“一年少了300多人” ！

Core Viewpoint - The investment banking industry in China is undergoing a significant transformation, characterized by a talent migration towards the real economy and a structural imbalance in talent supply and demand, despite a recovery in IPO activities and a hiring spree in certain sectors [2][3][4]. Group 1: Talent Migration and Industry Changes - A significant number of investment bankers are leaving the brokerage system to join industrial sectors, with a notable increase expected by 2025 [3][5]. - The departure of talent is driven by a reevaluation of career value, particularly due to a lack of IPO projects and declining project fees, leading to a perception of reduced value in the investment banking role [4][5]. - The industry is experiencing a paradox of simultaneous layoffs and recruitment, indicating a mismatch in the skills required and available talent [2][4]. Group 2: Industry Adjustments and Opportunities - Despite challenges in traditional IPO business, areas such as mergers and acquisitions, Hong Kong listings, and refinancing remain active, prompting firms to adapt their services [7][10]. - Some brokerages are focusing on niche markets and regional strengths to differentiate themselves, with a notable emphasis on sectors like aerospace and robotics [8][10]. - The application of digital tools and AI is reshaping the work processes in investment banking, necessitating a workforce that can leverage these technologies effectively [9][10]. Group 3: Market Performance and Future Outlook - The net income of listed brokerages' investment banking divisions reached 25.2 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 23.46% [10]. - The market share of the top five investment banking firms increased to 52%, indicating a growing disparity between leading and smaller firms [10][11]. - The future landscape of investment banking is expected to be characterized by a concentration of top firms and a focus on regional specialties, with firms needing to explore differentiated and specialized development paths [11].