瑞银胡凌寒：境内外投资者对中国香港市场中长期发展抱有积极态度

Group 1 - UBS Group hosted the 26th Greater China Conference in Shanghai, focusing on "New Frontiers: Recognizing Changes, Seeking Growth" [1] - The Hong Kong market is expected to see its highest financing scale in nearly a decade in 2025, with strong performance in IPOs, refinancing, placements, and convertible bonds [1] - The MSCI China Index's valuation discount compared to global indices has narrowed, and the Hang Seng Index rose nearly 30% in the past year, marking the second-highest increase in a decade [1] Group 2 - Cornerstone investors in the Hong Kong market typically have a six-month lock-up period, indicating strong long-term confidence in the market and specific companies [2] - High-quality Chinese institutions, such as Boyu and Hillhouse, remain active in the cornerstone investment market, reflecting a positive outlook from both domestic and foreign investors [2] - New projects are expected to attract U.S. and Middle Eastern investors to the cornerstone investment space, indicating a continuation of positive trends into 2026 [2] Group 3 - Investors are shifting from traditional valuation methods focused on price-to-earnings (PE) ratios to price-to-sales (PS) ratios, showing a more inclusive approach to high-growth companies [3] - There is a broad interest in leading companies across various sectors, including technology, automation, consumer goods, and healthcare, rather than a concentration in specific sectors [3] - Over 300 companies have applied for IPOs on the Hong Kong Stock Exchange, with potential for further expansion in financing scale in 2026, highlighting Hong Kong's role as an international liquidity pool [3]