A股零破发、港股杀疯了！2025年度IPO“打新爆款”有这些

格隆汇2025-12-30

2025年已悄然步入尾声，这一年A股与港股IPO市场均交出亮眼答卷。A股延续“零破发”态势，打新收益创三年新高；港股IPO募资额冲至2021年以来新高，夺得2025年全球融资额冠军。A股年内新股“零破发”，单签最高赚36万2025年，A股新上市企业数量合计114家，较去年全年增长14%；IPO募集资金合计1306.4亿元，较去年全年增长94%。其中，创业板与科创板合计上市企业50家，合计募资...

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These are the \"new explosions\" of IPO in 2025","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"688795":1.85,"688802":1.87,"EVS.SI":0.6},"content_text":"2025年已悄然步入尾声，这一年A股与港股IPO市场均交出亮眼答卷。A股延续“零破发”态势，打新收益创三年新高；港股IPO募资额冲至2021年以来新高，夺得2025年全球融资额冠军。A股年内新股“零破发”，单签最高赚36万2025年，A股新上市企业数量合计114家，较去年全年增长14%；IPO募集资金合计1306.4亿元，较去年全年增长94%。其中，创业板与科创板合计上市企业50家，合计募资598.1亿元，分别占全年上市数量和募资总额的45.05%、47.72%。这也意味着，接近五成的募资投向科创领域，展现出资本市场服务科技创新的核心定位。在市场行情回暖、注册制深化背景下，今年上市的新股无一破发，上市首日平均涨幅约256%，为近三年来最佳表现。34只股票上市首日涨幅超过300%，其中沐曦股份、大鹏工业、三协电机、江南新材首日涨幅均超过600%；半导体企业沐曦股份、摩尔线程首日涨幅均超500%。沐曦股份表现尤为突出，以收盘价计算，沐曦股份单签盈利高达36.26万元，成为A股全面注册制以来、乃至近十年最赚钱新股，超越此前摩尔线程创下的24.31万元纪录。前十大IPO个股中，华电新能以181.7亿元的募资额位居榜首，成为年度最大IPO；摩尔线程以80亿元募资额紧随其后；西安奕材、中国铀业、沐曦股份和中策橡胶募资额均超40亿元，位居前列。从行业分布看，电子、电力设备、汽车、基础化工、机械设备五大行业成为IPO主力军，分别有19只、17只、15只、13只、10只新股上市，合计占比超六成。港股IPO登顶全球，“含A率”飙升2025年，港股IPO规模高歌猛进，年内117只新股合计募资额达2856.9亿港元，重返全球第一。此前的2015年、2016年、2018年和2019年，港股IPO规模曾雄冠全球。新股首日平均涨幅达38%，破发率为28%，创下近5年最佳水平。2025年港股IPO规模能够重返全球第一，离不开宁德时代、紫金黄金国际等大型IPO的助力，二者分别以410.06亿港元、287.32亿港元的募资额拿下全球第一、第二大IPO。赛力斯、三一重工、海天味业、恒瑞医药、三花智控、奇瑞汽车等亦成功跻身前十大IPO榜单。值得注意的是，在这些大型IPO中，“含A率”极高，不少都是A股公司赴港上市或分拆而来。在前十大IPO中，有6家都是A股公司，紫金黄金国际则是由A股公司紫金矿业分拆而来。2025年，A+H“双重上市”迎来井喷，截至12月28日，年内已有19家A股公司成功发行H股，较2024年的3家同比激增533%，合计募资金额约为1400亿港元，占港交所年内IPO募资总额的比例接近一半。从行业分布看，医疗保健业、非必需性消费、资讯科技业上市的企业最多，合计占比超六成。市场认购热情高涨，全年共38只新股获超千倍认购。金叶国际集团以11465倍超额认购刷新港股历史纪录，旺山旺水-B、蜜雪集团分别录得6238倍和5258倍超购，成为年度“打新爆款”。2025年港股市场共18只新股首日涨幅翻倍，年末挂牌的诺比侃以363.75%的涨幅及每手1.46万港元的账面收益，一举摘得年度涨幅与收益双料冠军。2026将迎新一波IPO热潮2025年末，多家商业航天企业排队冲刺IPO，科创板专门为火箭公司打开“绿灯”；人形机器人迎来“国标委员会”，特斯拉级运控技术即将量产——这两大重磅落地，为2026年科技投资指明方向。展望2026年，多家机构对港、A股两地IPO市场的活跃度依然抱有信心。对于A股IPO市场，德勤中国资本市场服务部华北区上市业务合伙人陈文龙预计，2026年A股无论在发行数量及融资额方面都将实现稳步增长。来自AI、新能源、高端制造、商业航天、量子技术和生物制造等国家和中国“十五五”规划优先发展领域的企业，在A股市场上市和融资时将获得更大的优势。对于港股IPO市场，瑞银预测，明年港股有望坐稳全球新股市场集资额冠军宝座，预计全年将迎来150-200只新股，募资规模有望突破3000亿港元；德勤同样持乐观态度，预计2026年香港将有约160只新股上市，融资不少于3000亿港元，其中包括7只融资超100亿港元的内地龙头企业。值得一提的是，截至发稿，港交所正在处理的上市申请约有400宗，覆盖人工智能、半导体、新能源、生物医药等前沿领域，为2026年市场提供了充足的优质项目储备。毕马威中国香港资本市场组主管合伙人表示，随着政策持续推动创新及新经济领域的发展，除了A+H上市的持续势头外，预期2026年也将是高科技上市的关键一年，进一步巩固香港作为环球资本市场领导者的地位。","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,"symbols":[],"gpt_button":1,"need_auth":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":"4.36.2","shortVersion":"4.36.2","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/2595796644","isCrawlerRequest":true}