港股吸引力提升！国际巨头用真金白银投票：长线资金五六成已回流

Group 1 - Main international long-term funds have returned to Chinese stocks, with participation in Hong Kong IPOs rising from 10%-15% during low periods to 85%-90% recently [2][4] - Approximately 50-60% of the overseas funds that withdrew between 2022 and 2024 have returned, indicating a strong recovery of mainstream long-term international investors [4][5] - The Hong Kong IPO and refinancing market is expected to remain highly active in 2026, with a significant increase in the number of independent IPO projects [2][6] Group 2 - The total refinancing scale in Hong Kong for 2025 is projected to reach HKD 326.4 billion, a year-on-year increase of 278.15% [6][8] - The market structure is anticipated to change, with the proportion of "A+H" listings expected to decline, leading to an increase in independent IPOs [2][7] - The upcoming lock-up expiration for large companies in March and September 2026 is expected to be a significant event, but it is not necessarily linked to market declines [8]