FCSC(SZ:002797) Xin Hua Cai Jing·2026-01-05 12:23Core Insights - First Capital Securities' subsidiary, Yichuang Investment Bank, has officially obtained the lead underwriter qualification for non-financial corporate debt financing instruments in the interbank bond market, indicating a significant expansion in its capabilities and market presence [1] Group 1: Bond Underwriting Business - Yichuang Investment Bank's bond underwriting business has seen rapid growth, with its total underwriting scale ranking in the top 30 of the industry in 2024, achieving an underwriting amount of 26.25 billion yuan, which is 2.1 times that of 2023 [1] - The business is projected to further improve its ranking to the top 25 in 2025, with an underwriting amount increasing to 41.08 billion yuan, reflecting a year-on-year growth of 56.51% [1] - The Beijing market serves as a strategic focus for Yichuang Investment Bank, where it has ranked among the top three in local state-owned enterprise bond underwriting for two consecutive years, holding a market share of 70.7% in the Beijing Stock Exchange bond market in 2024 [1] Group 2: Technology Innovation Bonds - In the technology innovation sector, Yichuang Investment Bank has established a strong presence, with its underwriting scale for technology innovation bonds reaching 12.10 billion yuan in 2025, elevating its industry ranking to 12th [2] - The bank assisted 12 Beijing state-owned enterprises in issuing 47 technology innovation bonds, raising a total of 54.75 billion yuan, with Yichuang Investment Bank underwriting 11.07 billion yuan of that amount [2] - The company has successfully helped enterprises achieve low-cost issuances, setting market low-interest records for similar bonds [2] Group 3: Comprehensive Financial Services - First Capital Securities is not limited to bond underwriting; it aims to build comprehensive financial service capabilities covering the entire lifecycle of enterprises, aligning with Beijing's strategic development goals [2][3] - The company has actively engaged in asset securitization (ABS) and public REITs to revitalize existing assets, exemplified by the successful issuance of a public REIT by Shounong Food Group, raising 3.685 billion yuan [3] - Yichuang Investment Bank has formed a specialized team to focus on mergers and acquisitions, actively participating in the industrial integration of state-owned enterprises in the capital [3]