来源：中国基金报 中国基金报记者 孙越 这一年，A股IPO回暖、港股上市潮涌，投行最艰难的时刻似乎已经过去，但从业人员仍处于"出清"状 态中。 中国证券业协会数据显示，截至12月27日，全行业保荐代表人总计8493名，相比年初的8800名减少了 307人。在受访人士看来，这场"去产能"仍在初期阶段，未来数年或仍将持续。"复苏的春风，并没有吹 到每一个角落。"一位资深投行人士如是说。 越来越多投行人投入实体产业的怀抱，这种流向在2025年变得尤为明显。随着产业资本对并购整合、海 外上市等需求激增，上市公司、大型产业集团对具备投行背景的资本运作人才求贤若渴，保代也从项目 执行者转型为企业战略的参与者。 资深投行人 决定离开的"最后一根稻草" 2025年，投行的迁徙潮有一些不同之处，虽然平台间的流动仍在发生，但最显著的趋势是大量资深从业 者彻底离开券商体系，投身产业怀抱。 一位从投行离职、加入某大型国企负责资本运作的张凯（化名）体会更深。在他十余年的职业生涯中， 曾经历过数次行业的周期变化，从未想过离开这个行业。但是这一次，他选择了转身。 他坦言，压垮骆驼的最后一根稻草，是"IPO项目已经三年挂零"。但更深层的原因 ...

中国证券业协会数据显示，截至12月27日，全行业保荐代表人总计84 93 名，相比年初的 8800名减少了3 07 人。在受访人士看来，这场"去产能"仍在初期阶段，未来数年或仍将持 续。"复苏的春风，并没有吹到每一个角落。"一位资深投行人士如 是说 。 越来越多投行人投入实体产业的怀抱，这种流向在2025年变得尤为明显。随着产业资本对并 购整合、海外上市等需求激增，上市公司、大型产业集团对具备投行背景的资本运作人才求 贤若渴，保代也从项目执行者转型为企业战略的参与者。 【导读】投行保代大迁徙，"去产能"仍在路上 中国基金报记者 孙越 这一年，A股IPO回暖、港股上市潮涌，投行最艰难的时刻似乎已经过去，但从业人员仍处 于"出清"状态中。 "今年虽然环境变好，但主要是头部券商受益，我们中小券商很多项目还在储备和推进阶段， 远水解不了近渴，整体控制成本还是偏紧。"张凯说道。 资深投行人士王骥跃分析称，从表面看，人才出走始于2023年"8 · 27新政"后IPO项目量的 萎缩。但本质上，政策收紧前的繁荣本身并非常态，行业在狂热扩张中已积累了严重的产能 过剩。"一些中小券商的投行团队规模都膨胀到上千人，这显然是不可持续 ...

Core Insights - The number of securities industry sponsors has decreased for the first time since the implementation of the revised "Securities Issuance and Listing Sponsorship Business Management Measures" in 2020, with a reduction of over 300 individuals in the first half of 2025 [1][2][3] Industry Trends - As of June 30, 2025, the total number of securities sponsors has dropped to 8,470, down from 8,812 at the end of 2024, marking a significant shift in the industry after five years of growth [2][3] - The decline in sponsor numbers is attributed to a tightening of IPO policies, leading to a significant reduction in the number of companies going public, with only 100 listings expected in 2024, the lowest since 2014 [3][4] Impact on Major Firms - Large securities firms have seen the most significant reductions in sponsor numbers, with firms like CITIC Securities and Guotai Junan experiencing notable decreases in their sponsor teams [4][5] - CITIC Securities reported a reduction of 53 sponsors, while Guotai Junan's team decreased by 41, reflecting the broader trend of downsizing in response to the challenging market environment [4][5] Small and Medium Firms - Smaller firms are experiencing more pronounced fluctuations in sponsor numbers due to their smaller base, with six firms reporting reductions exceeding 20% in the first half of 2025 [5] - The industry is facing a "capacity reduction" trend, with many firms restructuring and optimizing their teams in light of the current market conditions [6][7] Future Outlook - Despite the current challenges, there are indications of potential recovery in the IPO market, with regulatory bodies releasing favorable policies to support technology innovation companies [6][7] - However, firms are still cautious, with some sponsors transitioning to roles in the real economy or seeking public sector positions as they navigate the changing landscape [7]