Core Insights - The report indicates that the innovative drug sector is entering a phase of selective stock picking in 2026, following a beta market in 2025. The A-share pharmaceutical industry has risen by 15.9% since the beginning of 2025, underperforming the CSI 300 index by 0.65 percentage points, ranking 17th among industries [2][14]. - The report highlights three key investment directions for 2026: overseas expansion of pharmaceuticals, brain-computer interfaces, and AI in healthcare [2]. Investment Strategy Overview - The innovative drug sector is expected to shift from a broad market rally to a focus on selective stocks in 2026. The average increase for 75 innovative drug sample indices in A-shares reached 54.8%, with Hong Kong's indices doubling [2]. - The report notes that as of December 5, 2025, there were 166 overseas business development (BD) projects, a significant increase from the previous year, with upfront payments reaching $6.3 billion, a growth of over 199% compared to 2024 [2]. Key Investment Directions Overseas Expansion - The report emphasizes the acceleration of Chinese innovative drugs entering international markets, with ADCs and bispecific antibodies being hot topics. The potential for GLP-1R target new drugs remains strong in areas such as long-acting formulations and oral medications [2]. Brain-Computer Interfaces - The report outlines the government's strategic push for brain-computer interfaces as a new economic growth point, with applications in medical rehabilitation for conditions like stroke and spinal cord injuries [2]. AI in Healthcare - The report discusses the establishment of clear short-term and long-term goals for AI in healthcare, covering various applications such as AI health management and clinical decision support systems [2]. Recommended Stocks - The report recommends several companies for investment, including Heng Rui Medicine (600276), BeiGene (688235), Mindray Medical (300760), and others, indicating a diversified approach across the innovative drug and medical device sectors [2].

2025年已悄然步入尾声，这一年A股与港股IPO市场均交出亮眼答卷。 A股延续"零破发"态势，打新收益创三年新高；港股IPO募资额冲至2021年以来新高，夺得2025年全球融资额冠军。 在市场行情回暖、注册制深化背景下，今年上市的新股无一破发，上市首日平均涨幅约256%，为近三年来最佳表现。34只股票上市首日涨幅超过300%，其 中沐曦股份、大鹏工业、三协电机、江南新材首日涨幅均超过600%；半导体企业沐曦股份、摩尔线程首日涨幅均超500%。 沐曦股份表现尤为突出，以收盘价计算，沐曦股份单签盈利高达36.26万元，成为A股全面注册制以来、乃至近十年最赚钱新股，超越此前摩尔线程创下的 24.31万元纪录。 前十大IPO个股中，华电新能以181.7亿元的募资额位居榜首，成为年度最大IPO；摩尔线程以80亿元募资额紧随其后；西安奕材、中国铀业、沐曦股份和中 策橡胶募资额均超40亿元，位居前列。 从行业分布看，电子、电力设备、汽车、基础化工、机械设备五大行业成为IPO主力军，分别有19只、17只、15只、13只、10只新股上市，合计占比超六 成。 港股IPO登顶全球，"含A率"飙升 2025年，港股IPO规模高歌猛进 ...

Core Insights - The capital markets in China, particularly A-shares and Hong Kong stocks, have shown significant activity with a total of 9 IPOs on December 30, 2025, marking a vibrant end to the year and reflecting a promising outlook for 2026 [1] A-Share Market - In 2025, the A-share market saw a total of 116 new IPOs, a 16% increase compared to 2024, with a total fundraising amount of 131.77 billion yuan, representing a 95.64% year-on-year increase [3][4] - The leading sectors for IPOs were technology, with notable companies like Moer Technology and Muxi leading the charge, indicating a shift towards "hard technology" as the core focus of the market [4][5] - The largest IPO in the A-share market was Huadian New Energy, raising 18.17 billion yuan, making it the sixth largest IPO globally for the year [4] Hong Kong Market - The Hong Kong stock market hosted 117 new IPOs in 2025, a more than 60% increase from the previous year, with total fundraising reaching 285.69 billion HKD, a 220% increase year-on-year, reclaiming the top position globally for fundraising [7][8] - Eight major IPOs raised over 10 billion HKD each, contributing significantly to the total fundraising, with companies like CATL and Zijin Mining leading the way [7] - The performance of new stocks was strong, with only 27.35% experiencing a drop on their first trading day, the lowest rate in five years [8] Market Dynamics - The growth in both A-share and Hong Kong IPO markets is attributed to supportive policies and a robust demand for technology-driven companies, with regulatory bodies enhancing the market's inclusivity and adaptability [9][10] - The influx of capital from international investors and the increasing number of mainland companies listing in Hong Kong have strengthened the market's position [11][15] - Looking ahead to 2026, expectations are high for continued growth in both markets, with projections of around 160 new IPOs in Hong Kong and a focus on quality over quantity in A-shares [13][12]

