Core Viewpoint - The report from交银国际 maintains a leading rating for the securities industry, highlighting high investment value and potential opportunities due to short-term market fluctuations [1] Group 1: Earnings and Growth - The brokerage firms are expected to see a 20% quarter-on-quarter increase in profits for Q3, with year-on-year growth anticipated to remain above 50% [1] - In the first half of the year, listed brokerages reported a 51.5% year-on-year profit increase, with Q1 and Q2 showing growth rates of 53% and 50% respectively [1] - The average daily trading volume of A-shares for the first three quarters was 1.62 trillion RMB, reflecting a year-on-year increase of 104.6%, with Q3 expected to show a 208.8% year-on-year growth due to a low base [1] Group 2: IPO and Fundraising - The A-share IPO fundraising amount for the first three quarters reached 77.3 billion RMB, a 62% year-on-year increase, significantly higher than the 15% growth in the first half [2] - Total equity fundraising amounted to 896.2 billion RMB, a 3.4 times increase year-on-year, with 376.2 billion RMB (an 84% increase) when excluding the directed issuance by state-owned banks [2] - The top three firms in A-share IPO underwriting amounts were 中金, 国泰海通, and 华泰, while 中金 led in Hong Kong stock underwriting [2] Group 3: Market Performance and Valuation - The A-share market saw significant gains in Q3, with the CSI 300 index rising by 17.9% in the first three quarters, while small-cap indices, particularly the ChiNext and Sci-Tech 50 indices, exceeded 50% growth [2] - The current price-to-book ratio for the A-share securities industry index is 1.45, which is below the historical median of 1.51, indicating that the sector is still undervalued despite strong expected earnings growth [2]

2025年前三季度，中国A股股权融资市场延续活跃态势，呈现"结构分化明显、政策与创新双轮 驱动"的特征。据Wind数据统计，2025年前三季度，中国A股市场通过IPO、增发和可转债等多 种方式共完成全口径募资事件215起，较去年同期增加35起，合计募集资金为8540.44亿元，同 比增幅高达414.42%。 从融资方式来看，IPO融资规模稳健扩张，项目数量总计76起，同比增加7起，融资规模759.74 亿元，同比增长66.67%。前三季度，定增项目数量总计109起，同比增加28起，融资规模合计 7322.62亿元，较去年同期增长670.69%。分季度看，增发市场因财政部主导的特别国债资本补 充计划的政策支持实现超常规扩张，在今年二季度出现阶段性高峰，三季度回归常态节奏。若剔 除该政策性因素，2025年前三季度市场真实反映的股权融资规模仍达3340.44亿元，同比增长 101.21%；定增项目募资总规模达2122.62亿元，同比增长123.40%，A股股权融资市场仍展现 出稳健的内生增长动力。 从券商承销角度来看，中信证券以1864.47亿元的总承销金额位居承销金额榜榜首，承销数量48 起；中银证券以1315. ...

Core Viewpoint - In the first half of 2025, the securities industry significantly supported the development of the real economy, with A-share equity underwriting amounting to over 700 billion yuan, while the competitive landscape among leading brokers has changed due to strategic mergers and consolidations [1][2]. Group 1: Equity Underwriting Performance - The total A-share equity underwriting amount for brokers reached 709.85 billion yuan in the first half of 2025, driven by major banks completing significant A-share stock issuances [2]. - Guotai Junan, resulting from a strategic merger, led the underwriting scale with 123.38 billion yuan, surpassing the traditional leaders "Three Zhong and One Hua" [2][3]. - The top five brokers accounted for 68% of the total equity underwriting market share, highlighting the continued prominence of leading firms [2]. Group 2: IPO and Refinance Underwriting - The total underwriting amount for IPOs was 38.00 billion yuan, with CITIC Securities leading at 8.43 billion yuan [2]. - In the refinancing sector, brokers underwrote a total of 641.58 billion yuan in private placements, with Guotai Junan and CITIC Securities taking the top spots [3]. - The competition in the convertible bond market intensified, with total underwriting reaching 30.28 billion yuan, led by CITIC Securities [3]. Group 3: Market Trends and Future Outlook - The revenue from investment banking services showed signs of stabilization, with a year-on-year increase of 5.39% in the first quarter [4]. - Analysts expect that the deepening reforms in the capital market will enhance the activity of IPOs and mergers and acquisitions, contributing to the recovery of investment banking services [4][5]. - The concentration of investment banking business is anticipated to increase further, particularly among leading brokers with superior resources and service capabilities [5].