证券Ⅱ行业深度分析：国际投行全球布局的共性经验与个性选择

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The internationalization of top investment banks is essential for overall performance growth, with firms like Goldman Sachs, Morgan Stanley, and Nomura maintaining international business revenue at around 30% [7][19] - The international business development of leading investment banks shares commonalities, such as serving domestic enterprises going abroad and focusing on mature economic regions [7][19] - The internationalization strategies of top investment banks differ in execution, particularly in wealth management, investment banking, and capital intermediary services [7][19] Summary by Sections 1. Internationalization Process and Common Experiences of Top Investment Banks - The internationalization of investment banks is driven by the need to support domestic enterprises in their global expansion, relying on their domestic business strength [19][38] - Leading investment banks have established a significant presence in key international markets, with Goldman Sachs maintaining over 35% of its revenue from international operations [19][20] 2. Business Strategies and Pathways for Internationalization - Wealth management and asset management businesses focus on cross-border investment needs, with a strategic emphasis on North America and Europe [7][19] - Investment banking operations vary by region, with U.S. banks focusing on outbound demand while Japanese banks cater to domestic cross-border needs [7][19] 3. Domestic Insights and Implications - The current period is seen as a golden opportunity for Chinese securities firms to deepen their internationalization, supported by favorable policy environments [7][19] - Major Chinese investment banks like CITIC, CICC, and Huatai are expanding their international presence, with a focus on retail and institutional business [7][19]