Since this year, the A-share IPO market has continued to expand. The amount underwritten by brokerage IPOs has exceeded the full year of 2025, and there have been new changes in the competitive pattern of investment banking business. CICC led the underwriting list. CITIC Construction Investment's ranking was significantly higher than in the first half of the year, with Cathay Pacific Haitong leading the number of underwriters. Furthermore, the performance on the first day of the IPO this year was divided, and several brokerage firms achieved growth in their semi-annual underwriting revenue. Analysts believe that improvements in the supply of listed technology companies and changes in valuations in the secondary market are expected to jointly enhance the revenue flexibility of brokers' sponsorship and investment business.

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