券商投行业务现“解冻”信号：人才招聘回暖 头部券商“涨薪”消息频现？

Core Viewpoint - The Chinese securities market is experiencing a gradual recovery in investment banking activities, particularly in the IPO sector, despite ongoing regulatory constraints and a still cautious environment [1][10]. Group 1: Market Performance - As of August 22, 2023, the total revenue from underwriting and sponsorship for initial public offerings (IPOs) by securities firms reached 3.08 billion yuan, marking a year-on-year increase of 22.6% [2][4]. - A total of 66 new stocks have been listed in the A-share market this year, which is an increase of 10 compared to the same period last year [4][8]. - The number of IPO approvals this year stands at 45, up from 35 in the same period last year [4]. Group 2: Talent Market Dynamics - There is a noticeable recovery in demand for investment banking talent, particularly for positions that require resources, in both equity and debt sectors [3][4]. - Some mid-sized securities firms have reported a resurgence in hiring, especially for professionals knowledgeable in emerging industries [4][7]. - Recent reports indicate that several leading securities firms have begun to raise salaries in their investment banking divisions, although this is not yet a widespread trend across the industry [7][8]. Group 3: Regulatory Environment - The regulatory environment remains stringent, with 186 IPO applications registered for counseling this year, reflecting a more than 20% decline year-on-year [10]. - The ongoing tightening of IPO regulations has not significantly eased since the implementation of the "827 New Policy," which continues to impact the market dynamics [10]. Group 4: Future Outlook - Despite the current signs of recovery, industry insiders express caution regarding the sustainability of this trend, emphasizing the need for further policy relaxation and a stable secondary market to support primary market activities [8][9]. - The investment banking sector is still perceived to be at a low point, with significant gaps compared to previous high points in IPO activity [9][10].