王学飞则提到了同质化竞争的问题。他认为，在强监管环境、同质化竞争激烈的情况下，无论是头部机 构还是中小投行都面临着转型挑战。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之路，要用投资的思路做投行，用研究的视角分析客户。 据他介绍，五矿证券正从两个领域打造特色投行。一是立足于服务中国五矿金属矿产主业的角度，围绕 中国五矿在金属矿产、金属材料领域的资源禀赋提供金融服务，首先成为中国五矿金属矿产全产业链条 的重要组成部分，并进一步成为全国的矿产和金属材料相关行业的特色产业投行。二是瞄准大有可为的 并购市场，抓住当前的市场机遇，通过投资+投行联动，探索投行并购创新业务模式。 陈桂平表示，从国际经验来看，投资银行并非创收的主力部门，更多的是承担品牌创造、能力搭建的职 责。用投行带动投资、资管、经纪甚至研究业务，才是其核心价值所在。 不计成本和长期陪伴 证券时报记者王蕊 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。 近日，在深圳举行的"第十九届深圳国际金融博览会暨2025中国金融机构 ...

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]

Core Points - The emphasis on strengthening the political responsibility and supervisory responsibility of the Party is a key measure proposed by the Central Committee led by Xi Jinping to promote comprehensive and strict governance of the Party [1][2] - The role of the disciplinary inspection and supervision institutions is crucial in ensuring the implementation of these responsibilities, particularly in the context of ecological civilization construction and high-quality development [1][3] Group 1 - The supervisory responsibilities of the disciplinary inspection institutions are defined by the Party Constitution, which highlights the importance of strengthening the supervision of Party leadership and key leaders [2][3] - The establishment of a comprehensive supervisory system is essential to ensure that there are no gaps in Party supervision, with a focus on the responsibilities of the Party organizations and the supervisory institutions [3][4] Group 2 - The implementation of stationed supervision is a significant institutional arrangement for enhancing intra-Party supervision, ensuring that the responsibilities are clearly defined and effectively executed [3][5] - The need for a robust mechanism to ensure that the directives from the Central Committee regarding ecological and environmental protection are fully implemented is emphasized [5][6] Group 3 - The integration of various supervisory efforts is necessary to create a complete loop of supervision, case handling, and improvement, thereby enhancing the effectiveness of governance [4][6] - The focus on addressing corruption and improving governance through a combination of measures, including the use of big data and targeted investigations, is highlighted [6][7] Group 4 - The importance of accountability in reinforcing the awareness of responsibilities among Party members and leaders is stressed, with a focus on addressing issues such as "good personism" and formalism in supervision [7][8] - The establishment of a clear responsibility system that outlines the roles and expectations for various levels of leadership is crucial for effective governance [8][9] Group 5 - The need for a comprehensive communication mechanism to facilitate collaboration and ensure the effective implementation of responsibilities across different levels of government is emphasized [9][10] - The focus on addressing deep-rooted issues and enhancing the effectiveness of supervision through systematic approaches is critical for achieving the goals of strict governance of the Party [10]