1. investment banking in a narrow sense is limited to certain capital market activities, with emphasis on financial advisors for underwriting business, mergers and acquisitions and financing business in the primary market. The broad sense of investment banking covers many capital market activities, including corporate financing, merger and acquisition consultants, sales and trading of financial products such as stocks and bonds, asset management and venture capital business.
2. Securities companies are mainly investment banks in a narrow sense, generally engaged in securities brokerage business, securities asset management business, margin trading business and securities underwriting and sponsorship business.