炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 导语：兴业证券多名保代或协办人短期内入职问题已上市IPO项目，这种"旋转门"关系容易引发投资者对保荐企业是否存在财务造假等问题的质疑，更拷问 公司投行内控"三道防线"的有效性。比如IPO项目保代李蔚岚入职福昕软件当财务总监兼董秘，IPO项目保代温国山担任阿莱德财务总监，IPO项目协办人江 文秀担任绿通科技董秘……福昕软件、绿通科技在上市前净利润激增，上市时凭借"三高"发行获得巨额募资，但上市后业绩迅速"大变脸"，尤其是福昕软件 从上市第二年至今，扣非归母净利润连亏四年。 出品：新浪财经上市公司研究院 作者：IPO再融资组/秦勉 近日，兴业证券因发通知关怀员工仅收集子女985录取信息、"狼性文化"内卷标语被推到风口浪尖。 作为福建省的地方券商，兴业证券的业绩中规中矩，虽然没有明显特色却也不会陷入困境。但兴业证券的投行业务尤其是IPO保荐业务十分值得关注，因为 公司多名保代或协办人短期内入职问题已上市IPO项目。 比如，兴业证券保荐的福昕软件，2020年9月在科创板上市，2022年5月该项目的保代李蔚岚便去福昕软件当了财务总监后来还兼任董秘 ...

谁主沉浮？ 随着6月落幕，上半年IPO受理情况出炉。证券公司如何把握新一轮的政策周期，受到市场关注。 据券商中国记者统计，在今年上半年IPO受理潮里，共有38家券商有所斩获。其中，国泰海通证券以26单的数 量位居榜首，超越"长期领跑者"中信证券。 从行业格局看，头部效应持续加剧。除国泰海通、中信证券等大型券商外，多家中小券商IPO受理家数较少， 有21家投行上半年获受理项目均不超过3单。 榜首"易主" IPO储备"弹药"越充足，未来投行收入可能越可观。随着6月IPO受理工作"收官"，保荐机构上半年项目受理分 布情况随之显现。 相较来看，中信证券受理项目的情况更为均衡，其共有22单IPO项目获得受理，其中有9单北交所项目；7单科 创板项目。中信证券参与的大型项目有华润新能源深市主板IPO、摩尔线程科创板IPO，前者2024年扣非净利 润为8.23亿元，后者为-15.07亿元。 中信建投和中金公司分别以14单、10单依次排在第三位、第四位。前者同样以北交所项目为主，上半年共有11 单获得受理，占比近80%；后者以沪深市场为主，其中沪深主板合计有4单；创业板有3单。 华泰联合证券则与国联民生分别以9单IPO项目并列 ...

Core Insights - The IPO business in A-shares and Hong Kong has shown signs of recovery in 2025, with A-share IPO financing amounting to 37.355 billion yuan, a year-on-year increase of 14.96%, and the number of IPOs reaching 51, up 15.91% [2][4]. In Hong Kong, the IPO financing total has surged to 104.721 billion HKD (approximately 95.663 billion yuan), reflecting a staggering year-on-year growth of 785.99% [2]. A-share Market Developments - The China Securities Regulatory Commission (CSRC) has introduced new policies to deepen the reform of the Sci-Tech Innovation Board, including the establishment of a growth layer and the reactivation of listing standards for unprofitable companies [2][11]. - The number of IPO projects accepted by the Shanghai, Shenzhen, and Beijing exchanges has significantly increased, with 67 projects accepted in June alone, compared to only 30 in the first half of 2024 [6][7]. Brokerages and Investment Banks - Brokerages are experiencing a structural recovery in their investment banking businesses, with top firms leveraging bond underwriting and cross-border mergers to achieve growth despite an overall decline in average revenues [4][12]. - The competitive landscape among brokerages is shifting, with a notable increase in the number of successful IPOs from smaller firms, while larger firms maintain stable project volumes [9][10]. Hong Kong Market Dynamics - The Hong Kong IPO market has seen a significant uptick, with 28 brokerages participating in new stock issuances, and Chinese brokerages leading in the number of deals [13][14]. - The total IPO financing in Hong Kong has surpassed 100 billion HKD, exceeding the total amounts raised in the previous three years and accounting for one-third of the average annual IPO financing from 2018 to 2021 [14][15]. Future Outlook - The overall market activity is expected to increase in 2025 due to a series of capital market reforms, which will enhance the trading environment and boost investment banking revenues [12]. - Positive market factors are anticipated to provide a favorable environment for high-quality IPO projects, suggesting a continued prosperous outlook for the Hong Kong IPO market in the latter half of 2025 [16].

Group 1 - In the first half of the year, 24 securities firms assisted in 43 IPO projects, raising a total of 26.634 billion yuan [1] - The top three firms by project count are Huatai United, Guotai Junan, and CITIC, each sponsoring 5 projects [1] - By fundraising amount, CITIC leads with 4.087 billion yuan, followed by Huatai United with 3.879 billion yuan and Guotai Junan with 2.160 billion yuan [1] Group 2 - The total underwriting and sponsorship fees reached 1.966 billion yuan, with six firms exceeding 100 million yuan in fees [1] - The leading firms in underwriting and sponsorship fees are Huatai United (254 million yuan), CITIC (207 million yuan), and Guotai Junan (176 million yuan) [1] - Other notable firms in the fee rankings include Shenwan Hongyuan (141 million yuan) and Dongxing (116 million yuan) [1]

2025年1-5月，共有21家律师事务所为这43家新上市公司IPO提供了法律服务。 2025年1-5月，共有24家保荐机构承担了这43家新上市公司的IPO上市业务。 国泰海通、华泰联合、中信证券并列第一，业务单数各5单。（注：国泰君安与海通证券合并计算，其中海通证券有3单，国泰君安有2单） 一、保荐机构业绩排名 随着5月29日古麒绒材（001390）在深主板上市，2025年1-5月A股合计新上市公司43家，其中沪市主板9家、科创板6家、深市主板6家、创业板18家、北交所4家。 相较去年同期的38家，同比增长13.16%。这43家新上市公司募资净额为249.39亿元，相较去年同期的244.18亿元，同比增长2.13%。 | 6 | 天风证券 | 2 | | --- | --- | --- | | 8 | 华安证券 | l | | 8 | 东方证券 | 1 | | 8 | 光大证券 | 1 | | 8 | 广发证券 | 1 | | 8 | 国金证券 | 1 | | 8 | 国投证券 | 1 | | 8 | 国信证券 三三 | FOR IT | | 8 | | 国元证券TONWOOD TREF | | 8 | 民生 ...