CITIC Securities: Coordinating market investment and financing reform, gradually moving towards a new normal for IPOs

Jinshi data, March 3 news, CITIC Securities pointed out that the normalization of IPO is not only in line with the reform direction of balancing investment and financing, but also the proper meaning of Capital Market serving the real economy. The long-term return of the stock market cannot be achieved solely by abundant Liquidity, and the introduction of high-quality growth companies through IPO is the foundation for the long-term stability of the market. Looking at the abundant Liquidity level in the A-share market in the past five months, under the premise of not relaxing the listing standards, the moderately increased IPO supply will not burden the market. We expect that driven by the active IPO market in the mainland and Hong Kong, the securities industry is expected to achieve the restoration of fundamentals and valuation with the characteristics of light asset and high ROE in investment banking business.