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Reporter Zhou Shangdian.
Since the beginning of this year, securities companies have completed a total of more than 14 trillion yuan in equity and bond underwriting. Although the overall income of the investment banking business of securities companies is under pressure due to the decline in the scale of equity underwriting, in the long run, the investment banking business is still one of the most growing businesses of securities companies. In the future, the improvement of business quality, professionalism and comprehensive financial service capabilities will be the key to the success of the investment banking business of securities firms.
The service capacity of the industrial chain is differentiated
Wind data shows that according to the statistics of the issuance date, since the beginning of this year, the total amount of shares and bonds underwritten by brokerages has reached 1418 trillion yuan, a year-on-year increase of 1878%。
Specifically, the total amount of equity underwriting completed by brokerages during the year was 10,300200 million yuan, a year-on-year decrease of 35%, which will also directly lead to pressure on the income of brokerage investment banking business. Among them, "three in one China" took the top four, and the underwriting amount of CITIC**, China Securities Construction Investment, CICC, and Huatai United ** was 23583.9 billion yuan, 10905.4 billion yuan, 10715.5 billion yuan, 9087.9 billion yuan, and the total amount of overall equity underwriting of the four companies accounted for 53% of the market share.
During the year, the total amount of bond underwriting completed by securities firms was 1315 trillion yuan, a year-on-year increase of 27%. The top effect in bond underwriting continued to be highlighted, with CITIC**, China Securities Construction Investment, Huatai United**, and CICC ranking among the top four, with an underwriting amount of more than one trillion yuan, respectively 18,6189.4 billion yuan, 146563.2 billion yuan, 117088.5 billion yuan and 114395.1 billion yuan.
From the above data, it can be seen that the investment banking business of securities companies has a strong head effect, but there are also some medium-sized brokerages to achieve a "dark horse" breakthrough. For example, the "boutique investment bank" model created by Minsheng**, Guojin**, Zhongtai**, etc. is quite interesting.
At the industry level, in the short term, the investment banking business is 'in a cold winter', but in the long run, the policy is expected to drive the high-quality development of the investment banking business. Zheng Jisha's team in the non-bank financial industry said that at the company level, the service capabilities of the investment banking industry chain of securities companies are differentiated, and the Matthew effect may continue to intensify. In terms of equity, large investment banks have formed advantages in some industries. In addition, mergers and acquisitions, as the "crown of investment banking business", have higher requirements for the professional hard and soft power of investment banking business.
Chen Fu, chief analyst of GF ** Non-bank, believes that with the recovery of the market and the end of counter-cyclical adjustment in the primary and secondary markets, the scale of various business of investment banks will increase to a certain extent. It is expected that the investment banking business income of securities companies will maintain a steady increase in 2024, and the scale of IPO underwriting will increase by % year-on-year under conservative, neutral and optimistic scenarios, respectively.
The industry ecosystem is undergoing a reshaping
At present, "cultivating first-class investment banks" has become a hot spot in the market, and promoting the improvement of the quality of investment banking business will become the only way for the high-quality development of securities firms. At the end of November, the 2023 investment banking business quality trial evaluation of securities companies was launched.
Yang Chao, a strategic analyst and team leader of China Galaxy Research Institute, told the reporter: "Under the comprehensive registration system, the choice of the market is particularly important, and first-class investment banks can play the role of 'gatekeeper' in the allocation of resources, and promote the financing of high-quality enterprises through strict project screening and reasonable capital allocation, so as to improve the operational efficiency and quality of the entire market." At the same time, high-quality listed companies can obtain higher valuations, which not only promotes the company's own high-quality development, but also improves the ecological environment of the entire capital market. ”
Under the development model of "investment banking + investment + investment research" promoted by the industry, securities firms are continuing to increase their alternative investment business. As of the end of November 2023, a total of 83 brokerages in the ** industry have set up alternative investment subsidiaries, among which small and medium-sized brokerages are actively engaged in alternative investment business through subsidiaries.
The co-investment mechanism has prompted investment banks to transform into a 'investment + investment bank' business model. The relevant person in charge of the investment banking business of Minsheng ** told the reporter that under the comprehensive registration system, the pricing power of new shares will be more delegated to A** institutions and individual investors, so that they can participate more in the market pricing mechanism. As an important role in market pricing, professional investors will not only be deeply involved in the pricing of the issuance stage in the future, but will also hold and influence the secondary market for a long time after listing**.
Since the beginning of this year, under the trend of intensifying market volatility, the total floating profit of the alternative investment subsidiaries of securities companies participating in the co-investment of new shares on the Science and Technology Innovation Board has shrunk to 38.6 billion yuan. However, from the perspective of the extended cycle, since the opening of the Science and Technology Innovation Board, the total floating profit of the alternative investment subsidiaries of securities companies has been about 19.3 billion yuan.
In the face of the decline in investment banking business income, various securities firms are actively responding, including focusing on the transformation and construction of medium and long-term investment banks, implementing various strategic initiatives, as well as reserving and cultivating IPO projects, adhering to the business strategy of full product development, and further strengthening the layout of refinancing, mergers and acquisitions, public REITs and other businesses.
Regardless of their own development path, continuous improvement of qualifications is still the core essence of investment banking business development. Liu Jiawei, chief analyst of Dongxing ** non-bank, said that as the "gatekeeper" of the capital market under the registration system and the main participant in the reform, the implementation of the comprehensive registration system has opened up the incremental space for the investment banking business of securities companies. At the same time, the investment banking business needs more self-improvement to carry the greater mission of the times.