Core Viewpoint - Hong Kong is enhancing its role as a strategic bridge between Asia and the Gulf, facilitating trade and investment while promoting collaboration across various sectors, including finance, technology, and sustainability [2][3]. Group 1: Role of HKETO Dubai - The Hong Kong Economic and Trade Office in Dubai (HKETO Dubai) serves as the official representative of Hong Kong in the GCC, focusing on strengthening economic and trade relations [4][5]. - HKETO Dubai promotes Hong Kong's strengths, including its free economic system and status as an international financial hub, to attract investment from the GCC [5][6]. - The office facilitates bilateral cooperation in culture, education, and technology, enhancing overall collaboration between Hong Kong and the Middle East [5][6]. Group 2: Sectors for Collaboration - There is growing interest in collaboration across diverse sectors, including logistics, hospitality, fintech, and IT security, with many Hong Kong businesses establishing a presence in the GCC [4][6]. - Middle Eastern firms are increasingly exploring opportunities in high-value sectors such as food and beverage, logistics, and consumer electronics, indicating a dynamic economic complementarity [6][7]. Group 3: Financial Connectivity - Hong Kong is recognized as a leading global IPO destination, providing GCC investors access to A-shares in China through the Mainland-Hong Kong Stock Connect [12]. - The establishment of exchange-traded funds (ETFs) tracking both the Saudi Arabian market and Hong Kong stocks signifies enhanced capital market connectivity [13]. - Hong Kong's position as the largest offshore Renminbi center and a premier bond issuance hub supports GCC investors in diversifying into RMB-denominated assets and Islamic bonds [14][15]. Group 4: Innovation and Technology - Hong Kong is engaging GCC partners in innovation, fintech, and green technologies, offering a full suite of investment solutions across the region [11][19]. - The Greater Bay Area (GBA) serves as a significant opportunity for GCC investors, with many delegations visiting to explore investment in tech-focused funds [16][18]. - Events like Hong Kong FinTech Week and the Asian Financial Forum are fostering deeper collaboration in emerging technologies and sustainable finance [18]. Group 5: Belt and Road Initiative - Hong Kong is positioned as a strategic platform for the Belt and Road Initiative (BRI), facilitating projects through its professional services and financial infrastructure [23][24]. - The city's outward direct investment in BRI countries reached $133 billion in 2023, indicating a strong commitment to global capital deployment [29]. - Hong Kong's legal and dispute resolution services enhance its attractiveness as a partner in BRI cooperation, ensuring efficient management of complex projects [30]. Group 6: Engagement with Gulf Investors - UAE and Saudi investors increasingly view Hong Kong as a resilient partner for accessing broader Asian markets, with active discussions on investment channels [40][41]. - The recognition of UAE exchanges by HKEX and the establishment of cross-listing opportunities signify growing financial connectivity [43]. - High-level delegations from the UAE and Saudi Arabia are visiting Hong Kong to explore partnerships and investment opportunities, highlighting mutual interests [44][45]. Group 7: Opportunities for Gulf Businesses - Hong Kong offers a competitive business environment with low taxes, a liquid capital market, and a robust financial system, making it an attractive gateway to Asia [48][49]. - The city serves as a springboard into Southeast Asia and broader Asia-Pacific markets, with strong alignment between Gulf economic diversification strategies and Hong Kong's strengths [52][53]. - Hong Kong's expertise in infrastructure development and project financing positions it as a valuable partner for Gulf governments investing in sustainable growth [54].

（原标题：新股消息 | 滴灌通搁置港股上市计划 优先启动私募基金运作） 他又称，暂时搁置上市计划，让滴灌通得以全面启动本身推迟的3.0投资计划，将在2026年初正式启 动，同时同步开展MIFC私募基金募集工作，滴灌通集团将投入一亿美元自有资金，认购MIFC首期LP 份额。 此外，滴灌通表示，已非常接近在全系统完成人工智能(AI)重塑，将在2026年一季度开始全面部署滴灌 通投资算法引擎、数字获客引擎和新一代资金清分引擎。新推出的"滴灌导航图"正以AI为核心总调度 师，让小微资产的筛选、匹配与落地全流程更精准、更高效，料这一AI驱动的业务范式将成为3.0阶段 的核心竞争力之一。 公司官网显示，滴灌通集团是一家运用金融科技连结全球资本与小微企业的交易所集团。该交易所是全 球首家持牌的DRO(每日收入分成产品)交易所。6月18日，滴灌通安排新成立的"滴灌投资"以上市规则 21章投资公司申请香港IPO。由于期满6个月，滴灌通递交的港股招股书于12月18日失效。 李小加表示，MIFC的业务模式获得不少资金及资产方认可及响应。因此，决定优先启动私募基金程 序，把MIFC作为私募基金来运作，相关募资和投资部署上都会更灵活， ...

