环球市场动态：港股IPO市场回暖

Market Overview - A-shares experienced a slight decline, with the Shanghai Composite Index down 0.02% to 3,727 points, while the Shenzhen Component fell 0.12% and the ChiNext Index dropped 0.17%[18] - Hong Kong stocks also saw a downturn, with the Hang Seng Index decreasing by 0.21%, the Hang Seng China Enterprises Index down 0.3%, and the Hang Seng Tech Index falling 0.67%[13] IPO Market - The Hong Kong IPO market showed signs of recovery, with total fundraising reaching HKD 129.2 billion, a 147% increase compared to the entire year of 2024, marking the highest average fundraising size since 2022 at HKD 2.4 billion[6] - The first-day loss rate for IPOs was at its lowest since 2018, at 28%, with average and median first-day returns of 15.1% and 3.4%, respectively[6] Global Market Trends - European markets generally rose due to improved prospects for a peace agreement between Russia and Ukraine, with the Stoxx 600 index up 0.69%[11] - U.S. markets showed mixed results, with the Dow Jones slightly up by 0.02% to 44,922 points, while the S&P 500 fell by 0.59% to 6,411 points and the Nasdaq dropped 1.46% to 21,314 points[11] Commodity Prices - International oil prices fell over 1%, with NYMEX crude down 1.69% to USD 62.35 per barrel and Brent crude down 1.22% to USD 65.79 per barrel[30] - Gold prices and London copper also experienced declines amid market volatility[30] Fixed Income Market - U.S. Treasury yields halted a three-day decline, with the 2-year yield at 3.75% and the 10-year yield at 4.31%[33] - Market participants are anticipating potential interest rate cuts from the Federal Reserve, influenced by comments from President Trump regarding the impact of current rates on the real estate sector[33] Sector Performance - In the U.S., the real estate sector led gains with a 1.80% increase, while the technology sector faced the largest decline at 1.88%[11] - In Hong Kong, the healthcare sector saw significant losses, with major pharmaceutical stocks like 恒瑞医药 (Hengrui Medicine) dropping over 5%[13] Notable Stocks - Cisco (CSCO US) reported a slight earnings beat and strong AI order growth, with total orders exceeding USD 2 billion for FY2025[9] - Xiaomi (1810 HK) reported a 30.5% increase in revenue and a 75.1% increase in adjusted net profit for Q2 2025, driven by strong performance in its AIoT and electric vehicle segments[16]