随着资本市场一系列政策措施落实生效，内地资本市场也会继续保持IPO的适当节奏；香港或可随着美国两次减息和预期中国经济复苏在2024年年底时继续跻身全球四大

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The global capital markets have been impacted by negative factors such as the Russia-Ukraine conflict, the Israel-Hamas war, and geopolitical tensions in the Middle East, which have affected investment sentiment. However, recent interest rate cuts by the European Central Bank and the Bank of England have improved market conditions [3][4]. Summary by Sections Global and Chinese Economic Overview - The report highlights that the global economy is expected to slow down in 2023, with the OECD predicting a successful soft landing. The Chinese central bank has implemented measures to support the real estate sector, including a reduction in the loan market quotation rate [4][3]. New Stock Market Overview - In the first three quarters of 2023, the global new stock market saw a significant increase in financing, with the top five exchanges including Nasdaq and the Hong Kong Stock Exchange. The financing amount for new stocks in Hong Kong reached 1,389 million HKD, showing a notable increase compared to the previous year [6][9][18]. Hong Kong New Stock Market Analysis - The Hong Kong new stock market experienced a total of 41 new stocks, with one large-scale IPO. The overall financing amount remained low compared to previous years, indicating a challenging market environment [11][14][19]. Performance of New Stocks - The average first-day return for new stocks in Hong Kong was 13.5%, which is higher than the previous year's average. The report notes that the performance of the top three best-performing new stocks improved compared to last year [25][26]. Industry Analysis of New Stocks - The technology and consumer sectors dominated the new stock market, with a significant increase in the proportion of new stocks from the technology sector. The report indicates that nearly 30% of new stocks were listed with losses, a decrease from over 40% in the previous year [21][41]. Market Sentiment and Subscription Analysis - The overall subscription performance for new stocks improved significantly, with the top five oversubscribed new stocks showing higher multiples compared to the previous year. This indicates a more favorable market sentiment towards new listings [36][40].