Investment Rating - The report indicates a positive outlook for the insurance sector, recommending specific companies such as China Pacific Insurance, China Ping An, China Life (H), and China Taiping, while also recommending New China Life Insurance [4][17]. Core Insights - The financial industry experienced a mixed performance, with the non-bank financial index rising by 0.81%, outperforming the CSI 300 index by 0.89 percentage points. The insurance sector showed a notable increase of 2.36%, while the banking sector declined by 1.77% [2][11]. - The central economic work conference emphasized a proactive fiscal policy, which is expected to benefit the insurance sector by increasing infrastructure asset supply and improving credit risk perceptions [14][15]. - The report highlights the potential for valuation recovery in the brokerage sector, driven by regulatory changes that align public fund interests with long-term investor returns [18][19]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index rose by 0.81%, with the insurance sector outperforming the CSI 300 index by 2.44 percentage points [2][11]. - The banking sector underperformed, with a decline of 1.77%, attributed to macroeconomic policy expectations [3][21]. 2. Insurance Sector Data Tracking - The insurance sector's premium income showed steady growth, with life insurance and property insurance premiums increasing by 9.6% and 4.0% year-on-year, respectively [17][26]. - The report notes that the 10-year government bond yield decreased to 1.84%, which is favorable for the insurance sector's investment strategies [31]. 3. Brokerage Sector Data Tracking - The brokerage sector's PB valuation stands at 1.37x, indicating potential for valuation recovery as earnings improve [19][42]. - Regulatory changes in public fund sales are expected to enhance the industry's focus on long-term investor interests [18][19]. 4. Banking Sector Data Tracking - The banking sector's PB valuation is at 0.54x, suggesting it remains undervalued [21][25]. - The central economic work conference's focus on domestic demand and flexible monetary policy is expected to support the banking sector's growth [22][23].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The non-bank financial index increased by 0.81%, outperforming the CSI 300 index which decreased by 0.08%. The brokerage and insurance sectors continue to show good trends, with valuations at low levels and relatively stagnant performance throughout the year. The Federal Reserve's interest rate cuts are beneficial for the equity market, directly favoring the profitability of securities firms' overseas businesses due to lower liability costs and asset expansion [4][5] - The average daily trading volume of stock funds reached 2.39 trillion, a 15.1% increase month-on-month, indicating a recovery in trading activity. The cumulative average daily trading volume for the year is 2.05 trillion, a 69.5% year-on-year increase [5] - The China Securities Regulatory Commission's recent positive stance signals a potential "policy easing period" for the industry, which may lead to an increase in leverage limits and support for the profitability of the securities industry. The report recommends focusing on strategic opportunities in undervalued leading companies in the brokerage and insurance sectors [5][6] Summary by Sections Brokerage Sector - The Federal Reserve's interest rate cuts are favorable for the overseas business of brokerages, and new regulations are set to standardize fund sales practices. The report highlights three main lines of recommended stocks: Huatai Securities, Guotai Junan, and CICC for their advantages in overseas and institutional business; GF Securities and Dongfang Securities for their wealth management strengths; and Guosen Securities for its retail advantages [5][6][7] Insurance Sector - The liability side is expected to achieve a "good start," with the transformation of dividend insurance continuing to progress. The demand for "savings" from residents is likely to persist, and the insurance distribution channel is expected to maintain high growth. On the asset side, stable long-term interest rates and a favorable equity market are expected to boost investment returns in the medium to long term [6][7]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is building a diverse product ecosystem to enhance market liquidity and solidify Hong Kong's status as an international financial center [1] Group 1: Market Liquidity and Growth - Over the past decade, liquidity in Hong Kong's capital markets has significantly increased, with the average daily trading volume in the stock spot market rising from HKD 69.5 billion in 2014 to HKD 256.4 billion in the first nine months of 2025, reaching a record single-day high of HKD 621 billion on April 7, 2025 [3] - The establishment of a cross-asset product ecosystem is aimed at sustaining market liquidity growth, driven by global investors increasing their allocations in Asia and China's integration into the global economy [3] - Since the introduction of a new listing regime in 2018, 393 companies from the "new economy" sectors have listed in Hong Kong, raising nearly HKD 30 trillion by September 30, 2025 [3][4] Group 2: Technology Sector Development - The market has seen a surge in technology-related products, with the average daily trading volume of Hang Seng Tech Index futures increasing from 1,754 contracts in 2020 to over 156,000 contracts in the first eleven months of 2025 [7] - The number of ETFs tracking the Hang Seng Tech Index rose to 29 by June 30, 2025, with total assets under management reaching USD 26.3 billion [5] - The market capitalization of the constituents of the Hang Seng Tech Index grew from HKD 1.2 trillion in 2020 to over HKD 3.8 trillion by June 2025 [9] Group 3: Market Infrastructure and Optimization - HKEX is committed to optimizing market infrastructure, with measures including increasing position limits in December 2023 and July 2025, and implementing trading arrangements during adverse weather conditions [10] - These optimization efforts have led to increased market activity, benefiting all participants and supporting continuous growth in trading volume [10] Group 4: Flywheel Effect - The increase in trading activity attracts more investors, creating a "liquidity begets liquidity" effect, which is a result of well-designed market reforms and coordination with market participants [11] - The newly launched Hong Kong Technology 100 Index aims to track the performance of 100 large and mid-sized technology companies listed in Hong Kong, further enriching the technology product ecosystem [12] - The introduction of futures products and a diversified product ecosystem is expected to provide significant opportunities for Hong Kong, aligning with the global economic shift towards Asia [12][13]

