2025年，A股资本市场迎来了再融资市场的结构性复苏，其中定增作为上市公司重要的股权融资方式，呈现出大幅增长态势。一方面，继续优化审核流程， 支持符合国家战略的优质项目；另一方面，对信息披露、募投项目合理性、承诺履行的监管将更加严格和精细化。 登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 2025年，A股定增市场回暖，合计有 172个项目发行（按上市日统计，含定增收购，收购、募集配套资金分别算一个项目，下同），累计募资8877.318亿 元，发行数量及募资金额分别较2024年增长18.62%、412.99%。 审核层面，2025年合计有130家纯定增项目上会，全部过会，过会率为100%。2025年共有41家并购重组项目上会接受审核40家顺利过会，名义过会率为 97.56%。 尽管2025年纯定增项目全部过会，并购重组过会率高达97.56%，但仍有220家项目终止定增过程。其中，华创证券、太平洋纯定增项目的撤否率高达100%。 定增发行情况：10家企业募资不及预期中信证券承销占 ...

Group 1 - The core viewpoint of the article highlights a significant recovery in the public offering of private placements, with total subscriptions exceeding 31.5 billion yuan, marking an increase of over 50% compared to the same period in 2024 [2][3][4] - The market sentiment has improved, leading many public funds to engage in private placements to seek benefits from discounts and valuation increases, particularly driven by the strong performance of technology stocks [4][5] - The supply of private placement projects is currently low, but with ongoing policy support such as "merger and acquisition guidelines" and "Sci-Tech Innovation Board regulations," there is potential for continued growth in the private placement market [4][5] Group 2 - The major fundraising projects in the private placement market this year are concentrated in sectors such as technology innovation, high-end manufacturing, and pharmaceuticals, indicating a strong interest in these areas [7][8] - The liquidity environment remains relatively loose, and investor confidence is increasing, suggesting that private placement strategies may benefit from both "discount alpha" and "asset alpha" [7][8] - Future opportunities in the private placement market are expected, particularly in fields like artificial intelligence, chips, and innovative pharmaceuticals, although caution is advised due to existing market uncertainties [8]