保荐机构方面，据瑞财社统计，2025年全年共有30家保荐机构参与这116家新上市公司的IPO业务。值得注意的是，华电新能聘 请了2家保荐机构，两家机构各计1单业务，因此全年保荐业务单数总计为117单。 | | 2025年1-12月A股IPO保荐机构排名 | | | --- | --- | --- | | 排名 | 保存机构 | 业务单数 | | 1 | 国泰海通 | 17 | | 2 | 中信证券 | 15 | | 3 | 中信建投 | 11 | | 4 | 华泰联合 | 10 | | 5 | 招商证券 | 9 | | 6 | 中要公当 | 5 | | 7 | 申万宏源 | 4 | | 7 | 东方证券 | 4 | | 7 | 东兴证券 | ব | | 7 | 国会证券 | 4 | | 7 | 国联民生 | 4 | | 12 | 国投证券 | 3 | | 12 | 浙商证券 | 3 | | 14 | 东北证券 | 2 | | 14 | 光大证券 | 2 | | 14 | 广发证券 | 2 | | 14 | 平安证券 | 2 | | 14 | 天风证券 | 2 | | 14 | 兴亚证券 | 2 | | 14 ...

Core Viewpoint - Shenwan Hongyuan has faced significant challenges in its IPO underwriting business, leading to a drastic decline in its performance and reputation due to regulatory issues and high project withdrawal rates [2][11][15]. Group 1: IPO Performance and Regulatory Issues - Shenwan Hongyuan's IPO underwriting income dropped by 97% in 2024 compared to 2023, with only one successful IPO project remaining [2][10]. - The company received seven penalties in 2024, a stark contrast to zero penalties in 2023, indicating a deterioration in compliance and operational standards [2][11]. - The IPO withdrawal rate reached 90% in 2024, significantly higher than the 33.3% rate in 2023, raising concerns about the firm's ability to maintain its A-class rating in the upcoming evaluations [11][15]. Group 2: Specific Cases of Regulatory Failures - Shenwan Hongyuan was criticized for its role in the IPO application of Guohong Tools, which was found to have falsified information regarding its R&D personnel and expenditures [3][4]. - The company failed to adequately verify the qualifications of R&D personnel, leading to a misrepresentation of the company's compliance with the Sci-Tech Innovation Board's requirements [4][5]. - Regulatory bodies have issued warnings and penalties against Shenwan Hongyuan for its inadequate due diligence and oversight in various projects, including the handling of the Hainuoer and Guohong Tools IPOs [16][17]. Group 3: Future Outlook - With only three IPO projects in total, including one from the Beijing Stock Exchange, Shenwan Hongyuan's competitive position in the IPO market is under scrutiny [9][10]. - The company's ability to recover its A-class rating in the 2025 evaluation is uncertain, given the current trajectory of its IPO performance and regulatory challenges [11][18].