【文/观察者网 阮佳琪】 上周最高法院裁定所谓"解放日"对等关税越权违法后，美国总统特朗普最初设定的全球商品加税10%已 于本周二（24日）生效，为期150天。美国贸易代表贾米森·格里尔次日还称，白宫将"在适当情况下"继 续上调关税至15%。 美国关税政策剧烈摇摆，令东南亚出口商普遍陷入观望与被动调整，地区贸易前景被不确定性笼罩。 《日经亚洲》27日报道指出，特朗普政府用短期关税替代被法院否决的"对等关税"，再度加剧全球贸易 波动，东南亚企业至今仍无法确定是否、以及如何调整供应链、定价策略与出货计划。 当地企业普遍反映，当前正身处贸易政策"灰色地带"，无论是与美国采购商的合作，还是美最高法院裁 决对竞争对手，尤其是中国的影响，都难以预判，"几乎一切都偏离了计划"。 报道援引悉尼智库洛伊研究所首席经济学家罗兰·拉贾（Roland Rajah）的观点称，美最高法院的裁决， 让中国成为了所谓"最大的直接受益者之一"，进一步复杂化了东南亚国家的竞争环境。 拉贾声称，东南亚地区正处于一个利益悖论中：该地区本有望从中国的贸易转移与供应链外迁中获益， 但那些已与美国签署双边贸易协定国家，如柬埔寨、马来西亚、印度尼西亚等国， ...

文/飞云 2023-2025年这三年间，港股成功上市企业合计263家，其中GEM 转主板上市5家，介绍上市3家，SPAC 并购上市3家，这11家不纳入本次统计中。港股首 发上市的252家公司的IPO中介机构包括66家券商、67家香港法律顾问、44家中国法律顾问、13家会计师事务所。其中，中金公司保荐81单，位列第一； 高伟绅律所占据香港法律顾问之首，业务单数为33单；竞天公诚占据中国法律顾问之首，业务单数为41单；"四大"则包揽了近90%的审计业务，安永73 单、毕马威55单、罗兵咸永道55单、德勤42单。 一、保荐人业绩排名 2023-2025年，共有66家保荐人为这252家香港IPO上市公司提供了保荐服务，其中联合保荐的拆开计算，各计1单。 榜单前五名： 第一名：中金公司（81单） 第二名：中信证券（香港）（47单） 第三名：华泰国际（39单） 第四名：摩根士丹利（23单） 第五名：招银国际（18单） | | | | 排名 | 保存人 | 业务单数 | | --- | --- | --- | | | 中金公司 | 81 | | 2 | 中信证券(香港) | 47 | | 3 | 华泰国际 | 39 | | ...

Market Overview - The IPO market in Hong Kong has shown a strong recovery, leading the global IPO fundraising rankings with a total of HKD 286.71 billion in 2025, a year-on-year increase of 225.9% [4] - The number of new listings reached 119, including 114 IPOs, marking a 62.9% increase compared to the previous year [4] IPO Market Characteristics Issuance Structure - The distribution of IPOs includes 8 super-large (over HKD 10 billion), 4 large (HKD 5-10 billion), 21 medium (HKD 2-5 billion), and 81 small (under HKD 2 billion) offerings, indicating growth across both large and small enterprises [4] Key Data - The Hang Seng Index rose by 27.77% over the year, outperforming major global stock markets, with total trading volume and average daily trading volume reaching historical highs [4] Investment and Intermediary Landscape Investment Institutions - 78.07% of IPOs included cornerstone investors, with total investments reaching HKD 106.60 billion, a record high [4] Intermediary Institutions - Chinese securities firms dominated the underwriting market, with CICC leading with 41 IPOs, followed by CITIC Securities and Huatai International [4] Policy and Filing Dynamics - In 2025, 187 companies completed the filing process for overseas listings, a 19.1% increase year-on-year, with 139 companies listing in Hong Kong, doubling from the previous year [4][5] Market Trend Outlook - The trend of technology companies going public in Hong Kong is expected to continue into the first half of 2026, supported by the influx of capital from both domestic and international sources [4] - The AI boom is driving ongoing interest in IPOs within the technology and semiconductor sectors, while healthcare and consumer sectors remain focal points for the market [4]

