新京报贝壳财经讯（记者胡萌）12月18 日，德勤中国资本市场服务部发布《中国内地及香港IPO市场 2025年回顾与2026年前景展望》。 报告预计，2025年全球十大新股融资总额将较2024年略有改善。其中，受惠于8只超大型新股上市，当 中4只位列全球十大新股之列，香港交易所新股融资总额将位居榜首。与此同时，2025年A股市场将有 114家公司上市，融资1296亿元，新股数量和融资总额分别上升14%、94%。 展望2026年，资本市场服务部预计，随着"十五五"规划的实施，预计A股新股发行或在提升市场流动性 的推动下持续稳定增长。 "持续推进的改革为A股新股发行在2026年继续升温，奠定了稳健的基础，预计其表现将比2025年更加 出色。"德勤中国资本市场服务部华北区上市业务合伙人陈文龙认为，随着多项措施如有助于提升市场 流动性的措施、与国家战略相契合的上市审核重点，以及创业板和上海科创板或将进行的改革落实，来 自AI、新能源、高端制造、商业航天、量子技术和生物制造等领域的企业，在A股市场上市和融资时将 获得更大的优势。 德勤中国资本市场服务部上市业务华北及华西区主管合伙人任绍文则指出，香港在2025年取得辉煌的 ...

对经济社会发展作出系统谋划和全面部署 《建议》明确了"创新型国际化海洋城市"的发展定位。"我们将坚持创新驱动、高效协同、产业更 新、人海和谐与合作共赢，推动海洋经济实现质的有效提升和量的合理增长。"威海市海洋发展局党组 书记、局长姜进军说，未来五年，将聚焦优势领域关键技术攻坚，推动渔业从"规模主导"向"链式增 效"转型，加快推进亲海、海钓、康养、海事服务"四大"基地建设，积极融入全球海洋经济网络，力争 到2030年，全市海洋生产总值达到2000亿元。 《建议》围绕"更好统筹发展和安全，打造社会治理现代化标杆市"，对未来五年发展进行了擘画， 提出了更高要求。威海市委政法委分管日常工作的副书记宋华东说，将持续推进重点问题深度治理，持 续提升矛盾纠纷化解法治化水平，持续加强信息技术支撑保障能力，全力做好防范化解风险各项工作， 以更高水平安全保障经济社会高质量发展。 "'十五五'期间，将以新一轮精致城市建设三年行动为抓手，常态化开展城市体检和有机更新，全 域深化党建引领红色物业，持续推进小城镇创新提升行动，打造舒适便利的宜居城市、绿色低碳的美丽 城市、安全智慧的韧性城市、优质均衡的和美城市、精明增长的开放城市。"威海 ...

市领导陈杰、解冬、张亚宏、陈宇剑出席。 会上，浦东新区、黄浦区、静安区、徐汇区、长宁区、普陀区、虹口区、杨浦区、宝山区、闵行 区、嘉定区、金山区、松江区、青浦区、奉贤区、崇明区政府负责同志分别发言，汇报2025年收官冲刺 工作，交流2026年工作思路和重点举措。龚正认真倾听记录，不时插话讨论。 龚正指出，今年以来，我市经济运行稳中有进、保持韧性。做好明年工作，要在坚持内需主导中抓 机遇、促发展，着力推动消费提质扩容，谋新招、扩增量、树品牌，着力扩大有效投资，做深做细项目 前期工作，同时也要注重稳外贸、稳外资，助力企业优化贸易品类结构和市场结构，塑造吸引外资新优 势。要在培育壮大新动能中抓机遇、促发展，进一步强化科创赋能，聚焦细分赛道，推动转型升级，因 地制宜培育发展新质生产力，持续提升产业韧性和竞争力。要在深化高水平改革开放中抓机遇、促发 展，强化改革攻坚，深耕"试验田"，谋划一批含金量更高、创新力度更大、突破性更强的改革开放举 措，各区要主动承接溢出带动效应，推动改革开放释放更强发展动能。要在抓机遇、促发展中保障和改 善民生，紧紧围绕建设现代化人民城市，谋划实施一批惠民生暖民心、群众可感可及的重大举措，全力 ...

