With the continuous reform of the registration system, 2022 is still a big year for direct financing. The total direct financing in the A-share market is about 1.69 trillion yuan, and the refinancing scale accounts for two thirds of it.

According to the statistics of Wind, in 2022, the total amount of funds raised by A-share refinancing was 65.438+0.097547 billion yuan, including 772.880 billion yuan raised by additional issuance, 63.379 billion yuan raised by rights issue, 265.438+0.8993 billion yuan raised by convertible bonds (including the amount of forced redemption and resale), and the total amount of funds raised by exchangeable bonds was 40 million yuan.

Among them, thanks to the vigorous development of the new energy industry and the rapid expansion of production capacity, the refinancing of new energy track continues to blow out. In 2022, the total amount of funds raised by the new electrical industry reached 104682 billion yuan. From June 5438+065438+ 10, 2022, the curtain of refinancing in the real estate industry opened, and more than 30 listed real estate enterprises launched equity financing plans, which attracted market attention.

"Looking forward to the refinancing market in 2023, for financing companies, the new refinancing dividend will continue, and the loose policy is conducive to the refinancing of growth enterprises; For investors, under the expected warming and high discount rate of the A-share market in 2023, the income of fixed income and convertible bonds will get better, among which high-quality growth enterprises have more investment value. " Yang Jiaji, strategist of CITIC Securities, pointed out.

New energy refinancing continues to blow out.

In the context of the increasing proportion of direct financing, the refinancing market continued the upsurge of 202 1 year.

According to the date of issuance, a total of 358 A-share listed companies completed the issuance in 2022, raising a total of 772.88 billion yuan, of which 166 companies raised more than 1 billion yuan, and 15 companies raised more than 10 billion yuan. Contemporary Amp Technology Co., Ltd. (300750. SZ) won 2022 with a financing scale of 45 billion yuan. It is worth mentioning that this is another increase after the increase of 654.38+097 billion yuan in 2020, which is mainly used for projects such as the expansion of lithium battery base.

From the perspective of industry distribution, benefiting from the vigorous development of new energy industry and the rapid expansion of production capacity, the financing tide of new energy vehicles of 202 1 continued in 2022.

In 2022, a total of 25 enterprises in the motor and new energy industries raised additional financing, raising a total of 654.38+004.682 billion yuan. In addition to Contemporary Ampere Technology Co., Ltd., there is Daquan Energy (688303. SH), southern power grid energy storage (600995. SH), billion weft lithium energy (3000 14. SZ) and Jingao Technology (002459. SZ), respectively financing 1 1 billion. At the same time, China Power Construction (SH60 1669) 134 billion yuan fixed-income project also landed in June this year.

It is worth mentioning that in addition to financing expansion, some head enterprises in the middle and lower reaches of the new energy industry chain are also keen to take the opportunity to stabilize the industry chain. In 2022, the phenomenon of mutual shareholding between upstream and downstream occurred frequently. For example, Shengxin Lithium Energy (002240. SZ) introduced BYD (002594. SZ) Holding shares by raising funds; Tianqi Lithium Industry (002466. SZ) Subscribe for shares in the IPO of China Singapore Airlines on the Hong Kong Stock Exchange; Contemporary Ampere Technology Co., Ltd. won the "high-priced lithium mine" Wei Mining and so on.

Followed by the special equipment manufacturing industry, a total of 32 enterprises completed additional issuance, raising a total of 85.659 billion yuan. With the beginning of a new wave of infrastructure construction, related construction machinery and equipment manufacturing enterprises began to raise funds to replenish blood and reserve ammunition. Among them, Xugong Machinery (000425. SZ) issued shares to absorb and merge Xugong Co., Ltd., with a total transaction price of 38.686 billion yuan. Runze technology (300442. SZ) and Liugong (000528. SZ) also reached 65.438+03.666 billion yuan and 7.428 billion yuan respectively.

It is worth noting that during 2022, the air transport industry suffered a heavy blow, and seven listed airlines struggled in losses, so it became necessary to increase their blood supply. Shanghai Airport (600009. SH), China Eastern Airlines (600 1 15. SH), Air China (60111/. Shanghai), HNA Holdings (6002265438+). In 2022, Spring Airlines (60 102 1. SH) and China Airlines (002928. SZ) raised a total of 78.239 billion yuan, the third highest amount of additional financing in 2022.

