Core Viewpoint - The mission of leading investment banks is to empower high-quality economic and social development through professional financial capabilities, aligning with national strategies and local development goals [1][12]. Group 1: Investment Banking Engine - The company has established a comprehensive financial service matrix covering the entire lifecycle of enterprises and projects in Beijing, demonstrating the value of "comprehensive financial services" [1][13]. Group 2: Equity Financing - The investment bank aims to connect more "Beijing innovations" to the capital market, with plans to submit three IPO applications to the Beijing Stock Exchange in 2025, including the first IPO of a Beijing state-owned enterprise [2][14]. Group 3: Bond Financing - The company has implemented a "high-quality bond development" strategy, achieving a 2.1 times increase in bond underwriting volume to 26.25 billion yuan in 2024, and aims to reach 41.08 billion yuan in 2025, a 56.51% increase from 2024 [3][15]. - The company has been a leading player in the Beijing bond market, serving 35 state-owned enterprises and underwriting 158.88 billion yuan in bonds for 17 Beijing state-owned enterprises in 2025 [3][15]. Group 4: ABS and REITs - The company has innovated in the ABS market, issuing over 12 billion yuan in ABS in Beijing, and has played a key role in launching the first public REITs focused on "headquarters economy" [5][17]. Group 5: Mergers and Acquisitions - The company has established a dedicated M&A team to assist state-owned enterprises in capital operations, exemplified by its role as an independent financial advisor in a significant merger in September 2025 [6][18]. Group 6: Value Coordinates - The company is evolving from a mere intermediary to a value creator, integrating national strategies and regional characteristics into its operations [19]. - It supports the construction of the capital's "four centers" by facilitating the issuance of 54.75 billion yuan in technology bonds, ensuring funding stability for major infrastructure projects [19][7]. Group 7: Future Outlook - Looking ahead, the company aims to deepen its focus on fixed income and enhance its investment banking and asset management capabilities, fully integrating into the historical process of high-quality development in the capital [23].

Group 1 - The core viewpoint of the articles highlights a surge in state-owned enterprises (SOEs) entering the capital market, driven by a focus on core business and strategic emerging industries, indicating a clear path towards high-quality development of state capital [1][2][3] - The recent trend of asset securitization among central enterprises is not only for financing but also serves as a strategic tool for deepening reforms, aiming to upgrade core businesses and develop strategic emerging industries [1][2] - The capital operations are particularly concentrated in strategic emerging industries, with expectations that fields such as new materials, biomanufacturing, and digital economy will continue to be focal points for capital operations [3] Group 2 - The listing activities of state-owned automotive companies, such as Avita and Lantu, are seen as a significant window into the reform of state capital, driven by the State-owned Assets Supervision and Administration Commission's separate assessment policy for SOE electric vehicle businesses [2] - The high-end equipment sector is also actively pursuing listings, with China Railway Rolling Stock Corporation planning to spin off its subsidiary for an independent listing focused on high-end equipment components and solutions [2] - Local state-owned enterprises are accelerating their asset securitization efforts, with provinces like Hubei and Sichuan implementing plans to enhance the management and market utilization of state-owned assets [3][4] Group 3 - There is a notable trend of local state-owned enterprises seeking to expand their financing channels internationally while also utilizing domestic markets, as seen in cases like Zhejiang Medicine and Shandong Gold [4] - The urgency to activate large volumes of state-owned assets and improve fiscal revenue sources is driving local SOEs to pursue various methods of securitization, including IPOs and REITs [4]