Core Insights - The landscape of IPO underwriting has changed significantly in the first half of the year, with Guotai Junan Securities and Haitong Securities leading the market with 26 IPO projects accepted, surpassing CITIC Securities, which had held the top position for many years [2][3] Group 1: Market Dynamics - A total of 177 IPO projects were accepted by 38 securities firms in the first half of the year, with the top 12 firms accounting for 73% of the market share [2] - Guotai Junan's projects were primarily focused on the Beijing Stock Exchange, with 18 out of 26 projects coming from this market, representing nearly 70% [3] - CITIC Securities had a more balanced portfolio with 22 accepted projects, including 9 from the Beijing Stock Exchange and 7 from the Sci-Tech Innovation Board [3] Group 2: Competitive Landscape - Other notable firms included Zhongtai Securities and CICC, ranking third and fourth with 14 and 10 accepted projects, respectively [4] - Smaller firms struggled to compete, with 21 firms having accepted fewer than 3 projects, accounting for 56% of the total [5] Group 3: Challenges for Smaller Firms - Many smaller firms lack sufficient project reserves, often resulting in lower quality submissions and difficulties in competing for high-tech projects against larger firms [5][6] - Despite the challenges, some smaller firms managed to secure significant projects in the Shanghai and Shenzhen IPO markets [6] Group 4: Future Strategies - Many firms are focusing on expanding their presence in the Beijing Stock Exchange and New Third Board, viewing these as key growth areas [7] - There is a consensus among firms to enhance their merger and acquisition (M&A) capabilities, with several firms planning to strengthen their resources in this area [7]

Summary of Key Points Core Viewpoint - In the first half of 2025, a total of 51 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 37.3 billion yuan in funds [1]. Group 1: Listing and Fundraising - Among the 51 listed companies, 18 were on the main board, 20 on the ChiNext board, 7 on the Sci-Tech Innovation board, and 6 on the Beijing Stock Exchange [1]. - The top fundraising company was Zhongce Rubber, which raised 4.066 billion yuan, followed by Tianyouwei and Yingshi Innovation, which raised 3.740 billion yuan and 1.938 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship Fees - A total of 27 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a combined fee of 2.546 billion yuan [1]. - CITIC Securities ranked first in underwriting fees, earning 316.556 million yuan by sponsoring five companies including Huazhi Jie and Zhongce Rubber [2]. Group 3: Ranking of Securities Firms - Huatai United and CITIC Securities ranked second and third in underwriting fees, earning 254.466 million yuan and 231.965 million yuan respectively [2]. - The top five securities firms collectively earned 1.177 billion yuan, accounting for 46.23% of the total underwriting fees for the first half of 2025 [3]. Group 4: Detailed Underwriting Data - A detailed table lists the number of companies sponsored and the corresponding underwriting fees for various securities firms, with CITIC Securities leading with five companies and 316.556 million yuan [4]. - Other notable firms include Huatai United, CITIC Securities, Guotai Junan, and Shenwan Hongyuan, each sponsoring multiple companies and earning significant fees [5].

一直以来，IPO（首次公开发行）是券商股权承销业务创收的主要来源。 A股IPO边际回暖 2025年以来，A股股权融资市场发行节奏平稳。据Wind统计，以发行日期口径计算，中国内地股票市场通过 IPO、增发和可转债等方式，合计募资2148.25亿元，同比增长53.1%。 券商中国记者注意到，今年以来IPO业务呈现逐渐回暖趋势。东方财富Choice数据显示，截至6月8日，2025年 以来券商共保荐了45家A股公司IPO（首次公开发行），同比上年增长约12.5%；IPO募资总额达到336.55亿 元，同比增长约19%。 事实上，自2023年"827"新政以来，A股IPO节奏持续放缓，2024年A股的IPO募资额处于近10年的谷底位置， 券商的投行业务收入也出现了大幅下滑。不过，今年以来，A股IPO发行数量及募资金额显著增多。 从地域分布来看，年内45家IPO中，浙江省、江苏省、广东省分别占到10家、10家、9家，此外安徽省有5家。 从IPO募资规模来看，浙江省以96.93亿元的首发募集资金排名第一，广东省以52.15亿元的首发募集资金排名 第二。 "二中一华"年内IPO业务领跑 从各券商今年A股IPO业务表现来看， ...