李小加表示，MIFC的业务模式获得不少资金及资产方认可及响应。因此，决定优先启动私募基金程 序，把MIFC作为私募基金来运作，相关募资和投资部署上都会更灵活，能更快进入市场，能更有效地 吸引全球大型投资机构参与，在时机更成熟时，再考虑更新A-1申请表，重新启动21章"公募基金"上市 程序。 他又称，暂时搁置上市计划，让滴灌通得以全面启动本身推迟的3.0投资计划，将在2026年初正式启 动，同时同步开展MIFC私募基金募集工作，滴灌通集团将投入一亿美元自有资金，认购MIFC首期LP 份额。 近日，港交所(00388)前行政总裁李小加创立的滴灌通发布股东信，宣布决定暂时搁置滴灌投资(MIFC) 的21章上市申请，因为公司难以在短时间完成所需的监管手续和程序，相关流程比预期需时大幅延长。 李小加解释，虽然通过21章"公募基金"上市的成功，对滴灌通的短期发展有诸多好处，但时间的不确定 性，已开始影响滴灌通整体的发展节奏。 公司官网显示，滴灌通集团是一家运用金融科技连结全球资本与小微企业的交易所集团。该交易所是全 球首家持牌的DRO(每日收入分成产品)交易所。6月18日，滴灌通安排新成立的"滴灌投资"以上市规则 21章 ...

经济观察网中共广州市委关于制定广州市国民经济和社会发展第十五个五年规划的建议发布。其中提 到，深化"债券通""跨境理财通"等业务，加快筹建大湾区国际商业银行，支持广州期货交易所与香港交 易所开展产品挂牌合作，联合澳门建设中葡农产品交易中心，扩围"一签多行""合作查验、一次放行"等 便利化政策；加强基础设施互联互通。推进广珠(澳)高铁、广深第二高铁规划建设，共建"轨道上的大 湾区"，落地大湾区航运联合交易中心，加强国际深水港前期谋划，共建世界级港口群，推动粤港澳游 艇自由行政策落地，谋划湾区跨境、跨城低空物流及客运快线，全空间提升湾区城市群互联互通水平。 ...

Group 1 - The Hong Kong government plans to develop an international gold trading center, aiming to establish a gold market with a target of at least 2000 tons over the next three years [1] - A central clearing system for gold contract trading will be launched next year, along with the establishment of a gold industry association to enhance Hong Kong's international influence in financial governance and gold pricing [1] - A memorandum of understanding has been signed between Hong Kong and Shenzhen to promote cooperation in the gold sector, supporting Hong Kong gold merchants to collaborate with qualified refining enterprises in Shenzhen [1] Group 2 - The Shanghai government has initiated a collaboration with Hong Kong to develop an international financial center, including the establishment of an offshore gold delivery warehouse in Hong Kong [2] - Hong Kong's IPO market is thriving, with expectations to lead the global IPO market again, driven by three strategies: enhancing predictability of listing times, expanding the types of listed companies, and promoting market internationalization [2] - The Hong Kong Stock Exchange is processing over 300 listing applications, indicating sustained market momentum, with international investor interest rebounding since the launch of DeepSeek [2] Group 3 - The "New Capital Investor Entry Scheme" has received over 2600 applications, potentially bringing in over 78 billion HKD in investments [3] - The Hong Kong government is working on a tax incentive bill for family offices, effective retroactively from April this year, and is exploring tax arrangements to encourage the establishment of financial centers in Hong Kong [3]

Group 1 - The core viewpoint of the article emphasizes the development of Guangzhou's economy and social progress through the implementation of the 15th Five-Year Plan, which includes various financial and infrastructural initiatives [1] Group 2 - The plan includes the deepening of "Bond Connect" and "Cross-border Wealth Management Connect" services, and the establishment of an international commercial bank in the Greater Bay Area [1] - Support for collaboration between Guangzhou Futures Exchange and Hong Kong Stock Exchange for product listing cooperation is highlighted [1] - The initiative to jointly build a Sino-Portuguese agricultural product trading center with Macau is mentioned [1] Group 3 - The plan aims to enhance infrastructure connectivity, including the promotion of the Guangzhou-Zhuhai (Macau) high-speed rail and the planning of the second high-speed rail between Guangzhou and Shenzhen [1] - The establishment of a "Railway on the Bay Area" and the development of a world-class port cluster are key components of the infrastructure strategy [1] - The article discusses the implementation of policies for yacht free travel in the Guangdong-Hong Kong-Macau region and the planning of cross-border, intercity low-altitude logistics and passenger express lines [1]

