1月12日，港股三大指数高开，截至11:00，恒生指数涨0.47%，恒生科技指数涨1.41%，恒生国企涨0.59%。盘 面上，科网股活跃，美团、百度集团均涨超2%。 | 名称 | 现价 | 淵跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | | 恒生指数 | 26355.83 | 124.04 | 0.47% | 1275亿 | | 恒生科技 | 5767.49 | 80.35 | 1.41% | 399亿 | | 恒生生物科技 | 16041.66 | -12.26 | -0.08% | 67亿 | | 恒生中国企业指数 | 9102.36 | 53.83 | 0.59% | 469亿 | | 恒生综合指数 | 4045.89 | 21.29 | 0.53% | 873亿 | AI应用概念股全线飙升，截至发稿， 迈富时 涨15.57%； 汇量科技 涨8.01%。"全球大模型第一股"智谱 (2513.HK)今日为上市第三个交易日，股价继续上涨，盘中一度飙升超30%至207港元，再创上市新高，市值 升至910亿港元。 值得注意的是，2026年以来港股新股今日集体飘红 ...

记者丨黄子潇 编辑丨孙超逸 1月12日，港股三大指数高开，截至11:00，恒生指数涨0.47%，恒生科技指数涨1.41%，恒生 国企涨0.59%。盘面上，科网股活跃，美团、百度集团均涨超2%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | | 恒生指数 | 26355.83 | 124.04 | 0.47% | 1275亿 | | 恒生科技 | 5767.49 | 80.35 | 1.41% | 399亿 | | 恒生生物科技 | 16041.66 | -12.26 | -0.08% | 67亿 | | 恒生中国企业指数 | 9102.36 | 53.83 | 0.59% | 46917, | | 恒生综合指数 | 4045.89 | 21.29 | 0.53% | 873亿 | AI应用概念股全线飙升，截至发稿， 迈富时 涨15.57%； 汇量科技 涨8.01%。"全球大模型第 一股"智谱(2513.HK)今日为上市第三个交易日，股价继续上涨，盘中一度飙升超30%至207港 元，再创上市新高，市值升至910亿港元。 值得注意的是，2 ...

2025 年港股 IPO 市场显著回暖，截至 12 月 12 日，港股主板已有 99 家公司上市，合计募资超 2500 亿港元，占中资股 IPO 募资总额的 67%，创近 10 年新 高。伴随 IPO 活跃度提升，打新热度同步高涨，2025 年港股打新胜率达 73%，表观收益率 34%，均较往年明显提升，但平均一手中签率回落至 20% 的近 10 年低位。 展望 2026 年，港股 IPO 融资有望持续活跃。目前港股递表处理中的上市申请达 314 家，项目储备充足，且 2025 年恒生综指涨幅超 30%，历史数据显示当 年恒指表现对次年 IPO 融资活跃度解释力度超 30%，预计 2026 年港股主板 IPO 融资规模中枢约 3300 亿港元。不过需注意，Q4 以来新股首日破发率边际回 升，且历史数据表明港股打新收益主要由少数优质高赔率个股贡献，精选标的至关重要。 港股 IPO 存在几点关键特征：其一，虽为注册制，但 2016 年以来上市率仅 37%，受审核进度、市场推广等多重因素影响；其二，打新无市值要求，可加杠 杆，中签率显著高于 A 股，资金周转效率更高，但首日破发率也远高于 A 股；其三，一级市场融资 ...

这次港股真是热闹，10只新股扎堆上市，先上的6只全涨，只要中签就是闭眼捡钱。 | 已递表 | 可认购 | 待上市(暗) | 已上市 | | --- | --- | --- | --- | | 名称代码 | 上市日期↓ | 直日涨跌幅 / | 暗盘涨跌幅 / | | 瑞博生物-B | 2026-01-09 | +41.62% | +29.03% | | HK 06938 | | | | | 金浔资源 | 2026-01-09 | +26.00% | +35.40% | | HK 03636 | | | | | MINIMAX-WP | 2026-01-09 +109.09% | | +26.79% | | HK 00100 ▼ | | | | | 智谱 | 2026-01-08 | +13.17% | +5.16% | | HK 02513 ♥ | | | | | 天数智芯 | 2026-01-08 | +8.44% | +36.93% | | HK 09903 | | | | | 精锋医疗-B | 2026-01-08 | +30.90% | +37.84% | | HK 02675 | | | | 当然，重 ...

