年底调整后明年有望重拾升势。 李泽铭说，新股挂牌数量比较平稳，交易所上市费收入暂未放缓，不过近日缺乏知名大型企业赴港融 资，部分挂牌公司市场认知度低，投资者申购热情降温，市场担忧本轮新股热潮或已接近尾声，今年以 来大盘反弹及政策利好驱动的上升基本到位，港交所正处于调整阶段，在这个过程中逐步筑底。 IPO节奏维持 根据港交所披露，2025年三季度，该公司实现营业收入77.75亿港元，连续第三个季度创历季新高，同 比上升45%；股东应占净利润49亿港元，同比增长56%。现货市场方面，第三季平均每日成交金额2864 亿港元，较去年同期翻倍；9月日均成交首次突破3000亿港元，达3167亿港元，创单月纪录；首三季日 均成交2564亿港元，亦创同期历史高位，同比上升126%。 新股市场保持活跃，2025年首三季香港融资额居全球新股市场榜首，前三季度共有69家公司新上市，总 融资额达1883亿港元，是2024年前三季度的三倍多；截至9月30日，正在处理的上市申请达297宗。 12月3日，香港交易所（00388.HK）下跌0.88%，中午报收406.6港元，盘中一度触及405.6港元的近两个 月调整新低，相比10月9日46 ...

在汤哲辉看来，2025年是内地与香港资本市场互联互通新十年的起始之年，两地资本市场进一步深化合 作，加强制度协同、市场互通、产品联动，使得"A+H"的IPO整体表现在全球亮眼。 "纵观过去五年，A股IPO市场完成了从规模扩张向质量优先的转型。放在全球市场，A股IPO数量与去 年基本持平，但筹资额相比去年增长，中国企业在全球十大IPO中占据五席，数量较2024年有所增长， 所属行业分布于汽车、矿业、能源及先进制造。这也标志着A股已进入一个更加成熟的发展阶段。与此 同时，A股含'科'量提升，制度优化同步提质。"汤哲辉接受本报记者采访时指出。 本报（chinatimes.net.cn）记者胡金华 上海报道 在内地科技型企业赴港上市潮加持下，香港IPO夺得全球年度冠军"宝座"几无悬念。 2025年《中国内地和香港IPO市场回顾及展望报告》（下称"报告"）显示，内地和香港全年IPO活动在 全球呈现增长态势，A股和香港市场全年IPO数量和筹资额占全球总量的16%和33%。其中A股市场整体 稳中有进，港交所则以全年360亿美元融资额跃居全球交易所榜首。 "今年A股IPO的新股发行数量与融资规模均同比增长，但其核心已从过去的 ...

Group 1 - The core viewpoint of the article highlights the positive trends in the A-share and Hong Kong IPO markets, with a significant emphasis on technology-driven listings and a strong recovery in Hong Kong's IPO activities [2][3][4]. - In 2025, the A-share IPO market experienced moderate growth, with the average fundraising amount increasing by over 50% to 1 billion yuan, driven by large IPOs [3][4]. - The Hong Kong IPO market saw a robust recovery, with total fundraising exceeding 200 billion HKD, marking the second-highest level in five years, largely due to large IPOs from mainland companies [4][5]. Group 2 - The report indicates that the A-share market has shifted from a focus on quantity to a quality-driven approach, with technology innovation becoming a core characteristic of new listings [3][6]. - The Hong Kong market is characterized by a dual engine of new consumption and hard technology, with policies like the "Special Technology Line" facilitating faster listings for high-potential tech companies [6][7]. - The ongoing mutual opening of capital markets between mainland China and Hong Kong is expected to deepen cooperation and enhance market efficiency, with a focus on strategic emerging industries such as AI, robotics, and renewable energy [7][8].

