上半年股权承销榜首易主！国泰海通超“三中一华”登顶

Core Viewpoint - The A-share IPO market is experiencing a significant recovery in 2025, with a notable increase in the number of IPO applications and total fundraising amounts, driven by policy incentives and market demand [1][3][9]. Group 1: IPO Market Recovery - In the first half of 2025, 177 IPO projects were accepted, surpassing the total for the entire year of 2024, with a peak in June where 41 companies applied on a single day [1][9]. - The total fundraising through IPOs, private placements, and convertible bonds reached 709.85 billion yuan, a year-on-year increase of 520.69% [3]. Group 2: Underwriting Landscape Changes - The underwriting landscape is shifting, with the merger of major brokerages leading to a new competitive environment. Guotai Junan and Haitong Securities have emerged as leaders, surpassing traditional top players [1][12][15]. - Guotai Haitong ranked first in underwriting amount with 123.38 billion yuan, followed closely by CITIC Securities and CITIC Jianzhong [4]. Group 3: Performance of Brokerages - Guotai Haitong led the underwriting market with 26 accepted IPO projects, while CITIC Securities and CITIC Jianzhong followed with 22 and 17 projects, respectively [13][14]. - The top six brokerages accounted for over 50% of the total underwriting volume, indicating a significant concentration in the market [16]. Group 4: Sector-Specific Insights - Guotai Haitong was the top underwriter for both the Sci-Tech Innovation Board and the Growth Enterprise Market, with underwriting amounts of 2.637 billion yuan and 2.160 billion yuan, respectively [5]. - The IPO market remains dominated by small and medium-sized projects, with the largest single IPO being Zhongce Rubber at 4.066 billion yuan [7]. Group 5: Future Outlook - The expansion of the Sci-Tech Innovation Board and the implementation of new standards for the Growth Enterprise Market are expected to release more quality projects in the future [16]. - The ongoing recovery in the Hong Kong stock market may accelerate the return of Chinese companies listed abroad, providing further opportunities for brokerage firms [16][17].