智通财经网·2025-12-22 09:11Group 1 - The core viewpoint is that leading brokerage firms with advantages in corporate client resources, professional service capabilities, and cross-border service capabilities are expected to continue benefiting from the evolving investment banking ecosystem as the financing and investment landscape enters a new phase [1][3] - In the A-share market, equity financing is gradually recovering, with bond underwriting maintaining growth. In November, there were 12 new IPOs raising a total of 20.5 billion yuan, and refinancing reached 12 billion yuan. Year-to-date, A-share IPOs have increased by 95% and refinancing by 363% (70% excluding large state-owned enterprise placements) [1] - The demand for mergers and acquisitions remains strong, with 157 major restructuring events disclosed year-to-date, including 11 in November. Bond issuance has also seen a cumulative underwriting scale increase, with 398.3 billion yuan in core bond issuance in November, reflecting a year-on-year growth of 13% [1] Group 2 - The Hong Kong stock market has seen a significant increase in trading activity since the second half of 2024, with improved market liquidity driving a substantial recovery in IPOs and refinancing. Year-to-date, the IPO scale in Hong Kong has reached 259.4 billion HKD, up 228%, while refinancing has reached 315.6 billion HKD, up 251% [2] - The China Securities Regulatory Commission (CSRC) has emphasized the need for a more transparent, efficient, and predictable regulatory environment for overseas listings, which is expected to further enhance the financing convenience in the Hong Kong market [2] - The investment and financing rebalancing is entering a new phase, with ongoing reforms expected to benefit various business segments of brokerage firms, including investment banking [3]