香港新界大埔火灾已造成94人遇难；灭火行动已大致完成。 11月26日下午，香港新界大埔屋邨宏福苑多栋住宅楼发生火灾，造成重大人员伤亡。以下是最新信息汇 总： 7.政府已成立"大埔宏福苑援助基金"，投入三亿港元作启动资金。基金27日晚7时起开始接受捐款。 8.特区政府将安排悼念活动，包括政府建筑物下半旗志哀、悼念会、设立吊唁册。 9.警方拘捕3名男子涉嫌误杀，他们是负责屋苑大厦维修的工程公司负责人，目前仍被扣查。 10.特区政府已即时分批巡查全港正进行外墙大维修而有搭建棚架保护网的楼宇。 11.本周日的赛马赛事以闭门方式举行，赛马会将会把此次赛事的总收益悉数捐出，以协助受灾人士， 金额估计约7千万港元。 12.港交所为表示对火灾逝者和伤者的尊重，原定于27日举行的敲锣环节已予取消。 1.截至11月28日上午6时，香港新界大埔火灾已造成94人遇难，另有76人受伤。 2.28日凌晨1时20分许消防处举行记者会称，灭火行动已大致完成。 3.预计28日9时完成对受火灾影响的7栋大厦里所有单位的搜索工作。 4.特区政府已开放9个庇护中心，目前有超过500名居民使用。 5.民政及青年事务局已联络青年宿舍及酒店，将提供约10 ...

Group 1 - The Hong Kong Stock Exchange launched the "Hang Seng Biotechnology Index Futures" on November 28, marking an important expansion of the Hong Kong stock derivatives system and providing a dedicated risk management tool for the biotechnology sector [1] - The biotechnology industry is characterized by high volatility and high growth, with the annualized volatility of the Hang Seng Biotechnology Index reaching 39.4% as of October 31, 2025 [1] - The introduction of index futures aims to provide institutions with a "risk management foundation," allowing them to hedge volatility while capturing growth through ETFs [1] Group 2 - The Hang Seng Medical ETF focuses on two high-growth sectors: "innovative drugs + CXO," and underwent its largest-ever adjustment in September, reducing its constituent stocks from 50 to 30, thereby enhancing the purity of core assets [2] - The latest weighted stocks in the ETF include globally competitive innovative drug and R&D service companies such as BeiGene, WuXi Biologics, Innovent Biologics, and CanSino Biologics, with the top ten constituent stocks accounting for 70% of the total weight [2] - Historically, the Hang Seng Biotechnology Index saw a peak increase of 112% this year, and as of November 27, it recorded a year-to-date increase of 83.36%, significantly outperforming the broader market [2]

Core Insights - The report by Ernst & Young highlights a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and the Hong Kong market accounting for 16% and 33% of global IPO numbers and fundraising amounts, respectively [2] - Hong Kong Stock Exchange (HKEX) leads globally with a fundraising amount of $36 billion, marking a significant recovery in the IPO market [2][5] - Chinese companies secured five positions in the top ten global IPOs, with sectors including automotive, mining, energy, and advanced manufacturing [2] Group 1: A-share Market Performance - The A-share IPO market experienced moderate growth in 2025, with an average fundraising amount exceeding 50% year-on-year, reaching 1 billion yuan [3] - The average return rate for new A-shares was 253%, maintaining the same level as in 2024, with no instances of first-day price drops [3] - The industrial, technology, and materials sectors dominated A-share IPO numbers, while the energy sector rose to the top three in fundraising scale [4] Group 2: Hong Kong IPO Market Dynamics - The Hong Kong IPO market saw a strong recovery, with fundraising surpassing 200 billion HKD, marking the second-highest level in five years [4][5] - Large IPO projects, particularly from mainland Chinese A+H and A-share companies, significantly contributed to HKEX's rise, with over 20 A-share companies expected to list in 2025, raising over 170 billion HKD [5] - The average fundraising scale increased by 137% year-on-year, driven by a concentration of large IPOs, particularly in the industrial and retail sectors, focusing on new energy vehicles and advanced manufacturing [5] Group 3: Future Outlook and Recommendations - The report anticipates sustained heat in the Hong Kong IPO market, with a shift towards a more stable growth pace and structural deepening [5] - Companies are encouraged to embrace technology and build future-oriented governance systems to streamline financial data collection and enhance transparency in IPO preparations [6]

