Core Viewpoint - The Hong Kong government is committed to developing the local bond market to enhance its role as an international financial center, focusing on innovative bond issuance and various supportive measures [1][2]. Group 1: Bond Market Development - The Hong Kong government aims to activate the bond market through regular issuance of government bonds, including institutional, retail, green, and tokenized bonds [1]. - Since 2008, Hong Kong has been the leading hub for bond issuance in Asia, with over $130 billion in issuance planned for 2024, capturing nearly 30% of the market share [1]. - Hong Kong accounts for approximately 70% of the first-time bond issuance market and 45% of the green and sustainable bond issuance market, indicating its leadership in various segments [1]. Group 2: Regulatory and Market Measures - The Hong Kong government and financial regulators are implementing measures to enhance primary market issuance, improve secondary market liquidity, and expand offshore RMB business [2]. - As of January 2, 2026, there are 1,351 listed bonds on the Hong Kong Stock Exchange, with 1,302 being professional investor bonds, which are primarily traded over-the-counter [2]. - The Hong Kong Securities and Futures Commission is exploring the feasibility of an electronic bond trading platform to improve market liquidity [3]. Group 3: Offshore RMB and Risk Management - The offshore RMB bond market has seen significant growth, with issuance reaching 1.07 trillion RMB in 2024, a 37% year-on-year increase [1]. - The Hong Kong Stock Exchange is enhancing its role in the offshore RMB market by allowing foreign investors to use onshore government bonds as collateral for derivatives trading [3]. - The Hong Kong government is working on introducing offshore government bond futures to provide effective risk management tools for investors [5]. Group 4: Tokenized Bonds - The Hong Kong government has issued three batches of tokenized green bonds since 2023, with the largest issuance of 10 billion HKD in November 2025, attracting significant global institutional interest [5]. - The Hong Kong Monetary Authority is researching the secondary market applications for tokenized bonds to enhance their attractiveness and demand [6]. - Efforts are underway to optimize the legal framework for broader application of tokenization technology in the bond market [6].

Core Insights - The article discusses the release of the 2025 Wind Best Roadshow Rankings, emphasizing the importance of roadshows in the capital market for information exchange and strategic discussions despite a changing market environment [1][3]. Group 1: Roadshow Rankings Overview - The rankings are based on actual operational data from the Wind 3C conference platform for 2025, focusing on key indicators to objectively reflect market attention and the actual impact of roadshows [3]. - The rankings are divided into two main sections: institutional and individual, comprising 11 sub-lists that cover key market participants such as securities firms, public funds, futures, and listed companies [3]. Group 2: Institutional Performance - Certain institutions have shown outstanding performance in research output frequency, roadshow quality, and market participation in 2025, establishing a stable communication mechanism for investment judgments [5]. Group 3: Roadshow Participation Metrics - The metrics for evaluating roadshows include browsing volume, participant scale, and the ongoing impact of meetings [8]. Group 4: Roadshow Content Quality - The quality of roadshow content ultimately depends on the presenters, who provide valuable research perspectives through continuous and clear output of viewpoints on macro environments, industry trends, and asset allocation strategies [19]. Group 5: Roadshow Participation Statistics - The Wind 3C conference platform supported various types of meetings in 2025, including analyst roadshows, strategy meetings, industry summits, and performance briefings, serving thousands of financial institutions globally [47]. - The total number of meetings held reached a scale of tens of thousands, with participant numbers exceeding ten million, showcasing the platform's capability to efficiently deliver valuable insights [48]. Group 6: Future Outlook - The rankings serve not only as a retrospective of the past year's roadshow achievements but also as a reference for the future, guiding growth and promoting rational development in the capital market [50].

