New regulations on refinancing activate the market, highlighting the advantages of top securities firms.

Recently, the three major stock exchanges in Shanghai and Shenzhen synchronously introduced a package of policies to optimize refinancing, and industry insiders believe that this move is a policy favorable for brokerage investment banking business. Several brokerage investment banking professionals have stated that they are actively studying the new regulations, sorting out relevant client situations, and planning to organize policy interpretation salons and other activities for listed companies after the Spring Festival to seize policy opportunities. Against the backdrop of the gradual opening of the space for incremental refinancing, the layout of investment banking business has attracted market attention. Some analysts believe that top-tier brokerages with quality pricing and underwriting capabilities will significantly benefit, while medium and small investment banks are expected to engage in differentiated competition based on their own project reserves and resource endowments. Some professionals from medium and small brokerage firms have expressed that they will focus on developing the refinancing market in the northern stock exchange as a key direction for differentiated development.