新华社香港9月24日电 香港恒生指数24日涨359.53点，涨幅1.37%，收报26518.65点。全日主板成交 2887.72亿港元。 国企指数涨152.65点，收报9442.99点，涨幅1.64%。恒生科技指数涨156.09点，收报6323.15点，涨幅 2.53%。 蓝筹股方面，腾讯控股涨2.05%，收报648.5港元；香港交易所涨0.18%，收报438.2港元；中国移动涨 0.65%，收报85.7港元；汇丰控股跌1.01%，收报107.5港元。 香港本地股方面，长实集团涨0.38%，收报36.68港元；新鸿基地产涨0.05%，收报92.5港元；恒基地产 涨0.51%，收报27.44港元。 中资金融股方面，中国银行跌0.23%，收报4.27港元；建设银行跌0.4%，收报7.47港元；工商银行涨 0.52%，收报5.81港元；中国平安涨0.19%，收报52.4港元；中国人寿涨0.37%，收报21.56港元。 石油石化股方面，中国石油化工股份无升跌，收报4.07港元；中国石油股份无升跌，收报7.07港元；中 国海洋石油涨0.85%，收报19.07港元。 【纠错】 【责任编辑:王頔】 ...

Group 1 - The Hong Kong government aims to encourage more companies to issue bonds in Hong Kong, as mentioned in the Chief Executive's latest Policy Address [1] - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) will release a "Fixed Income and Currency" roadmap detailing the initiatives [1] - A dedicated task force established by the two regulatory bodies has discussed three main proposals to enhance the bond market, including attracting more international issuers and improving offshore RMB issuance [1] Group 2 - The task force's discussions also include strategies to lower the funding costs and interest rate volatility for offshore RMB bonds, aligning them closer to onshore rates [1] - There is a preliminary exploration of allowing mainland investors to have more flexible arrangements for funds to "stay" in Hong Kong investment accounts, enhancing the liquidity of the offshore RMB pool [1] - The SFC and HKMA are collaborating with the financial industry and stakeholders to promote activities in both primary and secondary bond markets, further develop the foreign exchange market, and assess the feasibility of necessary financial market infrastructure [1]

Core Viewpoint - The article discusses the performance and outlook of the IPO market in Hong Kong and mainland China, highlighting significant growth in new listings and financing amounts in 2023, with expectations for continued strong momentum in the fourth quarter and beyond [2][3][4]. Group 1: Hong Kong IPO Market - In the first three quarters of 2023, Hong Kong saw 66 new IPOs raising HKD 1,823 million, a 47% increase in the number of new listings and a 228% increase in financing compared to the same period last year [3]. - The market is expected to maintain strong momentum in Q4 2023, with over 230 listing applications currently being processed and more than 5 large-scale IPOs anticipated, projecting a total of over 80 new listings raising between HKD 2,500 million to HKD 2,800 million for the year [3]. - The new listings will primarily consist of A+H shares, with notable contributions from healthcare, technology, and consumer sectors [3]. Group 2: Mainland China IPO Market - By September 30, 2025, it is projected that 78 new IPOs will raise RMB 771 billion, representing a 13% increase in the number of new listings and a 61% increase in financing compared to the previous year [4]. - The ChiNext board is leading in the number of new listings, while the Shanghai main board has the highest total financing amount among various boards, with 25 new IPOs expected to raise RMB 454 billion [4]. - The article emphasizes the steady progress of new IPO issuances in the A-share market, aligning with regulatory policies and showcasing the strength of the mainland IPO market [4]. Group 3: U.S. Market for Chinese Companies - In the first three quarters of 2025, 57 Chinese companies are expected to go public in the U.S., raising USD 1.05 billion, which is a 54% increase in the number of new listings and a 26% increase in financing compared to the same period last year [4]. - The anticipated increase in regulatory hurdles for Chinese companies seeking to list on NASDAQ may lead some to consider Hong Kong as an alternative for their IPO plans [5].

新能源及有色金属日报 | 2025-09-24 节前备货相对缓慢 铜价维持震荡格局 市场要闻与重要数据 期货行情： 库存与仓单方面，LME 仓单较前一交易日变化-400.00吨万144975吨。SHFE 仓单较前一交易日变化-2166 吨至 27727吨。9 月 22 日国内市场电解铜现货库 14.45万吨，较此前一周变化 -0.44万吨。 策略 2025-09-23，沪铜主力合约开于 80080元/吨，收于 79920元/吨，较前一交易日收盘-0.30%，昨日夜盘沪铜主力合 约开于 79980元/吨，收于 79970元/吨，较昨日午后收盘上涨0.06%。 现货情况： 据 SMM 讯，昨日电解铜现货升水小幅回落，SMM1#铜均价79860-80160元/吨，主力合约升水55元/吨（跌5元）。 沪铜早盘冲高80160元/吨后回落，收于79940元/吨，进口亏损维持500元/吨。市场出货情绪减弱，销售意愿略升（采 购指数3.12，销售指数3.15）。进口品牌如波兰、秘鲁等从升水60-80元/吨降至40-60元/吨成交，国产平水铜在贴水 10元至升水30元/吨区间交易，安徽地区出厂贴水30元/吨。非注册货源贴水收窄 ...

