2025年，港股从“估值洼地”向“资产定价枢纽”转型

Group 1 - The core viewpoint of the articles highlights a significant recovery in the Hong Kong stock market, with the Hang Seng Composite Index rising by 30.98% in 2025, creating an optimal "issuance window" for primary equity financing [1] - The total amount of equity financing in the Hong Kong stock market reached HKD 612.2 billion in 2025, a substantial increase of 250.91% compared to HKD 174.5 billion in the previous year, indicating a remarkable scale leap [1] - Analysts attribute the surge in equity financing to the return of large Chinese concept stocks and the normalization of specialized technology enterprises (18C) issuance, which has transformed Hong Kong into a global fundraising center and shifted its role from a "valuation lowland" to an "asset pricing hub" [1] Group 2 - In 2025, 117 companies were listed on the main board, an increase of 67.14% from 70 companies in the previous year [3] - The total amount raised through IPOs in Hong Kong reached HKD 285.8 billion in 2025, a significant rise of 224.24% from HKD 88.1 billion in the prior year [3] - From an underwriting perspective, China International Capital Corporation (CICC) led with an underwriting scale of HKD 51.65 billion and 42 deals, followed by CITIC Securities (Hong Kong) with HKD 46.03 billion and 33 deals, and Morgan Stanley with HKD 25.83 billion and 12 deals [3]