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再融资新规发布后!市场会重新掉头 定向增发将成为绝对主流

2020-02-21 19:47:21    来源:证券时报

“KENDINGLIHAOTOUXINGYEWU,XIANGDANGYUQIANJINIANHENHUODEZHULIUZAIRONGZIPINZHONGYOUFUHUOLE!”DANGBEIWENJIZAIRONGZIXINGUIDUIQUANSHANGYEWUHUIDAILAISHENMEYINGXIANGSHI,YOUQUANSHANGTOUXINGFUZERENDUIJIZHERUCIBIAOSHI。

50等权ZAIZHENGQIUYIJIANGAOFABU3GEYUEZHIHOU,2020BANZAIRONGZIXINGUIZHENGSHILUODI,“DINGJIA9ZHEBIAN8ZHE”、“SUODINGQICONG12GEYUEBIAN6GEYUE”、XINLAOHUADUANSHIDIANDIAOZHENGWEI“FAXINGWANCHENG”……XINGYERENSHIJUNRENWEI“KUANSONGCHENGDUCHAOCHUYUQI”,YUPANDINGZENGPINZHONGHENKUAIJIANGZHONGHUIWANYISHICHANGGUIMO。

ZHONGJINGONGSIYANJIURENWEI,JINGTAICESUANZAIRONGZIXINGUIJIANGZAI2019NIANJICHUSHANGZENGHOUTOUXINGSHOURU3%ZHI17%;ZHONGXINJIANTOUYANJIURENWEI,ZHONGXINGJIASHEXIA,2020NIANZAIRONGZIYEWUKEGONGXIANZHENGQUANYE4.11%DEYINGYESHOURU。

QUANSHANGZHONGGUOJIZHEGENJUGUOQUSINIANPINGJUNZENGFAFEILV0.54%,JINNIANDINGZENGSHICHANGKUORONGZHIWANYILAIBAOSHOUJISUAN,2020NIANZHISHAOYINCIZENGHOUTOUXINGSHOURU20YI。JIUMUQIANPILUDINGZENGYUANDEQINGKUANGLAIKAN,ZHONGXINZHENGQUAN、HUATAILIANHEZHENGQUAN、ZHONGXINJIANTOUZHENGQUANZHUCHENGXIAODINGZENGXIANGMUWEIJUXINGYEQIANLIE。

50等权DINGZENGJIANGZHONGHUIWANYISHICHANG,LIHAOTOUXINGYEWU

50等权“HUISULISHI,DINGXIANGZENGFAZAIHENZHANGSHIJIANNEI,DOUZHANJUZHENGGEAGUSHICHANGGUQUANZAIRONGZISHICHANG95%YISHANGDEFENE。2017NIANZAIRONGZIZHENGCEGAIBIANHOU,KEZHUANZHAICHENGWEIZHULIUZAIRONGZIPINZHONG,WOMENRENWEIZHEIYICIZAIRONGZIXINGUIFABUZHIHOU,SHICHANGHUIZHONGXINDIAOTOU,DINGXIANGZENGFAJIANGCHENGWEIJUEDUIZHULIU。”YOUDAXINGQUANSHANGTOUXINGBUXIANGGUANFUZERENDUIJIZHEBIAOSHI。

50等权2014NIANZHI2018NIAN10YUE,ZAIRONGZIZHENGCEJINGLIYIGECONGWANQUANFANGSONGDAOZHUBUSHOUJINDEZHOUQI。2014ZHI2015NIAN,SUIZHEZHENGCESONGBANG,AGUDINGZENGGUIMOKUAISUTISHENG,2015QUANNIANDINGZENGGUIMO(ANFAXINGRITONGJI)WEI1.36WANYIYUAN,TONGBIZENGZHANGCHAO100%,2016NIANGENGSHIDADAO1.8WANYIDELISHIFENGZHI。2017NIAN,JIANGUANDUIZAIRONGZIZHENGCEJIJIANCHIGUIDINGJINXINGSHOUJIN,2018NIANDINGZENGZHONGZUSHICHANGQUXIANGDIMI,2019NIANDINGZENGGUIMOJINWEI0.66WANYIYUAN,XIANGJIAO2016DEGAOFENGQIGUIMOXIAJIANGJIN6CHENG。

