The "Matthew Effect" in investment banking is worsening, with top securities firms dominating the equity underwriting market.

Wind data shows that as of June 23, 2026, in the ranking of the amount of underwriting for securities companies in the A-share market since 2026, Citic Securities leads by a wide margin with 138.248 billion yuan and a market share of 32.88%. The top five securities companies together underwrote approximately 330.4 billion yuan, accounting for 78.58% of the total market amount, while the top ten securities companies together have a market share of over 87%. The remaining 40-odd securities companies collectively hold a market share of approximately 12.74%. Analysts believe that top-tier securities firms are able to concentrate resources further due to their ability to generate good returns from underwriting sponsor income and follow-up investment income. The gap between mid-sized securities companies and top-tier institutions in terms of project reserves, financial strength, and follow-up capabilities is widening, and the trend of stronger investment banking businesses becoming even stronger is unlikely to change in the short term.