“一年少了300多人” ！

Core Insights - The investment banking industry in China is undergoing a significant transformation, with a notable trend of seasoned professionals leaving the brokerage system to join industrial sectors, driven by a reevaluation of career value and the challenges faced in the current market environment [2][3][4] Group 1: Industry Trends - As of December 27, the total number of sponsoring representatives in the industry has decreased to 8,493 from 8,800 at the beginning of the year, indicating a reduction of 307 individuals [1] - The "capacity reduction" process is still in its early stages, with many professionals still observing the market, and structural adjustments may take several more years [3] - The demand for high-end talent capable of understanding client needs from a fundamental perspective is still scarce, despite the ongoing layoffs in the industry [1][3] Group 2: Talent Migration - A significant number of investment bankers are transitioning to real industries, with nearly 100 professionals from various securities firms moving to listed companies since 2025, reflecting a faster migration rate compared to 2024 [3] - The departure of talent is partly attributed to the stagnation of IPO projects, with some professionals citing a decline in project fees and overall compensation as key factors for their exit [2][3] Group 3: Recruitment and Structural Changes - Despite the overall reduction in workforce, a "war for talent" is simultaneously occurring, with firms like Guolian Minsheng Securities launching large-scale recruitment initiatives to attract elite teams [6] - Some firms are focusing on vertical integration within specific regions and industries, aiming to deepen their service capabilities for local enterprises [6][9] Group 4: Market Opportunities - The Hong Kong stock market is emerging as a "second battlefield" for investment banks, with projections indicating that A+H share listings will account for half of the new stock financing in Hong Kong in 2025 [7] - The net income of listed securities firms' investment banking divisions reached 25.2 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 23.46%, with IPO volumes in A-shares and H-shares growing by 61% and 237%, respectively [9] Group 5: Future Outlook - The future landscape of investment banking is expected to be characterized by a concentration of leading firms alongside regionally specialized players, with firms needing to adapt quickly to market changes to seize new opportunities [10] - The ongoing policy support for emerging industries is anticipated to create opportunities for smaller firms to leverage their unique industry teams and regional resources for growth [10]