2 1 Shi Ji Jing Ji Bao Dao·2025-12-25 14:30Group 1 - The core viewpoint of the article highlights a significant transformation in the A-share IPO underwriting landscape, with a near doubling of total underwriting amounts in 2025 compared to the previous year, indicating a recovery in the market [1] Group 2 - The rankings among major brokerage firms are shifting, with the newly merged "giant" Guotai Junan surpassing CITIC Securities in the number of underwritings, although CITIC Securities maintains its lead in underwriting amounts and actual revenue [1] - China International Capital Corporation (CICC) has made a strong comeback to the top five, achieving nearly three times growth [1] Group 3 - The profitability of underwriting has decreased, with a project raising over 3 billion yuan potentially yielding only 50 million yuan in underwriting fees, indicating a trend of discounted IPO fees across the industry [1] - Even CITIC Securities has seen significant reductions in revenue from its previously high-earning "star projects" [1] Group 4 - Top brokerage firms are still able to secure a few lucrative deals, such as CITIC Securities earning 390 million yuan in underwriting and sponsorship fees from a project on the Sci-Tech Innovation Board, but these cases are extreme and do not alter the overall trend towards more rational fee structures [1] - The investment banking sector is moving towards a new phase characterized by more balanced business operations and pragmatic fee structures, where adaptability to this new normal will determine future success [1]