智通财经APP获悉，国泰海通发布研报称，投融资再平衡进入新阶段，企业客户资源、专业服务能力以 及跨境服务能力更具优势的头部券商有望持续受益。边际上看，A股股权融资节奏边际上有所改善，港 股持续活跃、同比提振显著，企业客户资源、专业服务能力以及跨境服务能力更具优势的头部券商有望 在投行业务生态演进的过程中继续维持领先地位。 国泰海通主要观点如下： A股：股权融资逐步回暖，债券承销维持增长 1)IPO：按发行日统计，11月单月A股首发上市12家/环比增加1家，募资总额205亿元;2)再融资：按发行 日统计，11月单月再融资规模120亿元。年初至今A股IPO规模同比+95%，再融资规模同比+363%(剔除 大行定增后同比+70%)，整体延续改善;3)并购重组：政策持续加码叠加产业自身需求推动下，并购需求 保持旺盛，年初以来已披露的上市公司重大重组事件合计达157起，其中11月为11起;4)债券发行：累计 承销规模同比提升，11月核心债券(公司债+企业债+可转债)发行规模3983亿元，年初以来累计同比增速 +13%。 港股：股权融资持续活跃 24年下半年以来港股交投活跃度大幅提升，市场流动性改善推动港股IPO及再融资 ...

Group 1 - The company, CICC (03908.HK), announced that in the first half of 2025, it served Chinese enterprises in global IPOs totaling 21 deals, raising a total of $11.144 billion, ranking first in the market [1] - In the first half of 2025, the company completed 2 A-share IPO projects as the lead underwriter, with a total underwriting amount of RMB 1.355 billion [1] - The company acted as the lead underwriter for 7 A-share refinancing projects, with a total underwriting amount of RMB 67.242 billion [1] Group 2 - As a sponsor, the company completed 13 Hong Kong IPO projects, including notable projects like CATL, Haitian Flavoring, and Sanhua Intelligent Control, with a total underwriting scale of $2.866 billion, ranking first in the market [1] - The company served as the global coordinator for 20 Hong Kong IPO projects, with a total underwriting scale of $2.383 billion, ranking first in the market [1] - As a bookrunner, the company underwrote 20 Hong Kong IPO projects with a total scale of $1.183 billion, ranking first in the market [1] Group 3 - The company acted as a bookrunner for 10 Hong Kong refinancing and reduction projects, with a total underwriting scale of $2.559 billion, ranking first among Chinese securities firms [1]

Financial Performance - The company reported total revenue and other income of RMB 16.28 billion for the six months ending June 30, 2025, representing a year-on-year increase of 14.19% [1] - Net profit attributable to shareholders was RMB 4.509 billion, a significant year-on-year increase of 57.77% [1] - Basic earnings per share were RMB 0.52, and the company proposed a cash dividend of RMB 1.65 per 10 shares [1] - Total assets reached RMB 612.364 billion, an increase of 8.11% compared to December 31, 2024 [1] - Shareholders' equity amounted to RMB 109.795 billion, reflecting a growth of 3.12% from December 31, 2024 [1] - Total expenses were RMB 10.958 billion, showing a slight decrease of 1.03% year-on-year [1] Business Segments - The investment banking segment generated total revenue and other income of RMB 1.171 billion, up 10.68% year-on-year [2] - The wealth management segment achieved total revenue and other income of RMB 5.662 billion, marking a growth of 26.16% [2] - The trading and institutional client services segment reported total revenue and other income of RMB 8.071 billion, an increase of 13.50% [2] - The asset management segment had total revenue and other income of RMB 653 million, reflecting a modest growth of 1.71% [2] Market Activities - The company completed four targeted issuance projects for new three-board listed companies, raising RMB 361 million [2] - In the international market, the company participated in three Hong Kong IPO sponsorship projects, with a total equity financing scale of HKD 42.926 billion [2] - The company served as a joint sponsor for the IPO of CATL, raising HKD 41.006 billion, marking the largest IPO in the past three years and the largest in the history of the new energy sector in Hong Kong [2] - As a placement agent, the company assisted in the refinancing project of the traditional gold brand Laopu Gold, raising HKD 2.715 billion [2] Debt Financing and M&A - The company completed 2,301 domestic debt financing projects, with a total underwriting amount of RMB 779.653 billion, ranking third in the industry [3] - The company led 641 corporate bond underwriting projects, with an amount of RMB 212.431 billion, also ranking third in the industry [3] - The company completed six major asset restructuring projects, ranking first in the industry, with a transaction amount of RMB 25.462 billion, ranking fifth [3] - The company played a key role in mergers and acquisitions, assisting the leading new energy vehicle company, Seres Group, in acquiring a digital factory for smart electric vehicles [3] - As an independent financial advisor, the company has had 10 listed companies publicly disclose draft documents for share issuance and major asset restructuring transactions by the end of the reporting period [3]