Core Viewpoint - The appointment of Lu Wei as Vice President and President of the Investment Banking Division at Guosen Securities marks a significant internal promotion after a vacancy of seven months, with expectations for him to revitalize the investment banking performance amid a new policy cycle in the IPO and M&A markets [2][3][5]. Group 1: Appointment and Background - Lu Wei has been with Guosen Securities since 1998, bringing over 20 years of investment banking experience, including participation in various IPOs and financing projects [3][6]. - His previous roles include General Manager of the Comprehensive Management Department and the Listing Advisory Department within the Investment Banking Division, and he has served as Vice President since around 2014 [3][4]. - The position of Vice President overseeing investment banking had been vacant since the departure of Hu Huayong in December 2018, with the division temporarily managed by President Deng Ge [3][4]. Group 2: Current Challenges and Market Position - Guosen Securities has faced declining performance in investment banking, with its net income ranking dropping from 3rd place in 2000-2011 to 9th place in 2018, and it has struggled to regain its former standing [6][8][10]. - The investment banking division reported a revenue of 1.051 billion yuan in 2024, a year-on-year decline of 25.92%, with a profit margin of only 1.52%, the lowest among major brokerages [10]. - The company has seen a decline in its rankings for IPO underwriting, with 2022-2024 figures showing it ranked 8th and 9th in terms of underwriting amounts and numbers, respectively [12][9]. Group 3: Future Opportunities - The current policy environment presents new opportunities for Guosen Securities, particularly in the areas of IPOs and M&A, as regulatory changes are expected to facilitate these processes [15][16][17]. - The company has a strong historical focus on supporting technology-driven enterprises, which may position it well to capitalize on upcoming market trends and policy shifts [17].

Group 1 - The core viewpoint of the articles indicates a recovery in the A-share IPO market in 2025, following a low period in 2024, which is expected to positively impact the performance of brokerage firms in the investment banking sector [1][5] - In the A-share market, the total fundraising through IPOs, private placements, and convertible bonds reached 214.83 billion yuan, a year-on-year increase of 53.1% [2] - As of June 8, 2025, 45 A-share IPOs were sponsored by brokers, marking a 12.5% increase year-on-year, with total fundraising amounting to 33.655 billion yuan, up 19% year-on-year [2] Group 2 - The leading brokers in A-share IPO underwriting include "二中一华" (CITIC Securities, Huatai United Securities, and CITIC JianTou), with CITIC JianTou leading in underwriting amount at 7.918 billion yuan [3] - The largest IPOs in the A-share market this year were sponsored by CITIC JianTou, raising 4.066 billion yuan and 3.740 billion yuan respectively [4] - The Hong Kong IPO market has seen significant growth, with a total fundraising of 77.36 billion HKD in the first five months, a year-on-year increase of 707.2% [6] Group 3 - Analysts expect a significant recovery in brokerage investment banking performance in the first half of 2025, driven by the improvement in A-share IPOs and the booming Hong Kong IPO market [5] - The Hong Kong IPO market is projected to have around 80 new listings in 2025, raising approximately 130 to 150 billion HKD [6] - More than half of the underwriting institutions in the Hong Kong IPO market are Chinese brokers, with notable participation from firms like CICC and Huatai International [6]