2026年以来，香港资本市场保持强劲势头，IPO递表数量更是连创新高，从2025年末的300余家，至今 年1月底已达到414家，短短1个月猛增近百家。在这一迅猛增长的背景下，香港市场是否有足够能力承 接如此密集的新股供给？会不会出现新股"堰塞湖"？对此，香港交易所行政总裁陈翊庭2月4日在出席媒 体活动时向证券时报记者表示，当前香港IPO市场并未出现"堰塞湖"，市场有充裕的资金来吸纳这些上 市项目。她戏称，香港市场"胃口好，都能吃得下"。 来源：滚动播报 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,513.11, down by 334.21 points or 1.24% [1] - The index reached a high of 26,812.73 and a low of 26,414.23 during the trading session [1] - The trading volume was 70.4034 million shares, with an average price of 26,613.48 [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.704, up by 0.51% compared to the previous close [2][3] - Tencent Holdings closed at HKD 552.190, down by 1.04% compared to the previous close [2][3] - Alibaba Group (W) closed at HKD 159.500, down by 0.93% [3] - AIA Group closed at HKD 90.700, up by 1.40% [3] - Xiaomi Group (W) closed at HKD 33.960, down by 1.85% [3] - Meituan (W) closed at HKD 92.150, down by 1.13% [3] - China Ping An closed at HKD 72.050, up by 1.05% [3] ADR Performance - Tencent's ADR (TCEHY) was priced at USD 552.190, reflecting a decrease of 1.04% compared to its Hong Kong counterpart [3] - Alibaba's ADR (BABA) was priced at USD 155.411, down by 2.56% compared to its Hong Kong counterpart [3] - HSBC's ADR (HSBC) was priced at USD 139.704, up by 0.51% compared to its Hong Kong counterpart [3]

Core Viewpoint - The "Swap Connect" mechanism between mainland China and Hong Kong is gaining momentum, with the Hong Kong Stock Exchange (HKEX) reporting a record nominal principal of 576.6 billion RMB in January, highlighting its role in strengthening Hong Kong as a global offshore RMB business hub [1] Group 1: Market Performance - The nominal principal of the "Swap Connect" reached over 10 trillion RMB since its launch in May 2023, indicating the scale, resilience, and growing global demand for this mechanism [1] - The "Swap Connect" is projected to account for 12% of the onshore interbank interest rate swap (IRS) clearing market by 2025, with a network covering 110 domestic and international participants across regions including mainland China, Europe, the US, Australia, and Southeast Asia [1] Group 2: Operational Details - The "Swap Connect" is jointly operated by the China Foreign Exchange Trading System, Shanghai Clearing House, and HKEX's subsidiary, Hong Kong OTC Clearing Limited [1] - Investors can trade and settle onshore RMB interest rate swap products through the northbound "Swap Connect" without changing their usual trading and settlement habits [1]

面对如此汹涌的上市潮，市场开始担心：港股IPO审批是否会收紧，是否会出现IPO"堰塞湖"？ 2月4日，香港交易所(以下简称港交所)总裁陈翊庭在接受每日经济新闻等媒体采访时表示。只要"胃 口"足够好，香港市场便能消化一切高质量的上市公司。近期香港证监会联合港交所发函13家保荐人， 目的并非针对申请上市企业本身，而是要提高保荐人的IPO申请材料质量。 加强监管是为守住效率 面对近期香港监管层加强对上市申请中保荐人责任审查的动作，市场一度猜测这是否预示着港股IPO审 批节奏将放缓。 "大家似乎混淆了'上市申请人质量'和'IPO申请材料质量'。"陈翊庭对此进行了澄清，她指出，向保荐人 发出的通函，核心关注点都是保荐人提交的申请材料，而非企业本身的资质。 港交所主席唐家成也表示，非常欢迎这种监管举措。IPO是股票市场的重要组成部分，质量是底线，保 荐人的工作至关重要。"我们观察到，近期部分IPO申请中，有些保荐人未能尽到应尽职责，提交的申 请材料质量不佳，这既占用了我们的审核资源，也影响了市场效率。我们一直坚守审核标准，未来也会 继续保持严谨。毕竟，让保荐人聚焦优质企业、提交高质量申请，才能让市场形成良性循环，推动市场 ...

- The "Hong Kong CCASS Preferred 20 Portfolio" model was constructed using a two-step screening method: first selecting brokers and then selecting stocks[35][39] - The model identifies top-performing brokers by standardizing excess Sharpe ratios and monthly win rates, then combines them into a composite score[39] - The portfolio is built by equally distributing funds among the top 10 brokers and selecting the top 20 stocks based on weight, which are then equally weighted[39] - The benchmark index for the portfolio is the Hang Seng Index (HSI.HI)[40] Model Performance - January 2026 portfolio return: 6.32%, Hang Seng Index return: 6.85%, excess return: -0.53%[41] - Full period (2020.1–2026.1) excess annualized return: 19.3%, excess Sharpe ratio: 2.45[41] - Annualized excess returns by year: 2020: 30.9%, 2021: 12.0%, 2022: 11.9%, 2023: 22.5%, 2024: 23.2%, 2025: 18.6%, 2026 YTD: -6.2%[42] - Maximum drawdown during the full period: -7.6%[42] - Monthly win rate during the full period: 75.3%[42]

