Zheng Quan Ri Bao·2026-01-05 17:15Core Insights - The securities industry is deepening its functional positioning, with serving the real economy becoming a core mission, leading to a significant increase in equity underwriting business, which surpassed 1 trillion yuan in total for A-shares last year [1] - CITIC Securities topped the underwriting scale with over 240 billion yuan, followed by Guotai Junan and Haitong Securities, indicating a strong competitive landscape among leading brokers [1][2] - The head brokers control 74.5% of the market, highlighting a growing concentration effect [2] Market Performance - In 2025, five brokers exceeded 100 billion yuan in underwriting scale, with CITIC Securities leading at 241.67 billion yuan, Guotai Junan at 150.66 billion yuan, and China International Capital Corporation (CICC) at 137.49 billion yuan [2] - The total underwriting amount for IPOs reached 130.83 billion yuan, a year-on-year increase of 97.4%, with CITIC Securities again leading the market [2][3] Sector-Specific Insights - In the Sci-Tech Innovation Board IPO underwriting, CITIC Securities led with 16.89 billion yuan, while Guotai Junan led the ChiNext Board with 5.76 billion yuan [3] - The refinancing business has become a key driver for the growth of equity underwriting, with a total of 826.72 billion yuan in private placement projects, a year-on-year increase of 300.05% [3] Revenue Growth - The significant growth in business scale has directly improved revenue, with a 23% year-on-year increase in net income from investment banking for listed brokers in the first three quarters of 2025 [4] - Analysts predict that the revenue from investment banking will continue to accelerate in 2026, particularly for brokers with a "three-in-one" mechanism [4] Competitive Strategy - The "three-in-one" mechanism, which integrates research, investment, and investment banking, is seen as a core advantage for brokers, allowing them to provide more valuable services and stand out in market competition [5]