摩根士丹利张晓羽：港股市场活跃度明显提升国际长线资金积极关注中国资产

Core Viewpoint - The Hong Kong stock market is experiencing a significant increase in activity, with international long-term capital showing strong interest in Chinese assets, particularly in the AI and innovative pharmaceutical sectors [2][5]. Group 1: IPO Market Activity - As of early 2026, the Hong Kong IPO market has seen over 20 companies complete their IPOs, raising approximately 10 times the amount raised during the same period last year, exceeding $10 billion [2][3]. - There are currently 488 companies waiting to go public, indicating a robust pipeline for future IPOs [2]. - The structure of the IPO market is evolving, with an increase in international companies considering listings in Hong Kong, alongside a rise in large and innovative IPO projects [3][6]. Group 2: Long-term Capital Involvement - International long-term capital is increasingly participating in the Hong Kong stock market, with net inflows from overseas funds reaching $8.6 billion in January 2026, significantly higher than the $3.5 billion in December 2025 [5][6]. - High-quality global long-term funds and sovereign wealth funds are becoming key players in cornerstone and anchor investments, reflecting strong confidence in quality Hong Kong projects [5][6]. Group 3: Sector Focus - The AI industry and innovative pharmaceuticals are highlighted as key areas of interest for international investors, with a focus on companies that demonstrate long-term leadership in their respective sectors [6][7]. - The technology sector is forming a more complete and valuable investment ecosystem in Hong Kong, driven by the entry of various AI-related companies into the capital market [7]. - In the innovative pharmaceutical sector, the current IPO wave is characterized by maturity and rationality, with a focus on companies that have demonstrated commercial viability and international competitiveness [8].