Group 1 - The CEO of Hong Kong Stock Exchange, Charles Li, stated that there are currently over 400 companies waiting to go public, indicating strong demand for IPOs and a rising willingness among global investors for diversified allocations, alleviating concerns about a "bottleneck" in listings [1] - The Hong Kong IPO market is recognized by international investors, with a strong recovery expected in 2025, projected to raise HKD 285.8 billion, regaining the top position globally [1] - As of January 30, 2026, there have been 459 applications for listings on the main board, with 409 applications currently under review, and 11 IPOs completed in the first three weeks of the year, raising approximately USD 4 billion [1] Group 2 - Since 2025, the number of listing applications in Hong Kong has surged, leading to concerns about the quality of application materials, prompting the Hong Kong Securities and Futures Commission to require 13 sponsors to submit internal review reports within three months and to suspend 16 listing applications [2] - The CEO welcomed the regulatory focus on the quality of materials submitted by sponsors rather than the quality of the listing applicants, emphasizing that the quality of listed companies has always been a key factor in attracting global investors to Hong Kong [2] - Under the current listing process, the Hong Kong Stock Exchange must confirm within 40 working days whether there are significant regulatory concerns, provided that the listing application materials meet the required standards [2]

新华社香港2月4日电 香港恒生指数4日涨12.55点，涨幅0.05%，收报26847.32点。全日主板成交2854.33 亿港元。 国企指数跌4.73点，收报9048.38点，跌幅0.05%。恒生科技指数跌100.82点，收报5366.44点，跌幅 1.84%。 中资金融股方面，中国银行涨1.09%，收报4.65港元；建设银行涨0.9%，收报7.88港元；工商银行涨 0.78%，收报6.43港元；中国平安涨1.05%，收报72.05港元；中国人寿涨2.03%，收报35.16港元。 石油石化股方面，中国石油化工股份涨2.26%，收报5.44港元；中国石油股份涨2.12%，收报9.16港元； 中国海洋石油涨1.37%，收报23.68港元。 【纠错】 【责任编辑:薛涛】 蓝筹股方面，腾讯控股跌3.96%，收报558港元；香港交易所跌0.43%，收报420.2港元；中国移动涨 1.34%，收报79.35港元；汇丰控股涨0.07%，收报139港元。 香港本地股方面，长实集团涨1.14%，收报45.94港元；新鸿基地产涨0.41%，收报123.6港元；恒基地产 涨0.88%，收报32.08港元。 ...

陈翊庭说，在当前的市场背景下，全球投资者纷纷寻求多元化配置。香港IPO特别受到国际投资者的青 睐，过去一年半我们看到，只要有优质的IPO，海外的资金就会进来。香港始终是一个开放的市场，资 金可以随时流入。有好的企业上市，就会有四面八方的钱来打新，"堰塞湖"的问题不存在。香港IPO市 场在2025年迎来强劲复苏，以全年2858亿港元的IPO融资额，重登全球榜首。 2月4日，港交所CEO陈翊庭在出席媒体活动时表示，目前有超过400家公司排队上市，企业上市需求十 分旺盛的同时，全球投资者对于寻求投资多元化的兴趣不断提升，因此不担心出现上市"堰塞湖"现象。 ...

南方财经 21世纪经济报道记者朱丽娜 香港报道 港交所CEO陈翊庭2月4日在出席媒体活动时表示，目前有超过400家公司排队上市，企业上市需求十分 旺盛的同时，全球投资者对于寻求投资多元化的兴趣不断提升，因此不担心出现上市"堰塞湖"现象。 在当前的市场背景下，全球投资者纷纷寻求多元化配置。"香港IPO（首次公开募股）特别受到国际投 资者的青睐，过去一年半我们看到，只要有优质的IPO，海外的资金就会进来。香港始终是一个开放的 市场，资金可以随时流入。有好的企业上市，就会有四面八方的钱来打新，'堰塞湖'的问题不存 在。"陈翊庭说。 近日，香港证监会发通函指示上市保荐人从速进行内部检讨，以纠正招股文件准备工作中的严重缺失。 1月30日，香港证监会要求13名保荐人针对胜任能力等问题于3个月内提交内部检讨报告，并表示已暂停 16宗上市申请的审理流程。 图为港交所CEO陈翊庭。 21世纪经济报道资料图片。 对此，陈翊庭表示欢迎，并指出"香港证监会关注的是保荐人递表的材料的质量，而不是上市申请人的 质量"。 她强调："上市公司质量一直是香港吸引全球投资者的底气。" 进入2026年，IPO上市热潮仍在继续，根据港交所公布的数据 ...

港交所CEO陈翊庭2月4日在出席媒体活动时表示，目前有超过400家公司排队上市，企业上市需求十分 旺盛的同时，全球投资者对于寻求投资多元化的兴趣不断提升，因此不担心出现上市"堰塞湖"现象。 自去年以来，港交所的上市申请数量激增，导致上市申请材料质量出现参差不齐。 近日，香港证监会发通函指示上市保荐人从速进行内部检讨，以纠正招股文件准备工作中的严重缺失。 1月30日，香港证监会要求13名保荐人针对胜任能力等问题于3个月内提交内部检讨报告，并表示已暂停 16宗上市申请的审理流程。 对此，陈翊庭表示欢迎，并指出"香港证监会关注的是保荐人递表的材料的质量，而不是上市申请人的 质量"。 她强调："上市公司质量一直是香港吸引全球投资者的底气。" 据了解，按照现有的上市流程，港交所须在40个工作日内确认是否存在重大监管关注，但前提是上市申 请材料符合要求。 在当前的市场背景下，全球投资者纷纷寻求多元化配置。"香港IPO（首次公开募股）特别受到国际投 资者的青睐，过去一年半我们看到，只要有优质的IPO，海外的资金就会进来。香港始终是一个开放的 市场，资金可以随时流入。有好的企业上市，就会有四面八方的钱来打新，'堰塞湖'的问题 ...