纽交所中国区主管葛辰皓：AI预计仍是2026美股增长的原动力

Group 1 - The core viewpoint of the article emphasizes the resilience of the US stock market in 2025, highlighting a 15% increase in the S&P 500 index year-to-date as of December 5 [4] - The article discusses the recovery of the IPO market in 2025, with the number of IPOs and total financing exceeding the entire year of 2024, marking the third consecutive year of growth since 2022 [5] - It notes that approximately 70% of US IPO companies saw their stock prices rise on the first day of trading, with over 60% of companies currently trading above their issue prices [5] Group 2 - The article highlights significant IPOs in the fintech sector, such as Circle and Bullish, both raising over $1 billion and experiencing substantial first-day gains [6] - It identifies several underlying factors for the recovery of the IPO market, including the AI wave, government innovation policies, and potential tax incentives for companies [7] - The article mentions that despite delays in some large international projects, many well-prepared quality projects successfully seized the issuance window amid uncertainty [7] Group 3 - Looking ahead to 2026, the article presents an optimistic outlook for the US stock market, driven by reduced policy uncertainty, continued AI growth, and the potential for increased liquidity under a new Federal Reserve chair [9] - It suggests that the AI application will expand beyond large enterprises, benefiting a wider range of industries and becoming a new investment theme [9] - The article also discusses the evolving role of global exchanges, emphasizing the unique functions of physical exchanges like the New York Stock Exchange in providing liquidity and facilitating communication between regulators and listed companies [10][11]