Investment banking has always been the core battlefield for securities firms.
The scale of underwriting, project reserves, and net income directly determine who can sit at the top of the investment banking pyramid.
In the mid-2025 report, the income rankings were revealed, showcasing a &#34;gap&#34; that is not in the details but in the magnitude. Some institutions have revenues exceeding 100 million, consolidating their dominant position; some securities firms have net incomes of less than 100 million but have jumped into the spotlight with a &#34;negative to positive&#34; turnaround; others have rewritten the ranking ceiling with a single bold advance.
This is not just a competition of numbers but a reconstruction of the investment banking landscape. Those who can continuously secure large orders will hold the initiative in future cycles.
<h2>Hard-Hitting Competition Among Top Players</h2>
In the mid-2025 report, the investment banking revenue of securities firms became the most telling &#34;touchstone&#34; of their true capabilities.
The so-called net income from investment banking is essentially the actual profit that can be brought back to the books after these projects are realized, directly reflecting a securities firm's earning power in the equity financing market. Once the rankings are released, it becomes clear which firms have secured &#34;big orders.&#34;
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/1015e742-65ae-49d8-bea4-43a32b7e1edc.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/1015e742-65ae-49d8-bea4-43a32b7e1edc.jpeg"/>
(As shown in the image) In the first half of this year, CITIC Securities still firmly occupies the &#34;Iron Throne,&#34; ranking first with a net income of 451 million yuan.
Following closely are Shenwan Hongyuan with 331 million yuan and CICC with 276 million yuan, with the three firms collectively exceeding 1 billion yuan, firmly standing in the first tier.
Guotai Junan, Tianfeng Securities, and CITIC Jiantou have revenues between 180 million and 190 million yuan, demonstrating stable core strength. Further down, China Merchants Securities, Zheshang Securities, Soochow Securities, and Dongxing Securities have also made it onto the list. Although each has revenue of less than 150 million yuan, making it into the top ten indicates a &#34;differentiated breakthrough&#34; effect in regional markets or individual projects.
<h2>Giants' Rapid Recovery</h2>
Wall Street Insights and Zhitang have found that if we look at the aforementioned ten securities firms, a clearer pattern emerges. The first tier is &#34;exclusive to giants,&#34; with CITIC, Shenwan, and CICC forming the pinnacle of China's investment banking business.
As for CICC, its performance can be described as &#34;rapid recovery.&#34; Last year, its net income from investment banking was -784 million yuan, equivalent to operating at a loss; this year, it successfully reversed that trend, recording a positive income of 276 million yuan, demonstrating its project reserves and execution capabilities with a remarkable &#34;sharp turnaround.&#34;
Similarly, CITIC Jiantou went from -69 million yuan last year to 180 million yuan this year, also achieving a &#34;profit restart&#34; through data.
Industry insiders reveal that the &#34;negative to positive&#34; phenomenon mentioned above is partly due to the sluggish primary market environment last year, which forced many equity financing and bond underwriting projects to be postponed, resulting in &#34;cross-period recognition&#34; on the income side; on the other hand, since the beginning of this year, the IPO and refinancing windows have gradually warmed up, leading to a concentration of previously reserved projects landing in the first half of 2025, resulting in a &#34;performance rebound.&#34;
<h2>Teams Beyond the &#34;Billion Yuan Threshold&#34;</h2>
If the competition among the top ten is the &#34;head-to-head struggle&#34; of investment banking, then those ranked 11th to 20th resemble a secondary tier lingering outside the &#34;billion yuan threshold.&#34;
(The chart below) The brokerages in this tier had net investment banking revenues of less than 100 million yuan in the first half of the year, which is already an order of magnitude lower compared to the leading brokerages in the top ten.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/8fc4141e-187f-4671-831b-9dddf4338dff.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/8fc4141e-187f-4671-831b-9dddf4338dff.jpeg"/>
In other words, the leading brokerages in the top ten are competing on a stage of &#34;over a billion,&#34; while this tier mostly remains at &#34;tens of millions&#34; in localized breakthroughs.
This gap is not merely a numerical discrepancy; it also reflects differences in resources, project reserves, and even brand premiums.
There are also some noteworthy highlights in this camp. For example, SDIC Capital, First Capital Securities, and Huatai Securities, which were in negative net investment banking revenue last year, have gradually turned positive this year.
Overall, the common characteristics of this tier are very distinct: smaller project scales, significant profit fluctuations, and a higher dependence on market conditions. In good market years, they can achieve &#34;surprise rebounds&#34; through a few projects.
For these brokerages, the future challenge in investment banking is whether they can break out of the &#34;tens of millions cycle&#34; and join the ranks that can consistently share the dividends of large projects.
<h2>Emergence of &#34;Dark Horses&#34; in Investment Banking</h2>
In the latest rankings for the first half of the year, several &#34;dark horses&#34; in investment banking are worth close attention.
First is Dongxing Securities Co., Ltd. In the first half of 2024, its net investment banking revenue ranked only 33rd in the industry, and it even recorded no positive revenue at that time; however, by the first half of this year, it directly jumped to 10th place, showcasing a remarkable &#34;surge.&#34;
The latest interim report disclosed: &#34;In the first half of 2025, the company will implement a restructuring of its investment banking business, shifting from team-based management to project-based management, refining management units, enhancing management efficiency, and fully leveraging its professional advantages in investment banking.&#34;
Second is Shenwan Hongyuan, which can be described as &#34;full of momentum.&#34; In the first half of 2024, its net investment banking revenue ranked 7th, but by the same period in 2025, it surged to 2nd place, becoming the biggest dark horse in the top rankings.
Third is SDIC Capital. In the first half of 2024, its net investment banking revenue ranked only 27th in the industry and was still in the negative range; however, by the same period in 2025, it not only successfully turned from negative to positive but also climbed to 13th place. This leap from loss to profit, from the tail end to the secondary tier, can be described as an &#34;accelerated charge.&#34;
SDIC Capital revealed its business development strategy in the latest interim report, stating, &#34;Actively accelerate the transformation pace of industrial investment banking, reserve high-quality projects. As of the end of June 2025, SDIC Securities has 19 projects under review, ranking 7th in the industry, and has added 9 newly declared guidance projects since 2025, ranking 5th in the industry, laying a solid foundation for business development in the next one to two years.&#34;

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Who are the dark horses in investment banking?

- The investment banking sector remains a core battleground for brokerages, with revenue and project reserves determining market leaders.  
- In the first half of 2025, major firms like CITIC Securities and Shenwan Hongyuan reported significant net incomes, while others showed remarkable recoveries from previous losses.  
- Emerging players like Dongxing Securities and Guotou Capital demonstrated rapid advancements, indicating a shift in the competitive landscape of investment banking.

The bull market returns, and the rankings of securities firms' investment banking for the first half of the year are revealed