格隆汇12月12日丨香港交易所(00388.HK)宣布，香港交易所董事会会议将于2026年2月26日(星期四)举 行，藉以(其中包括)批准刊发香港交易所及其附属公司截至2025年12月31日止年度的全年业绩公告，以 及考虑派发股息。 ...

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交 易及結算所有限公司有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會 對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全 部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 承董事會命 香港交易及結算所有限公司 集團公司秘書 曾志燿 香港，2025 年 12 月 12 日 於本公告日期，香港交易所董事會包括 12 名獨立非執行董事，分別是唐家成先生（主席）、 聶雅倫先生、白禮仁先生、陳健波先生、謝清海先生、張明明女士、車品覺先生、周胡慕芳女士、 丁晨女士、梁柏瀚先生、任志剛先生及張懿宸先生，以及一名身兼香港交易所集團行政總裁的 執行董事陳翊庭女士。 董事會召開日期 香港交易及結算所有限公司（「香港交易所」）宣布，香港交易所董事會會議將 於 2026 年 2 月26 日（星期四）舉行，藉以（其中包括）批准刊發香港交易所及其 附屬公司截至 2025 年 12 月 31 日止年度的全年業績公告，以及考慮派發股息。 （於香港註冊成立的有限公司） 股份代號 ...

12月10日，市场有传出针对港股IPO的传闻，核心内容为香港监管致函投资银行，提醒注意劣质IPO申请。相关讯息引 发市场关注，随后官媒跟进，当日证券时报记者针对传闻内容向港交所求证，港交所确认与香港证监会就上市申请相 关事宜联合致函保荐人。港交所表示，"为了推动资本市场的蓬勃发展，港交所致力确保新上市申请的审核能及时且 严谨进行。同时，港交所也积极与发行人、保荐人及专业顾问保持紧密沟通，以确保提交的上市资料内容完整并维持 高质素"。而在证券时报旗下财经新媒体券商中国的报道中，进一步解释了港交所发函的初衷，"意在提醒保荐人在增 加IPO申请数量的同时保证质量，并表示将进一步提升上市市场的素质，致力巩固香港作为全球领先上市地的地位。" 在港股IPO2025年全面爆发、各项数据创近年新高的背景下，出现这么一条新闻，多少有些不同寻常，背后的原因恐 怕也不是港交所提醒申报质量那么简单，或许新闻中所披露的信息只是掀开了这波赴港IPO热潮背后不为人所知的一 角而已！ 1、联名信函于上周五（12月5日）发出，提及问题包括：上市文件质量较差，部分招股文件存在"复制粘贴"抄袭行 为；涉及公司业务模式的描述不清晰、过度使用宣传用语 ...

Core Insights - The top three companies by Hong Kong Stock Connect shareholding ratios are China Telecom (72.50%), Power Assets Holdings (69.68%), and GCL-Poly Energy Holdings (69.67%) [1][2] - Xiaomi Group-W, Tracker Fund of Hong Kong, and China Merchants Bank saw the largest increases in shareholding amounts over the last five trading days, with increases of +4.913 billion, +2.976 billion, and +1.548 billion respectively [1][2] - The companies with the largest decreases in shareholding amounts during the same period include WanGuo Gold Group (-3.816 billion), Tencent Holdings (-2.649 billion), and Alibaba Group-W (-1.421 billion) [1][2] Shareholding Ratios - The latest shareholding ratios for the top 20 companies in Hong Kong Stock Connect are led by: - China Telecom (100.63 billion shares, 72.50%) - Power Assets Holdings (3.72 billion shares, 69.68%) - GCL-Poly Energy Holdings (2.82 billion shares, 69.67%) [1] Recent Increases in Shareholding - The top 10 companies with the largest increases in shareholding amounts over the last five trading days are: - Xiaomi Group-W: +4.913 billion (11.647 million shares) - Tracker Fund of Hong Kong: +2.976 billion (11.551 million shares) - China Merchants Bank: +1.548 billion (3.028 million shares) [1][2] Recent Decreases in Shareholding - The top 10 companies with the largest decreases in shareholding amounts over the last five trading days are: - WanGuo Gold Group: -3.816 billion (-49.945 million shares) - Tencent Holdings: -2.649 billion (-4.403 million shares) - Alibaba Group-W: -1.421 billion (-9.435 million shares) [1][2]