In addition, in 2022, listed banks and brokers will also be the main force of A-share refinancing. In 2022, Huaxia Bank (6000 15. SH) and Wuxi Bank (600908. SH) Completed fixed-income projects one after another, raising 8 billion yuan and 2 billion yuan respectively; Chongqing bank (60 1963. SH), Qilu Bank (60 1665. SH), Chengdu Bank (60 1838. SH) and Changshu Bank (60 1 128. SH) Complete the issuance of convertible bonds and raise them separately. In addition, China CITIC Bank (60 1998. SH) and Postal Savings Bank (60 1658. SH) also announced that they plan to raise no more than 40 billion yuan and 45 billion yuan. Among them, CITIC Bank publicly issued shares and Postal Savings Bank privately issued shares, all of which were used to supplement the Bank's core Tier 1 capital.

At the same time, listed brokers are not too enthusiastic about refinancing. According to the reporter's incomplete statistics, in 2022, the actual fundraising scale of refinancing of listed brokers reached 80.292 billion yuan, of which CITIC Securities completed a rights issue of over 22 billion yuan in June 2022, and the actual financing scale reached a new high. Caitong Securities, orient securities and Industrial Securities also completed the rights issue financing of 7 1.47, 1.25. 67 and 1.027 million respectively; Guo Jin Securities and Great Wall Securities raised 58./kloc-0.7 billion yuan and 7.6 76. 16 billion yuan respectively through private placement. China galaxy and Zheshang Securities completed the issuance of convertible bonds, with the issuance amount reaching 7.8 billion yuan and 7 billion yuan respectively.

The quotation in the fixed market is highly competitive.

With the continuous hot refinancing market, the bidding competition for fixed-income projects is becoming more and more fierce, and the discount rate of issuance continues to be at a high level.

Wind data shows that the aforementioned 358 A-share issuance projects are all fixed-income issuance. The original planned amount of funds raised was 839.307 billion yuan, but the actual amount of funds raised was only 92.09% of the planned amount of funds raised. Among them, the amount of refinancing raised by 84 enterprises was lower than expected. The biggest difference was Huaxia Bank, which planned to raise 20 billion yuan and actually raised 8 billion yuan, followed by Huachuang Yang 'an (600 155. Shanghai Hengli Hydraulic (60 1 100. SH) The planned financing is 5 billion yuan, and the actual financing is 2 billion yuan.

According to the closing price on the benchmark date, the average discount rate of issuance in 2022 is 65,438+06.57%, and the average discount rates of pricing and bidding projects are 27.38% and 65,438+065,438+0% respectively. It is worth mentioning that 202 1, the average discount rate of pricing category reached 34.8%, and the average discount rate of bidding category reached 17.7%, both of which were at historical highs. In 2022, due to the downturn in the secondary market, the fixed prices of listed companies are generally low. With the recovery of the secondary market, the distribution discount space of fixed-income projects seems to have improved compared with the previous year.

The highest discount rate is Oatway (6885 16. SH), the fixed issue price is 68.79 yuan/share. However, thanks to the continuous high prosperity of photovoltaic and semiconductor industries, the company's share price continued to rise. By the time 1 was listed in September 2022, the company's share price had risen to 256.97 yuan/share, and the issuance was completed.

At the same time, the fixed rate of return also decreased year-on-year, in which the fixed rate of return for pricing was higher than that for bidding. Calculate the yield according to the difference between the closing price and the issue price on February 3. In 2022, due to the relatively depressed market environment, the overall rate of return of fixed-income projects will be 65,438+09.24%, including 53.65,438+03% for pricing projects and only 65,438+0.94% for bidding projects. In 20021year, the overall rate of return of fixed-income projects is 58. 19%, and the rates of return of pricing and bidding projects are 108.34% and 38.77% respectively.

"The implementation of the new refinancing regulations has stimulated the vitality of the refinancing market. Under the policy background of vigorously developing direct financing, especially equity financing, the quality and efficiency of capital market serving the real economy are expected to be further improved. It is expected that the fixed increase in 2023 will still be in a relaxed policy environment, which will be the main battlefield for refinancing and the policy dividend will continue. In 2022, due to the downturn in the secondary market, the scale of the fixed increase has shrunk, but with the rebound of the secondary market, the fixed increase market is expected to pick up. " Yang Jiaji said.