50等权JIUWANCHENGDINGZENGDESHANGSHIGONGSISHULIANGLAIKAN,2015NIANGONGYOU852JIAQIYECAIYONGDINGZENGFANGSHIJINXINGBUXUE,DANSHI2019NIANJINYOU236JIAQIYECAIQUZHEIZHONGFANGSHIJINXINGZAIRONGZI,SHULIANGJIANSHAO7CHENG。

SHANGSHUDAXINGQUANSHANGTOUXINGBUXIANGGUANFUZERENBIAOSHI,“WOMENPANDUANZI2020NIANQI,DINGXIANGZENGFASHICHANGHUIZHONGHUIWANYIGUIMO,BUPAICHUHUICHAOGUO1.5WANYIDESHICHANG。”SUIZHEZAIRONGZIXINGUIBANBU,QUANSHANGZAIRONGZICHENGXIAOJIBAOJIANYEWUYOUJIAODAFUSUKONGJIAN,YICHENGWEIXINGYEGONGSHI。

50等权YOUZHONGXINGQUANSHANGTOUXINGFUZERENBIAOSHI,ZAOZAIZAIRONGZIXINGUIZHENGQIUYIJIANGAOCHULAISHI,TAJIUDINGZHUBUMENYUANGONGDUOQUWAJUEKEHUDEZAIRONGZIXUQIU。JUQITOULU,2YUE14HAOZAIRONGZIXINGUIBANBUYILAI,YIJINGYOUYIXIEQIYEXIANGGONGSIZIXUNGUQUANZAIRONGZISHIXIANG,QIETAIDUHENJIJI。

50等权DAFUZENGHOUTOUXINGSHOURU,ZHONGXIN、HUATAI、JIANTOUHUOSHOUXIANSHOUYI

50等权DINGZENGGUIMODAFUDUTISHENGYICHENGWEIXINGYEPUBIANGONGSHI,JUTIZENGHOUTOUXINGYEWULIRUNDUOSHAONI?

50等权GENJUwindTONGJI,2016NIANZHI2019NIANSINIANJIAN,ZHUCHENGXIAOSHANGHUOQUDEPINGJUNZENGFAFEILVWEI0.54%。DUOJIAQUANSHANGYANBAOFENXIRENWEI,YUJI2020NIANZAIRONGZIJINEJIANGXIUFUZHIWANYIYUANYISHANG,ZAI2019NIANZAIRONGZIGUIMOJINWEI6600YIYUAN,JUCICULVEJISUAN,2020NIANXINGYEJIANGZENGHOUTOUXINGSHOURUYUE20YIYUAN。

ZHONGJINGONGSISHOUXICELVEFENXISHIWANGHANFENGBIAOSHI,RUOJIASHEDINGZENGFEILV0.5%~1.0%,XINGUIHOUDINGZENGRONGZIEXIUFUZHI1.0WANYIYUAN~1.5WANYIYUANQUJIAN,JINGTAICESUANZAI2019NIANJICHUSHANGZENGHOUTOUZIXINGSHOURU3%~17%、ZENGHOUZONGSHOURU0.4%~2.3%。

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ZHONGXINJIANTOUZHENGQUANFEIYINSHOUXIFENXISHIZHAOYANRENWEI,2019NIAN,AGUZAIRONGZI(ZENGFA+PEIGU+YOUXIANGU+KEZHUANZHAI+KEJIAOHUANZHAI)CHENGXIAOJINE12791YIYUAN,JIASHEZAIRONGZIFEILVWEI0.8%、ZHENGQUANYE2019NIANYINGYESHOURUWEI3500YIYUAN,NEIME2019NIANZAIRONGZIYEWUDUIZHENGQUANYEGONGXIANSHOURU102.33YIYUAN,XIANGDANGYUZHENGQUANYEYINGYESHOURUDE2.92%。ZHONGXINGJIASHEXIA,2020NIANZAIRONGZIYEWUKEGONGXIANZHENGQUANYE4.11%DEYINGYESHOURU。

50等权JIZHEJUwindSHULI,ZHI2020NIAN2YUE18RI,2019NIANYILAIGONGYOUYU300JIASHANGSHIGONGSIPILUZENGFAYUAN,QIZHONGPILUZHUCHENGXIAOSHANGDEZENGFAXIANGMUWEI233JIA,ZHONGXINZHENGQUAN、HUATAILIANHEZHENGQUAN、ZHONGXINJIANTOUZHENGQUANDULICHENGXIAOJIASHUPAIMINGQIANSAN,FENBIECHENGXIAO22JIA、21JIA、17JIA。GUOXINZHENGQUAN、HAITONGZHENGQUANDULICHENGXIAODINGZENGJIASHUJUNCHAO10GE(HAN10)。

