企业IPO申请251家，是2024年的3.26倍。 回首2024年，IPO融资收紧，受理数量锐减，全年仅有77家获得新受理，其中北交所受理家数占比超过 八成，而沪深交易所受理家数均为个位数。 而进入2025年，IPO受理步入常态化，上交所合计受理60家、深交所合计受理55家、北交所受理136 家。 按拟上市板块划分，主板受理29家、科创板受理44家、创业板受理42家、北证136家。 6月和12月是年内IPO受理的高峰期，今年6月，沪深北交易所合计 ...

2025年以来，近800家外资机构合计调研A股上市公司近万次。其中，Point 72资产管理公司以263次调 研位居榜首；高盛、美银证券等国际大行的调研次数也均超过百次。从调研方向来看，科技和医药是外 资机构最为关注的两大赛道。 年内外资调研A股近万次 Wind数据显示，截至12月26日，今年以来共有798家外资机构现身A股上市公司调研名单，合计调研 9308次。 具体来看，被称为"华尔街最疯狂赚钱机器"的Point 72资产管理公司今年以来调研A股上市公司263次， 排名首位。在2023和2024年，Point 72资产管理公司全年分别调研A股上市公司255次、259次，均为当 年外资调研榜第一位，堪称"A股调研劳模"。此外，高盛、美银证券、花旗环球等机构今年以来的调研 次数均超过100次。 | 혼득 | | | | | | --- | --- | --- | --- | --- | | | 机构名称 | | ਤੇਵਿਜ਼ | J 调研总次数 | | 1 | Point72 Asset Management, L.P. | => | 外资机构 | 263 | | 2 | 高盛(亚洲)证券有限公司 | 三> ...

从调研行业来看，机构持续聚焦工业机械、电子元件、电气部件与设备等板块。 据统计，欧科亿获机构调研6次，博盈特焊获调研4次。 Wind数据显示，机构本周（12月8日至12月12日）共调研了195家上市公司，其中中科曙光、海光信息 最获关注，参与调研的机构均为341家。伟创电气、超捷股份、胜宏科技分别获112、73、59家机构调 研。 ...

Group 1 - Foreign institutions have conducted a total of 9,084 investigations into A-share listed companies this year, indicating a positive outlook on Chinese assets [1][4] - Point72 Asset Management leads with 255 investigations, followed by Goldman Sachs with 235, and other notable firms like IGWT Investment and Neuberger Berman also showing significant activity [2][3] - The focus of foreign investigations is primarily on technology innovation and high-end manufacturing, with companies like Huichuan Technology, Mindray Medical, and Optoelectronics attracting the most attention [2][3] Group 2 - The increase in foreign investigations is translating into actual capital allocation, with northbound funds holding A-shares increasing by over 340 billion yuan this year [4] - The proportion of Chinese stocks held by the top 40 global investment institutions has risen to 1.1%, the highest level since the first quarter of 2023 [4] - Foreign institutions are preparing for next year's investments, particularly in technology stocks, which are seen as undervalued and supported by national policies and industry ecosystems [5][6]

Group 1: Foreign Investment Trends - Foreign institutional investors have increased their holdings in Chinese stocks, with the allocation rising from -1.6% to -1.3% in Q3 2025, marking the highest level since Q1 2023 at 1.1% for the top 40 global investment institutions [1][2] - The sectors with the most significant increases in foreign investment include healthcare, insurance, energy, materials, and the internet, while automotive and technology sectors saw reductions [2][3] Group 2: A-Share Market Research - From October 1 to November 14, foreign institutions conducted nearly 1300 research visits to A-share listed companies, with Goldman Sachs, Citigroup, and Morgan Stanley leading in the number of visits [1][5] - The most researched companies included Huaming Equipment, Optoelectronics, and United Imaging, indicating strong interest in sectors like electrical components, medical equipment, and industrial machinery [5] Group 3: Investment Focus Areas - Foreign institutions are optimistic about opportunities in AI, engineering machinery, non-ferrous metals, and the advantages of Chinese manufacturing, with a belief that the overall valuation of the A-share market remains reasonable [6][7] - The shift in investor sentiment reflects a growing recognition of the resilience and advantages of the manufacturing sector amid the transition from old to new economic drivers [7] Group 4: Future Outlook - There is an expectation that foreign capital inflow into Chinese assets will continue, supported by anticipated monetary easing from the Federal Reserve and a favorable environment for A-shares in the context of global capital rebalancing [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 - Foreign institutions have conducted research on 309 A-share listed companies since October, focusing on high-growth industries such as artificial intelligence, industrial automation, new energy, semiconductors, and consumer electronics [1][3] - As of the end of Q3 this year, the market value of A-shares held by QFII institutions reached 150.4 billion yuan, an increase of over 33 billion yuan compared to the end of 2024, representing a growth rate of 28.4% [1][10] - Notable companies receiving significant foreign interest include Huaming Equipment, United Imaging Healthcare, Lens Technology, and Luxshare Precision, primarily in high-growth sectors [6][7] Group 2 - Goldman Sachs has raised its forecasts for China's export growth and actual GDP growth, indicating a positive outlook for the "14th Five-Year Plan" period [12][14] - The focus of foreign institutions is on the development of a strong domestic market and enhancing the competitiveness of advanced manufacturing, which is expected to positively impact A-shares [13][14] - The research interest from foreign institutions includes a variety of sectors, with a notable emphasis on companies involved in AI, industrial automation, new energy, and semiconductors [5][6]