人民财讯9月18日电，香港交易及结算所有限公司(香港交易所)宣布，已与阿联酋的阿布扎比证券交易 所签署合作备忘录，探索两地资本市场合作机遇并增强双方的联系。根据合作备忘录，香港交易所将与 阿布扎比证券交易所探讨在市场推广、交易所买卖基金、ESG(环境、社会及管治)相关产品、互挂上市 及其他共同关注的领域上合作，一同实践双方在建构更紧密融合的全球金融生态圈的承诺。 ...

目前，禾赛科技在车载激光雷达市场摘得三项全球第一：全球车载激光雷达市占率第一、全球 ADAS 激光雷达市占率第一、全球 L4 自动驾驶激光雷达市占率第一，也成为了行业唯一一个连续四年获"多 项全球第一"殊荣的企业，持续领跑全球市场。 本次IPO绿鞋（超额配售选择权）前募资41.6亿港元（约5.33亿美元），创全球激光雷达行业规模最大 纪录，也是近四年融资额最高的中概股回港项目。 北京商报讯（记者 陶凤 实习记者 王天逸）2025年9月16日，全球激光雷达龙头禾赛科技正式在香港交 易所主板挂牌，成为业内首家"美股+港股"双重主要上市公司。 2024 年公司实现营收 20.8 亿元，年度交付量连续 4 年翻倍，成为全球首家且唯一实现全年盈利的上市 激光雷达企业，也是全球首家全年经营和净现金流为正的上市激光雷达企业。公司 2021 至 2024 年的营 收复合增长率达 42.3%，收入保持高速增长。 ...

机构：长江证券 研究员：吴一凡/程泽宇 事件描述 海内外宏观环境：1）国内方面，经济景气度有所回升，供需两端同步改善。8 月中国制造业PMI 为 49.40%，环比提升0.10pct，处于荣枯线下方。需求端，8 月制造业PMI 新订单指数、新出口订单指数分 别为49.5%、47.2%，环比分别+0.10pct、+0.10pct。供给端，8 月制造业生产指数为50.8%，环比 +0.30pct。2）海外方面，降息预期有所强化，海外流动性有望进一步增强。根据CME group 提供的美 联储降息预期数据显示，2025 年9 月预计降息25bp，2025 年全年预计降息75bp。8 月，失业率为 4.30%，环比+0.1pct，就业市场整体降温；CPI 同比增速为2.90%，较上月上升0.2pct。 投资建议：截止8 月底，公司PE 为37.02x，处于2016 年以来历史52%的分位，具备一定的配置性价比， 预计伴随互联互通政策持续加码香港资本市场，港股市场流动性将持续抬升，市场整体活跃度及估值有 望随之提升。预计公司2025-2027 年实现收入及其他收益303/332/356 亿港元，归母净利润为194/20 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company's PE ratio as of the end of August is 37.02x, positioned at the 52nd percentile historically since 2016, indicating a certain level of cost-effectiveness for allocation. It is expected that with the continuous enhancement of the mutual access policy in the Hong Kong capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is projected to achieve revenues and other income of 30.3 billion, 33.2 billion, and 35.6 billion HKD for 2025-2027, with net profits attributable to shareholders of 19.4 billion, 20.6 billion, and 22.3 billion HKD, corresponding to PE valuations of 29.3, 27.7, and 25.4 times respectively [2][50]. Market Environment - The Hong Kong stock market continued its upward trend in August, driven by domestic policy support and expectations of interest rate cuts by the Federal Reserve. The Hang Seng Index and Hang Seng Tech Index increased by 25.0% and 27.0% respectively compared to the end of 2024. The average daily trading (ADT) for Hong Kong stocks in August was 279.1 billion HKD, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 192.1% [10][15]. Business Segments - **Spot Market**: The overall Hong Kong stock market saw significant increases in trading activity, with the ADT for northbound trading reaching 322.8 billion HKD, up 45.2% month-on-month and 204.9% year-on-year. Southbound trading ADT was 155.2 billion HKD, reflecting increases of 7.4% month-on-month and 448.3% year-on-year [8][15]. - **Derivatives Market**: The average daily volume (ADV) for futures was 62.7 thousand contracts, with month-on-month and year-on-year increases of 9.6% and 5.3% respectively. The ADV for options was 96.2 thousand contracts, with increases of 2.1% month-on-month and 34.5% year-on-year [19]. - **Primary Market**: In August, the IPO scale in the Hong Kong stock market decreased month-on-month but increased significantly year-on-year, with a total of 6 new listings raising 5.4 billion HKD, a 73% decrease month-on-month but a 189% increase year-on-year [29][31]. Investment Income - As of the end of August, the HIBOR rates for 6 months, 1 month, overnight, and the US overnight bank funding rate were 3.27%, 3.30%, 4.00%, and 4.33% respectively, showing month-on-month increases but year-on-year declines for most rates [38].

