Core Viewpoint - Guolian Minsheng (601456) actively responds to the "Eight Policies for the Sci-Tech Innovation Board" and "Six Policies for Mergers and Acquisitions," seizing opportunities in IPOs and mergers and acquisitions through a series of pragmatic measures and strategic layouts in the capital market [1] Group 1: IPO Strategy - The company is deepening the segmentation of the investment banking industry, focusing on key industries supported by national strategies to enhance service competitiveness for niche industry companies [1] - There is an emphasis on understanding and uncovering the investment value of enterprises to supply high-quality investment targets to the capital market [1] Group 2: Mergers and Acquisitions - A dedicated department has been established, along with a company-wide platform for integrating merger opportunities, to systematically compile and organize various merger resources and business opportunities [1] - The aim is to achieve efficient information flow and sharing within the organization [1] Group 3: Focus on Unprofitable Enterprises - The company plans to construct a new value assessment system for project selection and evaluation, shifting focus from traditional profit indicators to a deep exploration of "hard technology" attributes and long-term development potential [1] - There is a commitment to thoroughly analyze the technological barriers and commercialization paths of enterprises, using detailed data to substantiate growth logic while repeatedly verifying and clarifying risks to avoid the entry of "pseudo-technology" companies into the market [1]

Group 1 - The core viewpoint of the article highlights a significant shift in the IPO underwriting landscape, with Guotai Junan and Haitong Securities taking the lead in the first half of the year, surpassing CITIC Securities, which had dominated for many years [1][2] - 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, while the bottom 16 firms only managed to secure 27% [1] - Guotai Junan and Haitong Securities led with 26 accepted IPO projects, primarily focusing on the Beijing Stock Exchange, which constituted nearly 70% of their projects [2] Group 2 - CITIC Securities ranked second with 22 accepted IPO projects, showing a more balanced distribution across different exchanges, including 9 from the Beijing Stock Exchange and 7 from the Sci-Tech Innovation Board [2] - Other notable firms include Zhongtai Securities and CICC, which ranked third and fourth with 14 and 10 accepted projects, respectively, with Zhongtai focusing heavily on the Beijing Stock Exchange [3] - A significant number of smaller investment banks struggled, with 21 firms accepting 3 or fewer projects, indicating a lack of competitive edge against larger firms [4] Group 3 - Many firms are shifting their focus towards the Beijing Stock Exchange and the New Third Board, recognizing the need for a more inclusive and certain environment for IPOs [6] - Several firms, including Dongxing Securities and Guojin Securities, plan to enhance their project reserves and client cultivation for the Beijing Stock Exchange [6] - There is a consensus among firms to expand into merger and acquisition services, with a focus on technology innovation and strategic emerging industries [6]