SWHY(SZ:000166) Zhong Guo Zheng Quan Bao·2025-07-09 20:47Core Viewpoint - The introduction of the "1+6" policy by the China Securities Regulatory Commission aims to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board, leading to significant changes in the competitive landscape of the investment banking industry [1][2]. Group 1: Impact on Investment Banking - The new policy is expected to bring incremental business opportunities for investment banks while raising the bar for risk control [1]. - Investment banking is shifting from a "channel-type" model to a "value-creation" model, emphasizing the importance of industry knowledge and full-cycle service capabilities [3]. - The competitive landscape is likely to see a concentration of top-tier comprehensive brokers and specialized smaller brokers that have deep industry expertise [3]. Group 2: Quality Control and Due Diligence - Companies are establishing robust internal control systems and guidelines for investment banking to ensure the quality of listed companies from the outset [2]. - The complexity of managing project risks has increased due to the introduction of the fifth set of standards, making it more challenging to evaluate unprofitable companies [2]. - There is a need for dynamic assessment systems focusing on "hard technology" attributes to mitigate financial and compliance risks [2]. Group 3: Market Trends and Future Outlook - As of the first half of 2025, the number of IPOs accepted by exchanges is projected to reach 180, surpassing the total for 2024 [2]. - The ongoing reforms in the Sci-Tech Innovation Board are expected to further enhance the concentration of investment banking services, intensifying the "Matthew Effect" where top firms gain more advantages [3]. - The relaxation of listing conditions for unprofitable companies and the optimization of refinancing rules are anticipated to create new business opportunities in financial advisory services [3].