FEWV HIS 2025 年 11 月 04 日 禁收益持续降温,申报溢价率 -定增市场双周报 2025.10.20-2025.11.02 本期投资提示: 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 新股发行 目 | 1.过审项目动态…………………………………………………………………………… 4 | | --- | | 1.1 新增预案持续增加，过会注册节奏小幅放缓 ……………………………………………………………………………………………………… 4 | | 1.2 "预案-过会"周期缩短但仍处于近两个月高位 …………………………………………………………………………………………………… 6 | | 1.3 过审项目初步分析 ……………………………………………………………………………………………… ...

相关研究 研 究 专 题 定增双周报 2025 年 11 月 04 日 解禁收益持续降温，申报溢价率提升 ——定增市场双周报 2025.10.20-2025.11.02 本期投资提示： 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 新 股 发 行 - ⚫ 新增预案持续增加，过会注册节奏小幅放缓。截至 2025 年 11 月 3 日，上两周新增 22 宗 定增项目（其中竞价 9 宗），环比增加 1 宗；终止 16 宗（其中竞价 8 宗），环比增加 5 宗； 发审委通过 7 宗（其中竞价 6 宗），环比减少 1 宗；证监会通过 15 宗（其中竞价 10 宗）， 环比减少 3 宗；处于正常待审阶段的 ...

Group 1: Market Dynamics - As of September 28, 2025, there were 17 new private placement projects added, a 1 project increase from the previous period, with 10 projects terminated, marking a 4 project increase[4] - The approval rate for projects remains at 100%, with 3 projects approved by the review committee, a decrease of 8 projects from the previous period[17] - There are currently 628 projects in the normal review stage, with 65 projects having received approval, a decrease of 8 projects[7] Group 2: Fundraising and Pricing - In the last two weeks, 5 competitive projects raised a total of 6.9 billion yuan, a decrease of 38.84% from the previous period, with a 100% fundraising success rate[31] - The average benchmark discount rate for these projects was 11.16%, down by 2.10 percentage points[32] - The average premium rate for bids was 10.04%, reflecting a 1.58 percentage point increase[42] Group 3: Performance of Released Projects - Among the 6 competitive projects released, 83.33% had positive returns, with an average absolute return of 47.36% and an excess return of 34.54%[46] - The average market discount rate for these projects was 10.77%, down by 4.65 percentage points[46] - For the 4 pricing projects released, the average absolute return was 406.53%, a significant increase of 353.82 percentage points[51] Group 4: Risk Factors - Risks include slower-than-expected review progress, fluctuations in secondary market stock prices, and changes in the competitive bidding environment for private placements[54]

Group 1: Market Dynamics - As of September 28, 2025, there were 17 new private placement projects added, a 1 project increase from the previous period, with 10 projects terminated, marking a 4 project increase[4] - The approval rate for projects was 100%, with 3 projects approved by the review committee, a decrease of 8 projects from the previous period[19] - There are currently 628 projects under normal review, with 65 projects having received approval, a decrease of 8 projects[7] Group 2: Fundraising Overview - In the last two weeks, 5 competitive projects raised a total of 6.9 billion yuan, a decrease of 38.84% from the previous period[34] - The average base discount rate for these projects was 11.16%, down 2.10 percentage points from the previous period[36] - The average market price discount rate was 16.23%, with a slight decrease of 0.02 percentage points[36] Group 3: Unlocking Gains - Among the 6 competitive projects that were unlocked, 83.33% had positive returns, a decrease of 16.67 percentage points from the previous period[50] - The average absolute return on the unlocking day was 47.36%, with an excess return of 34.54%, both showing increases from the previous period[50] - The average market price discount rate for these projects was 10.77%, down 4.65 percentage points from the previous period[50]