Group 1 - The A-share IPO acceptance market showed significant changes in the first half of 2025, with 177 companies' IPO applications accepted, surpassing the total from the previous year [1] - The competitive landscape among underwriters has undergone important adjustments, with 37 underwriting institutions involved in the 177 companies [1] Group 2 - The merger effect has reshaped rankings, with Guotai Junan and Haitong Securities leading with 26 accepted IPOs, followed by CITIC Securities with 22, and CICC with 10 [3] - Guotai Junan and Guolian Minsheng benefited from mergers, enhancing their business synergy and ranking, with Guotai Junan effectively integrating resources post-merger [3] - Guolian Minsheng's entry into the top five is attributed to complementary business advantages from the merger, enhancing their investment banking capabilities [3] Group 3 - In the first half of 2025, the A-share IPO market demonstrated vitality, with a total of 48 IPO projects, an increase of 5 from the same period last year, and a financing scale of 38.002 billion yuan, up 25.53% year-on-year [4] - CITIC Securities led in underwriting amounts with 8.431 billion yuan, followed by Guotai Junan with 4.797 billion yuan, and Huatai Securities with 3.186 billion yuan [4] - In the Sci-Tech Innovation Board, Guotai Junan dominated with 2.637 billion yuan in underwriting, while CITIC Securities and CICC followed with 1.716 billion yuan and 0.896 billion yuan respectively [4] Group 4 - In terms of underwriting quantity, Guotai Junan ranked first with 7, CITIC Securities second with 6, and Shenwan Hongyuan third with 5 [5] - The ongoing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, along with the continuous improvement of the North Exchange system, are expected to keep the IPO market active [5]