专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 刘秋明强调，服务国家战略、践行金融使命，是证券行业发挥其功能性的根本路径。在当前我国金融业从"做大"转为"做优做强"的关键时期，资本市场正迎 来高质量发展的新机遇。证券行业作为连接资本市场与实体经济的核心枢纽，承担着市场化引导要素向先进制造业和战略性新兴产业集聚的重任。 他介绍，光大集团作为金融与产业融合发展的先行者，已形成了综合金融与特色实业协同发展的战略优势。旗下不仅拥有银行、证券、保险、资管等核心金 融业务，还培育了光大环境、光大水务等一批在环保、文旅、康养领域的实业上市公司，实现了经济效益与社会效益的有机统一。 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！ 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。光大证券总裁刘秋明出席2025可持续全球领导者大会并主题演讲。 刘秋明深入阐述了证券行业在新时代背景下，如何通过扎实做好金融"五篇大文章"，实现自身可持续发展并构筑行业新生态。刘秋明指出，实体是根基，金 融是血脉，可持续发展离不开金融与实体经济的同频共振。 "光大证券作为一家拥 ...

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].