中央金融工作会议明确将做好科技金融作为金融"五篇大文章"重点任务之一。作为金融央企成员单位， 广发银行时刻牢记使命担当，坚决贯彻国家金融支持科技强国建设战略决策部署，持续探索科技金融服 务新路径，不断深化推动科技创新的新举措。以债券承销业务为重要抓手，引导更多金融活水精准滴灌 科技产业。截至目前，广发银行已累计为多家科技型企业提供债券融资超千亿，持续为国家科技自立自 强注入强劲金融动能。 精准发力，创新债券承销服务模式 广发银行以债券承销业务为重要抓手，以客户需求为导向，不断创新债券承销服务模式。面对科技企 业"轻资产、高投入、长周期"的特性，构建起"精准对接、快速响应、全周期服务"的科技金融工作机制 和"政策响应、产品创新、科技赋能"的债券承销服务体系。在客户服务方面，广发银行建立"科技企业 白名单"和科技企业服务绿色通道，对名单内企业实现"专人对接、专项审批、优先承销"，并借助数字 化工具赋能，提升服务科技企业的债券发行效率。 广发银行将始终牢记"国之大者"，以"科技—产业—金融"良性循环为目标，以债券承销为纽带，满足科 技企业全生命周期融资需求，持续聚焦战略新兴领域和前沿技术，持续深化债券承销业务的科技 ...

Core Viewpoint - The recent issuance of a 35 billion yuan secondary capital bond has highlighted the issue of extremely low underwriting fees in the bond underwriting market, prompting the China Interbank Market Dealers Association to initiate a self-regulatory investigation into the matter [1][2]. Group 1: Reasons for Low Pricing Competition - The focus on underwriting volume and rankings leads institutions to engage in "price-for-volume" strategies, resulting in a vicious cycle of low pricing competition [2]. - Many issuers adopt "lowest price wins" evaluation criteria, which undervalue service quality and risk management, encouraging underwriters to sacrifice profit margins for business access [2]. - The increasing size of the bond market has led to a singular focus on bond underwriting as a critical cash flow business, pushing institutions to compete even at a loss, exacerbating low pricing competition [2]. Group 2: Long-term Consequences of Low Pricing - Low underwriting fees can lead to a reduction in necessary resources for due diligence, compliance, and risk assessment, potentially increasing the risk of bond defaults and harming investor interests [3]. - Aggressive pricing strategies may undermine the survival of compliant institutions, while some may resort to gray market practices, damaging the competitive environment in the financial industry [3]. - The core value of underwriters in facilitating effective capital allocation diminishes when the underwriting process becomes merely transactional, reducing their ability to filter risks and discover value [3]. - A focus on price wars and homogenized competition can hinder innovation in product development, affecting the financial industry's ability to lead in areas like green bonds and ESG derivatives [3]. Group 3: Recommendations for Improvement - The value of financial intermediaries should not be measured solely by fee rates but by their ability to manage risks, ensure compliance, and guide capital allocation effectively [4]. - Breaking the cycle of low pricing in bond underwriting requires collaboration among regulators, issuers, and other stakeholders to shift the focus from "who quotes lower" to "who creates more value" [4]. - A renewed emphasis on quality and compliance in competition can help restore the fundamental purpose of bond underwriting services and promote the long-term healthy development of the bond market [4].

债券承销"反内卷"迎来了监管重拳出击的关键时刻。 除禁止"内卷"承销费外，《通知》对债券簿记建档申购要求和定价机制也明确相关规定。 重申"不得低于成本报价" 《通知》第一条直指债券市场承销报价问题。 具体来看，《通知》要求，银行间债券市场主承销商应建立健全承销报价内部管理制度，综合评估项目 成本、合理确定报价，不得以低于成本的承销费报价参与债券项目竞标；发行人应当按照市场化原则， 合理设置比选评分指标，不得干扰主承销商独立、客观的报价决策。 这已是一个半月内，交易商协会关于低价承销费现象第二次发文。6月16日，针对市场成员反映的低价 承销费、低价包销、拼盘投资、利益输送等问题，交易商协会发布《关于加强银行间债券市场发行承销 规范的通知》，明确"承销机构不得以低于成本的承销费率报价参与债券项目竞标"的监管要求。 就在上述通知发布的同一日，某银行披露了"2025—2026年度二级资本债券发行服务机构(主承销商)选 聘采购项目"的采购公告；7月10日，中选结果出炉，6家金融机构中标该债券项目，预估承销费分别为 700元、1050元、700元、4998元、3.5万元、2.1万元，引发市场关注；次日，交易商协会对6家主 ...

