智谱飙升超30%，港股新股全线飘红

Core Viewpoint - The Hong Kong stock market is experiencing a resurgence in IPO enthusiasm, particularly in AI and technology sectors, with several new stocks showing significant gains since their listings [4][6][8]. Group 1: Market Performance - As of January 12, the Hang Seng Index rose by 0.47% to 26,355.83, with a trading volume of 127.5 billion [2] - The Hang Seng Technology Index increased by 1.41% to 5,767.49, with a trading volume of 39.9 billion [2] - Notable tech stocks such as Meituan and Baidu both saw gains exceeding 2% [1] Group 2: IPO Performance - New IPOs in Hong Kong have shown strong first-day performances, with MINIMAX-WP rising by 109.09%, Jin Xun Resources by 26.00%, and Rui Bo Bio by 41.62% on January 9 [6][9] - Since December 23, 2025, all 15 newly listed stocks have recorded gains on their first trading days, indicating a recovery in the IPO market [6] - The overall IPO failure rate in Hong Kong for 2025 was approximately 27.35%, with a notable increase in failure rates in November and December [6][11] Group 3: Investor Sentiment and Strategy - Investor interest in IPOs has increased, with a higher influx of funds, although the average returns have decreased due to the high volume of new listings [7][11] - The recent surge in AI and GPU stocks has positively influenced the sentiment around new IPOs [8] - A quantitative strategy is recommended for investors to improve IPO success rates, focusing on industry performance, average IPO returns, relative valuations, price differentials, and cornerstone investor holdings [10][12]