国联民生证券总裁葛小波：国际化是成就一流投行必由之路

Core Viewpoint - The internationalization of Chinese securities firms is essential for building a first-class investment bank and responding to the national financial power strategy, with a focus on creating a multi-tiered, competitive industry structure [2]. Group 1: Internationalization of Securities Firms - The globalization of Chinese enterprises has evolved from mere market expansion to participating in global governance and building new international relations, making the international development of securities firms crucial for enhancing industry competitiveness [2]. - The demand for global services from Chinese enterprises creates a "blue ocean" for domestic securities firms, driven by industrial upgrades and supply chain restructuring, leading to diverse financial needs such as cross-border mergers and acquisitions, overseas listings, and global bond issuance [2]. - China's capital market's deepening two-way opening provides policy pathways for the internationalization of securities firms, supported by initiatives like the Belt and Road and global development initiatives [2]. Group 2: Mature Models of Foreign Investment Banks - Three mature development models of foreign investment banks are identified: 1. Project-driven model represented by Goldman Sachs and Morgan Stanley, focusing on M&A, IPOs, and structured financing [4]. 2. Comprehensive universal bank model represented by Citigroup and HSBC, integrating commercial banking with investment banking [4]. 3. Boutique investment bank model represented by Evercore and Lazard, specializing in specific sectors or services [4]. Group 3: Strategies for Internationalization - Chinese securities firms should leverage overseas financing tools and acquisition opportunities, as exemplified by CITIC Securities, which increased its overseas revenue share to 15%-20% through strategic moves [5]. - There is a need for improvement in the cross-border services provided by Chinese securities firms, as some have faced losses in overseas operations, highlighting the importance of capital strength, talent reserves, and risk management capabilities [5]. - The internationalization strategy should focus on three key aspects: serving the real economy, providing differentiated global asset allocation advice from a Chinese perspective, and building a "technology + finance" competitive advantage [5]. Group 4: Policy Recommendations for Internationalization - To build a financial powerhouse, it is essential to cultivate investment banks with global resource allocation capabilities, which requires a supportive ecosystem involving policy, academia, industry, and media [6]. - Recommendations include improving top-level design for outbound policies, optimizing the policy environment for overseas institutions, and encouraging overseas mergers and acquisitions to enhance competitiveness [6].