Core Viewpoint - The financial industry in China is experiencing a significant shift towards "anti-involution," with regulatory measures being implemented to address issues of price distortion and non-market behavior in the bond issuance process [1][3]. Group 1: Regulatory Measures - The China Interbank Market Dealers Association issued a notice requiring lead underwriters to refrain from quoting underwriting fees below cost when participating in bond project bidding [1]. - The notice aims to tackle problems such as pricing distortions and artificial interference in the book-building process, mandating lead underwriters to establish internal management systems for fee quotations [1]. Group 2: Industry Self-Regulation - A self-regulatory investigation was initiated against six lead underwriters involved in a bond project for Guangfa Bank, triggered by extremely low underwriting service fees, with some institutions quoting as low as 700 yuan [2]. - The investigation revealed that Guangfa Bank may have influenced pricing, prompting further verification by the association [2]. Group 3: Institutional Responses - Major financial institutions, including Industrial and Commercial Bank of China and Guangfa Bank, have made "anti-involution" a key focus in their operational strategies, emphasizing the need to resist cutthroat competition and adhere to long-term business principles [3]. - Local regulatory bodies across various provinces have also taken steps to combat "involution," including issuing negative lists for unfair competition and developing self-regulatory agreements [3]. Group 4: Expert Analysis - Experts note that the "involution" in the financial sector is primarily driven by price competition and performance assessment pressures, creating a complex interwoven situation [4]. - Recommendations for addressing "involution" include collaborative efforts from regulators, banks, and self-regulatory organizations to establish clearer pricing standards and improve service differentiation through innovation [4].

Group 1 - The China Interbank Market Dealers Association issued a notice on July 30, emphasizing that lead underwriters must not quote underwriting fees below cost when participating in bond project bidding [1] - This notice follows a previous directive in June aimed at strengthening the norms for bond issuance and underwriting in the interbank market, indicating a continued effort to combat "internal competition" in bond underwriting [1] - On July 11, six lead underwriters were required to initiate self-regulatory investigations due to low underwriting fee quotes, with the total service fee for a specific bond project amounting to 6,300 yuan, highlighting the issue of low-cost bidding [1] Group 2 - The primary cost for investment banks is human resources, and some lead underwriters are aggressively competing for market share, often quoting fees that do not even cover travel costs [2] - Issues such as low underwriting fees, low underwriting guarantees, and interest transmission persist in the interbank bond market, particularly concerning underwriting fees, as firms strive to win bond projects [2] - Investment banks may resort to quoting fees below cost and using underwriting guarantees as a means to attract clients, indicating a problematic trend in the industry [2]

Investment Rating - The report does not explicitly state an investment rating for the securities industry Core Insights - The securities industry in China is experiencing stable revenue growth, with a clear path for high-quality development during the "14th Five-Year Plan" period [2][14] - The capital market reforms are deepening, leading to accelerated consolidation within the securities industry [3][41] - The competitive landscape is being reshaped, with significant differentiation in performance across various business segments [4][42] Summary by Sections 1. Capital Market Reform and Development - Continuous improvement in the capital market system is evident, enhancing the ability to serve the real economy [14][19] - The "New National Nine Articles" issued in April 2024 outlines a clear development blueprint for the capital market over the next five years [15][16] 2. Industry Revenue and Growth - The securities industry is showing a "two rises and two falls" trend, with an increase in company scale and revenue, but a decrease in operating leverage and ROE compared to the beginning of the "14th Five-Year Plan" [23][29] - The number of listed securities firms has increased from 44 in early 2021 to 47 by the end of 2024, with total assets growing from 8.55 trillion to 12.75 trillion yuan [29] 3. Competitive Landscape and Mergers - The leading securities firms maintain a strong profitability advantage, although the gap is narrowing [34][37] - Mergers and acquisitions are accelerating, with a notable increase in significant asset restructuring transactions since September 2024 [38][41] 4. Business Segment Performance - The revenue share of heavy asset businesses has significantly increased, with investment income becoming the main driver for leading firms [43][44] - IPO business is under pressure, reflecting a "stock-bond seesaw" trend, while traditional brokerage business is declining, necessitating a shift towards advisory services [4][5][42] - Asset management business faces dual pressure on scale and income, while international business revenue share is increasing [5][42] 5. Financial Technology and Innovation - Financial technology is expected to enhance service quality and efficiency across the securities industry, with AI driving innovation in business ecosystems [4][11]

Core Viewpoint - The bond underwriting market in China is experiencing severe price competition, with underwriters willing to accept extremely low fees to secure business, leading to regulatory investigations into several institutions for abnormal pricing practices [1][6][10]. Group 1: Underwriting Fee Trends - The underwriting fees for the 2025-2026 secondary capital bond project by Guangfa Bank were reported as exceptionally low, with fees as low as 700 yuan and an average of around 10,000 yuan per institution, significantly below market averages [3][4][6]. - The total underwriting service fee for the six selected institutions was only 63,448 yuan, raising concerns about the sustainability of such low pricing [3][4]. Group 2: Regulatory Response - The China Interbank Market Dealers Association has initiated self-regulatory investigations into six institutions for their unusually low bids, citing potential violations of self-regulatory rules [6][10]. - Previous instances of low underwriting fees by Guangfa Bank have also drawn market scrutiny, indicating a pattern of aggressive pricing strategies that may undermine market integrity [6][10]. Group 3: Market Dynamics - The intense competition among underwriting firms is driven by a desire to increase market share and rankings, leading to a cycle of low pricing that may not cover operational costs [7][9]. - The top six banks dominate the bond underwriting market, holding a combined market share of 53.7%, which pressures smaller firms to engage in price competition to secure business [9]. Group 4: Industry Concerns - There are significant concerns that continued low pricing in the underwriting market could lead to inadequate due diligence and increased risks of bond defaults, potentially harming the overall market [10]. - Experts suggest that a shift in focus from low pricing to value creation is necessary to restore a healthy competitive environment in the bond underwriting sector [10].

