Matthew effect of equity underwriting becomes more prominent, with the top five securities firms in the first half of the year receiving over 80% of the total fundraising amount.

Wind data shows that, according to the caliber of the listing date, the total scale of equity financing in the entire market in the first half of the year was 4556.04 billion yuan, a decrease of 40% compared to the same period in 2025. Specifically, the performance of the two core engines - IPO and additional issuance is very different. Benefiting from the outbreak of financing demand in the high-tech industry, the number of IPO projects and the financing scale in the first half of the year both increased to 71 companies and 705.74 billion yuan, respectively, representing an increase of approximately 89% and 39% year-on-year. On the other hand, in the additional issuance market, although the number of projects increased by about 47% to 113, the total amount of financing was 3658.3 billion yuan, a decrease of about 48% year-on-year. Looking at the equity underwriting rankings of the major brokerages, the Matthew effect is becoming more pronounced. "Sanzhong" as well as Guotai Junan Securities and Huatai Securities dominate the top five, together accounting for over 80% of the total fundraising amount. Among them, Citic Securities ranks first with a stock underwriting scale of 1478.38 billion yuan; Citic Construction Investment Securities and Guotai Junan Securities rank second and third with stock underwriting scales of around 646 billion yuan each; Huatai Securities and China International Capital Corporation rank fourth and fifth respectively, with stock underwriting scales exceeding 500 billion yuan and 400 billion yuan. In addition, the stock underwriting scales of Bank of China Securities and Shenwan Hongyuan Securities both exceed 100 billion yuan, while those of China Merchants Securities, Guojin Securities, Zheshang Securities, Guotou Securities, and Guoyuan Securities all exceed 50 billion yuan.