Core Viewpoint - The investment banking sector in China is experiencing significant growth, driven by an increase in IPO activities and a recovering capital market, particularly in the A-share and Hong Kong markets [1][2][3]. Group 1: A-share Market Performance - In the first half of the year, the A-share equity financing issuance scale reached 774.14 billion yuan, a year-on-year increase of 347.55% [2]. - The IPO issuance scale was 37.36 billion yuan, up 14.96% year-on-year, while refinancing reached 736.78 billion yuan, increasing by 424.47% [2]. - Among 42 listed securities firms, 28 reported growth in investment banking revenue, with leading firms like CITIC Securities achieving 2.05 billion yuan in investment banking income, the highest in the sector [3][5]. Group 2: Investment Banking Revenue Growth - Major securities firms, including CITIC Securities and CICC, reported substantial increases in investment banking revenue, with CICC's revenue growing nearly 150% year-on-year [5][6]. - A number of mid-sized firms also saw significant gains, with revenues ranging from 400 million to 1 billion yuan, indicating a broad recovery across the sector [5][6]. - Conversely, some smaller firms faced challenges, with 14 listed small securities firms reporting investment banking revenues below 100 million yuan [6][7]. Group 3: Hong Kong Market Opportunities - The Hong Kong IPO market has been particularly active, with 42 IPOs completed in the first half, raising 14 billion USD, a year-on-year increase of 713.7% [9][10]. - Major firms like CICC and CITIC Securities capitalized on this trend, securing large IPO deals, including significant transactions for companies like CATL and BYD [9][10]. - The competitive landscape in Hong Kong has prompted firms to allocate more resources and personnel to capture these opportunities, with some firms sending teams to Hong Kong to enhance their presence [11][12]. Group 4: Future Outlook - Analysts expect the IPO market to continue its recovery, supported by favorable market conditions and policy adjustments [1][12]. - The resurgence of the private placement market, with a total of 663.3 billion yuan raised from 76 companies, indicates a growing appetite for equity financing [13][14]. - The trend of larger firms dominating the investment banking space is likely to persist, as smaller firms struggle to compete effectively [6][7].

Core Viewpoint - The article emphasizes the challenges and complexities of working in investment banking, particularly for newcomers, and introduces a comprehensive learning package designed to aid their understanding and skill development in the industry [1][3]. Group 1: Learning Package Overview - The learning package includes a printed material titled "Investment Banking Growth Notes," an online course on assessing the feasibility of corporate listings, and a customized notebook [3][42]. - "Investment Banking Growth Notes" consists of 312 pages, over 120,000 words, and 9 chapters covering career planning, industry insights, essential skills, and current IPO review focus points [3][5]. Group 2: Content Structure - The first two chapters provide essential information for newcomers, including department divisions, regulatory frameworks, basic skills, project classifications, daily tasks, personnel sources, future transitions, and industry trends [5][8]. - Chapters three to seven, which account for approximately 62% of the book, detail the necessary professional skills in industry research, client acquisition, due diligence, financial thinking, and corporate valuation [8][30]. Group 3: Industry Skills and Practices - Chapter three outlines industry skills such as quantitative thinking, macro data analysis, industry division, due diligence guidelines, financial metrics analysis, and research application techniques [8][11]. - Chapter four shares insights from a seasoned underwriter on acquiring IPO business, including market conditions, channel development, and preparation for client meetings [15][19]. - Chapter five focuses on due diligence processes, detailing information collection, verification, and analysis techniques, along with 12 specific operational steps [24][25]. Group 4: Financial Analysis and Valuation - Chapter six discusses how to analyze a company's financial statements, emphasizing the relationships between the balance sheet, income statement, and cash flow statement, as well as key financial indicators [26][28]. - Chapter seven covers valuation methods, including relative and absolute valuation techniques, and provides insights on how companies can enhance their valuation [29][30]. Group 5: IPO Process Insights - Chapter eight addresses common regulatory concerns during the IPO process, such as financial compliance, equity issues, competition, related transactions, and real estate matters [32][35]. - Chapter nine outlines the responsibilities of various departments within a company during the IPO process, emphasizing the need for preparation and compliance to meet regulatory requirements [36][40].