《投资者网》谢莹洁 2025年的香港资本市场，以一场创纪录的IPO热潮强势重返全球舞台中央。港交所全年新股集资额突破2000亿港元大关，更成功超越纽约证券交易所与纳斯 达克，重夺全球IPO集资额榜首 。 这场热潮的核心驱动力，是10家A股千亿市值龙头的集体"回港"。宁德时代、恒瑞医药、海天味业等企业通过"A+H"或第二上市完成布局，贡献了近六成募 资额，让港股成为中国核心资产对接国际资本的核心枢纽。 港股重夺全球IPO集资额榜首 德勤资本市场服务部估算，2025年全年香港将完成114只新股上市融资约2863亿港元，新股宗数料增约63%，融资金额将跃升两倍多。香港交易所将以2025 年新股融资总额位居榜首。 这一盛况与2023年的低迷形成鲜明对比。彼时港股IPO集资额仅约460亿港元，创二十年新低，壳价跳水、流动性萎缩、外资撤退的阴霾下，市场不乏"香港 将被边缘化"的悲观论调。 转折始于2024年下半年，政策与市场形成共振：中国证监会将境外上市备案流程从半年缩短至最快六周，港交所放宽特专科技公司上市门槛，允许无收入、 无盈利的硬科技企业登陆资本市场；叠加美元利率见顶预期升温，恒指年内反弹逾16%，恒生科技指数飙 ...

Core Insights - The Hong Kong IPO market experienced a strong recovery in 2025, regaining the top position globally in terms of fundraising, with over 110 companies raising nearly 300 billion HKD, surpassing both the New York Stock Exchange and NASDAQ for the first time in four years [1][2] - The year saw 19 A-share companies successfully list on the Hong Kong Stock Exchange, accounting for nearly 50% of the total IPO fundraising in Hong Kong, with several companies like CATL and Zijin Mining raising over 10 billion HKD each [1] - The market's robust supply was attributed to regulatory optimizations, including revisions to the listing rules that improved pricing mechanisms, attracting more high-quality issuers [1][2] Market Dynamics - Investor participation was notably high, with a significant increase in the average first-day return of new stocks to 40%, and a decrease in the overall failure rate compared to the previous year [2] - Foreign capital inflow was evident, with cornerstone investments from foreign investors reaching 28.6 billion HKD in the first half of 2025, more than double the amount from the same period in 2024 [2] - The market outlook for 2026 is optimistic, with expectations of an IPO fundraising midpoint of approximately 330 billion HKD, supported by a cycle of quality enterprises and ample capital [2] Structural Changes - A shift in industry structure was observed, with manufacturing sector IPOs leading in fundraising, contrasting with the previous year's dominance of consumer and TMT sectors [1] - The pricing and valuation expectations of newly listed companies have increased compared to previous years, indicating a more competitive market environment [1] Market Segmentation - Signs of market differentiation began to emerge, with an increase in the first-day failure rate of new stocks as the IPO pace accelerated and liquidity conditions tightened [3] - Individual investors have started to adjust their strategies, opting for more certain investment targets amid changing market conditions [3] - Despite the significant increase in total IPO fundraising in 2025, it has not yet surpassed the high levels seen in 2020-2021, which exceeded 330 billion HKD [3]