Summary of Key Points Core Viewpoint - In the first five months of 2025, a total of 43 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 28.166 billion yuan in funds [1]. Group 1: Listing and Fundraising - Among the 43 listed companies, 15 were on the main board, 18 on the ChiNext board, 6 on the Sci-Tech Innovation board, and 4 on the Beijing Stock Exchange [1]. - The top fundraising company was Tianyouwei, which raised 3.740 billion yuan, followed by Kaifa Technology and Xingfu Electronics, which raised 1.169 billion yuan and 1.168 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship Fees - A total of 25 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a combined fee of 2.076 billion yuan [2]. - Huatai United Securities ranked first in underwriting fees, earning 254.4657 million yuan by sponsoring five companies [2]. - CITIC Securities and Guotai Junan ranked second and third in underwriting fees, earning 207.0626 million yuan and 202.9983 million yuan respectively [2]. Group 3: Detailed Underwriting Performance - The top five securities firms collectively earned 1.015 billion yuan, accounting for 48.89% of the total underwriting fees for the period [4]. - Other notable firms included Dongxing Securities, CICC, Huatai Securities, and Tianfeng Securities, which ranked sixth to tenth in underwriting fees [4]. Group 4: Summary of Underwriting Fees by Firm - A detailed table shows the number of companies sponsored and the corresponding underwriting fees for each firm, with Huatai United Securities leading with five companies and 254.4657 million yuan [5][6].

Summary of Key Points Group 1: Overview of New Listings - In the first four months of 2025, a total of 37 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, with 13 on the main board, 16 on the ChiNext, 5 on the Sci-Tech Innovation Board, and 3 on the Beijing Stock Exchange [1] - The total amount raised by these 37 listed companies was 24.745 billion yuan, with Tianyouwei leading the fundraising at 3.740 billion yuan [1] Group 2: Underwriting and Sponsorship Fees - A total of 23 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a combined fee of 1.794 billion yuan [2] - CITIC Securities ranked first in underwriting fees, earning 207.0626 million yuan by sponsoring three companies: Tianyouwei, Xingtum Kexun, and Honghai Technology [2] - Guotai Junan and Huatai United ranked second and third, earning 202.9983 million yuan and 176.2837 million yuan respectively [2] Group 3: Detailed Ranking of Securities Firms - The top five securities firms collectively earned 847 million yuan, accounting for 47.18% of the total underwriting fees for the period [4] - Dongxing Securities, CICC, Huatai Securities, Tianfeng Securities, and Orient Securities ranked sixth to tenth, with fees of 116.3532 million yuan, 92.928 million yuan, 84.0835 million yuan, 74.1925 million yuan, and 65.8674 million yuan respectively [4] - A detailed breakdown of the number of companies sponsored and the corresponding fees for each firm is provided, highlighting the competitive landscape in the underwriting sector [5][6]

文/梧桐数据中心 2024年，A股合计新上市公司正好100家！其中沪市主板17家、科创板15家、深市主板7家、创业板38家、北交所23家。这100家新上市公司的IPO中介机构收费共 计62.46亿元，其中承销保荐费44.53亿元，律师费6.40亿元，审计费11.53亿元。承销保荐收费总额排名第一的是中信证券，6.49亿元，业务单数11单；律师收费总 额排名第一的是上海锦天城，0.83亿元，业务单数13单；审计收费总额排名第一的是容诚，3.57亿元，业务单数27单。 一、各板块情况 按照板块业务划分，承销保荐业务收费总额从高到低分别为：创业板、沪主板、科创板、北交所、深主板；律师费从高到低分别为：创业板、沪主板、科创板、 北交所、深主板；审计费从高到低分别创业板、沪主板、科创板、北交所、深主板。 各板块中介机构收费占比情况基本一致，其中券商收费占比近7成，剩下的收费空间中，会所收费较律所稍高，律所收费最低。 沪主板承销保荐费的中位数最高，为5665.86万元，北交所最低，为1541.75万元；创业板律师费的中位数最高，为789.81万元，北交所最低，为243.40万元；沪主 板审计费的中位数最高，为1424.5 ...