Core Insights - Ryan Capital released the ranking of IPO sponsors in Hong Kong for 2025, highlighting the participation of 55 brokerage firms in the past 24 months, with 32 being Chinese firms, 13 foreign firms, and 10 Hong Kong firms [1][4]. Group 1: Overall Participation - In the past 24 months, a total of 188 new companies went public, with the top five sponsors being CICC (61 companies, 32.4% participation), CITIC Securities (45 companies, 23.9%), Huatai International (29 companies, 15.4%), China Merchants International (19 companies, 10.1%), and Morgan Stanley (14 companies, 7.4%) [4][5]. - Among the 55 brokerage firms, 19 firms participated in only one listing, accounting for 34.55% of the total [7]. Group 2: Recent Trends - In the past 12 months, 44 out of the 55 brokerage firms participated in the sponsorship of 117 new companies, with the top five sponsors being CICC (42 companies, 35.9% participation), CITIC Securities (33 companies, 28.2%), Huatai International (22 companies, 18.8%), China Merchants International (13 companies, 11.1%), and Morgan Stanley (12 companies, 10.3%) [8][9]. - 18 firms participated in only one listing in the past 12 months, representing 32.7% of the total [10].

Core Insights - The market is experiencing structural differentiation and accelerated style rotation, leading to challenges in profitability for many investors. In this context, building a long-term investment system tailored to individual needs has become a central issue in the market [1] - CICC Wealth has pioneered a buy-side advisory model, achieving a scale of over 130 billion yuan, providing professional solutions to help investors overcome profitability challenges [1] Group 1: Investment Performance - In 2025, 72% of stock trading accounts and 93% of product investment accounts reported positive returns, with all "China 50" accounts established for over a year achieving positive annual returns [2] - The resilience of asset allocation is highlighted, with Alpha and Gamma contributing significantly to performance through deep research and asset selection, as well as professional support to mitigate irrational behaviors [2] Group 2: Service Model and Strategy - CICC Wealth has continuously strengthened its client-centered service system, evolving from the "Four Beliefs" in 2019 to the "Buy-Side Advisory Iron Triangle" in 2023, and introducing the "5A Allocation Model" in 2025 [2] - The company has developed a comprehensive buy-side advisory service system that covers core products such as "China 50," "Micro 50," "Public Fund 50," "Stock 50," and "ETF 50," assisting over 530,000 clients in configuration planning [2] Group 3: Research and Support System - The "China 50" product has generated over 10 billion yuan in cumulative profits for clients over six years, with over 99% of clients in profitable positions and an average maximum drawdown of only one-third of the market index [3] - CICC Wealth employs a complete research and service support system, utilizing top-down asset allocation research to capture market trends and relying on a professional research team of nearly 300 to identify quality assets for Alpha returns [3] Group 4: Future Outlook - As 2026 marks the beginning of the "14th Five-Year Plan," fostering long-term and patient capital is crucial for the high-quality development of the capital market. CICC Wealth aims to deepen its buy-side advisory model, enhancing research capabilities and providing detailed support to help millions of clients navigate market cycles and achieve stable wealth growth [3]

Group 1 - On January 13, CICC's stock fell by 1.38% with a trading volume of 1.231 billion yuan, and the net financing purchase was 44.4851 million yuan, indicating high financing activity [1] - As of January 13, the total margin balance for CICC was 2.882 billion yuan, with the financing balance accounting for 2.76% of the circulating market value, which is above the 80th percentile over the past year [1] - CICC's short selling activity on January 13 included a repayment of 18,500 shares and a sale of 1,200 shares, with a total selling amount of 42,900 yuan, indicating elevated short selling levels [1] Group 2 - CICC, established on July 31, 1995, operates in investment banking, equity sales and trading, fixed income, commodities, wealth management, and investment management, with revenue contributions from wealth management (32.58%), equity business (25.78%), and others [2] - As of September 30, CICC had 118,900 shareholders, a decrease of 4.10%, while the average circulating shares per person increased by 4.28% to 24,662 shares [3] - For the period from January to September 2025, CICC reported a revenue of 20.761 billion yuan, a year-on-year increase of 54.36%, and a net profit of 6.567 billion yuan, up 129.75% year-on-year [3] Group 3 - As of September 30, 2025, the top ten circulating shareholders of CICC included Hong Kong Central Clearing Limited as the third-largest shareholder with 123 million shares, an increase of 51.425 million shares from the previous period [4] - The fourth-largest shareholder, Cathay CSI All-Share Securities Company ETF, held 30.2098 million shares, an increase of 12.1667 million shares [4] - The sixth-largest shareholder, Huabao CSI All-Share Securities Company ETF, increased its holdings by 5.6295 million shares to 19.6047 million shares [4]

