IPO财关行业洗牌：头部领跑、细分破局，中小机构加速出清

Core Insights - The A-share IPO market has experienced cyclical fluctuations over the past three years, leading to a significant reshaping of the IPO financial public relations industry, characterized by a stable top tier, niche breakthroughs, and pressure on small to medium-sized firms [1][2] - The top ten institutions in the IPO financial public relations industry are expected to collectively serve over 36 clients from 2023 to 2025, with Jinzheng Huitong leading at 174 clients, followed by Jiufu, Weixiang, Wanquan Zhice, and Zhonggai Yiyun [1] - The North Exchange has shown remarkable performance in the niche market, with Jinzheng Huitong serving 62 clients, followed by Weixiang, Jiufu, Xinhangxian, and Qianhai Jincheng [1] Industry Dynamics - The industry is closely tied to market cycles, with the IPO expansion in 2023 creating a boom period for the financial public relations sector, reaching a peak in market participants [2] - Starting in 2024, the industry is expected to enter a phase of stock competition, leading to a decline in total service volume, where top institutions will maintain their market share while some cross-industry firms will exit due to inadequate adaptability [2] - Core competitiveness is crucial for the survival of institutions, with full-chain services becoming key; institutions with group backing and the ability to provide comprehensive "one-stop" services exhibit stronger resilience and higher client retention [2] Future Outlook - The concentration of the IPO financial public relations industry is anticipated to increase, leading to more standardized development [2] - Small to medium-sized institutions that fail to build core competitiveness will continue to face adjustment pressures, while top institutions and those with niche advantages will leverage their resources and service strengths to lead the industry towards high-quality development [2]