Core Viewpoint - The article emphasizes the challenges and realities of working in investment banking, particularly for newcomers, and introduces a learning package designed to help them navigate the industry effectively [1][2][3]. Group 1: Learning Package Overview - The learning package includes a physical book titled "Investment Banking Growth Notes," an online course on assessing the feasibility of company listings, and a customized notebook [4][46]. - "Investment Banking Growth Notes" consists of 312 pages, over 120,000 words, and 9 chapters, covering career planning, industry insights, and essential skills for investment banking professionals [4][12]. Group 2: Content Structure of the Learning Package - Chapters 1 and 2 provide foundational knowledge about investment banking, including department divisions, regulatory frameworks, basic skills, project classifications, daily tasks, and industry trends [7][11]. - Chapters 3 to 7 focus on the professional skills necessary for investment banking, covering industry research skills, client acquisition techniques, due diligence, financial thinking, and company valuation [12][34]. Group 3: Detailed Chapter Insights - Chapter 3 discusses industry research techniques, including quantitative thinking, macro data analysis, and financial indicators, as well as specific industry insights for sectors like food and beverage, pharmaceuticals, and real estate [13][16]. - Chapter 4 shares experiences from a seasoned underwriter on acquiring IPO business, including market conditions and channel maintenance [20][21]. - Chapter 5 details the due diligence process, emphasizing information collection, verification, and analysis, along with a checklist of 12 specific operational steps [26][28]. - Chapter 6 focuses on understanding a company's financial health through balance sheets, income statements, and cash flow statements, including a case study on Dong'e Ejiao [30][32]. - Chapter 7 covers valuation methods, including relative and absolute valuation techniques, and offers insights from the company's perspective on achieving higher valuations [32][34]. Group 4: IPO Focus - Chapters 8 and 9 specifically address IPO projects, with Chapter 8 highlighting common regulatory concerns during IPO reviews, such as financial compliance and related party transactions [37][38]. - Chapter 9 outlines the responsibilities of various departments within a company during the IPO process, emphasizing the need for preparation and coordination among teams [39][43].

Core Viewpoint - The A-share IPO market has shown signs of recovery in 2025 after a prolonged downturn in 2024, with both the number of IPOs and the amount raised increasing compared to the previous year [2][3][6]. A-share IPO Market Recovery - In 2025, the A-share equity financing market has maintained a steady issuance pace, with a total fundraising of 214.83 billion yuan, representing a year-on-year increase of 53.1% [3]. - As of June 8, 2025, 45 A-share companies have been sponsored for IPOs, marking a 12.5% increase from the previous year, with total fundraising amounting to 33.655 billion yuan, up approximately 19% [3]. - The provinces with the highest number of IPOs include Zhejiang and Jiangsu, each with 10 IPOs, and Guangdong with 9 [3]. Leading Brokers in A-share IPOs - The top three brokers in A-share IPO underwriting for 2025 are CITIC Securities, Huatai United Securities, and CITIC Jin Investment, with underwriting amounts of 7.918 billion yuan, 3.034 billion yuan, and 2.674 billion yuan, respectively [4]. - A total of 23 brokers have participated in A-share IPOs this year, with four brokers exceeding 200 million yuan in underwriting income [4]. Hong Kong IPO Market Surge - The Hong Kong IPO market has experienced a significant increase, with a year-on-year growth of over 700% in fundraising during the first five months of 2025 [2][7]. - Analysts expect that the robust performance of the Hong Kong IPO market will contribute positively to the investment banking revenues of brokers [6][7]. - UBS anticipates that the Hong Kong IPO market's surge is driven by multiple factors, including policy optimization and changes in global economic conditions [7]. Participation of Chinese Brokers in Hong Kong IPOs - In the first five months of 2025, over half of the IPO underwriting in Hong Kong was conducted by Chinese brokers, with notable participation from CICC, Huatai International, and CITIC Securities [8]. - CICC has sponsored 8 companies, while Huatai International and other brokers have also shown significant involvement in the Hong Kong IPO market [8].

Core Viewpoint - The article emphasizes the challenges and complexities of working in investment banking, particularly for newcomers, and introduces a comprehensive learning package designed to help them navigate the industry effectively [1][4]. Group 1: Learning Package Overview - The learning package includes a printed material titled "Investment Banking Growth Notes," an online course on assessing the feasibility of corporate listings, and a customized notebook [2][42]. - "Investment Banking Growth Notes" consists of 312 pages, over 120,000 words, and 9 chapters, covering career planning, industry insights, and essential skills for investment banking professionals [4][42]. Group 2: Chapter Summaries - Chapters 1 and 2 provide foundational knowledge about investment banking, including department divisions, regulatory frameworks, essential skills, project classifications, daily tasks, and industry trends [6]. - Chapters 3 to 7, which occupy about 62% of the book, detail the skills necessary for industry research, client acquisition, due diligence, financial analysis, and company valuation [10]. - Chapter 3 focuses on industry research techniques, including quantitative thinking, macro data analysis, and key financial indicators for sectors like catering, liquor, pharmaceuticals, automotive, and real estate [12][10]. - Chapter 4 shares insights from a seasoned underwriter on acquiring IPO business, emphasizing the importance of building and maintaining business channels [15]. - Chapter 5 outlines the due diligence process, detailing how to collect and verify information and analyze materials to draw conclusions [22]. - Chapter 6 explains how to analyze financial statements, focusing on the relationships between balance sheets, income statements, and cash flow statements, along with key financial metrics [24][26]. - Chapter 7 discusses valuation methods, including relative and absolute valuation techniques, and how companies can enhance their valuation [27][29]. - Chapters 8 and 9 specifically address IPO projects, highlighting common regulatory concerns and the roles of various departments in the IPO process [32][35].