元旦次日，中国香港交易所正常开市，南、北向交易关闭；今日日本东京证券交易所因元旦假期继续休 市。 本文源自：金融界AI电报 ...

来源：滚动播报 百度建议分拆昆仑芯在香港交易所独立上市。 ...

每经AI快讯，1月2日，百度在港交所公告，计划分拆昆仑芯业务并于香港交易所独立上市。 ...

Core Insights - The Hong Kong capital market is set for a full recovery in 2025, with total IPO fundraising exceeding HKD 285.8 billion, reclaiming its position as the leading global exchange, indicating a significant rebound in Hong Kong's attractiveness as an international financial center [1][2] Group 1: IPO Market Performance - In 2025, a total of 119 companies went public in Hong Kong, representing a 63% increase from the previous year, with total fundraising amounting to HKD 285.8 billion, a staggering 2.25 times increase year-on-year [2] - The top ten IPOs of the year included eight companies that raised over HKD 10 billion, with CATL leading at HKD 41.0 billion and Zijin Mining at HKD 42.8 billion, making them the largest and second-largest IPOs globally [2] - A-share companies played a crucial role in the Hong Kong IPO market, with 19 A-share firms raising approximately HKD 140 billion, nearly half of the total IPO fundraising in Hong Kong [2] Group 2: Market Drivers - The surge in IPO activity is driven by the concentrated listing of Chinese tech companies, a wave of A-share companies listing in Hong Kong, and a significant improvement in market liquidity [1][2] - The introduction of the "Specialized Technology Company Fast Track" service and the ongoing appeal of Listing Rules Chapter 18A and Chapter 18C have opened up listing avenues for unprofitable biotech and specialized tech companies [1][3] Group 3: Institutional Reforms - Continuous institutional innovations have been pivotal for the strong performance of the Hong Kong stock market, including the introduction of Chapter 18A in April 2018, allowing unprofitable biotech companies to apply for listings [3] - By the end of 2025, 88 biotech and specialized tech companies had listed under these new rules, with 16 companies listing in 2025 alone [3] - The average daily trading volume in the first 11 months of 2025 was HKD 255.8 billion, a year-on-year increase of approximately 95%, enhancing the attractiveness of Hong Kong for international capital [3] Group 4: Future Outlook - Deloitte forecasts that with over 300 listing applications, the Hong Kong IPO market could see fundraising of at least HKD 300 billion in 2026, with around 160 new stocks expected to be issued [5] - Factors such as potential interest rate cuts by the Federal Reserve, increased support for mainland Chinese companies, and ongoing capital market reforms in Hong Kong are expected to attract more large-scale IPOs [5]

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (71.90%), GCL-Poly Energy (69.96%), and Da Zhong Public Utilities (68.75%) [1][2] - The companies with the largest increase in stockholding over the last five trading days include SMIC (+1.092 billion), China Merchants Bank (+1.052 billion), and Hong Kong Exchanges and Clearing (+790 million) [1][2] - The companies with the largest decrease in stockholding over the last five trading days include China Mobile (-3.216 billion), Tencent Holdings (-1.107 billion), and the Tracker Fund of Hong Kong (-465 million) [1][2] Stockholding Ratios - China Telecom (00728) holds 99.79 million shares with a stockholding ratio of 71.90% [2] - GCL-Poly Energy (01330) holds 28.3 million shares with a stockholding ratio of 69.96% [2] - Da Zhong Public Utilities (01635) holds 36.7 million shares with a stockholding ratio of 68.75% [2] - Other notable companies in the top 20 include China Shenhua (66.39%) and China Merchants Energy (64.43%) [2] Recent Trading Activity - The top three companies with increased holdings in the last five trading days are: - SMIC (00981): +1.092 billion, +15.28 million shares [2][3] - China Merchants Bank (03968): +1.052 billion, +19.92 million shares [2][3] - Hong Kong Exchanges and Clearing (00388): +790 million, +1.93 million shares [2][3] - The top three companies with decreased holdings in the last five trading days are: - China Mobile (00941): -3.216 billion, -39.36 million shares [2][3] - Tencent Holdings (00700): -1.107 billion, -1.84 million shares [2][3] - Tracker Fund of Hong Kong (02800): -465 million, -18.01 million shares [2][3]