Core Viewpoint - Alibaba's stock price increased by 4.38% to HKD 166.90, with a trading volume of HKD 15.029 billion, indicating positive market sentiment towards the company following a report from CICC [1] Group 1: Financial Performance - Alibaba Cloud's revenue for Q3 FY26 accelerated year-on-year growth to 36%, with external revenue increasing by 32%, reflecting strong performance in the cloud computing segment [1] - The company's e-commerce CMR growth slowed to 2%, while flash sales EBITA losses narrowed to HKD 24 billion, indicating pressure on overall profitability but a clear strategic investment rhythm [1] Group 2: Strategic Initiatives - CICC highlighted that Alibaba is significantly increasing its capital expenditure budget, focusing on self-developed core hardware and leveraging a global infrastructure network with 29 regions and 92 availability zones for scalable deployment [1] - The forecast for Alibaba Cloud's revenue suggests a compound annual growth rate (CAGR) exceeding 30% over the next three years, driven by ongoing investments in AI infrastructure [1] Group 3: Investment Outlook - CICC maintains a "Buy" rating for Alibaba, emphasizing the long-term growth potential driven by the dual engines of "consumption + AI" [1]

Company Overview - Zeling Bio has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors Jefferies and CICC [1] - The company is a late-stage clinical biotechnology firm focused on integrating structural biology, artificial intelligence, and clinically relevant disease models to develop highly differentiated small molecule therapies [1] - Zeling Bio targets significant unmet medical needs in hematologic diseases, oncology, central nervous system disorders, and immune/inflammatory diseases, possessing eight proprietary assets in clinical and preclinical stages [1] Product Pipeline - The core product, Fluorotinib (FM), is in Phase 3 registration clinical trials for the treatment of myelofibrosis, a type of myeloproliferative neoplasm [1] - FM is a novel triple-target inhibitor of Janus kinase 2, FMS-like tyrosine kinase 3, and cyclin-dependent kinase 6 [1] - Another product, Pidilizumab (PM), is also in Phase 3 registration clinical trials for the treatment of relapsed/refractory diffuse large B-cell lymphoma, designed as a next-generation selective HDAC I/IIb inhibitor emphasizing selectivity and safety [1] Industry Insights - The global oncology therapeutics market is projected to grow from $262.1 billion in 2024 to $724.9 billion by 2035 [2] - The Chinese oncology therapeutics market is expected to expand from $37.2 billion in 2024 to $143.7 billion by 2035 [2] - The global myelofibrosis therapeutics market is anticipated to increase from $3 billion in 2024 to $11.1 billion by 2035, with a compound annual growth rate of 14.6% expected in the Chinese market during the same period [2]

Market Overview - The three major indices collectively adjusted, with the Shenzhen Component Index falling over 1% and the ChiNext Index dropping nearly 2% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.65 trillion yuan, an increase of 49.6 billion yuan compared to the previous trading day [1] - Over 3,700 stocks in the market declined, while sectors such as AI applications and AI healthcare saw gains [1] Strategic Metals Investment - CITIC Construction maintains a positive outlook on strategic metals investment opportunities due to rising resource nationalism and geopolitical tensions [2] - The importance of strategic mineral resources has increased, becoming a new battleground for countries amid global supply chain disruptions [2] Inflation and Federal Reserve Outlook - CICC reports that the U.S. December CPI rose by 2.7% year-on-year, aligning with market expectations, while core CPI was at 2.6%, below expectations [3] - The report indicates that moderate inflation data is insufficient for the Federal Reserve to consider a rate cut in January, with the next potential cut possibly in March [3] Market Sentiment and Sector Rotation - CITIC Securities highlights that market liquidity is increasing, with A-share trading volume surpassing 3 trillion yuan, leading to accelerated sector rotation [4] - External factors, such as U.S. non-farm payrolls and unemployment rates, have reduced the likelihood of a rate cut by the Federal Reserve in January [4] - Domestic economic recovery remains fragile, with ongoing adjustments in economic and income structures, while support for technology sectors like AI and commercial aerospace continues [4]

Group 1 - The Hong Kong IPO market has started 2026 with strong momentum, with multiple companies successfully completing their IPOs across various sectors, including semiconductors and software services [1][2] - As of January 13, 2026, 11 companies have completed IPOs in Hong Kong, raising a total of HKD 33.1 billion, with significant contributions from the semiconductor and software service industries [2] - In 2025, the Hong Kong IPO market reached a total fundraising amount of HKD 612.4 billion, representing a year-on-year increase of over 250% [2] Group 2 - The refinancing market in Hong Kong also showed robust growth in 2025, with 574 companies involved, marking a 43.5% increase year-on-year, and a total refinancing scale of HKD 326.4 billion, up 278.15% [2][3] - The automotive sector emerged as a key player in refinancing, with major companies like BYD and Xiaomi leading the way [3] Group 3 - Chinese securities firms have established a dominant position in the Hong Kong IPO market, holding six out of the top ten spots in equity underwriting, with a combined market share exceeding 56% [4] - Notable firms such as CICC and CITIC Securities have significantly contributed to the fundraising efforts, with CICC raising HKD 66.2 billion and CITIC Securities raising HKD 48.6 billion [4] Group 4 - The pipeline for IPOs remains strong, with over 300 companies waiting to go public, primarily in the technology and pharmaceutical sectors [7] - The Hong Kong Stock Exchange's recent rule changes are expected to further enhance the market's competitiveness and liquidity, potentially leading to an IPO fundraising scale exceeding HKD 300 billion in 2026 [7] Group 5 - The overall performance of securities firms in 2025 has been bolstered by investment banking activities, with significant revenue growth reported across major firms [6] - CICC and CITIC Securities reported substantial increases in revenue, driven by strong performance in their core business segments [6]