Core Viewpoint - The meeting on December 18 emphasized the importance of enhancing and improving the work of the provincial political consultative conference, aligning with the spirit of the 20th Central Committee and provincial directives, while sharing experiences and strategies for future work [1][2] Group 1 - The provincial political consultative conference has effectively integrated its responsibilities with the overall development of the province, enhancing its role as a specialized consultative body and strengthening the organization of the united front [1] - There is a strong emphasis on recognizing the significance of the role of different sectors, innovating methods to leverage these roles, and ensuring that members are well-versed in relevant laws and policies [2] - The conference aims to focus on major strategic issues related to the province's development during the 14th Five-Year Plan period, promoting high-quality performance to contribute to economic and social development [2] Group 2 - The meeting highlighted the need for regular activities that reflect the opinions and suggestions of various sectors, including collaborative discussions, inspections, and proposals [2] - There is a call for improved communication and collaboration among different sectors to share resources and enhance overall effectiveness [2] - The meeting was conducted via video conference, with participation from various provincial and county-level leaders, indicating a structured approach to governance and collaboration [2]

范波指出，"十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期。要全面对标 对表，自觉把学习贯彻习近平总书记对江苏、苏州工作重要讲话重要指示精神作为贯穿全部工作的主 线，紧扣习近平总书记赋予的职责使命、寄予的殷切希望、提出的重要要求，谋划思路举措，展开工作 布局。要全面抓紧抓实，传承弘扬和发展苏州"三大法宝"，坚持一张蓝图绘到底，提振干事创业精气 神，以时不我待的紧迫感，清单化、项目化、节点化推进重点任务、重要工作，确保"十五五"良好开 局。 座谈会上，朱依东、葛昕、单杰、钱振明、张健红、黄靖、张东驰、周俊、李赞等市各民主党派、 工商联负责人和无党派人士代表分别发言，充分肯定我市"十四五"时期经济社会发展取得的成就，赞同 中共苏州市委关于制定苏州市国民经济和社会发展第十五个五年规划的建议的考虑，并结合对中共二十 届四中全会精神的学习体会、各自调研成果，围绕推进乡村全面振兴、做好古城保护更新、推动产业转 型升级、发展文化新业态、坚持绿色发展、做强"甜蜜经济"、深耕科技创新、建设制造强市、推进非遗 数字化等提出意见建议。 在认真听取发言后，范波指出，大家深学细悟中共二十届四中全会精神和习近平总书记对 ...

Core Viewpoint - The meeting held on December 18 aims to plan the key work of the city's propaganda and cultural system for 2026, marking the beginning of the "14th Five-Year Plan" and promoting the construction of a culturally strong city to a new level [1] Group 1 - The meeting involved exchanges from 8 districts and 6 units regarding the propaganda and cultural work for the upcoming year, focusing on the "14th Five-Year Plan" [1] - It was emphasized to accurately identify entry points and clarify work positions, ensuring that the propaganda and cultural work aligns with the political direction set by the central and provincial authorities [1] - Key tasks for the upcoming year were outlined, aiming to create a new situation in the construction of a culturally strong city [1] Group 2 - The meeting highlighted the importance of improving work quality and efficiency by employing scientific methods and enhancing systematic thinking [1] - It was noted that the cadre team is crucial for the development of the cause, and there is a need for them to take responsibility and stimulate cultural innovation [1]

Core Insights - The report by Deloitte highlights an expected improvement in global IPO financing in 2025, driven by eight large IPOs, with Hong Kong leading in total IPO financing [3][4]. Group 1: Global IPO Market Overview - The global top ten IPOs in 2025 are projected to show slight improvement compared to 2024, with Hong Kong expected to top the list in total IPO financing [3]. - A medical supplies company is anticipated to be the largest IPO globally in 2025, placing Nasdaq in second position, while the National Stock Exchange of India is expected to rank third due to the highest number of new listings [3]. - The Shanghai Stock Exchange is projected to rank fifth, with the Shenzhen Stock Exchange in eighth place for new listings [3]. Group 2: A-Share Market Performance - The A-share market is expected to continue its momentum from 2024, with an increase in the number of new listings and a significant rise in financing amounts, supported by new policies [3][4]. - In 2025, it is estimated that 114 companies will go public in the A-share market, raising approximately 129.6 billion RMB, representing a 14% increase in the number of listings and a 94% increase in financing compared to 2024 [5]. - The Shanghai Stock Exchange is expected to lead in financing amount with 80 billion RMB, while the Shenzhen Stock Exchange will have the highest number of new listings [5]. Group 3: Future Outlook for 2026 - The Hong Kong IPO market is projected to set a new record in 2026, with financing expected to reach at least 300 billion HKD [5][6]. - Deloitte forecasts around 160 new IPOs in Hong Kong in 2026, with at least seven expected to raise over 10 billion HKD each, including leading mainland enterprises [6]. - The ongoing reforms and alignment with national strategies are expected to provide a solid foundation for continued growth in A-share IPOs, particularly in sectors prioritized by the "14th Five-Year Plan" [5].

