中信證券：再融資市場回暖，定增減持壓力增大
本文來自格隆匯專欄：中信證券研究；作者：楊家驥 劉易
2月上半月（2023/2/1-2023/2/15）定增和可轉債項目發行數量分別為28個和2個，募資總額為675.7億元和98.5億元，均同比大增。審核方面，各階段定增預案過審數量均同比增加，平均審核效率維持較高水平；20個可轉債項目集中獲批，計劃募資289.0億元，同比增加162.0%，可轉債發行端有望回暖。解禁方面，本期內定增解禁家數和解禁市值環比減少，解禁股份佔流通股比例環比下降，其中有色、交運、基礎化工等週期行業定增解禁壓力較大。減持方面，完成定增減持和新披露減持計劃的股東家數均環比增加，平均減持比例提高，減持壓力增大。
▍發行：定增和可轉債募資總額同比大增，定價定增折價率環比明顯下降。
本期內（2023/2/1-2023/2/15）有28個定增項目完成發行，較2022年同比增加366.7%，募資總額675.7億元，同比增加750.7%。其中，競價類、定價類定增分別為20個和8個，募資比例均維持較高水平，平均折價率分別為21.8%和19.1%，定價類項目折價率環比明顯下降。行業分佈上，定增募資前三行業為電力及公用事業、電力設備及新能源和建築。可轉債方面，本期內有2家完成可轉債發行，募資總額98.5億元，同比增加597.7%。
▍審核：定增預案過審數量同比大增，20個可轉債項目集中獲批。
截至2023/2/15，獲批尚未發行的定增預案和可轉債預案數量分別為129個和37個，計劃募資2369.4億元和362.8億元。審核方面，本期內通過股東大會、發審委、證監會的定增預案數量分別為17、11、21家，較2022年分別同比增加41.7%、120.0%、320.0%。定增項目從預案到過會審核平均時長為283.7天，維持較快水平。可轉債方面，本期內有20個可轉債項目集中獲批，計劃募資289.0億元，同比增加162.0%，可轉債發行端有望回暖。
▍解禁：解禁家數和解禁市值環比減少，週期行業定增解禁壓力較大。
本期內有19家公司的定增機構配售股份解禁，解禁總市值為194.3億元，環比減少52.7%。解禁股份在流通股中平均佔比為1.6%，環比有所下降，解禁股份後續可能面臨的減持壓力減小。行業分佈上，解禁市值較大的為有色金屬、交通運輸、基礎化工等週期行業。
▍減持：完成減持和新披露減持計劃的股東家數均環比增加，減持壓力增大。
本期內有10家完成定增減持，平均減持比例、佔持有股份比例分別為2.07%、28.8%，環比顯著提高。新披露定增減持計劃的股東家數為24家，平均擬減持1.9%，均環比提高，減持壓力增大。正在進行定增減持的股東行業分佈中，計算機、醫藥、基礎化工行業的減持家數最多，而農林牧漁、綜合行業的平均減持比例較大。
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