Core Viewpoint - The Hong Kong Stock Exchange emphasizes the importance of climate financing as a crucial solution to address the challenges posed by climate change, advocating for capital allocation to drive innovative technology development and accelerate the achievement of net-zero emissions goals [1] Group 1: Climate Financing Importance - Climate financing is highlighted as a vital approach to tackle the severe challenges of climate change [1] - The allocation of capital can promote the development of innovative technologies [1] - The goal of achieving net-zero emissions can be accelerated through effective climate financing [1] Group 2: Support from Hong Kong Stock Exchange - The Hong Kong Stock Exchange will provide standards, frameworks, and diverse platforms to support the development of sustainable finance [1]

Group 1 - The Hong Kong Stock Exchange (HKEX) hosted a climate financing forum themed "Towards a Net Zero Path," highlighting the importance of climate financing in capital allocation and accelerating the transition to net zero [1][3] - HKEX CEO Charles Li emphasized that climate financing is a crucial solution to the challenges posed by climate change, aiding in the development of innovative technologies and achieving net zero emissions [3] - The Hong Kong government is committed to enhancing its position as an international green finance hub through policy guidance, market innovation, and ecosystem building to address climate challenges [3] Group 2 - HKEX's Chief Sustainability Officer, Dr. Zhou Guanying, stated that the exchange aims to lead regional green transformation by directing funds towards impactful climate solutions [3] - The release of the "Carbon Credit: Buyer’s Guide" aims to provide more information on carbon credits, offering case studies to assist companies and investors in making sustainable development strategy decisions [3] - Mary Schapiro, Vice Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), highlighted the significant potential for global carbon market development, emphasizing the need for local services to support corporate decarbonization while fostering global cooperation for sustainable development [3]

Group 1 - The core viewpoint is that the IPO market in Hong Kong remains strong, with over 200 companies queued for listing, half of which are technology firms [1] - The CEO of Hong Kong Stock Exchange, Charles Li, noted that foreign investment in Chinese assets is increasing, shifting from "not investable" to "must invest" [1] - There is a significant foreign participation in IPOs, especially in high-tech sectors, with foreign investors accounting for 70-80% of subscriptions for some large enterprises [1] Group 2 - The inclusion of REITs in the Stock Connect program is well-prepared, enhancing the interconnectivity between mainland and Hong Kong markets [2] - Future expansion of the interconnectivity mechanism aims to include commodities and derivatives, with the goal of allowing investors access to all desired products [2]

香港交易所集团行政总裁陈翊庭： 港股市场IPO热度仍将持续 中国资产已变成"不能不投资" 证券时报记者 吴瞬 自去年9月以来，港股市场持续复苏，首次公开募股(IPO)规模在今年上半年重回全球第一，单日市场交 易额翻倍，港股市场呈现出一派欣欣向荣的景象。 在这一背景下，香港交易所集团行政总裁陈翊庭近日在接受证券时报记者采访时指出，港股市场的IPO 热度仍将持续。同时，面对当前复杂的全球局势，越来越多的外资正在通过香港投资中国资产以实现多 元化配置，中国资产正在从数年前外资口中所谓的"不能投资"变成"不能不投资"。 从政策驱动到基本面驱动 "从去年以来，我前往海外时，当地的美资、欧资投行经常会安排午餐会，他们非常乐意听我介绍与一 线企业的沟通情况和发展状况，经常一个午餐他们会一直不停问我两三个小时，我饭都吃不上一 口。"陈翊庭表示，目前外资对中国资产的兴趣大增。 今年上半年，港股新股市场极为火爆，不少新股都创造了数千倍的超额认购，一大批明星公司如宁德时 代、蜜雪集团纷纷登陆港股市场，更有一大批首日涨幅惊人的18A公司接连上市。 因此，市场也极为期待港股IPO市场取得更大成就，不过也有声音担忧IPO热度能否一直持续 ...

Core Viewpoint - The Hong Kong stock market is experiencing a significant revival, with IPO activity returning to the forefront globally, driven by increased foreign investment in Chinese assets as they transition from being deemed "uninvestable" to "essential" [1][2][3]. Group 1: IPO Market Dynamics - The Hong Kong IPO market has seen a remarkable resurgence, with the total financing amount reaching HKD 137.5 billion by the end of August, marking a nearly sixfold increase compared to the same period in 2024 [4]. - Over 200 companies are currently in the pipeline for listing, with a significant portion being technology firms, indicating a robust supply of potential IPOs [3]. - The A+H listing model has been particularly successful, accounting for 70% of the total financing in the first half of the year [4]. Group 2: Foreign Investment Interest - There is a notable increase in foreign interest in Chinese assets, with many foreign investors actively seeking opportunities in the Hong Kong market [2][3]. - A significant portion of the subscriptions for new listings, especially in high-tech sectors, is coming from foreign investors, with some listings seeing up to 70% participation from overseas funds [3]. - The shift in perception among global investors regarding Chinese assets is evident, as they are now more inclined to consider them as viable investment options [3]. Group 3: Market Structure and Future Outlook - The Hong Kong Stock Exchange (HKEX) is committed to enhancing its market structure to better accommodate diverse investor needs and ensure a competitive edge [6]. - There is a recognition of the need to diversify product offerings beyond equities, particularly in fixed income and commodities, to compete effectively with other global markets [7][8]. - The integration of REITs into the Stock Connect program is in advanced preparation, which will further enrich the trading options available to investors [7].

Group 1 - The Hong Kong stock market has shown significant recovery since September last year, with IPO activity returning to the top globally in the first half of this year, and daily trading volume doubling [1] - The interest from foreign investors in Chinese assets has increased, shifting from "not investable" to "must invest" [2][3] - There are currently over 200 companies queued for IPOs, with a significant portion being technology firms, indicating a healthy supply of potential listings [3] Group 2 - The total financing amount for new stock issuance in Hong Kong reached HKD 137.5 billion by the end of August, a nearly sixfold increase compared to the same period in 2024 [4] - The trend of "A first, then H" listings has emerged due to companies' expansion needs and the demand for overseas financing platforms [5] - The Hong Kong Stock Exchange (HKEX) has a unique advantage in accommodating both large and small companies, enhancing its market inclusivity [6] Group 3 - Despite the strong performance of the Hong Kong market, there are still areas for improvement, particularly in the bond and commodity markets [7] - HKEX aims to diversify its product offerings beyond equities to remain competitive and meet the needs of foreign investors [7][8] - The inclusion of REITs in the Stock Connect program is being prepared, which will further enrich the trading options available [7]