Market Overview - The Hang Seng Index rose by 17.85 points, an increase of 0.07%, closing at 25,945.93 points with a total turnover of HKD 2,047.28 billion [1] - The National Enterprises Index increased by 2.5 points, closing at 9,164.87 points, a rise of 0.03% [1] - The Hang Seng Tech Index fell by 20.31 points, closing at 5,598.05 points, a decrease of 0.36% [1] Blue-Chip Stocks - Tencent Holdings decreased by 1.29%, closing at HKD 611.5 [1] - Hong Kong Exchanges and Clearing fell by 0.34%, closing at HKD 411.8 [1] - China Mobile dropped by 0.11%, closing at HKD 87.25 [1] - HSBC Holdings increased by 1.3%, closing at HKD 109 [1] Local Hong Kong Stocks - Cheung Kong Holdings decreased by 0.2%, closing at HKD 40.04 [1] - Sun Hung Kai Properties rose by 0.97%, closing at HKD 99.2 [1] - Henderson Land Development fell by 0.47%, closing at HKD 29.74 [1] Chinese Financial Stocks - Bank of China decreased by 0.42%, closing at HKD 4.73 [1] - China Construction Bank rose by 0.24%, closing at HKD 8.23 [1] - Industrial and Commercial Bank of China fell by 0.15%, closing at HKD 6.49 [1] - Ping An Insurance decreased by 0.17%, closing at HKD 57.25 [1] - China Life Insurance increased by 2.17%, closing at HKD 27.32 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 1.13%, closing at HKD 4.47 [1] - China National Petroleum Corporation increased by 0.46%, closing at HKD 8.74 [1] - CNOOC Limited rose by 1.33%, closing at HKD 21.34 [1]

Group 1: Core Insights - The report by Ernst & Young highlights a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong markets accounting for 16% and 33% of global IPO numbers and fundraising amounts respectively [1] - Hong Kong's IPO fundraising has surpassed 360 billion USD, making it the leading exchange globally [1] - Chinese companies occupy five spots in the top ten global IPOs, with a notable increase in representation from sectors such as automotive, mining, energy, and advanced manufacturing [1] Group 2: Hong Kong IPO Market Recovery - The Hong Kong IPO market has seen a strong recovery in 2025, with fundraising exceeding 200 billion HKD for the first time in four years, marking the second peak in five years [2] - Major IPO projects have been pivotal in driving this resurgence, particularly from mainland "A+H" and "A拆H" companies, with over 20 A-share companies expected to list in Hong Kong, raising more than 170 billion HKD [2] - The average fundraising size has increased by 137% compared to last year, reaching the second highest level in five years, with industrial and retail sectors leading the charge [2] Group 3: Capital Market Cooperation - 2025 marks the beginning of a new decade for interconnectivity between mainland and Hong Kong capital markets, with an emphasis on deepening cooperation and enhancing institutional synergy [3] - A-shares are gradually returning to normalized issuance, focusing on quality and structural improvements, with the Beijing Stock Exchange becoming a key player in IPO applications [3] - The Hong Kong IPO market is expected to maintain its heat, with a steady growth pace and a focus on "A+H" models and the return of Chinese concept stocks [3] Group 4: Recommendations for Listing Companies - Companies planning to go public are advised to embrace technology and build a future-oriented financial governance system [4] - It is essential for companies to integrate business and financial data processes as a priority for IPO preparation, ensuring data consistency and transparency [4] - Strengthening digital transformation and intelligent financial management is crucial for showcasing governance capabilities to investors [4]

