登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：走位全靠瞎晃 2025年的投行圈，注定要被刻上"震荡"二字。 从下半年开始，行业负面消息接连炸屏：头部券商投行高管突然失联，监管半年内开出超40张罚单直指 尽调缺失、内核失效，天风证券（维权）因涉嫌信息披露违法被立案调查，多家中小券商项目撤否率飙 升至35%高位。曾经光鲜的"金融精英聚集地"，如今笼罩在合规高压与信任危机之下，不少从业者感 慨"日子越来越难"。 这场风暴究竟为何而来？是行业发展的至暗时刻，还是市场化改革中的必然洗牌？今天就带你扒透投行 江湖的变局真相。 一、惊雷不断！2025投行圈三大震荡事件 今年的投行圈，几乎每月都有重磅利空落地，从大佬落马到机构被罚，风险从个体蔓延至行业，恐慌情 绪一度传导至资本市场。 1． 大佬密集出事，监管追责连坐到底 下半年以来，投行高管失联、落马案例扎堆出现：某头部券商投行部副总因牵涉企业IPO造假案被带走 调查，涉案金额超亿元；一家中型券商前投行负责人，因多年前项目尽调失职被追溯问责，面临市场禁 入处罚；更有券商高管因违规提供融资、关 ...

Core Insights - The investment banking industry is undergoing a significant transformation due to adjustments in IPO rhythms and heightened regulatory requirements, prompting a search for new growth avenues and sustainable development strategies. Group 1: Industry Challenges and Strategic Shifts - Investment banks are facing challenges such as capacity and efficiency adjustments, fulfilling "gatekeeper" responsibilities, and balancing functionality with profitability [2] - Firms are encouraged to return to their core mission of discovering, creating, and realizing value, particularly for new productivity enterprises [2] - The competitive landscape is marked by homogenization, necessitating both large and small firms to pursue unique transformation paths [2][3] Group 2: Unique Approaches by Firms - Five Mining Securities is focusing on two areas: providing financial services aligned with China Minmetals' metal and mineral resources and exploring innovative merger and acquisition business models [3][4] - The firm has restructured its investment banking direction to comprehensively cover all capital operation projects within the group, enhancing internal service capabilities [4] - Huatai United Securities emphasizes long-term service and collaboration with leading industry clients, showcasing a commitment to deepening relationships over time [5] Group 3: Collaborative Efforts and Talent Development - The term "collaboration" emerged as a key theme, with firms exploring integrated service models and cross-departmental coordination [7] - Companies are focusing on developing high-quality professional talent who possess investment perspectives to better serve clients [8] - There is a growing emphasis on industry-specific knowledge among investment banking professionals to enhance service quality and compliance [8]

他提到，浙商证券投行近年来一方面立足于浙江省当地优越的营商环境，充分做好本地企业产业深耕，另一方面也积极探索和推动综合化承揽、平台化承做、体系 化承销等变革，并继续强化风控管理和文化建设等软实力，打造与浙江经济地位相匹配的投资银行。未来也计划在合规前提下，进一步加强"投研—投行—投 资"的"三投联动"，着力构建"科技—产业—金融"的良性循环，与客户共同成长。 王学飞则提到了同质化竞争的问题。他认为，在强监管环境、同质化竞争明显的情况下，不论头部机构还是中小投行都正面临着转型挑战。不过，相比于强调重资 金投资为牵引的头部券商的投行，中小券商的投行必须走出属于自己的特色转型道路，要用投资的思路去做投行，用研究的视角去分析客户。 当前，IPO节奏调整、监管要求提升，投行业正面临深刻转型。如何在这个特殊时期寻找新的增长曲线，实现可持续发展，成为行业共同关注的焦点。 第十九届深圳国际金融博览会暨2025中国金融机构年会日前在深圳举行。在"2025中国证券业投资银行高峰论坛"分论坛上，围绕"穿越周期，投行战略转型与寻找新 增长曲线"，浙商证券副总裁程景东、五矿证券副总裁王学飞、中邮证券副总裁陈桂平、华泰联合董事总经理金巍 ...

Core Viewpoint - The 2025 China Securities Industry Investment Banking Summit Forum highlighted the transformation strategies of investment banks amid capital market changes, with a focus on the resurgence of Chinese enterprises listing in Hong Kong and the anticipated growth in IPO activities in 2025 [2]. Group 1: Market Trends - Since the second half of 2024, there has been a notable recovery in Chinese enterprises listing in Hong Kong, with a projected increase in IPO issuance in 2025, leading to a financing scale that is expected to rise by over 200% year-on-year [2]. - The average first-day increase for IPO companies is reported at 59.3%, indicating strong market performance [2]. - The hot trend in the Hong Kong stock market is expected to continue until 2026, presenting cross-border business opportunities for Chinese investment banks [2]. Group 2: Strategic Focus - Domestic investment banks are adopting "regional deep cultivation" and "track specialization" as their two core strategies to reshape the competitive landscape [2]. - Changjiang Securities has been exploring iterative deep cultivation models and plans to enhance its role as a "guide" for industries by serving local platform companies and forming funds to attract quality enterprises along the industrial chain [2]. Group 3: Forum Discussions - The forum featured two roundtable discussions focusing on investment banking strategic transformation and the integration of technology and finance [3]. - Key executives from various securities firms participated in discussions about navigating cycles and embracing new production capabilities in the context of technology finance [3]. Group 4: Awards - The forum also announced the results of the "2025 China Securities Industry Investment Banking Jun Ding Award," recognizing outstanding contributions in various categories, including underwriting and sponsorship [5][6][7][8][10][11][13][14][21].