与首都同频，与时代共振：第一创业证券服务北京高质量发展的金融实践

Core Viewpoint - The mission of leading investment banks is to empower high-quality economic and social development through professional financial capabilities, aligning with national strategies and local development goals [1][12]. Group 1: Investment Banking Engine - The company has established a comprehensive financial service matrix covering the entire lifecycle of enterprises and projects in Beijing, demonstrating the value of "comprehensive financial services" [1][13]. Group 2: Equity Financing - The investment bank aims to connect more "Beijing innovations" to the capital market, with plans to submit three IPO applications to the Beijing Stock Exchange in 2025, including the first IPO of a Beijing state-owned enterprise [2][14]. Group 3: Bond Financing - The company has implemented a "high-quality bond development" strategy, achieving a 2.1 times increase in bond underwriting volume to 26.25 billion yuan in 2024, and aims to reach 41.08 billion yuan in 2025, a 56.51% increase from 2024 [3][15]. - The company has been a leading player in the Beijing bond market, serving 35 state-owned enterprises and underwriting 158.88 billion yuan in bonds for 17 Beijing state-owned enterprises in 2025 [3][15]. Group 4: ABS and REITs - The company has innovated in the ABS market, issuing over 12 billion yuan in ABS in Beijing, and has played a key role in launching the first public REITs focused on "headquarters economy" [5][17]. Group 5: Mergers and Acquisitions - The company has established a dedicated M&A team to assist state-owned enterprises in capital operations, exemplified by its role as an independent financial advisor in a significant merger in September 2025 [6][18]. Group 6: Value Coordinates - The company is evolving from a mere intermediary to a value creator, integrating national strategies and regional characteristics into its operations [19]. - It supports the construction of the capital's "four centers" by facilitating the issuance of 54.75 billion yuan in technology bonds, ensuring funding stability for major infrastructure projects [19][7]. Group 7: Future Outlook - Looking ahead, the company aims to deepen its focus on fixed income and enhance its investment banking and asset management capabilities, fully integrating into the historical process of high-quality development in the capital [23].