Core Viewpoint - The recent surge in interest from international investors in Hong Kong's tech IPOs, particularly in semiconductor companies, indicates a shift in investment logic towards recognizing Chinese firms as global leaders in their sectors, despite the relatively high price-to-earnings (PE) ratios in the Hong Kong market [1][4]. Group 1: IPO Performance and Investor Interest - Walden Materials is set to officially list on the Hong Kong Stock Exchange, with notable cornerstone investors including Jump Trading [1]. - Lanqi Technology's IPO saw a remarkable first-day increase of 63.72%, marking the highest debut gain for A+H shares in the past 20 years [2]. - The IPO of Lanqi Technology attracted 17 cornerstone investors who collectively subscribed approximately $450 million, accounting for about 43% of the post-green shoe issuance size [2]. Group 2: Changing Investment Logic - Recent listings like Lanqi Technology and others in the semiconductor sector are altering the investment logic of international investors, who now view these companies as global leaders with high sales and profit margins [4]. - The demand for high-quality international long-term funds and strategic investors has led to a significant oversubscription of 37.67 times for the international portion of Lanqi Technology's IPO [2][4]. Group 3: Future Trends and Market Dynamics - The upcoming IPOs of high-tech companies are expected to continue attracting foreign investment, with a notable focus on sectors like AI and semiconductors [4][6]. - The market is anticipated to see a strong upward momentum during the Chinese New Year holiday, driven by the tech sector's performance and the return of capital due to the appreciation of the Renminbi [6]. - The trend of high-tech and biotech companies choosing to list in Hong Kong is expected to persist, highlighting Hong Kong's role as a gateway for Chinese assets and high-tech investments [6].

根据公开资料，此次行动由意大利税务部门主导，重点核查亚马逊在2019至2024年间是否在意大利境内 存在未申报的常设机构，并据此评估其是否少缴企业所得税。 观点网讯：2月12日，据媒体报道，意大利税务警察对亚马逊意大利总部米兰办公室、七名亚马逊管理 人员的私人住所及审计机构毕马威米兰办公室展开同步搜查，旨在获取与新一轮逃税调查相关的账册及 电子数据。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

美国1月就业增长可能回升，主要得益于部分季节性行业的裁员减少，但由于进口关税的持续不确定性 抑制了招聘，且更严格的移民执法限制了劳动力供应，劳动力市场依然疲软。 劳工部备受关注的就业报告将于周三发布，预计将显示上个月美国失业率维持在4.4%，且年薪资增长 降温。经济学家表示，特朗普政府的贸易和移民政策已经让劳动力市场遇冷，尽管他们预计减税措施将 在今年提振招聘。 白宫经济顾问凯文·哈塞特周一警告称，由于劳动力增长放缓，未来几个月的就业增长将下降。人口普 查局上周表示，截至2025年6月的一年里，全国人口仅增加180万人，增幅为0.5%，总数达到3.418亿 人。特朗普将打击美国移民作为其竞选活动的基石。 预测范围从减少1万个工作岗位到增加13.5万个职位不等。一些私人调查暗示1月份出现了就业岗位流 失。 从1月份的报告开始，编制数据的劳工统计局（BLS）将通过每月纳入当前样本信息来更新企业诞生与 消亡模型。该模型是劳工统计局用来估算因特定月份公司开业或倒闭而增加或减少多少工作岗位的方 法，此前一直被指责导致就业人数虚高。 劳工统计局还将发布年度基准就业人数修订。该机构去年估计，截至2025年3月的12个月内， ...

毕马威中国香港特区税务服务主管合伙人谭培立表示，为更好配合国家十五五规划、推动香港下一阶段 的发展，并保持对全球资本的吸引力，建议聚焦三大优先方向：1)激发商机，提升竞争力;2)开创新产 业，推动可持续发展;3)关怀市民，共建美好小区。为巩固提升香港作为全球顶尖的国际金融、航运、 贸易和创新科技中心，并打造香港成为国际高端人才汇聚地，应当优化税制，提供税务优惠，吸引跨国 企业及"出海"的内地企业进驻，配合国家和香港自身的规划，推动经济发展。 毕马威提出一系列支持在职家庭、置业人士及长者的措施，包括向通过认可机构雇用家庭佣工或通过祖 父母或外祖父母照顾16岁或以下子女或伤残受养人的在职家庭提供6万港元免税额；将居所贷款利息扣 除上限由每课税年度10万港元提高至12万港元；以及将供养父母及供养祖父母或外祖父母免税额的适用 范围，扩展至居住在大湾区的父母、祖父母或外祖父母。其他建议亦涵盖宽减100%利得税、薪俸税及 个人入息课税(上限为6000港元)，并扩大现行慈善捐款的可扣税范围以涵盖非现金捐赠。 智通财经APP获悉，毕马威发布《财政预算案》前瞻，提出一系列全面建议，提升香港竞争力并确保长 远财政稳健。为巩固香港 ...

