长江证券副总裁、长江保荐董事长王承军： 深耕区域与赛道 探索精品投行之路

Core Viewpoint - The company aims to transform its investment banking approach by abandoning the "big and comprehensive" model in favor of a boutique investment banking strategy focused on "regional deep cultivation" and "specialized tracks" [1] Group 1: Investment Banking Strategy - The company emphasizes the importance of a solid "base camp" for sustainable performance amid long cycles and profitability pressures in investment banking [1] - The "three investment linkage" mechanism is identified as a core advantage, comprising research, investment banking, and investment roles [1] - Research serves as a blueprint, with the company's research institute consistently ranking among the top in the industry [1] - Investment banking is responsible for implementation, particularly in serving small and medium-sized enterprises [1] - Investment acts as a strong guarantee, providing crucial capital support through entities like Changjiang Capital [1] Group 2: Regional Focus - The company follows the principle of "combining national strategy with its own advantages" in regional selection [2] - It focuses on deepening its presence in Hubei, where it has maintained the top IPO ranking for several consecutive years [2] - The company aims to capture opportunities in the Yangtze River Delta and the Guangdong-Hong Kong-Macau Greater Bay Area, which are key sources for innovative enterprises [2] - It seeks to consolidate its market position in the Sichuan-Chongqing area, where it has established a good reputation and business foundation [2] Group 3: Industry Focus - The company adopts a differentiated competition strategy in its investment banking business, focusing on niche markets such as military, Taiwanese enterprises, and chemicals [2] - It aims to build "circle barriers" and "reputation moats" in specific sectors, avoiding highly competitive markets [2] Group 4: Role in Economic Service - The company positions itself as a long-term partner for clients, playing three key roles: a promoter of local platform company transformation, a planner for listed company value management, and a guide for the capitalization of innovative enterprises [2][3] - It provides comprehensive service models like "equity-debt linkage" to support local government platform transformations [2] - The company has developed a merger and acquisition information database to facilitate transaction matching and offers diversified financing support [2] Group 5: Development Stages - The company's deep cultivation strategy has evolved from inefficient "street visits" to leveraging external channels like government and banks for enterprise selection [3] - The current development phase (3.0) focuses on "leading enterprises in the industrial chain" to significantly enhance project precision [3]