Listed securities firms' investment banking business will see a recovery by 2025. The competition logic is shifting from scale channels to ecosystem empowerment.

In 2025, the securities brokerage and investment banking industry saw a comprehensive recovery and profound transformation. According to Wind data, the total net fee income of 25 listed securities brokerages with disclosed 2025 annual reports increased by 38% year-on-year, the scale of A-share equity financing exceeded trillions of yuan, and market concentration continued to gather towards the top brokerages. Industry insiders believe that this is not just a cyclical rebound, but a fundamental shift in competitive logic - top brokerages, relying on their professional capabilities, are shifting the battlefield from traditional underwriting scale competition to the provision of comprehensive solutions and the competition for pricing power in offshore markets. In the future, serving national strategies and new quality productivity will become the key benchmark for defining "value-based investment banks" and determining the industry landscape.