Group 1 - The core theme of the Hong Kong IPO market this year is artificial intelligence (AI), with 12 companies in the AI value chain having gone public, raising over $4.9 billion (approximately HKD 38.22 billion) [1] - The recent surge in AI IPOs is believed to be just the beginning, as market conditions are expected to mature, allowing international investors to directly invest in leading Chinese AI companies [1] - Approximately 20 companies in various fields of the AI value chain have submitted listing applications, primarily in the platform sector, including enterprise AI, marketing AI, and data and business intelligence solutions [1] Group 2 - Four AI companies, including Wall Street Technology (06082), Zhiyuan (02513), TianShu Intelligent Chip (09903), and MINIMAX-WP (00100), raised a total of $2.5 billion last month, attracting international institutional investors from countries such as the UAE, Singapore, South Korea, Switzerland, and the USA [2] - The cornerstone investors for these four new stocks subscribed to approximately $1.3 billion, with an average cornerstone subscription rate of 58% of the total offering size, showcasing Hong Kong's role as a "super connector" for cutting-edge technology [2] - As of January 23, the total IPO fundraising in Hong Kong reached $3.7 billion, a year-on-year increase of 3.6 times, with over 350 listing applications currently being processed by the Hong Kong Stock Exchange [3]

Core Viewpoint - The third Spring Festival Goods Fair organized by Liuzhou Shundatong Comprehensive Wholesale Market aims to boost market consumption and promote traditional cultural practices, creating a vibrant shopping experience for consumers and supporting local small and medium-sized enterprises [2][8]. Group 1: Event Overview - The event runs for 14 days from February 1 to February 14, focusing on enhancing market vitality and consumer engagement through a diverse range of activities [2]. - The fair combines shopping, experience, and entertainment, catering to the demand for a one-stop shopping experience for New Year goods [2]. Group 2: Business Development and Resource Integration - The market successfully attracted over 200 well-known brands, including Jia Duo Bao, Xu Fu Ji, and Yili, by targeting quality domestic brands for recruitment [5]. - The introduction of fresh produce and festive flowers from surrounding agricultural markets has enriched the product offerings [5]. - Huawei Automotive's participation with a dedicated car exhibition area has significantly increased foot traffic and market visibility [5]. - Collaboration with the railway sector brought in unique dining services from the Liuzhou Railway Hotel, enhancing the market's appeal [5]. Group 3: Marketing and Promotion Strategies - A multi-faceted promotional strategy was employed, integrating online and offline efforts, including short video promotions and live streaming to attract online traffic [6]. - Offline advertising included campaigns in key commercial buildings and community outreach through performances, creating a festive atmosphere [6]. - Interactive cultural activities, such as writing Spring Festival couplets and traditional games, were organized to enhance consumer engagement and cultural experience [6]. Group 4: Impact and Achievements - The successful execution of the Spring Festival Goods Fair reflects the company's proactive response to consumption promotion policies and innovative service models [8]. - The market has maintained the highest rental rate in the region and significantly stimulated local consumption, contributing positively to the development of small and medium enterprises [8]. - Established in August 1998, the Liuzhou Shundatong Comprehensive Wholesale Market has over 1,100 merchants and an annual transaction volume of approximately 4.3 billion yuan, making it a key player in the regional economy [8].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 香港交易及結算所有限公司 | | | | 呈交日期: | 2026年2月3日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 香港交易所並無法定股本，及其股本並無股份面值。 | | | | FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.2.0 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 0 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,954.92, up by 179.35 points or 0.67% as of February 2, 16:00 Eastern Time [1] - The index reached a high of 27,021.10 and a low of 26,800.30 during the trading session, with a trading volume of 40.725 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.961, increasing by 3.91% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 595.694, down by 0.47% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings: Latest price HKD 598.500, down by HKD 7.500 or 1.24% [3] - Alibaba Group: Latest price HKD 163.300, down by HKD 5.900 or 3.49% [3] - HSBC Holdings: Latest price HKD 134.700, down by HKD 1.900 or 1.39% [3] - AIA Group: Latest price HKD 89.050, down by HKD 1.300 or 1.44% [3] - Meituan: Latest price HKD 94.850, down by HKD 2.350 or 2.42% [3] - BYD Company: Latest price HKD 91.000, down by HKD 6.750 or 6.91% [3] - Kuaishou Technology: Latest price HKD 77.000, down by HKD 3.150 or 3.93% [3]

