2 1 Shi Ji Jing Ji Bao Dao·2025-12-31 14:38Group 1 - The core viewpoint of the article highlights the competitive landscape of IPO underwriting in the A-share market, with leading brokerages solidifying their positions while smaller firms carve out niches in specific segments [1] - The top five brokerages accounted for 64 IPO projects, representing approximately 50% of the total market underwriting volume [1] - The dual innovation board has become a key platform for financing technology and emerging industries, raising a total of 633.71 billion yuan, nearly half of the annual IPO fundraising total [3] Group 2 - In the 2025 IPO underwriting rankings, the top five brokerages were Guotai Junan (19 projects), CITIC Securities (17), CITIC Jianzhong (12), China Merchants Securities (10), and Huatai United (0) [2] - CITIC Securities led the Sci-Tech Innovation Board with an underwriting scale of 168.95 billion yuan and a market share of 44.64%, driven by high-profile technology companies [3][4] - The top five brokerages for the ChiNext IPO underwriting included Guotai Junan and China Merchants Securities, with CITIC Securities, Shenwan Hongyuan, and CICC following closely [4][6] Group 3 - The Beijing Stock Exchange continues to focus on serving innovative small and medium-sized enterprises, with the top underwriters being China Merchants Securities, Huatai United, Dongfang Securities, Guotai Junan, and Guojin Securities [7] - The 2025 evaluation results from the China Securities Association showed that 12 brokerages received an A rating, with five firms maintaining this rating for two consecutive years, indicating stable business quality management [8] - The regulatory environment remains stringent, with a notable shift in the quality evaluation system reflecting ongoing optimization and a strong compliance focus in the securities industry [8] Group 4 - Looking ahead to 2026, the IPO market is expected to remain active, with a structural optimization characterized by stable volume and improved quality, particularly in hard technology sectors [9] - Key industries such as semiconductors, artificial intelligence, quantum computing, commercial aerospace, and biomedicine are anticipated to see an increase in the number of listed hard technology companies [9] - Brokerages will continue to focus on supporting technological innovation and industrial upgrades, intensifying competition between leading firms and niche players [9]