如果说深厚的研发底蕴定义了恒瑞影响力的深度，那么其成功的国际化战略则显著拓展了影响力的广 度。恒瑞医药正系统性地将"中国创新"推向全球舞台，构建了"自主出海"与"对外合作"双线并进的成熟 范式。 在对外合作方面，公司已成为中国生物医药技术输出的重要力量。自2020年以来，已完成15笔对外许可 交易，潜在总交易额超过270亿美元，其中2025年即达成5笔。这些交易不仅带来了可观的现金流，更深 层次的意义在于，它标志着恒瑞的研发能力与产品管线获得了全球顶尖药企的认可，深度参与了全球创 新价值链的分工与价值分配。 累计研发投入超500亿元，24个1类创新药成功上市，对外许可交易潜在总金额逾270亿美元——这些数 字不仅勾勒出一家中国药企的成长轨迹，更见证了一个民族品牌从本土走向世界的"影响力征程"。 在财经网2025年度新消费·新经济评选中，恒瑞医药（600276）凭借其卓越的自主创新实力与深远的行 业引领作用，荣膺"年度医药行业影响力品牌"这一称号，不仅是对其坚持"科技创新"与"国际化"双轮驱 动，更是对其持续重塑中国医药产业全球竞争力的高度认可。 以持续高投入构筑研发"护城河" 在医药行业，影响力首先源于创新能 ...

12月30日，五一视界（6651.HK）、卧安机器人（6600.HK）、英矽智能（3696.HK）、迅策 （3317.HK）、美联股份（2671.HK）、林清轩（2657.HK）等6股登陆港交所上市。而伴随上述6股登 陆港股市场，港股年内新股发行完毕，发行数量达117只。 经同花顺iFinD统计，港股年内117只新股合计募资金额约为2856.93亿港元，其中宁德时代募资总额居 首，约410.06亿港元；在其之后，港股年内募资额破百亿的新股还有紫金黄金国际、三一重工、赛力 斯、恒瑞医药、三花智控、海天味业、奇瑞汽车等7股。 （文章来源：北京商报） 交易行情显示，上市首日，上述6股中，仅卧安机器人平盘开盘，其余5股均实现高开，其中英矽智能开 盘涨幅居首，为45.53%。 ...

Important Matters - WISCO Development plans to acquire equity in WISCO Mining and Luzhong Mining, resulting in stock suspension [1] - Unisplendour intends to purchase equity or full ownership of Ruineng Semiconductor, leading to stock suspension [1] - Heng Rui Medicine's subsidiary received approval for clinical trials of HRS-6257 tablets, with no similar drugs approved in the domestic market [1] - Longpan Technology's subsidiary is reducing production on some lithium iron phosphate production lines for maintenance, a move echoed by several leading manufacturers in the industry [1] Investment Operations - Guoxin Technology has laid out plans for smart driving MCU chips and is developing a high-performance AI chip with 10,000 DMIPS [1] - Juneyao Airlines plans to purchase 25 Airbus A320 series aircraft for $4.1 billion [1] - Spring Airlines intends to buy 30 Airbus A320neo series aircraft, with a transaction amount not exceeding $4.128 billion [1] - Tsinghua Tongfang is making breakthroughs in the open-source HarmonyOS field for product and commercialization [1] - Guangzhou Port is investing 2.353 billion yuan in the intelligent transformation project of the Nansha Port International General Terminal [1] - International Composite Materials plans to invest 1.693 billion yuan to build a project with an annual production capacity of 36 million meters of high-frequency high-speed electronic fiber cloth [1] - State Power Investment Corporation's subsidiary is co-investing with CATL in the Dadu River Danba Hydropower Station project, with a total investment of 15.273 billion yuan [1] - Haisheng Pharmaceutical's invested company has completed the first subject enrollment in the Phase II clinical trial of the innovative drug NWRD06 injection, targeting a specific liver cancer marker [1] Contracts and Collaborations - Chinalco International signed overseas project contracts worth approximately 14 billion yuan [2] - Tianqi Lithium has completed a strategic cooperation with SQM and Codelco [2] - Roman Co., Ltd.'s subsidiary signed a 156 million yuan computing power service project contract [2] - China Duty Free Group's wholly-owned subsidiary signed a duty-free project contract at Beijing Capital International Airport [2] - Reascend Technology's high-silica fiber has begun commercial cooperation with a well-known international aerospace company for long-term product supply [2] - Macro Micro Technology signed a strategic cooperation agreement with a leading domestic transmission company, focusing on GaN power semiconductor devices [2] Capital Operations - Tianqi Co., Ltd. plans to raise no more than 977 million yuan through a private placement for the development of a robot embodiment intelligence system for the automotive industry [2] - SMIC's registered capital in SMIC Southern will increase to $10.077 billion; it plans to acquire 49% equity in SMIC Northern for 40.6 billion yuan [2] - Changan Automobile intends to raise no more than 6 billion yuan through a private placement [2] Share Buybacks - Kweichow Moutai's controlling shareholder, Moutai Group, has cumulatively increased its stake in the company by 3 billion yuan, completing the buyback plan [3] - AVIC Heavy Machinery has been supplying key forgings to several commercial rocket companies [3] - Huihan Co., Ltd. invested 68.25 million yuan to establish a private equity fund, specifically investing in a commercial aerospace company [3] - Sega Technology plans to increase its investment in optical module company Guangcai Xincheng by 275 million yuan to acquire a 20% stake [3]