Core Viewpoint - The proposal emphasizes enhancing the core engine function of the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on technology cooperation, industrial collaboration, regulatory alignment, and cultural exchange to better integrate Hong Kong and Macao into the national development framework [1] Group 1: Economic Development - The plan aims to deepen market integration and actively participate in the construction of a unified market in the Greater Bay Area, adhering to the "five unifications and one openness" basic requirements [1] - It highlights the importance of legislative, enforcement, and judicial collaboration across all processes to facilitate smoother operations within the region [1] Group 2: Financial Initiatives - The proposal includes the establishment of more "Bay Area standards" and "Bay Area certifications" to enhance competitiveness and regulatory alignment [1] - It supports the development of cross-border financial services such as "Bond Connect" and "Wealth Management Connect," and the establishment of an international commercial bank in the Greater Bay Area [1] Group 3: Talent and Collaboration - The plan aims to expand the professional practice areas for talent from Hong Kong and Macao, facilitating their integration into the Greater Bay Area's economic activities [1] - It encourages collaboration between the Guangzhou Futures Exchange and the Hong Kong Stock Exchange for product listing cooperation [1]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The insurance sector has seen a 15.7% increase since December 5, outperforming the CSI 300 index, which increased by 0.5% [4] - The release of the asset-liability management measures for insurance companies is expected to enhance regulatory oversight and impact asset allocation and insurance operations, particularly for small and medium-sized insurers [5] - The brokerage sector is anticipated to benefit from a positive regulatory environment, with potential growth in investment banking, public funds, and overseas business, supporting profitability in 2026 [6] Summary by Sections Insurance Sector - The new asset-liability management measures aim to strengthen the linkage between assets and liabilities, with implementation starting on July 1, 2026 [5] - Key management goals include matching duration structures, cost-benefit alignment, and liquidity matching [5] - The transition to dividend insurance is expected to deepen, with a favorable settlement yield compared to traditional insurance, driven by increased demand for savings products [5] - Long-term interest rates stabilizing and a positive equity market outlook are expected to improve net assets and profitability for insurers [5] Brokerage Sector - The average daily trading volume for stock funds is 2.2 trillion, reflecting a 7.2% decrease [6] - The resumption of trading for China International Capital Corporation (CICC) has led to a rise in stock prices, with expectations of increased leverage and business synergy [6] - The brokerage sector remains undervalued, with strategic opportunities for investment in firms with strong overseas and institutional business advantages [6] - Recommended stocks include Huatai Securities, Guotai Junan, and CICC, among others [6]

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Insights - The overall market is experiencing a pullback driven by technology giants, with the Hang Seng Index down by 1.1% and the Hang Seng Composite Index down by 1.2% [1] - Valuation levels for most industries are declining, with the Hang Seng Index's forward P/E ratio decreasing by 1.7% to 11.6x [2] - Earnings expectations have been adjusted upwards overall, with the Hang Seng Index's EPS increasing by 0.3% compared to the previous week [3] Summary by Sections Market Performance - The Hang Seng Index decreased by 1.1%, while the Hang Seng Composite Index fell by 1.2%. Mid-cap stocks outperformed small-cap and large-cap stocks [1] - Among major concept indices, the Hang Seng Consumer Index rose by 0.3%, while the Hang Seng Internet Index dropped by 2.9% [1] Valuation Levels - The valuation of the Hang Seng Index decreased by 1.7% to 11.6x, and the Hang Seng Composite Index's valuation fell by 2.4% to 11.4x [2] - The most significant valuation increase was in the basic chemicals sector (+11.6%), while the real estate sector saw the largest decline (-19.0%) [2] Earnings Expectations - The EPS for the Hang Seng Index increased by 0.3%, and the Hang Seng Composite Index's EPS rose by 1.2% compared to the previous week [3] - The real estate sector saw a substantial EPS upward revision of 20.5%, while the basic chemicals sector experienced a downward revision of 10.2% [3]

中国"十五五"规划提及的重点发展行业将更有利于A股上市。 据IPO早知道消息，12月18日，德勤中国资本市场服务部发布了《中国内地及香港IPO市场2025年回顾与2026年前景展 望》。 报告显示，受惠于8只超大型新股上市，且其中4只项目位列2025年全球十大新股之列，香港交易所将以2025年新股融 资总额位居榜首，纳斯达克位列第二，印度国家证券交易所超越纽交所跻身三甲，上交所和深交所则排名第五和第 八。预计2025年全球十大新股融资总额将较2024年增长12%。 港股全年融资金额同比升2倍 2026年有望突破3000亿港元 2025年香港IPO市场强劲反弹，预计今年香港将完成114只新股上市融资约2,863亿港元。该预测代表新股数量将较去年 增加63%，而融资金额将跃升两倍多。预计每只最少融资100亿港元的8只新股将贡献约一半（50%）的全年新股融资 总额。此外，19项A+H股上市项目的融资金额也将占全年新股融资总额的一半。因此，今年香港新股的融资总额将接 近3,000亿港元的水平。 资本市场服务部预测，在目前超过300宗上市申请个案的名单支持下，2026年全年，香港新股市场将有约160只新股， 融资额有望 ...