CICC, China Merchants Securities, Guosen Securities and Haitong Securities.

1. CICC: Investment banking is CICC's trump card business, and its dominant position is stable with its strong brand effect, mature professional team, natural advantages in large projects and overseas projects.

CICC has made outstanding achievements in overseas underwriting of equity, underwriting of innovative products of creditor's rights, cross-border mergers and acquisitions and debt restructuring.

2. China Merchants Securities: Since 215, the strength of the company's investment banks has doubled. The company's equity underwriting business has developed rapidly. On the basis of keeping the IPO business among the best, it has vigorously developed refinancing and mergers and acquisitions since 215, and the scale of equity underwriting has increased substantially. At the same time, the company has vigorously developed bond and asset securitization business.

3. Guosen Securities: Guosen Investment Bank ranked the top two in the whole IPO market in 211-212.

4. Haitong Securities: In recent years, the net income of investment banking business of Haitong Securities has maintained growth, and it has remained in the top three in the industry since 217. In 219, its domestic bond financing business completed 644 bond underwriting projects, with bond underwriting amount of 376.2 billion yuan, up by 47% and 5% year-on-year, ranking third in the number of bond underwriters.