今日，德勤中国资本市场服务部发布《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，尽管市场受到各国间不同的紧张地缘政治局势和包括美国对等关税政策因素的影响，预计 2025年全球十大新股融资总额将较2024年略有改善。 受惠于8只超大型新股上市，当中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。凭借一家医疗用品公司上市项目，使其成为2025年全球规模最大的IPO，将使纳斯达 克取得第二位。印度国家证券交易所则在众多证券交易所中新上市公司数量最多，并预计以此排名第 三。纽约证券交易所则凭借一家液化天然气出口商的上市项目排名第四，该新股为今年全球第十大 IPO。上海证券交易所(上交所)排名第五，而深圳证券交易所(深交所)则排名第八。 2025年，A股市场的表现延续了2024年的势头，新股数量增加，而融资金额激增，这主要由于得到 新"国九条"及资本市场"1+N"系列政策的支持。而在国家策略的支持下，来自能源及资源和科技公司的 新股推动了新股融资额的大幅增长。 随着中国于2026年开始实施"十五五"规划，预计A股新股发行或在提升市场流动性的推动下持续稳 ...

Consumption - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, with a year-on-year growth of 2.9%, down 0.1 percentage points from the previous value of 3%[12] - Sales of "two new" products and real estate-related consumption declined, with automotive sales down 6.6% and home appliances down 14.6% year-on-year[12] - Service consumption showed strong performance, driven by the Mid-Autumn Festival and National Day holidays, with food-related items growing by 8% year-on-year[13] Investment - Fixed asset investment continued to face pressure, with a year-on-year decline of 11.2% in October, worsening from a previous decline of 6.8%[22] - Real estate development investment fell by 23.2% year-on-year in October, while manufacturing and infrastructure investments also saw declines of 6.7% and 12.1%, respectively[22] - Excluding real estate, project investment showed a cumulative growth of 1.7%, indicating that real estate investment dragged down overall investment by approximately 3 percentage points[22] Trade - In October, exports fell sharply with a year-on-year decline of 1.1%, a drop of 9.4 percentage points from the previous value of 8.3%[37] - Exports to the U.S. improved slightly, with a year-on-year growth of -25.2%, while exports to the EU and Africa saw significant declines of 13.3% and 46.0%, respectively[38] - The electronics sector maintained high growth, with integrated circuits growing by 26.9% year-on-year, while labor-intensive products experienced significant declines[37] Industrial Performance - Industrial value-added growth slowed down, with the PMI index showing a downward trend, indicating a potential seasonal disturbance and tariff volatility[7] - The overall industrial profit growth rate slowed, with financial costs being a significant drag on performance[7] - Despite the slowdown, major industrial indices remained in the expansion zone, reflecting overall market optimism[7] Price Trends - The Consumer Price Index (CPI) turned positive in October, with core CPI continuing to rise, driven by strong food prices and holiday demand[7] - The Producer Price Index (PPI) showed a narrowing decline, with prices in the non-ferrous metals sector increasing significantly[7] - The real estate sector continued to face pressure, with a year-on-year decline in real estate development investment of 14.7% from January to October[7]

Core Viewpoint - The conference highlighted the transition of China's economy from high-speed growth to high-quality development, emphasizing the need for a new development model that focuses on domestic circulation and consumption-driven growth [3]. Group 1: Economic Transition - China's economy has shifted from a phase of high-speed growth to one of high-quality development, undergoing a profound transformation in its development model [3]. - The period before 2002 was characterized as an exploratory phase, establishing the foundation for a market economy [3]. - From 2002 to 2010, the economy was driven by external demand and investment, leading to rapid urbanization and infrastructure development, but also creating supply-demand mismatches [3]. - Since 2010, the focus has shifted to consumption-led growth, with decreasing reliance on external demand and increasing importance of domestic circulation [3]. Group 2: Challenges and Opportunities - During the "14th Five-Year Plan" period, China is still in a significant strategic opportunity phase, but faces new challenges such as external uncertainties and domestic imbalances [3]. - The "14th Five-Year Plan" emphasizes the need for coordinated development and security, promoting a new development pattern that prioritizes domestic circulation while facilitating international circulation [3]. Group 3: Demand-Side Strategies - To address insufficient domestic demand, the strategy should focus on expanding internal demand and creating a favorable policy environment for consumption [4]. - Key measures include increasing labor compensation in initial distribution, expanding the middle-income group, and enhancing public investment in education, healthcare, and childcare [4]. - The plan also calls for increasing the share of quality consumer goods and services while removing unreasonable consumption restrictions [4]. Group 4: Supply-Side Strategies - The "14th Five-Year Plan" prioritizes the establishment of a modern industrial system, emphasizing an entity economy approach and the modernization of industrial chains [4]. - In the field of technological innovation, it is crucial to strengthen national strategic technological capabilities and focus on key core technology breakthroughs in areas like artificial intelligence and quantum information [4]. - The plan advocates for deep integration of industry, academia, and research to foster strategic emerging industries and accelerate the rise of new productive forces [4]. Group 5: Strategic Choices - The construction of an economy driven by domestic demand and consumption is a strategic choice for the "14th Five-Year Plan" period [4]. - This requires deepening fiscal and tax reforms, optimizing tax structures, and balancing direct and indirect tax ratios [4]. - Investment should be coordinated between physical capital and human capital, enhancing infrastructure while increasing investments in education, health, and skills training to address social welfare gaps [4].