对话国投证券肖江波：从“盯着指标”到“看透价值”，投行要与科技创新深度绑定

Core Insights - The core focus for investment banks is to return to the essence of "enterprise value" in their operations, including positioning, selection, and pricing [1][4][11] - The transformation of the investment banking industry has shifted from "scale expansion" to "quality enhancement," with competition evolving from "homogeneous project acquisition" to "specialized capability" [1][5] Industry Development - The Science and Technology Innovation Board (STAR Market) has gathered nearly 590 "hard technology" companies with a total market capitalization exceeding 7 trillion yuan after six years of development [1] - The STAR Market has become a hub for "hard technology" enterprises, significantly enhancing the impact of services for technological innovation [5] Changes in Investment Banking Functions - Investment banks are now required to select and guide high-quality enterprises into the capital market while also effectively transmitting policies to support national industrial strategies [4][9] - The role of investment banks has evolved from being "compliance auditors" to "value discoverers," emphasizing the importance of information disclosure under the registration system [5][6] Project Evaluation and Selection - The focus has shifted from merely meeting listing criteria to deeply understanding a company's technological core, business model, and industry prospects [6][10] - Investment banks are embedding industry research capabilities throughout the project lifecycle, ensuring that each hard technology project is supported by knowledgeable industry analysts [6][8] Competitive Landscape - The competitive landscape is increasingly favoring leading investment banks, which can leverage their comprehensive advantages to provide full-cycle services, including IPOs, refinancing, and mergers [6][8] - Smaller investment banks can still find opportunities by specializing in niche markets, demonstrating that market maturity allows for diverse operational strategies [8] Regulatory Environment - The responsibilities of investment banks as "gatekeepers" have been significantly strengthened, with a clear regulatory focus on ensuring due diligence processes are thorough and documented [8][9] Capital Market Structure - The multi-tiered capital market structure provides differentiated "capital interfaces" for various types and stages of enterprises, with the STAR Market focusing on "hard technology" [9][10] - Investment banks play a crucial role in helping enterprises identify the most suitable market interface while reflecting professional judgment in project selection and pricing [9][10] Pricing Mechanisms - The pricing of technology companies is complex and has evolved to reflect a combination of "technical value + market consensus," moving away from overly aggressive valuations [11] - Current pricing strategies consider industry fundamentals, the degree of technological realization, and genuine feedback from institutional investors during the pricing process [11]