【财经分析】2025年港股市场盘点：IPO募资总额全球第一 估值修复仍有空间

Core Viewpoint - The Hong Kong stock market in 2025 has shown a complex picture of capital inflow, sector rotation, and institutional effects, contrasting with previous trends of "valuation collapse and low sentiment" [2] Group 1: IPO Market and Institutional Effects - The IPO market in Hong Kong has significantly rebounded in 2025, with an increase in the proportion of new listings from technology, advanced manufacturing, and biomedicine sectors [3] - Hong Kong's IPO financing amount ranked first globally in 2025, with a total of 274.6 billion HKD raised from 106 companies listed by December 19, showcasing the market's vitality [3] - The implementation of new listing rules and mechanisms has facilitated the listing of 88 biotech and specialized technology companies, reflecting strong investor interest in frontier fields [4] Group 2: Market Dynamics and Valuation Recovery - The Hong Kong stock market has experienced a valuation recovery led by high-growth sectors, with the Hang Seng Index rising approximately 30% in 2025, driven by sentiment and liquidity [5] - The Southbound capital has become the main force in the Hong Kong stock market, with net purchases reaching 1.4 trillion HKD in 2025, surpassing the previous year's total [5][6] - The daily trading volume of Southbound capital has increased from about 25% to around 30% of the main board trading, indicating its growing influence on the market [6] Group 3: Structural Differentiation in Market Performance - The market has shown a structural trend of "new and old momentum switching, and extreme differentiation among industries and stocks," with new economy sectors leading the market [7] - Traditional cyclical industries and high-debt sectors have underperformed, reflecting a defensive rather than growth-oriented nature [8] - The liquidity differentiation between leading and small-cap stocks may lead to rapid valuation recovery for core assets, while small-cap stocks may face liquidity challenges [8] Group 4: Future Outlook and Market Trends - The Hong Kong stock market is expected to continue its structural bull market, transitioning from liquidity-driven valuation recovery to profit improvement and industrial policy resonance [10] - Despite external uncertainties, the market is anticipated to maintain an upward trend, supported by improving corporate earnings and market sentiment [10]