今天分享的是：港股IPO放量的影响与高效打新策略 报告共计：25页 港股IPO市场动态与打新策略总结 2025年港股IPO市场显著回暖，截至12月12日，港股主板已有99家公司上市，合计募资超2500亿港元，占今年中资股IPO募资总额的 67%，创近10年新高。伴随IPO活跃度提升，港股打新热度同步高涨，2025年打新胜率升至73%，表观收益率达34%，均较往年明显提 升，但平均一手中签率回落至20%，为近10年最低。 从市场特征来看，港股IPO存在几点易被误解的特点。其一，港股实行注册制，但2016年以来上市率仅37%，递表数量与实际上市数量差 异较大，企业上市成功率受多方因素制约。其二，港股打新无市值要求，参与门槛低，且需全额缴款，未必造成二级市场资金"抽水"。 其三，港股支持杠杆打新，中签率显著高于A股，加之结算周期缩短至T+2，资金使用效率更高。其四，受发行定价机制影响，港股新股 首日破发率显著高于A股，2016年以来平均破发率达45%，精选标的至关重要。 从关键时点影响来看，大型IPO对二级市场整体影响不显著，但对可选消费、科技等行业有一定提振作用；上市至入通阶段是打新赚钱 窗口，绝对收益和超额收益 ...

港股打新也能被收割？有投资者自曝"一夜亏损185万"。事件起因是一位网名为"我是冤大头"的港股打 新投资者，在大V"瞪羚社"的诱导下，参与翰思艾泰-B国际配售，结果赚钱不成反亏损。 大V"瞪羚社"是如何吸引投资者跟随的呢？比如，就曾在私域社群（知识星球）中宣称，"翰思艾泰-B 是稀缺的细胞治疗平台型公司，基石投资者阵容强大，通过我的渠道可优先拿到国配额度。"在持续推 荐与承诺下，上述投资者真就通过该大V推荐的第三方通道支付了认购款项，共通过2个账户累计投入 翰思艾泰503.7万，成功参与所谓的"国际配售"。 又是如何在一夜间亏损185万？这从翰思艾泰-B在12月23日上市首日表现中确可推断，首日大幅下跌， 收盘较发行价跌去46.25%，市值缩水至约20亿元，导致配售隔日便亏损36.73%，其503.7万投资对应亏 损金额185万。 虽然港股新股发行火爆，但破发也在增多。翰思艾泰-B已成为年内港股生物科技板块破发幅度最大的个 股，也使得公司上市前被赋予的成长空间瞬间化为泡沫。有业内人士预判，随着市场情绪转向理性，港 股18A或将进入上市破发期，此前愈演愈烈的18A企业上市热潮可能迎来拐点。 此次事件中，"大V带 ...

Core Viewpoint - The Hong Kong IPO market, which has been thriving throughout the year, is now experiencing a downturn with increasing first-day loss rates for newly listed stocks as the year comes to a close [1][3]. Group 1: IPO Performance - In November and December, there were 11 and 20 new listings respectively, marking a high monthly volume for the year [1]. - The first-day loss rate for new stocks has risen significantly, with 5 companies in November and 10 in December experiencing price drops below their issue prices, leading to a 50% first-day loss rate in December, which is notably higher than the year-to-date average of 29% [1][3]. - On December 22, four newly listed stocks collectively faced first-day losses, with Mindray Hospital (02581.HK) plummeting nearly 50%, marking the worst debut performance of the year [3]. Group 2: Subscription Trends - The subscription multiples for new IPOs have been declining sharply, indicating a weakening profit potential for investors, despite an increase in the chances of winning allocations [3]. - The phenomenon of "one signature hard to obtain" has diminished, with higher winning rates but lower profitability for investors [3]. Group 3: Market Dynamics - There is a notable structural differentiation in new stock performances, with some stocks like Mindray Hospital and Hanshi Aitai-B (03378.HK) experiencing significant declines, while others like Guoxia Technology (02655.HK) and Nobi Can (02635.HK) have seen substantial gains [3][4]. - The Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange have expressed concerns over the declining quality of new listings and compliance issues [5]. - The IPO issuance has accelerated as the year-end approaches, with a significant increase in companies passing the listing hearing and applying for IPOs in December compared to November [5][6]. Group 4: Market Pressure - As of December 17, there were 298 companies in the IPO hearing stage, with 28 new additions in December, indicating a growing backlog of IPO applications [6]. - The current IPO market shows signs of overheating, with potential pressure on the secondary market due to the high volume of new listings, which could exacerbate liquidity issues [6].

