Group 1 - The core viewpoint of the article highlights the uncertainty in the economic situation due to multiple policy adjustments, leading to a cooling trend in both primary and secondary markets in the US stock market during Q1 2025 [1] - The Dow Jones Industrial Average fell by 1.28%, the Nasdaq index dropped by 10.42%, and the S&P 500 index decreased by 4.59% in Q1 2025 [1] - The total amount raised through equity financing in Q1 2025 was $44.4 billion, a decrease of 11.80% compared to $50.3 billion in the same period last year [1][4] Group 2 - In Q1 2025, there were 88 successful IPOs, an increase of 36 compared to the same period last year, with a total financing amount of $11.4 billion, up 18.21% year-on-year [1][16] - The largest IPO was by Venture Global, raising $1.75 billion [31] - SPAC IPOs saw 19 companies listed, an increase of 11 from the previous year, raising $2.6 billion, which is a 57.45% increase [34] Group 3 - The refinancing events in Q1 2025 totaled 209, a decrease of 35 from the previous year, with a total amount of $33 billion, down 18.93% [1][39] - The non-bank financial sector led in refinancing amounts with $16.2 billion, followed by the oil and petrochemical sector at $4.9 billion [10][45] - The top refinancing project was Charles Schwab, raising $13.111 billion [50] Group 4 - Goldman Sachs led the IPO underwriting rankings with an underwriting amount of $1.431 billion from 8 deals [2][53] - TD Securities topped the refinancing underwriting scale with $8.289 billion from 10 deals [57] - The most active refinancing underwriter was H.C. Wainwright, participating in 27 events [58]