新华财经北京12月26日电 在"十四五"期间我国债券市场稳健发展、融资功能持续增强的背景下，券商 债券承销业务保持强劲势头。新华财经26日从中信建投证券获悉，2021年至今，该公司累计承销各类债 券规模已超过7.4万亿元，承销只数超过18,500只，承销规模连续五年位居行业前两名，其中信用债承销 规模累计突破5.37万亿元。 数据显示，中信建投证券在地方政府债、资产证券化、产业债、科创债、绿色债券等多个细分业务领域 也位居行业前列。五年来，该公司累计为超过2,200家企业提供债券融资服务，覆盖国有企业、民营企 业和创新型企业等多类市场主体；承销地方政府债规模超过1.87万亿元，在30余个省区市参与地方债承 销。 业务结构持续优化 重点领域服务能力突出 从承销结构看，中信建投证券在服务实体经济与国家战略方面呈现出多层次、广覆盖的特点。在产业债 领域，该公司累计承销规模超过2.3万亿元，资金主要投向高端制造、绿色低碳、新一代信息技术等战 略性行业，支持了包括汽车、电子信息、装备制造等领域一批龙头企业的技术研发与产能扩张。 一直以来，资产证券化业务是盘活存量资产的重要抓手。2021年至今，中信建投证券类REITs产 ...

Group 1: Company Overview - Jiangsu Longpan Technology Co., Ltd. officially listed on the Hong Kong Stock Exchange on October 30, 2024, becoming the first "A+H" listed company in the domestic lithium iron phosphate cathode material industry, raising a total of HKD 550 million [1] - The listing is significant as it marks the first "A+H" listing after a joint statement from the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, indicating a new wave of A-share companies seeking to list in Hong Kong [1] Group 2: Investment Banking Role - Guotai Junan International acted as the joint sponsor and global coordinator for Longpan Technology's listing, showcasing the firm's ability to integrate domestic and international resources effectively [1] - The company emphasizes its role as a bridge for the dual opening of China's capital markets, facilitating outbound investments and international capital allocation to Chinese assets [2] Group 3: Service Capabilities - Guotai Junan International has developed a comprehensive service network covering 17 countries and regions, enhancing its position as one of the most widely deployed securities firms in China [4] - The firm has a history of supporting Longpan Technology since its IPO in 2017, providing various services including the acquisition of the lithium iron phosphate business and subsequent fundraising efforts [4] Group 4: Future Outlook - The company plans to strengthen its overseas business layout, aiming to become a competitive international investment bank by enhancing capital strength, service quality, and product structure [7] - There is a focus on innovation in products and services, particularly in emerging fields such as renewable energy and sustainable finance, to meet global investor preferences and regulatory requirements [8]

Core Viewpoint - The central financial work conference emphasizes the importance of technology finance as a key task, with Guangfa Bank actively supporting the national strategy for technological self-reliance and innovation through bond underwriting services [1] Group 1: Bond Underwriting Services - Guangfa Bank focuses on bond underwriting as a crucial tool, innovating service models to meet the needs of technology companies characterized by "light assets, high investment, and long cycles" [2] - The bank has established a "white list" for technology enterprises, providing prioritized services and approvals for listed companies, enhancing bond issuance efficiency through digital tools [2] Group 2: Sector-Specific Support - In the information technology sector, Guangfa Bank assisted a leading communications company in issuing 1 billion yuan in technology innovation bonds to support its operations and technological breakthroughs [2] - For energy-saving and environmental protection, the bank helped a high-tech construction company issue 336 million yuan in bonds to promote green building projects in Xinjiang [3] - In agricultural technology, Guangfa Bank secured 2 billion yuan in low-cost funding for an agricultural innovation firm, enhancing China's agricultural competitiveness and food security [3] - The bank supported a leading high-end equipment manufacturer with 1 billion yuan in financing to facilitate its green energy transition and smart upgrades [4] - In advanced manufacturing, Guangfa Bank assisted a precision manufacturing leader in raising 1.5 billion yuan to optimize its debt structure and enhance digital manufacturing capabilities [4] - For new materials, the bank helped a leading glass company issue 300 million yuan in bonds to strengthen its core competitiveness in electronic components [4] Group 3: Commitment to Technological Empowerment - Guangfa Bank aims to create a virtuous cycle of "technology-industry-finance," focusing on the financing needs of technology enterprises throughout their lifecycle and contributing to the construction of a technology-driven nation [4]

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].

Core Viewpoint - The recent regulatory notice from the China Interbank Market Dealers Association aims to address issues in the bond underwriting market, particularly focusing on the prohibition of below-cost bidding practices and ensuring a more market-oriented pricing mechanism [1][2]. Group 1: Regulatory Changes - The notice emphasizes that main underwriters in the interbank bond market must establish internal management systems for pricing, ensuring that bids do not fall below cost [2][4]. - This is the second notice issued within a month addressing the low-cost underwriting phenomenon, indicating a strong regulatory stance against such practices [2][3]. Group 2: Market Practices - A recent case involving a bank's selection of underwriters for its 2025-2026 capital bond issuance raised concerns, as the estimated underwriting fees were significantly low, prompting self-regulatory investigations [3][4]. - The association has found evidence of issuers potentially guiding pricing, which will lead to stricter regulations and penalties for such behaviors [3][4]. Group 3: Pricing and Bidding Mechanisms - The notice encourages early submission of subscription requests by investors and mandates that underwriters maintain clear records of the subscription process [4][5]. - It outlines a pricing mechanism that requires underwriters to determine interest rates based on comparable bond rates or market fair prices, ensuring a more transparent and fair pricing process [4][5]. Group 4: Underwriter Selection Criteria - The notice sets limits on the number of main underwriters based on the scale and type of bond issuance, with specific guidelines for different categories of bonds [5][6]. - It also establishes a framework for reporting and monitoring complaints regarding violations in the underwriting process, aiming to enhance market integrity [6].

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].