● 本报记者 谭丁豪 2026年伊始，港股市场的IPO进程已在忙碌地进行。 港股一级市场迎来"开门红"，开年不久便有多家企业顺利完成IPO，涵盖半导体、软件服务等多个赛 道，部分企业募资表现亮眼。回望2025年，港股一级市场热度空前，不仅在全球主要交易所中脱颖而 出，而且IPO与再融资市场均展现出强劲活力。 与此同时，中资券商在港股投行市场占据主导地位，凭借扎实的业务能力展现出强劲竞争力，港股投行 业务也成为多家券商母公司业绩增长的重要支撑。 当前，港股市场仍有大批企业排队等待IPO，多家机构表示，得益于港交所持续优化相关上市规则，以 及各类资金的持续流入，2026年港股新股市场有望延续良好势头，市场发展前景值得期待。 11家公司完成上市 今年以来，截至1月13日，港股市场已有11家公司完成IPO上市，主板10家，创业板1家，募资总额达 331亿港元。上市公司分别为壁仞科技、MINIMAX-WP、豪威集团、兆易创新、智谱、天数智芯、瑞博 生物、精锋医疗-B、金浔资源、红星冷链、BBSB INTL。 从行业分类来看，上述11家上市公司中，4家为半导体行业，2家为软件服务行业，其余分别所属医药生 物、医疗设备与服 ...

Group 1 - The A-share market has shown a strong upward trend since the beginning of 2026, with the financing balance of the two markets exceeding 2.6 trillion yuan, prompting leading brokerage firms to issue bonds to support business development [1][3] - Major brokerages have actively engaged in bond issuance, with China Galaxy announcing a public bond issuance of up to 30 billion yuan and East Money Securities planning to issue up to 20 billion yuan in subordinated bonds [1][3] - The bond financing scale for brokerages has experienced explosive growth, with a total issuance amount of 81.3 billion yuan in early 2026, a nearly 70% increase compared to the same period in 2025 [3][4] Group 2 - The surge in bond financing is driven by a combination of factors, including increased market activity, rising capital demands, and a favorable low-interest-rate environment that makes bond financing more attractive than equity financing [6][7] - Brokerages are using the proceeds from bond issuances primarily for replenishing working capital and repaying maturing debts, which is crucial for their operational stability and growth [5][6] - The trend of bond issuance is expected to continue in 2026, with a focus on capital supplement bonds and a shift towards longer-term financing to match the capital needs of margin trading and proprietary investment [8][9]

Core Viewpoint - The A-share market has shown strong performance at the beginning of 2026, with a historical high in trading volume and a significant increase in major indices, driven by multiple favorable factors [1][2][4]. Market Performance - As of January 12, 2026, the Shanghai Composite Index has risen by 4.9% since the end of 2025, marking 17 consecutive days of gains, positioning it among the top global markets [1]. - The total trading volume on January 12 reached 3.64 trillion yuan, setting a new historical record [1]. Supporting Factors - Investor optimism for 2026, particularly in the first half, has led to increased capital allocation [2]. - Recent technological advancements in sectors like AI and commercial aerospace have catalyzed market interest, with significant satellite applications submitted to the International Telecommunication Union [2]. - Anticipation of positive earnings reports from A-share companies at the end of January, especially for small and mid-cap stocks, has contributed to market optimism [2]. - The ongoing trend of capital movement from savings to investments has created a positive feedback loop with market performance [2]. - The appreciation of the Chinese yuan, recently reaching 6.96, has also supported market sentiment [2]. Short-term Considerations - The rapid increase in market performance and trading volume necessitates caution regarding potential short-term volatility, as high turnover rates may indicate overheated investor sentiment [3]. - A focus on maintaining market stability and a gradual pace of growth is recommended to attract incremental capital and support long-term market health [3]. Mid-term Outlook - The A-share market is expected to continue its upward trend, driven by the interplay of international order restructuring and domestic industrial innovation [4]. - Recent geopolitical changes and the evolving U.S.-China trade relationship are seen as stabilizing factors for the Chinese market [4]. - The ongoing advancements in AI technology and related sectors are anticipated to sustain high growth and contribute to the revaluation of Chinese assets [4]. Investment Recommendations - Focus on sectors experiencing growth, such as AI technology, innovative pharmaceuticals, and energy storage, which are entering a favorable cycle [5]. - Consider opportunities in export-oriented industries, including home appliances and machinery, which are expected to benefit from global demand [5]. - Monitor cyclical sectors like chemicals and renewable energy for potential recovery as supply-demand dynamics improve [5]. - Emphasize high-dividend stocks for long-term investment strategies, leveraging stable cash flows and lower volatility [5]. - Identify sectors likely to report strong annual performance, such as gold and technology, which are benefiting from high demand in AI [5].