非银金融《国务院关于规范中介机构为公司公开发行股票提供服务的规定》点评：规范中介机构IPO服务，严把上市入口关

Industry Investment Rating - The report maintains a "Overweight" rating on the non-bank financial and securities industry, indicating a positive outlook for the sector [1] Core Views - The "Regulations on Standardizing Intermediary Services for Public Stock Offerings" (referred to as the "Regulations") aims to strengthen the supervision of intermediary fee structures and ensure intermediaries act as effective gatekeepers, reducing financial fraud and fraudulent issuance risks [2] - The Regulations introduce two key measures: 1) Prohibiting intermediary fees from being tied to IPO outcomes, which reduces conflicts of interest between intermediaries and issuers [2] 2) Banning local governments from offering rewards based on IPO outcomes, which is expected to curb regional competition for listed companies and reduce fiscal burdens [4] - The Regulations are expected to improve the overall quality of IPO assets by encouraging more objective assessments of issuers' financial health and reducing the incentive for intermediaries to conceal issues [2] IPO Fee Structure Analysis - Historically, investment banks charged higher fees for oversubscribed IPOs, leading to potential conflicts of interest - From 2019 to 2025, 28.3% of A-share IPOs were oversubscribed, with an average underwriting fee of 5.83%, 0.50 percentage points higher than the overall average [3] - The STAR Market (科创板) had the highest number of oversubscribed IPOs (289), with an average fundraising size of 17.6 billion yuan, 27% higher than the overall market average [3] - Main Board oversubscribed IPOs had significantly higher fees (5.25%) compared to the average (3.84%) [3] - The new Regulations impose stricter controls on IPO fees, including: 1) Prohibiting fee increases based on fundraising size [3] 2) Banning fee adjustments across different business lines [3] - These changes are expected to reduce IPO financing costs and improve pricing fairness [3] Investment Recommendations - The report recommends focusing on securities firms with strong market positions and potential for mergers and acquisitions, including Guotai Junan, Zheshang Securities, and Guolian Securities [4] - Top-tier securities firms such as CITIC Securities, GF Securities, China Galaxy, China Merchants Securities, and CICC are also highlighted as key investment targets [4] IPO Oversubscription Data (2019-2025) - A-share Market: - Total IPOs: 2001 - Oversubscribed IPOs: 567 (28.3%) - Average fundraising size: 14.80 billion yuan - Average underwriting fee: 5.83% [5] - Main Board: - Oversubscribed IPOs: 18 (3.6%) - Average underwriting fee: 5.25% [5] - STAR Market: - Oversubscribed IPOs: 289 (49.6%) - Average fundraising size: 17.57 billion yuan [5] - ChiNext: - Oversubscribed IPOs: 243 (37.0%) - Average underwriting fee: 6.52% [5] - Beijing Stock Exchange: - Oversubscribed IPOs: 17 - Average underwriting fee: 6.17% [5]