The participation of funds in private placements for the new year has commenced once again. Overall, in the recently disclosed listed company private placement projects, many are being participated in by fund managers with high market recognition, with the involved targets primarily concentrated in sectors such as manufacturing, new energy, and information technology. From the perspective of industry insiders, the industrial attributes and long-term allocation value of the private placement market are gradually becoming apparent. On one hand, private placement capital is increasingly flowing into areas related to new quality productive forces; on the other hand, against the backdrop of regulatory guidance and continuous system improvement, the transparency and standardization of the private placement market are constantly increasing, and its value foundation as a medium to long-term allocation tool is also being steadily strengthened. Multiple well-known fund managers have appeared in private placement projects. In 2026, public funds' participation in listed company private placement projects has recommenced. Taking Megmeet as an example, the company's private placement project has attracted the attention of several market-renowned fund managers. Products managed by Zhang Qinghua, such as E Fund Yu Feng Return and E Fund An Xin Return, as well as multiple products managed by Shi Cheng, including SDIC UBS Advanced Manufacturing and SDIC UBS New Energy, have all participated. In the field of new energy vehicles and related sectors, the private placement project of BAIC BluePark has also seen the involvement of prominent fund managers. Products managed by Zhang Qinghua, such as E Fund New Gain, E Fund Feng He, and E Fund An Xin Return, participated, continuing their allocation focus on the new energy and related industrial chain direction. Regarding the information technology and industrial integration direction, the private placement of ShenZhen SED Industry Co., Ltd. attracted the participation of Lin Guohuai. Multiple products he manages, including China Post安泰 Balanced Pension (FOF), China Post优选进取 Three Months, and China Post安泰 Active Pension Target Five Years, appeared on the private placement list, covering different product types such as pension targets and holding periods. Among manufacturing-related targets, the private placement project of Beite Technology attracted the participation of Zhou Weiwen. Products he manages, such as Zhong Ou Jing Xuan and Zhong Ou Xin Qu Shi, were present on the private placement list. Furthermore, the private placement list of Yaohua Pilkington Glass also featured well-known fund managers like Lin Guohuai and Ren Xiangdong. Specifically, products managed by Lin Guohuai, such as China Post优选进取 Three Months, and products managed by Ren Xiangdong, including Xing Quan He Tai and Xing Quan He Heng Three-Year Holding, also participated. Strong regulation and system optimization proceed in parallel, continuously solidifying the foundation of the private placement market. According to Wind data statistics, if classified by Shenwan primary industry, over 70% of the financing amount flowed into areas related to new quality productive forces. Wang Hai, Deputy General Manager of Caitong Fund, analyzed that investing in private placements is, in a sense, "investing in China's industrial upgrade," which places higher demands on managers' industrial research capabilities. Against the expectation of a resurgence in mergers and acquisitions waves, the value of private placements as a supporting financing tool will be greatly highlighted. Furthermore, Wang Hai also pointed out that under the regulatory guidance of "supporting the superior and limiting the inferior," the private placement market has become highly transparent and standardized. Especially since the new "National Nine Articles" in 2024, the trend of strict regulation driving high-quality development has become increasingly significant. The core of this "strong regulation" cycle lies in systematically improving the quality of listed companies, building a more solid value foundation for the private placement market, and driving the gradual emergence of investment value. Looking ahead to the private placement market in 2026, Caitong Fund believes that the dual wheels of private placement and inquiry-based transfer are driving capital to flow more efficiently into the core areas of the real economy. Under the expectation of the long-term positive trend of the A-share market, the connotations of these two types of characteristic assets are continuously enriching and will become an important channel for investors to participate in industrial upgrading and share the dividends of high-quality development. The long-term positive trend of the A-share market provides ideal soil for investments in private placements and inquiry-based transfers. In the environment of strict regulation and optimized supply in the A-share market, the discount advantages and value discovery functions of private placements and inquiry-based transfers become more prominent. On this basis, policy-level institutional support for the private placement market is also continuously strengthening. On January 30, the China Securities Regulatory Commission solicited public comments on amending the "Securities and Futures Law Applicability Opinion No. 18," officially including institutional investors such as social security funds, pension funds, enterprise annuities, insurance capital, public funds, and bank wealth management products into the category of strategic investors, and for the first time clearly stipulating that strategic investors subscribing to listed company shares should, in principle, hold no less than 5%. Kaiyuan Securities believes that after being formally included in the strategic investor category, public funds and others may increase their investment in priced private placement projects, thereby enhancing the activity and market scale of the priced private placement market. On the other hand, the minimum 5% shareholding requirement forces strategic investors to deeply participate in corporate governance, institutionally compressing short-term arbitrage opportunities, which helps enhance the long-term value orientation of private placement projects.