12月22日，港股上市的4家公司集体破发。 这是港股市场2025年内首现4只新股上市首日集体破发的景象。 当日收盘，华芢生物、明基医院、南华期货股份、印象大红袍首日破发幅度分别达到29%、49%、 24%、35%。 作为创新药企，华芢生物仍未实现规模化收入，2025年前三季度收入接近0；明基医院旗下虽然坐拥南 京明基和苏州明基等医院，但2025年上半年净亏利润仍为0.53亿元，同比缩水了近1/4。 从整体来看，今年港股IPO的首日破发率并不算高。年内，港股市场一共有31只新股上市首日破发，占 当期新股数量的比例为29%左右，较2024年全年下滑了7个百分点。 明基医院更是刷新年内港股新股上市首日破发幅度的记录。此前这一"尴尬"纪录的保持者是海螺材料科 技，其2025年1月5日上市首日较发行价跌去48%。 如今，这4只新股依旧深陷破发的泥潭中。 截至发稿前，明基医院、华芢生物、印象大红袍、南华期货股份上市次日的盘中价较发行价跌幅仍达到 48%、42%、38%、23%。 这一方面与港股市场整体表现承压有关，二级市场的估值中枢下移，直接压缩了一级市场的溢价空间。 今年10月迄今，恒生科技指数已跌去近17%，最大回撤 ...

Group 1 - The Hong Kong IPO market has significantly recovered this year, with approximately 99 companies raising over 250 billion HKD, making it the primary channel for Chinese companies' IPOs, accounting for 67% of total fundraising, the highest in nearly a decade [6][9]. - The average first-day loss rate for new stocks has increased since Q4, and historical data shows that the main profits from IPOs in Hong Kong often come from a small number of high-quality stocks with high odds [14][26]. - The estimated IPO fundraising scale for 2026 is around 330 billion HKD, reflecting a 20% increase compared to this year, driven by a rich pipeline of 314 companies currently in the listing process [13][9]. Group 2 - The relationship between primary market financing and secondary market performance is weakly positively correlated, suggesting that active IPO financing does not negatively impact the secondary market [2][31]. - Historical data from 2016 shows that large IPOs do not have a significant overall impact on the secondary market, but certain sectors like consumer discretionary and technology may experience positive effects [49][52]. - The performance of new stocks from listing to inclusion in the Stock Connect is generally a good window for profit, with median absolute and excess returns being positive during this period [55][48]. Group 3 - A quantitative model for selecting IPO projects is crucial due to the significant performance differentiation of new stocks in the Hong Kong market, which has a relatively loose listing mechanism and a highly market-driven pricing mechanism [64][65]. - The model incorporates five indicators, including market sentiment, company fundamentals, and issuance characteristics, to improve the selection of IPO projects and potentially increase returns by approximately 15% for those scoring above the median [64][88]. - The average first-day return for IPOs has shown a significant increase this year, with a notable rise in the number of projects achieving returns above 40% [68][66].

据Wind数据统计，11月以来，港股20只上市新股中有9只首日破发，破发率达到35%。这一破发率远超2024年的35.71%和今年上半年的30.23%。 京东工业是刘强东第六家上市公司。此前，其已有5家上市企业，包括京东集团（9618.HK，JD.O）、京东健康（6618.HK）、京东物流（2618.HK）、德邦 股份（603056.SH）、达达集团（后私有化退市）。 红星资本局12月11日消息，四度冲刺IPO的京东工业（7618.HK）今日在港交所挂牌上市，然而开盘即破发，较发行价下跌7.8%。随后股价小幅回升，午后 一度转涨，最高触及14.15港元/股。 截至收盘，京东工业收报14.1港元/股，持平发行价，总市值379亿港元。 | < W | 京东工业(7618) | | | --- | --- | --- | | | 闭市 12-11 16:08:07 | | | 1 4. 1 0 0 额 5.43亿 股本 26.88亿 市盈 "" 37.5 | | | | 0.000 0.00% | 换 1.47% 市值 379亿 市净" 34.50 | | | 时间 16:00 | 价格 14.100 涨跌 -0. ...