打造“精品”才是券商投行的根本出路

Group 1 - The number of licensed sponsors in China's securities industry has decreased for the first time in three years, indicating a potential shift in the brokerage sponsorship industry towards creating "boutique investment banks" [1][2] - As of June 24, 2025, the number of sponsors is 8,481, down from 8,799 at the end of 2024, reflecting a reduction of 318 individuals [1] - The decline in sponsor numbers is attributed to a combination of factors, including a sluggish IPO market and increased regulatory scrutiny, leading to some sponsors choosing to change careers or industries [2][3] Group 2 - The IPO market has seen a significant decline, with the number of IPOs dropping from 524 in 2021 to just 100 in the first half of 2025, impacting the overall performance of brokerage firms [2] - Regulatory penalties have intensified, with 52 cases of penalties against sponsors in 2025, resulting in some being placed on a suspended business list, further contributing to the reduction in sponsor numbers [2] - The focus of the capital market is shifting from quantity to quality, with an emphasis on serving technology-driven and high-performing companies, posing challenges for the sponsorship industry [3] Group 3 - The future of the brokerage investment banking sector will depend on cultivating leading firms and creating globally influential investment banks, rather than merely increasing the number of sponsors [3] - The market will likely experience a process of natural selection, where some investment banks may be eliminated while others grow stronger, leading to profound changes in the sponsorship business and investment banking landscape [3] - Enhancing professional capabilities and ensuring high-quality sponsorship will be essential for the industry's development moving forward [3]