报告还指出，2025年港股IPO市场迎来强势复苏，IPO筹资额时隔四年再度突破2000亿港元，创近 五年第二高纪录。港交所融资额位居全球交易所榜首，大型IPO项目上市成为推动港股崛起的关键因 素。其中，来自内地的A+H及A拆H企业贡献突出，全年预计超过20家A股公司在港首发上市，合计募 资超过1700亿港元。 安永大中华区财务会计咨询服务主管合伙人刘国华表示："当前，内地与香港资本市场已进入互补 发展阶段，两地市场协同发力、共同服务国家战略全局。上半年国际资本持续涌入香港市场，南下资金 加速流入，推动港股投资者结构从'外资主导'转向'内外资双轮驱动'。虽然面临阶段性震荡，但港股整 体呈现上行趋势，并在龙头企业、市场政策、外部环境等多重作用下实现规模增长与结构升级。" 11月27日，安永发布了2025年《中国内地和香港IPO市场回顾及展望》报告。 报告指出，A股和香港市场全年IPO数量和筹资额占全球总量的16%和33%。其中，今年港交所以 2800亿港元（折合360亿美元）的融资额，跃居全球交易所榜首，远超排名第二的纽交所（205亿美 元）。 从全球市场来看，IPO数量与去年基本持平，但筹资额相比去年有所增长。 ...

Core Insights - The report by Ernst & Young indicates a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong accounting for 16% of global IPO numbers and 33% of global fundraising amounts in 2025 [1] Group 1: IPO Market Overview - Hong Kong Stock Exchange is projected to lead global exchanges with a fundraising amount of $36 billion in 2025, while Shanghai Stock Exchange ranks fifth with $11 billion [2] - Chinese companies occupy five positions in the global top ten IPOs, with representation across automotive, mining, energy, and advanced manufacturing sectors [2] Group 2: A-share Market Dynamics - The A-share IPO market is expected to see moderate growth in 2025, with approximately 97 companies going public and raising around 100 billion RMB [3] - The average fundraising amount per IPO in A-shares has increased to 1.031 billion RMB, reflecting a 53% year-on-year rise, driven by large IPOs [4] - The automotive sector accounts for about 30% of A-share IPOs, with significant contributions from industrial, technology, and materials sectors [4] Group 3: Hong Kong IPO Landscape - The Hong Kong IPO market is experiencing a strong recovery, with fundraising surpassing 200 billion HKD, marking the second-highest peak in five years [5] - Mainland enterprises dominate the Hong Kong IPO market, contributing 88.5% of the number of listings and 83.5% of the total fundraising [5] - New consumption and hard technology sectors are identified as the dual engines driving IPO activities in Hong Kong [5] Group 4: Future IPO Trends - The IPO issuance in 2026 is expected to transition to a "new normal," focusing on a steady pace rather than a return to rapid expansion, influenced by macroeconomic conditions and the quality of prospective listings [8] - The A-share market is anticipated to gradually restore normal issuance patterns, emphasizing quality and structural optimization, particularly in strategic emerging industries [8] - The Hong Kong IPO market is expected to maintain its momentum, with a focus on A+H listings and the return of Chinese concept stocks [8]

