Public offering of additional shares raised more than 30.5 billion yuan within the year, with investment logic shifting towards "earning growth" and "assessing quality".

Since the beginning of this year, the A-share private placement market has been heating up, with public institutions actively participating. The amount allocated within the year has exceeded 30.5 billion yuan, an increase of nearly 180% compared to the previous year. Currently, the investment logic for private placements is gradually shifting from "profit from price differentials" to "profit from growth," and from "looking for discounts" to "looking for quality." Investment strategies are becoming increasingly diverse and dynamic, with technology, cyclical industries, and new quality production sectors becoming the focal points of fund attention. Nord Fund stated that as the activity in the capital market gradually increases, the private placement market is also showing a clear trend of recovery, with the number and size of projects steadily increasing. At the policy level, a series of measures such as expanding strategic investors and optimizing refinancing measures have been implemented, with a regulatory focus on "supporting excellence and innovation, and promoting long-term investment." This regulatory direction provides clear support for the private placement market. In the future, the quality of private placement projects and the quality of assets are expected to continue to improve.