券商中国·2025-12-31 14:38Core Viewpoint - The competition landscape among securities firms in the A-share IPO market has solidified with the successful listings of companies like Hengdongguang and Xinguoyi, marking the end of the 2025 A-share IPO season [1] Group 1: Overall Market Dynamics - Leading securities firms maintain a strong competitive edge, while smaller firms have made breakthroughs in niche segments. The top five firms account for nearly half of the total IPO projects in the market [2] - In 2025, the top five securities firms by IPO underwriting numbers are Guotai Haitong (19), CITIC Securities (17), CITIC Jianou (12), China Merchants Securities (10), and Huatai United (9) [3] Group 2: Differentiated Competition - The dual innovation board is a key platform for financing technology and emerging industries, raising a total of 633.71 billion yuan, which constitutes nearly half of the annual IPO fundraising total. This area is highly competitive among securities firms [4] - CITIC Securities leads the Sci-Tech Innovation Board with an underwriting scale of 168.95 billion yuan, capturing over 44% of the market share. Notable projects like Moore Threads contributed significantly to this figure [4] - The top five firms for the Sci-Tech Innovation Board in terms of underwriting numbers are CITIC Securities (7), CITIC Jianou (3), CICC (3), Huatai United (2), and others [5] - For the Growth Enterprise Market, Guotai Haitong and China Merchants Securities have a notable lead with 6 and 4 projects respectively, and underwriting amounts of 57.61 billion yuan and 45.46 billion yuan [6] Group 3: Regulatory Environment - The China Securities Association released the 2025 evaluation results for securities firms' investment banking business, indicating a focus on quality control and compliance. Twelve firms received an A rating, with five firms maintaining this rating for two consecutive years [9] - The dynamic optimization of the evaluation system reflects the ongoing trend of strict regulation and compliance in the securities industry [9] Group 4: Outlook for 2026 - The IPO market is expected to remain active in 2026, with a structural optimization characterized by stable volume and improved quality. The dual innovation sector is anticipated to see an expansion in financing and quality [10] - Hard technology companies in sectors such as semiconductors, artificial intelligence, quantum computing, commercial aerospace, and biomedicine are expected to increase their presence in the capital market [10] - The competition among securities firms will intensify, focusing on serving technological innovation and industrial upgrades, with a continued evolution in the competitive landscape between leading firms and niche market leaders [10]