Market Overview - The Hang Seng Index (HSI) closed at 27,742.89, down by 225.20 points or 0.81% as of January 29, 16:00 Eastern Time [1] - The index reached a high of 27,909.81 and a low of 27,419.65 during the trading session, with an average price of 27,664.73 [1] - The 52-week high for the index is 27,909.81, while the 52-week low is 19,335.70 [1] Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 138.219, up 0.45% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 619.286, down 0.44% from the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) latest price is HKD 622.000, with a slight increase of 1.000 or 0.16% [3] - Alibaba Group (09988) latest price is HKD 173.300, down by 0.200 or 0.12% [3] - HSBC Holdings (00005) latest price is HKD 137.600, up by 0.100 or 0.07% [3] - China Construction Bank (00939) latest price is HKD 8.160, up by 0.130 or 1.62% [3] - AIA Group (01299) latest price is HKD 90.950, up by 2.100 or 2.36% [3] - Xiaomi Group (01810) latest price is HKD 36.620, up by 0.300 or 0.83% [3] - NetEase (099999) latest price is HKD 206.600, down by 5.400 or 2.55% [3] - Meituan (03690) latest price is HKD 98.600, up by 0.250 or 0.25% [3] - Industrial and Commercial Bank of China (01398) latest price is HKD 6.640, up by 0.050 or 0.76% [3] - Hong Kong Exchanges and Clearing (00388) latest price is HKD 444.200, up by 5.000 or 1.14% [3] - Ping An Insurance (02318) latest price is HKD 73.300, up by 2.350 or 3.31% [3] - Baidu Group (09888) latest price is HKD 155.500, down by 0.600 or 0.38% [3] - China Bank (03988) latest price is HKD 4.760, up by 0.090 or 1.93% [3] - BYD Company (01211) latest price is HKD 101.800, down by 1.000 or 0.97% [3] - JD.com (09618) latest price is HKD 114.600, down by 1.700 or 1.46% [3] - Ctrip Group (09961) latest price is HKD 482.200, down by 13.200 or 2.66% [3]

Group 1 - The launch of the Hang Seng Gold ETF marks Hong Kong's first ETF that supports physical gold redemption through banks, with an initial price of HKD 16 per unit and a minimum investment of approximately HKD 800 [1][2] - The Hong Kong government supports the ETF's launch as part of its vision to develop Hong Kong into an international gold trading hub, contributing to the growth and innovation of the local gold market [1] - The ETF allows investors to redeem physical gold directly at banks, with all storage, trading, and redemption activities conducted in Hong Kong, enhancing the product's appeal [1][2] Group 2 - The ETF's first-day performance was strong, closing at HKD 17.44, representing a 9% increase from its issue price [3] - The Hong Kong Stock Exchange (HKEX) anticipates more gold-themed ETFs to be launched, enhancing the variety of precious metal-related products available to investors [2] - HKEX aims to continue collaborating with market stakeholders to drive product innovation and reinforce Hong Kong's status as an international financial center [2]

Market Overview - US stock indices showed mixed performance on Wednesday, with the Hang Seng Index ADR rising but closing lower compared to Hong Kong's market close, at 27,511.69 points, down 315.22 points or 1.13% [1] Major Blue-Chip Stocks - HSBC Holdings closed at HKD 135.752, down 1.27% from the Hong Kong market close [2] - Tencent Holdings closed at HKD 613.539, down 1.20% from the Hong Kong market close [2] Stock Performance Summary - Tencent Holdings: Latest price HKD 621.000, up 2.31%, ADR price HKD 613.539, down 1.20% [3] - Alibaba Group: Latest price HKD 173.500, up 2.12%, ADR price HKD 171.309, down 1.26% [3] - HSBC Holdings: Latest price HKD 137.500, up 2.23%, ADR price HKD 135.752, down 1.27% [3] - Xiaomi Group: Latest price HKD 36.320, up 2.14%, ADR price HKD 35.857, down 1.27% [3] - AIA Group: Latest price HKD 88.850, up 2.78%, ADR price HKD 87.888, down 1.08% [3] - Meituan: Latest price HKD 56.86, up 1.86%, ADR price HKD 97.328, down 1.04% [3] - BYD Company: Latest price HKD 102.800, up 4.58%, ADR price HKD 101.502, down 1.26% [3]