Market Overview - The Hang Seng Index closed down 185 points, marking a cumulative decline of 385 points over two days, with a final closing value of 26,159 points [3] - The total market turnover was 29.46 billion HKD, with a net outflow of 4.069 billion HKD from northbound trading [3] Stock Performance - Among 88 blue-chip stocks, 67 experienced declines, with notable drops including: - CSPC Pharmaceutical Group down 4.7% to 9.47 HKD - China Biologic Products down 4.5% to 8.14 HKD - WuXi AppTec down 3.3% to 109.7 HKD - BYD down 3.1% to 106.3 HKD - New Oriental Education saw an increase of 1.9% to 40.64 HKD, and CITIC Limited rebounded by 1.5% to 11.5 HKD, being the strongest blue chips [4] Debt Issuance - Bank of China assisted the Shenzhen Municipal Government in issuing offshore RMB local government bonds in Hong Kong, raising a total of 4 billion RMB. The bonds include 2-year, 5-year, and 10-year maturities with interest rates of 1.61%, 1.8%, and 2.08% respectively [7] - The issuance attracted significant interest, with a peak order book size of 18.67 billion RMB and an order multiple of 4.7 times [7] Green Finance Initiatives - The Hong Kong Stock Exchange signed a memorandum of cooperation with carbon trading centers in Guangzhou, Shenzhen, and Macau to enhance knowledge sharing and cooperation in the green finance ecosystem within the Greater Bay Area [8] E-commerce Regulation - The State Administration for Market Regulation reported that the online retail sales in China reached 7.43 trillion RMB in the first half of the year, growing by 8.5% year-on-year, with live e-commerce playing a significant role. However, issues of false marketing and counterfeit products were highlighted as prominent problems in the sector [9] Corporate Developments - Fantasia Holdings announced that 84% of its existing bondholders have supported the restructuring agreement, extending the deadline for creditors to join the plan [12] - Postal Savings Bank of China will absorb its wholly-owned subsidiary, Postal Huinong Bank, to optimize management and business structure, with no significant impact on its financial status [13] - China Resources Land announced the resignation of its CFO and the appointment of new executives [14] - Jiufang Zhitu Holdings is investing in EX.IO to expand its digital asset business, leveraging the resources of the virtual asset trading platform [15]

Market Overview - The Hong Kong stock market, represented by Hong Kong Exchanges and Clearing Limited (00388), is currently experiencing a tug-of-war between bullish and bearish sentiments, with technical indicators sending mixed signals [1] - As of 13:15, the stock price is at HKD 435.8, down 1.49%, oscillating near the 10-day moving average of HKD 446.36 and the 30-day moving average of HKD 444.37, while remaining above the 60-day moving average of HKD 435.69 [1] - The Relative Strength Index (RSI) is at 46, indicating a potential oversold condition, while the MACD and Ichimoku indicators suggest a bearish trend, indicating an imminent decision on short-term direction [1] Technical Analysis - Key support levels are identified between HKD 418 and HKD 428, while resistance levels are at HKD 450 and a stronger resistance at HKD 466 [1] - Despite a modest 5.5% fluctuation over five days, the overall strength of technical indicators reaches an 8-level buy signal, suggesting a potential breakout momentum [1] - The narrowing Bollinger Bands indicate that the market is in a state of consolidation, poised for a breakout [1] Derivative Market Performance - Recent performance in the warrants market shows significant gains, with the recommended Morgan Stanley bear certificate (60987) rising 27% within two days despite a 2.07% drop in the underlying stock [3] - The Bank of China put option (19860) also recorded an 11% increase during the same period, highlighting the potential for significant returns from bearish products during market volatility [3] Investment Strategies - For bullish positions, UBS call options (16698) offer a high leverage of 17.6 times, while Societe Generale call options (16900) provide even higher leverage at 18 times, both with an exercise price set at HKD 484.08 [6] - Bearish strategies can focus on Bank of China put options (19860) and UBS put options (19854), both maintaining low implied volatility and offering leverage above 7 times [8] - Morgan Stanley bear certificate (66719) has a redemption price of HKD 473, noted for its low premium and high actual leverage, while UBS bear certificate (60541) strikes a good balance between leverage and premium [8]

