2025年券商IPO承销业务回暖 A股港股双轮驱动业绩增长超预期

Group 1 - The IPO underwriting business of securities firms shows significant recovery in 2025, with a stable issuance pace in the A-share market after a sluggish 2024. As of June 8, 45 A-share companies were sponsored for IPOs, a year-on-year increase of approximately 12.5%. The total amount raised from IPOs reached 33.655 billion yuan, a year-on-year increase of about 19% [1] - The Hong Kong IPO market has performed exceptionally well, with a fundraising scale that increased by over 700% year-on-year in the first five months, providing significant incremental business for securities firms [1][4] Group 2 - The competitive landscape among leading securities firms remains evident, with "two among one Hu" pattern firmly established. CITIC Securities leads with an IPO underwriting amount of 7.918 billion yuan, followed by Huatai United Securities and CITIC Securities with 3.034 billion yuan and 2.674 billion yuan, respectively [3] - In terms of underwriting quantity, Guotai Junan and CITIC Securities each underwrote six projects, with Guotai Junan having one joint underwriting and CITIC Securities three joint underwritings. Shenwan Hongyuan ranked third with five IPOs underwritten [3] - The largest two A-share IPOs this year, sponsored by CITIC Securities, raised 4.066 billion yuan and 3.740 billion yuan, respectively [3] Group 3 - The Hong Kong IPO market has become a new engine for performance growth, with a total fundraising of 77.36 billion HKD in the first five months, reflecting a year-on-year increase of 707.2%. Notable A-share companies like CATL and Hansoh Pharmaceutical achieved record IPOs in Hong Kong [4] - More than half of the sponsoring institutions in the Hong Kong IPO market are Chinese securities firms, showcasing their competitive advantage in cross-border business. CICC Hong Kong sponsored eight companies, followed by Huatai International with six [4] - Multiple factors, including policy optimization, changes in funding structure, and the restructuring of international geopolitical relations, have driven the sustained activity in the Hong Kong IPO market [4]