[industry insiders: the reform of the comprehensive registration system drives the transformation of the investment banking business model of securities firms to a collaborative model of "investment banking + investment + investment research". Overall, according to Wind data, as of June 2, the amount of equity raised by A-shares this year has reached 506.765 billion yuan, with 310 financiers (according to the date of issue), of which 183.131 billion yuan has been raised by IPO and 147 financiers. From the market pattern of lead underwriters, Citic Securities, CITIC Construction Investment, Huatai Securities and China International Capital Corporation are in the top four, and the total underwriting market share of the four brokerages is more than 60%. The market position of the head investment bank is difficult to shake in the short term, and the income concentration is increasing. People in the industry believe that the reform of the comprehensive registration system has put forward higher requirements for quality control and issue pricing, driving the transformation of the investment banking business model of securities firms to the coordinated mode of "investment banking + investment + investment research". (China Securities News)