In the first three quarters of this year, there was an overall recovery in net transaction fee revenue from listed brokers' investment banks, but it showed a pattern where the top was strong and the bottom was under pressure. Many experts interviewed believe that this round of investment banking recovery is a continuous repair that combines the triple logic of policy deepening, structural upgrading, and cyclical resonance, and that the industry is moving from “channel investment banking” to “industrial investment banking.” In the face of a recovery in total volume, a deep reshuffle around the size, expertise, and revenue structure of the project is accelerating. CICC topped the list with net investment bank revenue of 5.314 billion yuan, a year-on-year increase of 80.71%. Behind this faultless leadership is the concentrated implementation of large-scale projects such as Changxin Technology. Following that, CITIC Securities and Cathay Pacific Haitong all maintained growth rates of around 40%. The investment banking business of small to medium brokerage firms is generally under pressure.

In the first three quarters of this year, there was an overall recovery in net transaction fee revenue from listed brokers' investment banks, but it showed a pattern where the top was strong and the bottom was under pressure. Many experts interviewed believe that this round of investment banking recovery is a continuous repair that combines the triple logic of policy deepening, structural upgrading, and cyclical resonance, and that the industry is moving from “channel investment banking” to “industrial investment banking.” In the face of a recovery in total volume, a deep reshuffle around the size, expertise, and revenue structure of the project is accelerating. CICC topped the list with net investment bank revenue of 5.314 billion yuan, a year-on-year increase of 80.71%. Behind this faultless leadership is the concentrated implementation of large-scale projects such as Changxin Technology. Following that, CITIC Securities and Cathay Pacific Haitong all maintained growth rates of around 40%. The investment banking business of small to medium brokerage firms is generally under pressure.