The concentration of investment banking business of securities firms is increasing, and the head advantage is obvious. Since the beginning of this year, the underwriting and recommendation income of the securities firm IPO is nearly 17 billion yuan, while the top ten securities firms have accounted for 70% of the income. However, opportunities and challenges coexist. With the rapid development of business and eye-catching achievements, a series of problems such as inadequate due diligence and "cheating" have also been gradually exposed, and regulatory authorities have continuously strengthened their penalties on investment banking business. the construction of internal control and the quality of practice of securities firms still need to be continuously improved.