Summary of Conference Call Notes Industry Overview - The software industry is experiencing a significant impact from AI-assisted programming, leading to increased development efficiency and lowered barriers to entry for software development [1][1] - The degree of influence from AI large models varies across software based on complexity, application scenarios, and industry sectors [1][1] Key Insights - Certain software companies with industry barriers and specific niches have long-term growth prospects [2][2] - Companies operating in specialized fields with strong data expertise that is non-public and non-generic may survive if they keep pace with AI advancements [2][2] - Data specific to client departments, such as operations and finance, often cannot be disclosed and require private, closed deployments and secondary development [2][2] - Data value service providers and consulting integrators remain essential in the industry chain, even in an AI-dominated software ecosystem [2][2] Competitive Landscape - Leading overseas AI large model companies are developing vertical AI solutions [2][2] - Anthropic launched a financial analysis solution in July 2025, enabling data integration, validation, and automation of financial analysis and modeling, which has begun to fulfill some functions of financial IT software [2][2] - This shift indicates a transition from "assisted collaboration" to "full agency" roles for AI in enterprise information systems, posing challenges for similar functional software companies [2][2] - Anthropic's financial analysis solution does not create data but operates on established financial data systems, positioning AI as a "super analytical layer" [2][2] Implementation and Partnerships - The financial analysis solution integrates data from multiple sources, including FactSet, Palantir, and S&P Global, to provide high-quality, cross-verified real-time data, significantly reducing analysis error risks from single information sources [3][3] - Key implementation partners such as Deloitte, KPMG, and PwC play a crucial role in addressing the practical application of the financial analysis solution within financial institutions [3][3] Focus Areas - Companies to watch include: - Basic general tool companies: Zhuoyi Information, Xinghuan Technology [3][3] - Companies with vertical know-how and specific data requirements: Jingtai Holdings, Hand Information, Tax Friend Co., Shiji Information, Kingdee International, Zhongkong Technology, Saiyi Information [3][3] - Companies with scene implementation and delivery capabilities: Changliang Technology, Yuxin Technology, Ruantong Power, China Software International [3][3]

Core Viewpoint - Ireland is increasingly viewed as an attractive target for criminals, necessitating significant investment in security to maintain safety in Europe [1] Defense and Security Investment - Ireland's defense spending is notably low, at only 0.2% of GDP, the lowest among EU member states [1] - The imbalance between Ireland's high wealth and low defense spending creates both reputational and actual risks [1] - Addressing this imbalance is crucial for protecting citizens, infrastructure, and Ireland's standing in Europe [1] Investment Plans - The Irish government announced a €1.7 billion defense investment plan for December 2025, representing a 55% increase from the previous year [1] - This investment will cover new radar systems, anti-drone systems, aircraft, sonar, and upgrades to naval equipment [1] - The plan signifies the most significant shift in Ireland's security posture in decades and demonstrates a commitment to enhancing national and European resilience [1]

为什么是桂城？一条街道的千亿密码 目前，全国仅有6个GDP千亿镇，广东独占三席。若将视野扩展至街道，珠三角的阵容更为强大：深圳 的粤海、坂田、新安街道，广州的冼村街道，早已是名声在外的"千亿强者"。桂城的特殊在于，它诞生 于地级市，并以服务业为主导实现了千亿跨越，填补了类型空白。 桂城拥有大体量的生产性服务业，第三产业贡献了近七成的经济总量与增长动能。三产、二产和一产的 占比为69.8：30.0：0.2。桂城与其他广东千亿街道的不同，其生产性服务业成为主要的增长引擎，金融 业、信息技术服务、商务服务、科研技术服务等现代服务业板块发展迅猛。顺丰佛山总部、凯捷数据、 毕马威等一批服务业龙头在此集聚，构筑起服务佛山乃至大湾区的专业能力。 驱动桂城迈过千亿门槛的另一关键动力，是其前瞻布局的"总部经济"。2023年，桂城官方明确打造佛山 总部经济集聚区。同年，海天集团、宏旺控股、江博士总部等19个项目竣工封顶，伟邦科技、广东乐居 等9个企业总部顺利投产，数量创近年之最。目前，桂城已汇聚超过500家总部企业。这些企业总部带来 的不仅是GDP贡献，更是决策功能、研发中心、资本控制和高端人才的集聚，这正是桂城深层竞争力的 体 ...