Zheng Quan Ri Bao·2026-01-05 16:51Core Insights - The investment banking sector is expected to see accelerated revenue growth in 2026, driven by the core mission of serving the real economy and the continued strength of equity underwriting [1][4] Group 1: Market Overview - In 2025, the total equity underwriting amount by securities firms in the A-share market exceeded 1 trillion yuan, with a year-on-year increase of 226.1% [1][2] - Five leading securities firms accounted for 74.5% of the total market share, with CITIC Securities leading at 2416.68 billion yuan in underwriting [2] Group 2: Competitive Landscape - In the IPO segment, the total underwriting amount reached 1308.35 billion yuan in 2025, marking a 97.4% increase year-on-year, with CITIC Securities again leading the market [2][3] - The competition in the technology innovation sector is notable, with CITIC Securities leading in the Sci-Tech Innovation Board IPO underwriting at 168.95 billion yuan [3] Group 3: Business Growth Drivers - The refinancing business has become a key driver for the growth of equity underwriting, with a total of 8267.2 billion yuan in underwriting for private placements in 2025, a 300.05% increase year-on-year [3] - The convertible bond market is also becoming increasingly competitive, with total underwriting reaching 647.13 billion yuan, a 66.97% increase year-on-year [3] Group 4: Future Outlook - Analysts predict that the investment banking revenue will continue to accelerate in 2026, particularly for firms with a mature "three-in-one" mechanism [4][5] - The "three-in-one" mechanism integrates research, investment, and banking services, creating a closed-loop process that enhances value creation and service delivery [5]