Market Overview - The Hang Seng Index (HSI) closed at 26,076.46, down by 18.59 points or 0.07% on March 10 [1] - The index reached a high of 26,088.08 and a low of 25,955.53 during the trading session, with a trading volume of 33.66 million [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 112.111, up by 1% compared to the previous close [2] - Tencent Holdings closed at HKD 616.297, down by 0.11% compared to the previous close [2] Individual Stock Movements - Tencent Holdings: Latest price HKD 617.000, down by HKD 2.500 or 0.40% [3] - Alibaba Group: Latest price HKD 157.000, up by HKD 2.100 or 1.36% [3] - China Construction Bank: Latest price HKD 8.160, up by HKD 0.010 or 0.12% [3] - HSBC Holdings: Latest price HKD 111.000, up by HKD 0.500 or 0.45% [3] - Xiaomi Group: Latest price HKD 40.700, up by HKD 0.400 or 0.99% [3] - AIA Group: Latest price HKD 80.800, up by HKD 0.300 or 0.37% [3] - NetEase: Latest price HKD 224.400, up by HKD 2.000 or 0.90% [3] - BYD Company: Latest price HKD 100.100, up by HKD 2.150 or 2.19% [3] - Ctrip Group: Latest price HKD 543.000, down by HKD 1.000 or 0.18% [3] - JD Group: Latest price HKD 116.000, down by HKD 1.100 or 0.94% [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 香港交易及結算所有限公司 | | | 呈交日期: | 2025年12月2日 | | | I. 法定/註冊股本變動 | 不適用 | | | 備註： | | | | 香港交易所並無法定股本，及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00388 | | 說明 | 股份 | | | | | | 多櫃檯證券代號 | 80388 | RMB 說明 | | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 ...

Core Viewpoint - The Shenzhen-Hong Kong Stock Connect Non-Bank Index (983053) closed at 7020.28 points on December 1, experiencing a decline of 0.35% with a trading volume of 20.159 billion yuan and a turnover rate of 0.54% [1] Group 1: Index Performance - On the same day, 34 constituent stocks rose, with Changjiang Securities leading with a 2.27% increase, while 20 stocks fell, with Haide Shares leading the decline at 9.97% [1] - The top ten constituent stocks of the Shenzhen-Hong Kong Stock Connect Non-Bank Index are detailed, with AIA Group holding the highest weight at 15.43% and a latest price of 73.16 yuan, despite a slight decrease of 0.12% [1] Group 2: Market Capitalization - The total market capitalization of the top ten stocks ranges from 1.609 billion yuan for Guangfa Securities to 7,684.63 billion yuan for AIA Group, indicating significant variations in company sizes within the index [1] Group 3: Capital Flow - The net outflow of main funds from the index's constituent stocks totaled 1.288 billion yuan, while retail investors saw a net inflow of 1.046 billion yuan, indicating differing investor behaviors [1] - Detailed capital flow data shows that Bohai Leasing had a net inflow of 36.79 million yuan from main funds, while Changjiang Securities experienced a net outflow of 13.50 million yuan [2]

Core Conclusions - The financial industry experienced a weekly increase of +0.68% in the non-bank financial index, underperforming the CSI 300 index by 0.96 percentage points [1] - The banking sector saw a decline of -0.59%, lagging behind the CSI 300 index by 2.23 percentage points, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing varied performance [1][9] Insurance Sector Insights - The insurance sector's index rose by +0.20%, underperforming the CSI 300 index by 1.44 percentage points, driven by strong demand for dividend insurance products that align with residents' needs for stable returns and value appreciation [2][12] - Major insurance companies are focusing on dividend insurance as a strategic core, with product offerings expanding significantly ahead of the 2026 "opening red" period [2][12] - The growth of new single premiums is expected to be strong in 2026, supported by improved net present value margins (NBVM) and a favorable regulatory environment for dividend insurance [2][17] Brokerage Sector Insights - The brokerage sector index increased by +0.74%, underperforming the CSI 300 index by 0.90 percentage points, with recent developments in refinancing for two brokerages indicating a cautious approach to capital raising [2][18] - The current environment presents a mismatch between profitability and valuation in the brokerage sector, suggesting potential for valuation recovery [2][19] - Recommendations include strong mid-to-large brokerages with low valuations and those involved in mergers or restructuring [2][19] Banking Sector Insights - The banking sector's index decreased by -0.59%, underperforming the CSI 300 index by 2.23 percentage points, with a focus on high dividend strategies remaining viable [3][20] - The average dividend yield for banks is approximately 4.1%, which is attractive compared to other sectors, particularly in the context of a stable earnings outlook [3][21] - Recommendations include state-owned banks and resilient city commercial banks, with specific attention to banks with strong fundamentals and low volatility [3][22]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the potential benefits for brokerage firms and insurance companies in the upcoming year [3][4]. Core Insights - The report emphasizes the expected inflow of passive funds into newly included stocks in major indices, which could enhance liquidity and market performance for these stocks [4]. - It identifies key trends for 2026, including a shift in insurance companies' focus towards asset-liability matching and the stabilization of core business indicators due to new regulatory standards [4]. - The report recommends specific brokerage firms such as Dongfang Securities, GF Securities, Huatai Securities, and China Galaxy, as well as insurance companies like China Life and Ping An, based on their competitive positioning and growth potential [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,526.66 with a weekly increase of 1.64%, while the non-bank index rose to 1,932.15, reflecting a 0.68% increase [7]. - The brokerage sector index reported a 0.74% increase, and the insurance sector index saw a 0.20% rise [7]. Brokerage Sector Insights - Notable stocks in the brokerage sector included Guosheng Securities and Xinyi Securities, which saw increases of 3.68% and 3.36%, respectively [9]. - The average daily trading volume for the Shanghai and Shenzhen markets was 17,370.85 billion, a decrease of 6.87% week-on-week, but a year-to-date increase of 61.11% [20]. Insurance Sector Insights - The insurance sector is expected to experience a systematic revaluation in 2026, driven by long-term interest rate increases and continued investment from insurance funds into the stock market [4]. - The report highlights the performance of major insurance companies, with A-shares like China Life and Ping An showing modest increases [9]. Key Data Points - As of November 28, 2025, the average daily trading volume was 19,147.38 billion, and the margin trading balance was 24,720.45 billion, reflecting a year-on-year increase of 32.6% [51][20]. - The report notes that the total market value of private equity funds reached 22.05 trillion, marking a historical high [21].