总体而言，高盛集团首席执行官苏德巍(David Solomon)公开表示，展望2026年，港股IPO市场有望迎来 强劲复苏，并将成为"非常好的一年"。高盛方面认为，若宏观环境保持相对稳定、市场流动性持续改 善，香港2026年在IPO数量和融资规模方面均有望实现明显回升。 值得注意的是，港股IPO热潮涌动之下，业务量的激增也导致"赶工"现象频频出现。部分内地企业为启 动境内的监管审批流程，出现了向港交所提交不完整的"占位"申请、上市申请文件质量低劣且审查不 足、保荐人对监管问询反馈滞后且不到位、发售流程执行混乱等问题，引起了市场关注。 港交所集团行政总裁陈翊庭在瑞士达沃斯世界经济论坛期间接受媒体采访时表示，近期港股IPO出现质 量不佳的原因，是IPO数量突然上升带来的兴奋情绪，导致资源与协作面临压力。IPO质量绝对"不能妥 协"，这是维护市场信任的基础，须确保每宗上市申请的质量及尽职调查到位。近期已就部分质量欠佳 的IPO申请发出的警示，是在提醒专业人士速度必须与质量并行。 （上接1版） 上述A股公司普遍在公告中表示，赴港上市是为了推动公司全球化战略深入实施、拓宽融资渠道、加速 发展海外业务。在出海趋势下，港股 ...

2025年港股IPO行情火热，全年IPO数量达117家，募资金额达2863.3亿港元，一举位居全球IPO募资榜 首位置。步入2026年，港股IPO依旧火热，超350家企业排队等待。 然而，日前关于港股IPO收紧的传闻却在市场上流传开来。该传闻指出，有券商收到指导，要求拟赴港 上市的AH企业需满足300亿元的市值门槛。 针对上述传闻，湾财社记者向多位券商人士核实，均表示"没听说过这个说法"。不过，有券商人士强 调，其所在公司近期对于赴港上市的项目门槛确有提升，对于不满足市值要求的，需论证行业龙头属 性。 聚焦市场传闻背后，湾财社注意到，港股上市规则调整带来了政策红利，港股IPO的赚钱效应则进一步 抬升投资者热情。 AH上市门槛提升至300亿元？ 2025年以来，随着政策放宽和市场情绪回暖，港股IPO热度走高，2025年全年IPO数量达117家，募资金 额达2863.3亿港元，同比增长224.8%；同时，再融资的规模也同步上升至3263.7亿港元，同比增长 272.9%。此外，2025年AtoH项目共19个，占比达16.4%，为近10年来最高，且显著高于过往各年。 多项增长、新高数据之下，2025年成为了港交所2 ...

恒生黃金 ETF 的交易安排 車頁: 參與者一般查詢熱線 1(電話 :2840 3626 電子郵箱 : trd@hkex.com.hk) 查詢 : 1月28日，香港交易所发布恒生黄金ETF的交易安排。恒生黄金ETF(03170)已获香港证券及期货事务监 察委员会认可为集体投资计划并预计于2026年1月29日(星期四)开始在交易所买卖及获准列入认可卖空 指定证券。资料显示，恒生黄金ETF每手买卖单位50个。 HKEX 香 港 交 易 所 线 CT/014/26 Ref. No .: 日期 28/01/2026 Date 香港聯合交易所有限公司 (面湛交易及結蘭所有限公司全資附屬公司) THE STOCK EXCHANGE OF HONG KONG LIMITED (A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited) 通告 CIRCULAR 如 需 要 更 多 有 關 交 易 所 買 賣 基 金 的 資 料 · 請參閱載於香港交易所披露易網站及香港交易 所網站的交易所買賣產品版頁由基金經理人發出的招股章程及其他文件 · 交易 ...

智通财经APP获悉，1月28日，香港交易所发布恒生黄金ETF的交易安排。恒生黄金ETF(03170)已获香 港证券及期货事务监察委员会认可为集体投资计划并预计干2026年1月29日(星期四)开始在交易所买卖 及获准列入认可卖空指定证券。资料显示，恒生黄金ETF每手买卖单位50个。 參與者一般查詢熱線 (電話:2840 3626 電子郵箱:trd@hkex.com.hk) 查詢: 交易所參與者請注意 · 恒生黃金 ETF(股份代號:3170)已獲證券及期貨車務監察委員會認可為集 體投資計劃並預計於 2026年1月29日(星期四)開始在交易所買賣及獨准列入認可賣空指定證券 · 在參與上述交易所買賣基金買賣前 · 投資者應經常參考基金經理提供的基金資料 · 如每單位資產淨 值 · 現附上該產品之詳細交易安排(附件一)以供參考 · 有關交易所參與者已獲發證券莊家許可證,於同日開始生效 · 為上述交易所買賣基金提供莊家活動, 有關證券莊家已列舉於附件一以供參考 · 有關證券莊家必須邊守國於本通告附件二的證券莊家責任 及交易所規則的證券莊家規例 · 有關任何交易安排不定時的更改 ·包括但不限於價位應用、適用於證券莊家的莊 ...

