在券商行业2024年整体营收净利双增的亮眼成绩单下，投行业务却不尽如人意。数据显示，2024年，42 家上市券商投行收入同比下降27.4%，仅有6家券商实现正增长。 《证券日报》记者梳理年报发现，这一轮行业洗牌呈现出鲜明的分化特征：传统头部券商增长乏力，而 部分中小券商却凭借灵活机制实现弯道超车。当前市场格局下，如何突破发展瓶颈、实现转型升级，已 成为摆在所有券商面前的必答题。 投行业务结构分化显著 据数据统计，42家上市券商2024年共实现营业收入5088.47亿元，同比增长7.32%；实现归母净利润 1478.35亿元，同比增长15.88%，营收及净利润实现"双增"。 从投行业务来看，42家上市券商投行业务实现净收入306.8亿元，同比下降27.4%，仅有6家券商实现正 增长。其中，首创证券（601136）股份有限公司同比增长91.15%；第一创业（002797）证券股份有限 公司同比增长46.40%；太平洋证券股份有限公司同比增长38.43%；广发证券（000776）股份有限公司 同比增长37.42%；南京证券（601990）股份有限公司同比增长17.07%；中国银河（601881）证券股份 有限公司同 ...

Core Viewpoint - The new regulations implemented on February 15 aim to decouple underwriting fees from IPO results, transitioning the fee structure from a results-oriented model to a process-oriented one, which significantly impacts the investment banking industry [1][3]. Group 1: Changes in Fee Structure - The regulations require a phased payment structure for underwriting fees, preventing a direct increase in fees based on the scale of issuance [1][2]. - The shift from a results-oriented to a process-oriented fee model means that investment banks will now charge for services rendered throughout the IPO process, regardless of the outcome [3][4]. - This change is expected to reduce the reliance on a single successful transaction for revenue, thereby lowering the income ceiling for individual projects [3][7]. Group 2: Impact on Service Logic - Investment banks are transitioning from being mere facilitators of listings to providing comprehensive services that add measurable value at each stage of the IPO process [4][5]. - The introduction of AI tools for due diligence necessitates a shift from traditional labor-intensive methods to knowledge-intensive approaches, enhancing the quality of services provided [4][5]. - Firms are encouraged to strengthen their professional capabilities and establish differentiated competitive advantages to better serve clients [4][5]. Group 3: Competitive Landscape - The implementation of the regulations is expected to create a more level playing field, reducing the prevalence of low-price competition and enhancing service quality across the industry [2][6]. - Larger firms may continue to maintain higher fee rates due to their brand and risk management capabilities, but they will also face increased operational costs [6][7]. - Smaller firms must develop unique strategies and talent management approaches to compete effectively, focusing on regional markets and specialized industries [6][7].