New regulations on refinancing unleash dividends, and securities firms' investment banking business welcomes a policy tailwind.

Recently, the Shanghai and Shenzhen stock exchanges simultaneously launched a package of measures to optimize refinancing, which is seen as a warming trend in the securities investment banking industry by industry insiders. Many securities investment banking professionals believe that they have started studying the new regulations, sorting out client situations, and planning to organize policy interpretation salons for listed companies after the Spring Festival, in order to seize the policy opportunities. Against the backdrop of an opening incremental space, the layout of investment banks has also attracted market attention. Some analysts believe that top securities firms with high-quality underwriting and pricing capabilities will benefit. Small and medium-sized investment banks can choose to compete in a differentiated manner based on their own project accumulation and capabilities. Some professionals in small and medium-sized securities firms have stated that they will focus on exploring the refinancing market of the northern exchanges as their main development direction.