此外，梁凤仪还表示，证监会正与港交所就两项咨询展开合作，以提升竞争力，一是有关不同投票权架 构；二是研究减轻公司上市后的披露负担。 这13家保荐人必须在三个月内完成全面内部检讨，同时香港证监会亦即将对保荐人展开主题视察。在人 手配备方面，已指定任何主要人员同时监督六宗或以上活跃上市委聘项目的保荐人，必须向证监会提供 可行的纠正及资源计划，并提出负责任的资源管理方案。 与此同时，2026年1月30日，香港证监会发出通函，表示高度关注在2025年新上市申请激增期间出现的 问题，包括部分上市文件的拟备工作存在严重缺失，保荐人或有失当行为，以及其资源管理严重失误。 就现有上市申请而言，香港证监会警告，若保荐人对监管机构的答复存在严重缺漏或未能令人信纳，或 该会认为上市文件不合理地冗长，项目审理流程或会暂停。截至2025年12月31日，有16宗上市申请的审 理流程已暂停。就此，香港证监会将通知其监管同业有关审理流程暂停一事。 智通财经APP获悉，2月2日，香港证监会行政总裁梁凤仪向立法会议员表示，此前香港证监会与港交所 联合发函警示的13家保荐人，处理了市场上仍在进行的上市申请中的逾70%，约为433宗。 2025年1 ...

蓝筹股方面，腾讯控股跌1.24%，收报598.5港元；香港交易所跌1.85%，收报424.2港元；中国移动 跌2.26%，收报78港元；汇丰控股跌1.39%，收报134.7港元。 香港本地股方面，长实集团跌2.71%，收报44.6港元；新鸿基地产跌4.3%，收报120.3港元；恒基地 产跌0.71%，收报30.9港元。 新华社香港2月2日电 香港恒生指数2日跌611.54点，跌幅2.23%，收报26775.57点。全日主板成交 3478.86亿港元。 国企指数跌236.9点，收报9080.19点，跌幅2.54%。恒生科技指数跌191.87点，收报5526.31点，跌 幅3.36%。 中资金融股方面，中国银行跌1.07%，收报4.62港元；建设银行跌1.01%，收报7.83港元；工商银行 跌1.23%，收报6.41港元；中国平安跌2.75%，收报70.7港元；中国人寿跌3.96%，收报33.5港元。 石油石化股方面，中国石油化工股份跌2.42%，收报5.25港元；中国石油股份跌3.56%，收报8.95港 元；中国海洋石油跌4.76%，收报23.22港元。 【纠错】 【责任编辑:邱丽芳】 ...

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

保荐人"把关"对维系投资者信心至关重要。为确保质量并提振国际集资中心声誉，香港将采取措施"敦 促保荐人切勿过度承担业务，并承担与其自身资源水平匹配的责任" 文｜《财经》特派香港记者 焦建 编辑 | 苏琦 中国香港特区IPO（首次公开募股）总额重回世界领先地位后，避免新股质量参差不齐保证可持续发 展，成为当地资本市场2026年重点议题。 1月底，香港证券及期货事务监察委员会（下称"香港证监会"）较为罕见地接连两日发布措辞强硬的相 关公告，使得新股发行保荐人短缺问题被置于聚光灯下。为避免招股文件不合规外包等现象、严格新股 发行审批程序及质量，一系列调整开始加速进行。 "上市保荐人（应）从速进行内部检讨，以纠正招股文件拟备工作中的严重缺失。"香港证监会在前述公 告中提醒称，对主要人员（Principals）同时监督六宗或以上活跃上市（active listing engagements）委聘 项目的保荐人，必须提供负责任的资源管理方案。 整体而言，"保荐人在上市过程中的'把关'角色，对维持香港资本市场质素（内地称素质）及投资者对 新股上市的信心至为关键，使市场能够在不同周期中保持稳健。但部分保荐人在追逐交易数量时， ...