IPO受理提速，头部券商持续加码北交所

Core Viewpoint - The A-share IPO market in China showed signs of warming in May, with a total of 16 IPO applications accepted, surpassing the total of the first four months of the year [1] Group 1: IPO Market Dynamics - In May, the Beijing Stock Exchange (BSE) accepted 18 IPO applications, accounting for nearly 70% of the total [1] - The acceleration in IPO approvals is attributed to the implementation of the "19 reform measures" and seasonal factors, as many companies resumed their applications after updating their financial reports [1] - The top three securities firms in terms of projects under review at the BSE in the first five months were CITIC Securities, Guotai Junan, and Kaiyuan Securities, each with 11 projects [2] Group 2: Securities Firms' Strategies - Mid-sized securities firms are adopting unique strategies to differentiate themselves, such as creating specialized funds to nurture early-stage projects [2] - Leading securities firms are increasingly focusing on the BSE, with a notable rise in their underwriting amounts, indicating a shift in market dynamics [5] - The top ten underwriters for BSE IPOs in 2023 included six leading firms, compared to four in 2022, highlighting the growing presence of larger firms in this space [5] Group 3: Market Trends and Future Outlook - The BSE is becoming a battleground for both mid-sized and leading securities firms, with a focus on serving innovative and growth-oriented companies [4] - The quality and liquidity of companies listed on the BSE are improving, with a significant expansion in high-quality listings expected [7] - The number of securities firms participating in the New Third Board recommendation and listing business has increased, indicating a growing interest in this market segment [6]