JUTIANFENGZHENGQUANYANBAOSHUJU,ZHI2YUE14RI,HUATAILIANHEZHENGQUAN、ZHONGXINJIANTOU、ZHONGXINZHENGQUANFENBIEDANRENZHUCHENGXIAOSHANGDEDINGZENGXIANGMUMUZIGUIMOFENBIEWEI416YIYUAN、619YIYUANYIJI396YIYUAN。

50等权JIU2019NIANZENGFA(TOUXINGWEIZHUCHENGXIAOSHANG)SHUJULAIKAN,ZHEIJIJIAQUANSHANGTONGYANGWEIJUQIANLIE。ZHONGXINZHENGQUAN、ZHONGXINJIANTOUZHENGQUAN、GUOTAIJUNAN、HUATAILIANHEZHENGQUANMUZIFENBIEWEI251YI、171YI、158YI、137YIYUAN,MUZIGUIMOPAIMINGQIANSI,QIZHONGZHONGXINJIANTOUZHENGQUANCHENGXIAODINGZENGXIANGMUSHULIANGZUIDUO,WEI18JIA,HUATAILIANHEZHENGQUANHEZHONGXINZHENGQUANFENBIECHENGXIAOZENGFAXIANGMU13GE。

50等权YENEIRENSHIHAIRENWEI,ZAIRONGZIXINGUIJIKECUJINBINGGOUZHONGZUDENGQITAYEWUDEFAZHAN,YEHUIQIDAOCUJINCHUANGYEBANDEHUOYUEDUYUXINXIN,CUSHIYINXINGLICAI、BAOXIANZIGUAN、XINTUODENGGELEIZIGUANZIJINRUSHIDEXIAOGUO。YINCIDUIQUANSHANGYEJIDEQIANZAIYINGXIANGDAFUGAOYUYEWUBENSHEN,JIGOUCHENGTISHENGGUZHIDEXIAOGUO。

50等权WEILAIDINGZENGSHICHANGJIANGZHUANBIANWEIPIANMAIFANGSHICHANG

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SHANGSHUTOUXINGFUZERENBIAOSHI,ZHEIJIZHONGZHUYAODEZAIRONGZIFANGSHIGEYOUTEDIAN,PEIGUXUYAOSHANGSHIGONGSIYUANYOUGUDONGCHUZICANYU,HUIDUIYUANYOUGUDONGZAOCHENGZIJINYALI,QIERENPEIBILIDABUDAO70%JIUYIWEIZHEPEIGUSHIBAI,FAXINGNANDUXIANGDUIBIJIAODA;ZAIDINGZENGGUIDINGCONGYANDEQINGKUANGXIA,KEZHUANZHAISHICHANGWEIZAIRONGZIDEZHULIU,CONGSHENHEHEFAXINGDEJIAODU,KEZHUANZHAIRONGZINANDUBUDA,DANSHIHOUXUGUANLIGUOCHENGBIJIAOMAFAN,RUOGUPIAOSHIXIADIEQUSHI,TOUZIRENHENKENENGHUIYAOQIUDIAODIZHUANGUJIAGE。

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YOUCIJIXUYANSHEN,SHANGSHUQUANSHANGRENSHIHAIRENWEI,YUJIXINGUITUICHUBANNIANHOU,DINGZENGXIANGMUZHEKOUZHONGSHUHUISUIZHESHIJIANTUIYIZHUBUSHANGXING,PINGJUNZHEKOULVKENENGHUIDAO9ZHEHUOZHE9ZHEYISHANG。

BUGUOYEYOUTOUXINGRENSHIDUISHANGSHUPANDUANBINGBUZANTONG,“XIANZAIHEQIANJINIANYEBUYIYANGLE,ZHUYAOHAISHIKANGUPIAODEZHIDI,HAOGUPIAOZAIERJISHICHANGSHIJIAMAIHUITAIGAOGUJIA,SUOYIJIGOUKENENGYUANYIANJIEJINSHIJIAQUNA,DANLANGUPIAOBUYIDING。”

50等权ZUOWEISHANGSHIGONGSIGUQUANRONGZIDEZHONGJIEJIGOU,QUANSHANGTOUXINGJIANGSHOUDAOLIHAO,YEXUZAIXIANGMUJINDIAO、SHENBAOGUOCHENGZHONGYAOQIESHIJINDAOBAOJIANZEREN。

