A股IPO步入提质新常态，投行转型赋能企业资本战略

Group 1 - The core viewpoint is that the next decade will be a golden period for China's manufacturing industry to earn excess profits, contingent on moving away from internal competition and embracing high-level competition, achieving a dual drive of "industry + capital" [1][8] - Recent policies have focused on developing new productive forces and strengthening hard technology innovation, particularly in key areas like integrated circuits, biomedicine, new energy, and artificial intelligence, providing comprehensive support for enterprises from R&D to market application [1][2] - The transition from a model reliant on investment and exports to one focused on domestic demand and technological innovation is essential, with internal demand and technology being the two core transformation lines during the "15th Five-Year Plan" period [2][3] Group 2 - The A-share IPO market is undergoing significant adjustment, with projections indicating a reduction in the number of IPOs to 100 in 2024 and 116 in 2025, reflecting complex market changes [4] - Guojin Securities is transitioning from a traditional channel-based investment bank to a value-creating investment bank, establishing a capital consulting headquarters to provide comprehensive capital operation solutions for enterprises [4][5] - The "capital strategy diamond model" proposed by Guojin Securities aims to help enterprises design reasonable profit distribution and equity structures, establish financial and internal control systems, and align valuation with strategy [5][6] Group 3 - In the context of high-quality economic development and accelerated industrial iteration, capital strategy has become a crucial support for sustainable development, requiring enterprises to bind capital operations with industrial layout and technological innovation [7] - A roundtable discussion highlighted the need for enterprises to scientifically plan capital paths based on their development stages and market environments to achieve sustainable growth, emphasizing the importance of strategic and capital coordination capabilities [7][8] - The conference outlined that competition in the "15th Five-Year Plan" period will be based on ecosystem competition, urging enterprises to abandon short-term profit-seeking mindsets and collaboratively build a new growth paradigm based on technological sovereignty and rational governance [8]