Core Viewpoint - The bond underwriting market is experiencing severe price competition, leading to extremely low underwriting fees, which poses risks to the industry's health and sustainability [1][4][7]. Group 1: Market Dynamics - Six financial institutions shared a total underwriting fee of 63,448 yuan, with the highest bid at 35,000 yuan and the lowest at 700 yuan, highlighting the extreme price competition in the bond underwriting market [1][2]. - The low pricing strategy is driven by lead underwriters seeking to win large issuance projects, which enhances their market share and ranking, creating a vicious cycle of price reduction [1][5]. Group 2: Regulatory Response - The China Interbank Market Dealers Association has initiated a self-regulatory investigation into the six institutions for their low-price underwriting practices, following new regulations that prohibit quoting below cost [1][4]. - The association's recent notice emphasizes that underwriting institutions must not quote fees below their costs when participating in bond project bids [4][6]. Group 3: Financial Implications - Despite the increase in underwriting scale, the fees collected by underwriters have been declining, leading to a "revenue growth without profit" scenario [6][7]. - From 2021 to 2024, the total underwriting scale for brokers increased significantly, while the corresponding underwriting fees decreased from 6.489 billion yuan to 3.084 billion yuan [6][7]. Group 4: Industry Impact - The long-term presence of the "floor price" phenomenon is detrimental to the bond underwriting industry's health, potentially leading to a reduction in market diversity as smaller underwriters may exit due to unsustainable pricing [7][8]. - Low pricing may compromise the quality of services provided by underwriters, affecting due diligence and overall bond issuance quality, which could harm investor interests [7][8].

Core Viewpoint - The Hong Kong IPO market has regained its global prominence in the first half of 2025, driven by international capital interest and recovering confidence in the U.S. economy, while the U.S. IPO market continues its recovery trend. The company, aided by its comprehensive capabilities, has successfully completed multiple investment banking projects, including IPOs and bond underwriting in both markets [1]. Group 1: Hong Kong IPO Market - The Hong Kong IPO market has seen a significant increase in activity, with new stock fundraising reaching HKD 107.1 billion in the first half of the year, a sevenfold increase compared to the same period in 2024, marking the strongest record since 2021 [2]. - The company has played a crucial role in connecting mainland Chinese enterprises to international capital markets, assisting firms like Jiangsu Hongxin, Junda Co., and Paige Biopharma-B in their IPOs [2]. Group 2: Notable IPO Projects - The IPO of Paige Biopharma-B is one of the few in the Hong Kong market focusing on innovative therapies for chronic diseases, with a subscription rate of 743.78 times during the public offering, successfully listing on May 27 [4]. - Junda Co. became the first company in the photovoltaic industry to achieve a dual listing on both A-shares and H-shares, with overseas revenue accounting for 58% in Q1 2025, enhancing its global market expansion capabilities [5]. Group 3: U.S. IPO Market - The company has successfully assisted over ten enterprises from various regions, including mainland China, Hong Kong, Singapore, and the U.S., in achieving NASDAQ listings amid the ongoing recovery of the U.S. IPO market [6]. - The IPOs covered diverse sectors such as maritime technology, consumer services, healthcare, and renewable energy, showcasing the company's underwriting capabilities and investor network advantages [8]. Group 4: Bond Issuance - The company has demonstrated its comprehensive service capabilities in cross-border capital markets, extending its support to bond financing for local state-owned enterprises [13]. - Notable bond issuances include a RMB 874.7 million three-year senior unsecured bond with a coupon rate of 7.0% for Zibo City Linzi District Jiuhui Financial Holdings and a USD 60.57 million three-year senior unsecured offshore bond for Sichuan Huixing Industrial Investment [16][17]. Group 5: Future Outlook - The company aims to continue its focus on the Hong Kong market while expanding its international reach, assisting enterprises in achieving their international capital market goals in the second half of the year [17].

Core Viewpoint - The article highlights that while short-term low-price competition in bond underwriting may provide institutions with market share, long-term consequences arise when underwriting fees fall below cost, leading to a "shrinkage effect" in professional services that can have a series of detrimental chain reactions [1] Group 1 - To break the low-price competition dilemma in bond underwriting, collaboration among regulators, issuers, and other stakeholders is necessary to implement targeted solutions [1] - The focus of market competition should shift from "who quotes lower" to "who creates more value," allowing financial intermediaries to escape the fee-based constraints and rebuild a competitive landscape centered on quality and compliance [1] - This shift aims to return bond underwriting services to their fundamental purpose, promoting the long-term healthy development of the bond market from the source [1]