Group 1 - The Hong Kong Hang Seng Index achieved a yearly increase of 27.77%, marking its best annual performance since 2017 [1] - As of December 31, the Hang Seng Index closed at 25,630.54 points, down 224.06 points or 0.87% for the day, while the Hang Seng Technology Index and the National Enterprises Index also saw declines but recorded annual increases of 23.45% and 22.27% respectively [1] - The CEO of Hong Kong Exchanges and Clearing Limited, Charles Li, stated that 2025 was a year of renewed interest from global investors in the Hong Kong market, driven by innovation in mainland China and Asia [1] Group 2 - To enhance market activity and accessibility, the Hong Kong Stock Exchange implemented several trading and settlement rule optimizations in 2025, including a reduction in the minimum price fluctuation for stocks [2] - These reforms have successfully attracted numerous hard-tech and biopharmaceutical companies to list in Hong Kong, while also facilitating the inflow of international long-term capital and southbound funds, reshaping the funding ecosystem of the Hong Kong stock market [2] - Looking ahead to 2026, industry experts anticipate a continued surge in IPO activities in Hong Kong, with KPMG projecting 180 to 200 new listings and a fundraising scale of approximately 350 billion HKD [2]

Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.90%), Gree Power Environmental (69.96%), and Da Zhong Public Utilities (68.75%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are SMIC (+1.108 billion), China Merchants Bank (+1.056 billion), and Hong Kong Exchanges (+0.792 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are China Mobile (-3.231 billion), Tencent Holdings (-1.109 billion), and Tracker Fund of Hong Kong (-0.469 billion) [1][4] Group 2 - The latest holding ratios for the top 20 companies in Hong Kong Stock Connect show that China Telecom has 9.979 billion shares, Gree Power Environmental has 0.283 billion shares, and Da Zhong Public Utilities has 0.367 billion shares [2] - The top 10 companies with the largest increase in holdings over the last five trading days include Xiaomi Group (+0.633 billion) and Alibaba Group (+0.530 billion) [2] - The top 10 companies with the largest decrease in holdings over the last five trading days include China Unicom (-0.445 billion) and XinDa Biologics (-0.432 billion) [4]

Core Viewpoint - The global IPO market is expected to fully recover by 2025, primarily supported by a fundamental shift in the global liquidity environment as major central banks, led by the Federal Reserve, begin to lower interest rates after a period of aggressive rate hikes since 2022 [2] Group 1: Market Dynamics - The Hong Kong stock market has regained its position as the top global IPO fundraising market, with total IPO fundraising expected to reach HKD 2787.03 billion (approximately USD 359 billion), surpassing the Nasdaq's USD 258 billion, marking the highest level since 2021 [6] - The influx of capital from both domestic and international investors has created a dual-driven dynamic in the Hong Kong market, providing significant liquidity support for large IPO projects [2][4] - The number of IPO applications processed by the Hong Kong Stock Exchange has surged to 331, up from 84 at the beginning of the year, indicating a potential acceleration in IPO transactions towards the end of the year [4][19] Group 2: Notable IPOs - The largest IPO in Hong Kong this year was by Contemporary Amperex Technology Co., Ltd. (宁德时代), raising HKD 310.06 billion (approximately USD 39.88 billion) with a cumulative increase of 89.28% since listing [12] - Other significant IPOs include Zijin Mining's spin-off, which raised HKD 249.84 billion (approximately USD 32.14 billion), and the listing of Seres, which raised HKD 131.76 billion (approximately USD 16.95 billion) [12] Group 3: Future Outlook - The IPO market is expected to become more crowded in 2026, with a significant number of companies, particularly in the technology and innovation sectors, preparing for potential listings [16][18] - Major companies like SpaceX and AI leaders such as OpenAI and Anthropic are anticipated to initiate IPO processes, which could lead to the largest IPO wave in history [18] - The Hong Kong market may face challenges due to a backlog of IPO applications, which could exacerbate competition in the global IPO landscape [19][20]

Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with Alibaba-W, China Merchants Bank, and Hong Kong Stock Exchange leading in net inflows, while China Mobile, Tencent Holdings, and Yingfu Fund experienced the highest net outflows [1] Net Inflow Summary - Alibaba-W (09988) recorded a net inflow of 1.059 billion, representing a 25.01% increase in net inflow [2] - China Merchants Bank (03968) saw a net inflow of 733 million, with a net inflow ratio of 95.69% [2] - Hong Kong Stock Exchange (00388) had a net inflow of 628 million, with a net inflow ratio of 65.72% [2] - Other notable net inflows include Sanhua Intelligent Control (02050) with 512 million and a 134.47% increase, and Agricultural Bank of China (01288) with 462 million and a 59.75% increase [2] Net Outflow Summary - China Mobile (00941) experienced the highest net outflow of 2.670 billion, with a net outflow ratio of -161.19% [2] - Tencent Holdings (00700) had a net outflow of 1.696 billion, reflecting a -38.48% change [2] - Yingfu Fund (02800) saw a net outflow of 499 million, with a -10.76% change [2] - Other significant net outflows include China Unicom (00762) with -344 million and a -108.28% change, and Southern Hang Seng Technology (03033) with -337 million and a -14.19% change [2] Net Inflow Ratio Summary - Greentown Service (02869) led with a net inflow ratio of 398.47%, amounting to 9.1014 million [3] - Global Medical (02666) followed with a net inflow ratio of 233.81%, totaling 14.8444 million [3] - Kangzheng Pharmaceutical (00867) had a net inflow ratio of 226.50%, with a total of 17.8033 million [3] - Other notable mentions include COSCO Shipping Holdings (02866) with a 220.43% ratio and 10.6514 million [3] Net Outflow Ratio Summary - Poly Property (06049) had the highest net outflow ratio of -394.10%, with a total outflow of -35.1273 million [3] - Green Power Environmental (01330) followed with a net outflow ratio of -230.61%, totaling -1.3437 million [3] - China Merchants Port (00144) experienced a net outflow ratio of -223.97%, with an outflow of -24.5326 million [3] - Other significant outflows include NetDragon (00777) with -187.16% and -18.5209 million, and Huaneng International Power (00902) with -182.54% and -99.9457 million [3]

Market Overview - The Hang Seng Index (HSI) closed at 25,845.14, down by 9.46 points or 0.04% [1] - The index had a trading volume of 36.86 million shares, with a high of 25,919.17 and a low of 25,815.14 [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 123.376, up by 0.31% compared to the previous close [2] - Tencent Holdings closed at HKD 599.528, down by 0.08% compared to the previous close [2] Individual Stock Movements - Tencent Holdings: Latest price HKD 600.000, up by HKD 3.500 or 0.59%, ADR price HKD 599.528, down by HKD 0.472 [3] - Alibaba Group: Latest price HKD 144.500, up by HKD 1.200 or 0.84%, ADR price HKD 143.326, down by HKD 1.174 [3] - HSBC Holdings: Latest price HKD 123.000, up by HKD 1.100 or 0.90%, ADR price HKD 123.376, up by HKD 0.376 [3] - AIA Group: Latest price HKD 81.650, down by HKD 0.550 or 0.67%, ADR price HKD 82.070, up by HKD 0.420 [3] - Meituan: Latest price HKD 104.300, up by HKD 0.100 or 0.10%, ADR price HKD 103.410, down by HKD 0.890 [3] - Ctrip Group: Latest price HKD 571.000, up by HKD 11.500 or 2.06%, ADR price HKD 562.723, down by HKD 8.277 [3] - BYD Company: Latest price HKD 97.600, up by HKD 0.500 or 0.51%, ADR price HKD 97.496, down by HKD 0.104 [3]