公募再成定增大户！今年来300亿公募资金入局定增浮盈超百亿

智通财经网2025-10-24

在今年市场震荡的背景下，定向增发成为公募基金重新重视的资产配置工具之一。数据显示，截至10月22日，已有37家公募机构参与A股定增，覆盖18个申万一级行业的74家公司，合计获配金额达到302.92亿元，同比上升28.5%。同时，整体浮盈金额达到108.45亿元，浮盈比例为35.80%，定增收益回暖态势明显。个股方面，59只定增股票获配金额超过1亿元，其中6只股票获配金额在10亿元以上，覆盖电子、...

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This year, 30 billion public funds have entered the market with fixed increase and floating profits exceeding 10 billion","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300476":1,"605300":1,"688050":1,"688082":1,"688256":1,"000100":1},"content_text":"在今年市场震荡的背景下，定向增发成为公募基金重新重视的资产配置工具之一。数据显示，截至10月22日，已有37家公募机构参与A股定增，覆盖18个申万一级行业的74家公司，合计获配金额达到302.92亿元，同比上升28.5%。同时，整体浮盈金额达到108.45亿元，浮盈比例为35.80%，定增收益回暖态势明显。个股方面，59只定增股票获配金额超过1亿元，其中6只股票获配金额在10亿元以上，覆盖电子、基础化工、医药生物等热门行业。电子行业定增规模最大，合计获配金额近90亿元；而从收益来看，基础化工、有色金属等周期板块则体现出更高的浮盈弹性。一位公募权益投资经理表示，“与其说是定增市场回暖，不如说是资金在寻找性价比更高的低估值资产。过去几个月，多数定增项目仍带有折价，且锁定期缩短至6个月后，公募机构参与的积极性显著提升。”定增金额与浮盈双增长，热度重返主流市场从盈利层面看，这轮定增布局带来了显著的回报。截至10月22日收盘，公募定增总浮盈已达到108.45亿元，整体浮盈比例为35.80%。其中，共有71只个股实现浮盈，占全部定增股票的96%，浮盈比例超过100%的个股就有7只。基础化工行业中的横河精密浮盈较高，吸引财通基金、诺德基金两家公募参与定增，合计获配2.71亿元，目前浮盈金额高达8.15亿元，浮盈比例高达301.08%。另一只基础化工股晶华新材同样表现出色，浮盈比例达到279.36%。值得注意的是，这些超高收益并未集中在传统的热门板块，反而出现在相对冷门的细分领域，体现出部分基金公司在定增中采取了逆向配置的思路。大体量项目中也不乏亮眼表现。芯原股份(6885214.SH)获5家公募机构定增参与，合计获配金额12.66亿元，目前浮盈金额为17.28亿元，浮盈比例达136.52%。AI赛道龙头寒武纪(688256.SH)也吸引8家公募参与定增，尽管目前浮盈比例仅为19.62%，但合计浮盈金额已接近5亿元。这些数字不仅反映了资金的偏好，更显示出公募在行业趋势上的前瞻性布局。行业分布各有胜负，结构性机会浮出水面从行业分布来看，今年以来的公募定增并未集中于单一板块，而是呈现出多行业分散配置的格局。18个申万一级行业中，有15个行业的定增获配金额不低于1亿元，9个行业定增金额在10亿元以上，体现出公募机构广撒网的资产配置策略。按获配金额来看，电子行业成为绝对热门，覆盖13只定增个股，包括寒武纪、盛美上海(688082.SH)、芯原股份、胜宏科技(300476.SZ)等，合计获配金额达89.86亿元，整体浮盈比例为41.14%。医药生物行业位列第二，参与个股包括百利天恒、迪哲医药等，合计获配45.18亿元，但受部分个股表现拖累，浮盈比例相对较低。此外，电力设备、基础化工、有色金属等行业也均获得超过10亿元的定增资金关注。若按浮盈比例划分，有色金属行业拔得头筹，6只定增个股合计浮盈比例高达65.49%。基础化工和机械设备紧随其后，浮盈比例分别为52.35%和52.27%。这三大行业的共同特点在于周期属性较强，估值处于相对低位，叠加供需格局改善，成为资金眼中的“估值洼地”。在部分业内人士看来，“此次公募定增体现出的行业偏好，恰好反映了结构性行情中的配置逻辑——高景气行业主攻、周期板块博反弹。”一位不愿具名的基金经理指出，“不少公募会优先参与折扣率更高、行业景气度回升、机构参与度相对集中的定增项目，这类项目在6至12个月的周期内具备较强弹性。”基金公司各显身手，布局思路趋于多元在这轮定增潮中，诺德基金与财通基金无疑是最具代表性的两家主力军。截至目前，诺德基金共参与了70只个股的定增，获配金额达88.96亿元，浮盈比例为38.61%。财通基金则以66只个股、84.63亿元获配紧随其后，浮盈比例达到41.03%。这两家机构不仅在数量上遥遥领先，也通过规模化参与形成了良好的收益回报。与此同时，易方达基金、广发基金、兴证全球基金、汇添富基金等老牌公募亦有不俗表现。易方达在10只定增个股中布局26.89亿元，目前浮盈金额为14.85亿元，浮盈比例达55.24%。汇添富则参与了3个定增项目，浮盈率为17.20%。值得注意的是，一些轻量级参与者也通过精准的投资点获得高收益。诺安基金仅参与芯原股份一只定增，便实现了136.52%的浮盈率，堪称精准打击；东海基金通过参与6只定增项目，总体浮盈比例也达到100.25%，凸显小型机构灵活高效的优势。一位上海地区的基金经理指出：“公募参与定增越来越体现出两极分化的趋势，一类是大机构批量参与，通过规模优势降低边际成本；另一类则是中小机构围绕高确定性机会做精做专，依托精准的行业判断与估值体系寻找结构性红利。”值得一提的是，尽管整体浮盈普遍较高，但也存在一定的风险敞口。例如TCL科技(000100.SZ)、佳禾食品(605300.SH)和爱博医疗(688050.SH)三只定增个股当前处于浮亏状态，其中爱博医疗浮亏比例达12%，提醒市场参与者定增虽好，亦需择机而动、审慎参与。本文转载自财联社，智通财经编辑：陈筱亦。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2577557959","isCrawlerRequest":true}

公募再成定增大户！今年来300亿公募资金入局定增 浮盈超百亿

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公募再成定增大户！今年来300亿公募资金入局定增浮盈超百亿