



Core Viewpoint - The A-share IPO market has experienced a significant increase in new applications since June, indicating a resurgence in IPO activities after a period of contraction [1][3]. Group 1: IPO Market Dynamics - In June, 152 new companies were accepted for IPO applications, surpassing the total for the first five months of the year and the entire previous year [1][3]. - The distribution of new IPO applications includes 97 from the Beijing Stock Exchange, 18 from the Sci-Tech Innovation Board, 19 from the Growth Enterprise Market, and 18 from the Shanghai and Shenzhen main boards [3]. - The total number of IPO applications accepted in 2024 was only 84, with a significant portion coming from the Beijing Stock Exchange [3]. Group 2: Investment Banking Landscape - A new investment banking landscape is emerging, characterized by the dominance of "two super" firms (Guotai Junan and Haitong Securities) and the establishment of a "four strong" group (CITIC Securities, Guolian Minsheng, Huatai United Securities, and CICC) [2][5]. - In June, Guotai Haitong Securities led with 20.5 IPO projects, while CITIC Securities followed closely with 20 projects, including a notable fundraising target of 8 billion yuan for Moer Thread [5]. - The combined efforts of these six leading investment banks accounted for 78.5 of the 152 accepted IPOs in June, representing a significant share of the market [5]. Group 3: Strategic Development of Guolian Minsheng Securities - Guolian Minsheng Securities is positioning itself as a leading investment bank by integrating its operations and focusing on technology-driven companies [6][7]. - The firm aims to provide comprehensive services throughout the lifecycle of enterprises, emphasizing a shift from traditional financing methods to a "companion + value co-creation" model [8]. - Guolian Minsheng's strategy includes targeting high-quality, high-growth technology companies in sectors such as new energy, new materials, and biomedicine, aligning with national strategic development goals [7][8].