券商中国·2025-05-08 23:19Core Viewpoint - In 2024, while the equity financing market has not fully recovered, the bond financing market continues to grow steadily, benefiting the bond underwriting business of securities firms, which saw a year-on-year increase of 4.62%, bringing warmth to investment banking performance [1]. Group 1: Bond Underwriting Performance - In 2024, the total bond underwriting amount by securities firms reached 14.14 trillion yuan, a year-on-year increase of 4.62% [3]. - The overall bond issuance scale in the market was 79.86 trillion yuan, reflecting a year-on-year growth of 12.41% [3]. - 41 securities firms achieved positive growth in bond underwriting amounts in 2024, with the highest increase being 263% for Chengtong Securities [2][4]. Group 2: Market Dynamics and Rankings - The top ten securities firms continue to dominate the market, capturing nearly 70% of the total market share, with the top five firms maintaining their positions [6]. - China Galaxy Securities and招商证券 entered the top ten for the first time, ranking seventh and tenth respectively, while Haitong Securities and Ping An Securities dropped out of the top ten [7]. - The bond underwriting amounts for eight firms, including Xiangcai Securities and Bohai Securities, declined by over 50% compared to 2023 [6]. Group 3: Growth Drivers and Innovations - The main drivers of bond financing business growth are local government bonds, followed by financial bonds and corporate bonds [8]. - Notable achievements in specialized bonds include the issuance of the first blue exchangeable bond globally and the first technology innovation low-carbon transformation corporate bond domestically by CITIC Securities [9]. - Small and medium-sized securities firms have made breakthroughs in niche areas, such as Dongwu Securities issuing the first "carbon neutrality + rural revitalization + high-growth industry bond" [9]. Group 4: Future Outlook - Securities firms anticipate three key focuses for 2025: deepening local financing platform services, optimizing business layout to meet diverse client needs, and increasing innovation in bond varieties, particularly in "technology innovation bonds" [9].