2025年，香港交易所的上市锣声格外密集。 若以全年117家新上市公司计算，平均每两个交易日，就有一声鸣锣在维港畔响起。 伴随这密集的锣声，全球资本市场的目光再次聚焦于此——时隔数年，港股市场以预计超过2800亿港元 的IPO募资总额，重夺全球募资榜首。 这一年，恰逢港交所成立二十五周年。走过四分之一世纪，港股此番"王者归来"，在IPO融资规模重新 登顶之外，市场的核心叙事也已悄然生变。 聚焦港股IPO企业的结构变化，一个清晰的迹象是，"含A量"的提升与"向新力"的迸发，正助力港股完 成从"估值洼地"到"产业高地"的关键一跃。 "含A量"提升 据德勤中国市场服务部预测，2025年港股IPO市场融资额预计将达2863亿港元（约360亿美元），超越 纳斯达克全年预期，锁定全球第一。 港股IPO规模扩张的背后，一批大型IPO项目贡献了绝对力量。 而聚焦2025年港股募资额前十大IPO企业，一个值得关注的现象是，其中有6家都是"A＋H"上市企业。 从动力电池龙头宁德时代，到医药巨头恒瑞医药，再到消费白马海天味业，以及三一重工、赛力斯、三 花智控等行业龙头，仅这6家公司的合计募资额就高达1033.20亿港元，贡献了港股 ...

记者丨刘夏菲 编辑丨巫燕玲 2025年，香港交易所的上市锣声格外密集。 若以全年117家新上市公司计算，平均每两个交易日，就有一声鸣锣在维港畔响起。 "含A量"提升 据德勤中国市场服务部预测，2025年港股IPO市场融资额预计将达2863亿港元（约360亿美元），超越纳斯达克全年预期，锁定全球 第一。 港股IPO规模扩张的背后，一批大型IPO项目贡献了绝对力量。 而聚焦2025年港股募资额前十大IPO企业，一个值得关注的现象是，其中有6家都是"A＋H"上市企业。 从动力电池龙头宁德时代，到医药巨头恒瑞医药，再到消费白马海天味业，以及三一重工、赛力斯、三花智控等行业龙头，仅这6家 公司的合计募资额就高达1033.20亿港元，贡献了港股全年IPO募资额的36.12%。 此外，募资规模位列第二的紫金黄金国际，则由A股公司紫金矿业分拆而来。 伴随着密集的锣声，全球资本市场的目光再次聚焦于此—— 时隔数年，港股市场以预计超过2800亿港元的IPO募资总额，重夺全球 募资榜首 。 这一年，恰逢港交所成立二十五周年。走过四分之一世纪，港股此番"王者归来"，在IPO融资规模重新登顶之外，市场的核心叙事也 已悄然生变。 聚焦港 ...