In fact, there is little difference \x0d\ securities brokerage companies have investment banking departments, but the underwriting part belongs to external underwriting, which is underwriting to buyers and customers, that is, small and medium-sized investors \x0d\ and our domestic investment companies (venture capital private equity capital assets companies) can also be called investment banks \x0d\ and there are two kinds of underwriting: one is underwriting securities companies, and the other is raising funds through shareholders. In short, this is probably the case, but securities In fact, the two are complementary, and securities companies will also find some investment companies or fund companies to cooperate when underwriting business occurs.