2025年港股IPO行情火热，全年IPO数量达117家，募资金额达2863.3亿港元，一举位居全球IPO募资榜首位置。步 入2026年，港股IPO依旧火热，超350家企业排队等待。 然而，日前关于港股IPO收紧的传闻却在市场上流传开来。该传闻指出，有券商收到指导，要求拟赴港上市的AH 企业需满足300亿元的市值门槛。 针对上述传闻，湾财社记者向多位券商人士核实，均表示"没听说过这个说法"。不过，有券商人士强调，其所在 公司近期对于赴港上市的项目门槛确有提升，对于不满足市值要求的，需论证行业龙头属性。 聚焦市场传闻背后，湾财社注意到，港股上市规则调整带来了政策红利，港股IPO的赚钱效应则进一步抬升投资 者热情。 AH上市门槛提升至300亿元？ 2025年以来，随着政策放宽和市场情绪回暖，港股IPO热度走高，2025年全年IPO数量达117家，募资金额达2863.3 亿港元，同比增长224.8%；同时，再融资的规模也同步上升至3263.7亿港元，同比增长272.9%。此外，2025年 AtoH项目共19个，占比达16.4%，为近10年来最高，且显著高于过往各年。 多项增长、新高数据之下，2025年成为了港交所20 ...

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 陈达美股投资 来源：雪球 第一个将IPO比喻成抽血的人值一个诺贝尔经济文学奖，因为事实就是如此，如果一个市场的IPO抽血太狠，这个市场就是会倾向于不长个。 整个2025年港股市场IPO，117个新股上市，一共募资2867亿港币，折合368亿美元，创四年新高。许多文章与报道说2025年的港股全球IPO第一， 这是直接粘贴复制AI、不做事实核查的fake news，因为美股2025年全年IPO募资是在700亿美元以上；如果港股IPO是大盘鸡的话，那美股就是大 盘鹅。 但考虑到港股总体量大概6.4万亿美元，而美股是近70万亿，你做一下除法，新股募资/总市值，可得美股为10个bps，而港股高达57.5个。如果这可 以看成某个市场IPO的强度值的话，那这方面阿港显然冠绝环宇。 这就好比，你只有7只鹅，而隔壁老王家有70只；结果拔了一年鹅毛，一算，你拔下来的鹅毛至少是老王家的一半，等于以一敌五，此时求你家大 鹅的心理阴影面积。如果故意拔鹅罪能判刑，那你至少是个无期。也难怪2025年最后两个月，你家鹅被拔得陷入了重度抑郁之中，行情 ...

Core Insights - The report from JLL indicates a significant correlation between the Hang Seng Index and residential capital values in Hong Kong, with the index leading by approximately 2.2 months over the past five years [1] - Since June 2020, both the Hang Seng Index and residential capital values have shown synchronized trends, but a divergence occurred starting July 2024, where the index rebounded while residential values lagged but showed signs of slight recovery by August 2025 [1] - JLL's senior director, Li Yuanfeng, suggests that the strong performance of the stock market is expected to support the Hong Kong residential market in the near term, with anticipated interest rate cuts further boosting investor confidence [1] Market Performance - The Hang Seng Index rebounded by 27.8% from the beginning to the end of last year, while the average daily trading volume on the Hong Kong Stock Exchange is projected to reach HKD 249.8 billion by 2025, a significant increase of approximately 90% year-on-year [2] - The secondary residential market in Hong Kong is expected to see a transaction volume of 42,300 units in 2025, reflecting a year-on-year growth of 16.9%, with total transaction value reaching HKD 299 billion, up 14.4% year-on-year [2] Historical Trends - Historical data over the past decade shows a consistent positive correlation between the average annual daily trading volume in the stock market and the number of secondary residential transactions in Hong Kong [2] - The "wealth effect" drives the synchronization between stock market activity and residential transaction volumes, as rising stock values enhance investor confidence and lead to diversified asset allocation [2] - Although there is no direct causal relationship between the stock market and the residential market, historical trends indicate a high degree of interconnection, reflecting overall macroeconomic sentiment [2]