Group 1 - The 2025 Greater Bay Area Exchange Technology Conference was held on November 28-29, focusing on "Entering the Era of Artificial Intelligence+" and featured the release of 8 technological achievements [1][2] - The Shenzhen Stock Exchange (SZSE) aims to enhance risk prevention, strengthen regulation, and promote high-quality development during the 14th Five-Year Plan period, with a focus on six key areas to support the construction of a world-class exchange [1] - Key initiatives include building intelligent computing infrastructure, implementing cloud applications, integrating AI into core business areas, improving AI application architecture, enhancing intelligent innovation research, and strengthening AI governance [1] Group 2 - The year 2025 is referred to as the "Year of AI Agents," marking a shift in AI technology from passive response to proactive execution, deeply embedding into workflows to automate complex tasks [2] - The conference highlighted 8 technological achievements, with 2 from SZSE and 6 from industry institutions, including a project on intelligent monitoring of abnormal trading behaviors that has been implemented in the exchange's internal production environment [2] - SZSE, in collaboration with Huawei, developed an industry regulation model that addresses issues of timeliness, accuracy, and completeness in regulatory Q&A, which is currently available for trial on the industry cloud [2]

Core Insights - The annual Greater Bay Area Exchange Technology Conference opened in Shenzhen, focusing on the theme "Towards the Era of Artificial Intelligence+" and showcasing eight technological achievements [1] Group 1: AI Applications in Capital Markets - The application of artificial intelligence in capital markets is expanding, with 2025 being referred to as the "Year of AI Agents" as AI technology evolves from traditional perception and generation to proactive execution [2] - Shenzhen Stock Exchange (SZSE) has integrated intelligent technology across all business processes, including listing review and risk management, and has developed a comprehensive smart regulatory platform for listed companies [2][5] - Hong Kong Stock Exchange (HKEX) has implemented AI in daily operations, significantly improving efficiency in document processing and compliance monitoring [2] Group 2: Technological Achievements - Eight technological achievements were announced at the conference, with two from SZSE and six from various securities and fund companies [4] - A key project led by SZSE, focusing on intelligent monitoring of abnormal trading behaviors, has been successfully demonstrated in collaboration with 15 industry institutions [4] - Notable contributions from other firms include comprehensive risk compliance applications and AI-driven platforms for financial services [4] Group 3: SZSE's AI Development Roadmap - SZSE's roadmap for the "14th Five-Year Plan" emphasizes risk prevention, regulatory strength, and high-quality development through AI integration across six key areas [5][6] - The plan includes building intelligent infrastructure, enhancing user experience through cloud applications, and improving internal operational efficiency with AI technologies [6] - The roadmap also focuses on strengthening governance in AI applications to ensure high-quality development in the industry [6]