Group 1 - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Stock Exchange (HKEX) expressed concerns over the declining quality of IPO application materials and certain non-compliance behaviors in a joint letter to IPO sponsors [1] - Issues highlighted include poor quality of submitted listing documents, insufficient reviews, unclear descriptions of business models, selective presentation of industry data, and failure of sponsors to respond timely to regulatory feedback [1] - The SFC and HKEX continue to welcome quality enterprises to list in Hong Kong and are committed to maintaining the quality and standards of new listing applications [1] Group 2 - The Hong Kong IPO market has been very active this year, with 100 companies listed from January 1 to December 11, representing a year-on-year increase of 58.735% [2] - The total IPO fundraising amount exceeded HKD 270 billion, reaching HKD 270.86 billion, which is a year-on-year increase of 223.75%, making it the largest IPO fundraising globally [2] - A representative from a sponsoring institution indicated that the regulatory letter is a concern for sponsors' responsibilities and does not signal a tightening of IPO policies, aiming to prevent a focus on quantity over quality in the rapidly expanding IPO market [2]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) and the Securities and Futures Commission (SFC) have jointly expressed concerns regarding the quality of IPO applications amid a surge in new listings, highlighting compliance risks associated with incomplete and low-quality submissions [1][2][3]. Group 1: Regulatory Concerns - The joint letter from HKEX and SFC raised alarms about the quality of listing documents, noting issues such as vague business model descriptions and excessive promotional language, which could misrepresent the market position of applicants [3]. - There is a significant concern regarding the failure of sponsors to fulfill their responsibilities, with some lacking basic knowledge of the projects they oversee, which undermines the verification process [3]. - The execution of the IPO process has shown weaknesses, with some sponsors failing to adhere to established procedures and timelines, leading to delays and inadequate communication during critical regulatory steps [3]. Group 2: Market Activity - As of December 11, 2023, the Hong Kong IPO market has seen 100 companies listed this year, significantly surpassing the 73 companies listed in the entirety of the previous year, with net fundraising amounting to HKD 270.09 billion, a 223.75% increase year-on-year [4][5]. - The total equity financing for the year reached HKD 565.14 billion, reflecting a year-on-year increase of 248.79%, with a total of 630 financing events [5]. - The IPO market in Hong Kong is expected to remain active, driven by factors such as stricter U.S. regulations, ongoing policy benefits, and improved liquidity conditions, which are anticipated to encourage more companies to list [6][7]. Group 3: Future Outlook - Analysts predict that the Hong Kong IPO market will continue to thrive, with the dual listing model (A+H) expected to be a major source of new listings, particularly from returning Chinese companies and those in cutting-edge sectors like AI and biomedicine [6][7]. - HKEX plans to enhance the quality of listing documents and maintain its position as a leading global listing venue, with a joint statement from HKEX and SFC outlining quality requirements for listing documents set to be released in October 2024 [7].

【#港交所致函保荐人要求IPO申请保证质量#[话筒]】今日，有消息称香港证监会、港交所近日联名致 函IPO保荐人，旨在确保提交的上市申请文件的数据内容完整并维持高质素。该信函统一发给了所有具 备IPO保荐资质的投资银行。 记者获悉，目前港交所拟IPO上市申请已超过300家，个别投资银行为了抓住机遇抢占市场，可能团队 经验不足或人手储备有限，部分IPO上市申请文件存在粗制滥造的现象，甚至在一些关键阶段未按规定 的时间表和流程推进。 对此，港交所向券商中国记者确认了统一发函事宜，意在提醒保荐人在增加IPO申请数量的同时保证质 量，并表示将进一步提升上市市场的质素，致力巩固香港作为全球领先上市地的地位。（券商中国） 记者获悉,目前港交所拟IPO上市申请已超过300家,个 别投资银行为了抓住机遇抢占市场,可能团队经验不足或 人手储备有限,部分IPO上市申请文件存在粗制滥造的现 象,甚至在一些关键阶段未按规定的时间表和流程推 进。 对此,港交所向券商中国记者确认了统一发函事宜. 意在 提醒保荐人在增加IPO申请数量的同时保证质量,并表示 将进一步提升上市市场的质素,致力巩固香港作为全球领 先上市地的地位。 倍加关注IP ...