China Securities Co.,Ltd.: September IPOs are concentrated in real economy sectors such as high-end manufacturing and hard technology.

China Securities Co.,Ltd. released a research report stating that in September 2026, 21 A-share IPOs were listed, with industries concentrated in real economy sectors such as high-end manufacturing, equipment, and new materials; on the pipeline side, machinery and equipment led with 22 companies, while electronics, computers, and pharmaceuticals/biotech each had 16 companies tied for second, with manufacturing and hard technology tracks together accounting for more than 50% of projects under review. The investment banking landscape is characterized by head concentration and tiered echelons: on the listing sponsorship side, Guotai Haitong led with 4 deals, while CICC ranked first in both fundraising and underwriting fees; on the pipeline side, CITIC SEC led with 26 deals, ahead of Guotai Haitong's 24. Over the past year, 81 projects were withdrawn or rejected, with proposed fundraising of RMB 60.235 billion, mainly active terminations and withdrawals; withdrawals and rejections were concentrated in the three major industries of materials, industrials, and information technology, together accounting for over 80%. The main views of China Securities Co.,Ltd. are as follows: September IPOs were concentrated in real economy sectors such as high-end manufacturing and hard technology. In that month, 21 companies were listed, with industries concentrated in manufacturing fields such as automotive chassis, special-purpose equipment, metal materials, medical consumables, and new energy supporting components, primarily in the real economy. On the pipeline side, machinery and equipment led with 22 companies, while electronics, computers, and pharmaceuticals/biotech each had 16 companies tied for second, followed by automobiles with 15 and power equipment with 14; the six major industries of manufacturing and hard technology together accounted for more than 50% of projects under review. In terms of fundraising, September IPOs totaled RMB 21.69 billion, with CICC-sponsored projects leading at RMB 5.17 billion; projects under review were overwhelmingly small and medium-sized at RMB 100 million to RMB 1 billion, together accounting for 72%, with Changcun Holdings' RMB 33 billion being an exceptionally large individual case. The top three listing sponsors this month were Guotai Haitong (601211.SH), CICC (601995.SH), and China Securities Co.,Ltd. (601066.SH), while the top three on the pipeline side were CITIC SEC (600030.SH), Guotai Haitong, and China Securities Co.,Ltd. Specifically, on the listing side, Guotai Haitong led with 4 deals, while CICC and China Securities Co.,Ltd. each had 3, with the three together accounting for 10 deals, or 47.6%; on the fundraising side, CICC ranked first in both fundraising of RMB 5.17 billion and underwriting and sponsorship fees of RMB 310 million, in contrast to the rotation in the top tier in August, with Huatai United having no landed projects in September. On the pipeline side, CITIC SEC led with 26 deals, Guotai Haitong had 24, and China Securities Co.,Ltd. had 19, while CICC had 16 and formed the first tier with the top three; small and medium-sized securities firms showed an echelon gap with the leaders in pipeline volume and sector layout. Over the past year, withdrawals and rejections were mainly active terminations and withdrawals, with amounts concentrated in the STAR Market and projects concentrated in manufacturing and hard technology tracks. Over the past year, withdrawn and rejected projects totaled 81, with proposed fundraising of RMB 60.235 billion; active terminations and withdrawals numbered 77, accounting for 95.1%, and the STAR Market ranked first among all boards by amount at RMB 20.101 billion. In terms of industry distribution, materials had 23, industrials 23, and information technology 20, with the three major industries together accounting for 66, or more than 80%; at the secondary industry level, chemicals led with 15, machinery with 12, hardware equipment with 10, and semiconductors with 8. Withdrawn and rejected projects showed characteristics of small and medium size and relatively long review cycles, with a median proposed fundraising of RMB 470 million per project and more than 70% within RMB 1 billion, and a median cycle from acceptance to withdrawal or rejection of 13.2 months. [Risk Warnings] Uncertainty of market price fluctuations: Capital market prices are affected by many factors, including macroeconomic fluctuations, changes in the global economic situation, and fluctuations in investor sentiment, all of which may trigger stock price movements or affect the valuations of institutions such as securities firms and insurance companies. The performance of the non-bank financial industry is greatly affected by market prices and trading volumes. Uncertainty in corporate earnings forecasts: The profitability of the securities and insurance industries is affected by multiple factors, and the report's forecasts for industry valuation and performance are subject to certain uncertainty. In addition, intensifying competition within the industry may also lead to deviations in forecast results. Technological updating and iteration: The rapid development of emerging technologies requires financial institutions to continuously keep pace with and adapt to technological change. However, the accelerating pace of technological updating and iteration also brings high R&D investment and talent training costs, which may increase the operating costs of securities firms and insurance companies. At the same time, the outbreak of technological innovation is subject to certain uncertainty.