Equity financing is facing a temporary tightening. Investment banks are exploring multiple measures to seek new growth points in their business.

Golden Ten Data reported on December 31 that Wind data showed that as of December 30, the scale of equity underwriting (A-shares) of investment banks in 2024 was 288.072 billion yuan, a year-on-year decrease of 73.84%. As one of the core businesses of securities firms, the investment banking business has significant cyclical characteristics, which is deeply affected by many factors such as macroeconomic fluctuation, capital market activity and securities issuance rhythm. In recent years, although the investment banking market as a whole has been cold, brokerages are still actively exploring and expanding new business rise points, and some brokerages have achieved stable business rise in the face of the trend by optimizing business structure and improving service quality. Investment bankers believe that the new “National Nine Articles” issued this year advocate stability as the keynote, strict words, focus on preventing and resolving financial risks, strengthen the foundation, strict supervision and strict management, and further strengthen the important responsibilities of investment banks and other intermediary institutions Capital Market “gatekeeper”, which is of great significance for enhancing the internal stability of Capital Market and laying a solid foundation for the high-quality development of Capital Market. It also brings good opportunities for the healthy development of investment banking business.