“SHIDIAN”CHENGDINGZENGSHISHILINGYIGUANJIAN

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1YUE19RIWANJIAN,ZHONGXINJIANTOUZHENGQUAN130YIYUANZAIRONGZIJIHUAHUOZHENGJIANHUISHENHETONGGUO,JULIQIFABUDINGZENGYUANGANGHAOYINIAN。DANGSHI,YOUQUANSHANGFEIYINFENXISHIXIANGJIZHEFENXIDAO,DUIYUZHONGXINJIANTOUZHENGQUANLAISHUO,ZAIMUQIANGUJIAJUGAODEQINGKUANGXIA,ANZHAOZAIRONGZILAOGUIQURONGZI,YUANYICANYUDINGZENGDEMAIFANGGUJIBUHUIDUO,ZHEIBIZAIRONGZIFAXINGYOUNANDU;DANSHIRUONENGSHIYONGXINGUI,JIYIJIZHUNRIQIAN20GEJIAOYIRIDE8ZHELAIDINGJIADEHUA,ZHEIBIDINGZENGSHUNLIFAXINGDEGAILVJIUBIJIAODA。

ERZHEI,YESHIZHONGXINJIANTOUZHENGQUANNEIBUDUIDINGZENGSHIXIANGDEDANYOUZHIYI,JIYIHUOJIANGUANHEZHUN、DANWEIWANCHENGFAXINGDEZAIRONGZIXIANGMU,GAISHIYONGYUXINGUIHAISHILAOGUI。

50等权ZAIWANGQIANTUIYIGEYUE,2019NIAN12YUE6RI,HAITONGZHENGQUAN200YIYUANDEDINGZENGSHENQINGZAILISHI20GEYUEDEDENGDAIHOU,HUODEZHENGJIANHUISHENHETONGGUO。TAMENYUZHONGXINJIANTOUZHENGQUANMIANLINTONGYANGDEDANYOU。

JUSHULI,YUZHONGXINJIANTOUHEHAITONGZHENGQUANDINGZENGMIANLINTONGYANGJINGYUDEAGUDINGZENGXIANGMUYOU63QI,ZHEIXIEXIANGMUYUJIMUJIZIJINHEJI1542.71YIYUAN,XIANGDANGYU2019NIANZENGFAMUZIZONGEDE22.69%。ANZHAOSHANGSHU“XINLAOHUADUAN”YUANZE,ZHEIXIEQIYEXUYAOZUNSHOUDINGJIA、SUODINGQI、JIANCHIXIANZHISHANGGENGJIAYANGEDEJIUGUIZE,JIHUBUKENENGWANCHENGFAXING。WEICI,ZHENGJIANHUICONGBIANLIQIYERONGZI、YOULIYUZIBENXINGCHENG、JIEYUEJIANGUANZIYUANDEJIAODUKAOLV,NIJIANG“XINLAOHUADUAN”DESHIDIANYOUHEZHUNPIWENYINFADIAOZHENGWEIFAXINGWANCHENGSHIDIAN,YIBIMIANDAMIANJIDINGZENGSHIBAIDEFENGXIAN。

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50等权YEJI,DINGZENGSHUNLISHISHIGUOCHENGZHONG,DUOJIASHANGSHIGONGSIYAOMIANLINDEDIERGEZHONGDAWENTI,JIHESHISHIBIJIAOHAODESHISHISHIJIANDIAN?

50等权ZAIZAIRONGZIXINGUIZHIXIA,SHANGSHIGONGSIDINGZENGSHIXIANGPIWENYOUXIAOQIYANZHANGZHI12GEYUE,WEISHANGSHIGONGSISHUNLIWANCHENGDINGZENGTIGONGLEYOULITIAOJIAN。JIUZHONGXINJIANTOUZHENGQUANERYAN,JINNIAN7YUEFENHE9YUEFEN,GONGSIGUPIAOMIANLINLIANGCIJIEJIN,JIEJINGUZHANZONGGUBENDEBILICHAOGUO5%,DAOSHIHOUZHONGXINJIANTOUZHENGQUANLIUTONGGUSHULIANGDAZENG,GUJIAMIANLINGUZHIHUIGUI,HUOXUSHIDINGZENGSHISHIBIJIAOYOULIDESHIJIANDIAN。

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