Core Insights - The report by Ernst & Young highlights a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong markets accounting for 16% and 33% of global IPO numbers and fundraising amounts respectively [1] - The A-share market shows steady progress, while the Hong Kong Stock Exchange leads globally with a fundraising amount of $36 billion [1] - Chinese companies occupy five spots in the top ten global IPOs, with a notable increase in numbers compared to 2024, spanning industries such as automotive, mining, energy, and advanced manufacturing [1] A-share Market Summary - In 2025, the A-share IPO market experienced moderate growth under stable regulation and improved structure, with a significant increase in fundraising scale compared to last year [2] - The average fundraising amount for IPOs rose over 50% year-on-year to 1 billion yuan, driven by large IPOs, with the proportion of 10 billion yuan IPOs significantly increasing [2] - New regulations have led to a continuous decline in new stock issuance price-to-earnings ratios, reaching a five-year low, with no instances of first-day price drops and an average return rate of 253%, maintaining the top position over the past five years [2] - The industrial, technology, and materials sectors ranked highest in IPO numbers, while the energy sector rose to the top three in fundraising scale [2] - The core characteristic of companies applying for IPOs this year is technological innovation, marking a shift from quantity-driven to quality-focused development in the A-share IPO market [2] Hong Kong Market Summary - The Hong Kong IPO market saw a strong recovery in 2025, with fundraising exceeding 200 billion HKD for the first time in four years, reaching the second-highest level in five years [3] - The Hong Kong Stock Exchange surpassed New York and other exchanges in global fundraising scale, with over 20 A-share companies expected to list in Hong Kong, raising more than 170 billion HKD [3] - The average fundraising scale increased by 137% year-on-year, driven by large IPO projects, with the industrial and retail sectors dominating the top ten IPOs [3] - The capital markets of mainland China and Hong Kong are entering a complementary development phase, with a shift in investor structure from foreign-dominated to a dual-driven model [3] - New consumption and hard technology are identified as the dual engines driving IPO activities in Hong Kong, supported by policies that facilitate rapid listings for high-potential tech companies [3] Capital Market Trends - The year 2025 marks the beginning of a new decade for the interconnected capital markets of mainland China and Hong Kong, with an emphasis on deepening cooperation and enhancing institutional synergy [4] - The A-share market is gradually returning to normalized issuance under a framework of stable rhythm, quality improvement, and structural optimization, with the Beijing Stock Exchange becoming a key player in IPO applications [5] - The Hong Kong IPO market is expected to maintain its momentum, with a steady growth pace and structural deepening characteristics, particularly in the A+H model and the return of Chinese concept stocks [5] - Recommendations for prospective listed companies include embracing technology and building a future-oriented governance system to ensure data transparency and enhance digital transformation [5]

11月27日，安永发布2025年《中国内地和香港IPO市场回顾及展望》报告。报告指出，A股和香港市场 全年IPO数量和筹资额占全球总量的16%和33%。其中，A股市场整体稳中有进，港交所融资额位居全球 交易所榜首，预计全年港股上市新股数量超百只，融资额2800亿港元。 报告显示，大型IPO项目上市成为推动港股崛起的关键因素，其中来自A股的"A+H"及"A拆H"企业贡献 突出，全年预计超过20家A股公司在港首发上市，合计募资超过1700亿港元。 安永大中华区上市服务主管合伙人何兆烽表示："上半年国际资本持续涌入香港市场，南下资金加速流 入，推动港股投资者结构从'外资主导'转向'内外资双轮驱动'。虽然面临阶段性震荡，但港股整体呈现 上行趋势，并在龙头企业、市场政策、外部环境多重作用下实现规模增长与结构升级。" 行业结构上，新消费与硬科技成为推动港股上市活动的"双引擎"。"科企专线"等政策落地，为更多高潜 力科技企业提供了快速上市通道。安永大中华区TMT行业联席主管合伙人李康表示："当前，港股诸多 改革举措展现了制度灵活性和创新包容性，可以在上市、交易、产品及资金流动等多个维度，提升港股 市场的活力和竞争力。今年， ...

中经记者 郝亚娟 夏欣 上海、北京报道 11月25日，全球首个期货交易所综合排名由复旦大学经济学院正式发布。 该排名是由复旦大学经济学院院长、中国经济研究中心主任张军教授带领课题组编制，系首次针对期货 交易所进行的全方位、综合性、科学性量化评估，填补了该领域的空白。 排名结果显示，芝加哥商业交易所集团（CME）、洲际交易所（ICE）、香港交易所集团（HKEX）位 列全球前3位。在全球期货市场格局中，CME和ICE凭借其全方位的综合优势，以及在价格影响力、市 场流动性、产品多样性等方面的突出表现，连续多年位居全球期货交易所第一梯队。 《中国经营报》记者注意到，得益于我国大宗商品贸易规模的快速增长，境内商品期货交易所持续保持 追赶态势，与全球一流交易所的差距不断缩小，上海期货交易所跻身第二梯队前列。 复瑞渤集团相关负责人表示，上海期货交易所自2018年成功上市中国原油期货以来，不断推出国际化新 品种和QFI可交易品种，为全球大宗商品交易商提供了境外主体直接参与中国市场交易的机会，同时降 低了交易成本、优化了资源配置，也使交易策略和投资组合更为丰富。 从进一步丰富产品体系的角度，复瑞渤集团上述负责人期待上海期货交易 ...