Core Insights - The report by Deloitte China highlights a slowdown in the global IPO market due to economic factors and geopolitical uncertainties, particularly the U.S. tariff policies, leading to a decrease in the financing scale of the top ten global IPOs compared to the previous year [1] - Despite global trends, Hong Kong is expected to maintain its position as the top global IPO financing hub, driven by six large IPOs during the period [1] - The A-share market in mainland China is showing steady growth in new listings and financing amounts, supported by the implementation of new policies aimed at enhancing the capital market [1] Group 1: A-share Market Performance - The A-share market is projected to have 78 new listings by September 30, 2025, with total financing reaching 77.1 billion yuan, marking a 13% increase in the number of new stocks and a 61% increase in financing compared to the same period last year [1] - The technology and innovation sectors are expected to remain hot spots for new listings in the A-share market, reflecting the government's support for these industries [1][2] - The steady rise in the A-share market index is seen as a positive outcome of the new policies being implemented [1] Group 2: Hong Kong Market Outlook - Hong Kong is anticipated to have 66 new listings in the first three quarters of the year, raising 1,823 million HKD, which is a 47% increase in the number of new stocks and a 228% increase in financing compared to the same period last year [2] - The presence of significant overseas capital inflow is boosting the Hong Kong stock market, leading to a recovery in valuations [3] - The forecast for the last quarter suggests that Hong Kong's IPO market will maintain strong momentum, with over 80 new listings expected for the entire year, and total financing projected between 250 billion to 280 billion HKD [3]

Market Overview - The Hang Seng Index (HSI) closed at 26,109.58, down by 49.54 points or 0.19% on September 23 [1] - The index reached a high of 26,404.34 and a low of 26,106.95 during the trading session, with a trading volume of 65.684 million shares [1] - The 52-week high for the index is 26,915.35, while the 52-week low is 18,856.77, indicating a volatility of 1.14% [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at 109.177 HKD, up by 0.53% compared to the previous close [2] - Tencent Holdings closed at 633.990 HKD, down by 0.24% compared to the previous close [2] - Alibaba Group (ADR) closed at 158.517 HKD, down by 0.55% compared to the previous close [3] - Other notable performances include: - AIA Group down by 1.53% to 70.900 HKD [3] - Meituan down by 2.79% to 101.000 HKD [3] - JD.com down by 4.40% to 128.300 HKD [3] Summary of Key Stock Movements - Tencent Holdings: Latest price 635.500 HKD, down by 0.86% [3] - Alibaba Group: Latest price 159.400 HKD, up by 0.13% [3] - HSBC Holdings: Latest price 108.600 HKD, up by 1.31% [3] - Xiaomi Group: Latest price 55.450 HKD, down by 1.16% [3] - BYD Company: Latest price 106.300 HKD, down by 3.10% [3] - Baidu Group: Latest price 128.400 HKD, down by 5.38% [3]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) will maintain normal trading operations despite the impending arrival of Typhoon Haikui, following the implementation of a "no trading halt during bad weather" policy a year ago [3][4]. Group 1: HKEX Operations - HKEX has received regulatory approval to implement trading during severe weather conditions since September 23, 2023, allowing the market to operate under adverse weather circumstances [3]. - The Financial Secretary of Hong Kong, Paul Chan, stated that the government is prepared for the typhoon and has activated a coordination center to ensure smooth financial market operations [3]. - HKEX has advised financial institutions to allocate resources and personnel in advance to ensure stable market operations during the typhoon [4]. Group 2: Weather Trading Arrangements - Under the bad weather trading arrangements, the securities and derivatives markets in Hong Kong will continue to operate during signal warnings of Typhoon No. 8 or above, black rainstorm warnings, or extreme situation warnings [4]. - HKEX has called on market participants to prepare for trading under adverse weather conditions and to refer to established operational arrangements [4]. Group 3: Recommendations for Market Participants - Securities brokers are advised to ensure that banking services and electronic transfer limits are sufficient for daily operations during bad weather trading days [5]. - Investors should familiarize themselves with the electronic trading platforms and transfer channels provided by their banks or brokers [6]. - Employees of securities firms or banks should be prepared for remote access to company systems and discuss work arrangements with employers in anticipation of potential weather changes [7].

Group 1 - Deloitte's report predicts that Hong Kong will surpass the New York Stock Exchange and NASDAQ to become the top global IPO financing market in 2023 [1] - In the first three quarters of 2023, Hong Kong is expected to have 66 IPOs raising HKD 182.3 billion, a 228% increase from HKD 55.6 billion in the same period last year [1] - The NYSE and NASDAQ are projected to rank second and third globally, with IPO financing amounts of HKD 125.6 billion and HKD 114.6 billion, respectively [1] Group 2 - The influx of overseas capital into Hong Kong has significantly boosted market activity and valuations, driven by policies encouraging mainland leading companies to list in Hong Kong [1] - The report anticipates that with the Federal Reserve's interest rate cuts, more funds will flow into the Hong Kong stock market, with over five potential large IPOs expected [1] - For the mainland capital market, it is estimated that by September 30, 2023, there will be 78 IPOs in the A-share market raising RMB 77.1 billion, reflecting a year-on-year increase of 13% in the number of IPOs and 61% in total financing [1][2] Group 3 - The A-share market has shown steady growth in the first three quarters of 2023, supported by the implementation of new regulatory policies [2] - The focus on technology and innovation by the government is expected to keep sectors like technology and renewable energy as hotspots for new IPOs in the A-share market [2]