德勤报告：2026年中国内地A股市场将继续稳定增长

Core Insights - The report by Deloitte highlights an expected improvement in global IPO financing in 2025, driven by eight large IPOs, with Hong Kong leading in total IPO financing [3][4]. Group 1: Global IPO Market Overview - The global top ten IPOs in 2025 are projected to show slight improvement compared to 2024, with Hong Kong expected to top the list in total IPO financing [3]. - A medical supplies company is anticipated to be the largest IPO globally in 2025, placing Nasdaq in second position, while the National Stock Exchange of India is expected to rank third due to the highest number of new listings [3]. - The Shanghai Stock Exchange is projected to rank fifth, with the Shenzhen Stock Exchange in eighth place for new listings [3]. Group 2: A-Share Market Performance - The A-share market is expected to continue its momentum from 2024, with an increase in the number of new listings and a significant rise in financing amounts, supported by new policies [3][4]. - In 2025, it is estimated that 114 companies will go public in the A-share market, raising approximately 129.6 billion RMB, representing a 14% increase in the number of listings and a 94% increase in financing compared to 2024 [5]. - The Shanghai Stock Exchange is expected to lead in financing amount with 80 billion RMB, while the Shenzhen Stock Exchange will have the highest number of new listings [5]. Group 3: Future Outlook for 2026 - The Hong Kong IPO market is projected to set a new record in 2026, with financing expected to reach at least 300 billion HKD [5][6]. - Deloitte forecasts around 160 new IPOs in Hong Kong in 2026, with at least seven expected to raise over 10 billion HKD each, including leading mainland enterprises [6]. - The ongoing reforms and alignment with national strategies are expected to provide a solid foundation for continued growth in A-share IPOs, particularly in sectors prioritized by the "14th Five-Year Plan" [5].