头部券商去年投行收入普遍下滑，中信建投降逾四成

Group 1 - The investment banking business in the A-share market faced significant challenges last year, with a notable decline in IPO activities and overall revenue for major securities firms [2][3] - In 2024, the total investment banking revenue for 21 listed securities firms was 23.165 billion yuan, reflecting a year-on-year decrease of approximately 28% [3][4] - Major firms like CITIC Securities, Huatai Securities, and China International Capital Corporation (CICC) reported substantial declines in their investment banking revenues, with CITIC Securities experiencing a drop of over 36% [4][8] Group 2 - Despite the overall downturn, some firms managed to achieve positive growth in their investment banking revenues, with GF Securities showing a 34.89% increase [8][10] - The decline in investment banking revenue was primarily driven by a significant drop in underwriting and sponsorship fees, with many firms reporting decreases exceeding 50% in these areas [10][11] - The investment banking landscape is expected to improve in 2025, as there are signs of recovery in the IPO market since March, with an increase in the number of applications for listings [13][15] Group 3 - The financial advisory segment of investment banking saw a slight decline, with total revenues of 3.1 billion yuan, but its share of total investment banking revenue increased by 4 percentage points [14] - Regulatory support for mergers and acquisitions is anticipated to create opportunities for securities firms to transform their investment banking services [15]