香港作为全球重要国际金融中心，港交所（00388.HK）作为核心金融基础设施运营商，其发展始终与特区政府的政策导向 深度绑定。 刚刚公布的香港2026/27财政年度财政预算案围绕巩固国际金融中心地位、激活市场活力、拓展金融领域等核心目标，出台 一系列针对性举措，为港交所带来多维度的政策红利。 在人民币国际化方面，预算案推出多项配套措施：人民币业务资金安排的总额度倍增至2,000亿元人民币；推动人民币与其 他区内货币实现更便捷的外汇报价及交易；定期发行不同年期的人民币债券，丰富离岸人民币市场产品。这些举措将极大 促进离岸人民币市场发展，为港交所推出更多人民币计价的金融产品创造条件。 政策红利持续释放，证券市场改革提速 新兴产业上市通道拓宽 预算案为港交所带来多重政策利好。在上市制度方面，港交所将在第1季就修订"同股不同权"企业上市要求、便利海外发行 人第二上市、优化首次公开招股流程，以及为生物科技和特专科技公司申请上市提供更多弹性等咨询市场。这意味着更多 不同类型、不同发展阶段的企业将有更顺畅的渠道登陆香港资本市场。 预算案特别关注航天等新兴产业发展，明确要求港交所检视相关上市规定，便利和吸引更多航天企业来港上 ...

香港政界：新一份财政预算案积极回应经济发展与民生诉求 中新社香港2月25日电 香港特区政府财政司司长陈茂波25日发表2026/2027财政年度特区政府财政预算 案。香港多位政界人士当日表示，该预算案构思详细、内容充实，通过多项举措积极回应了经济发展与 民生诉求。 特区政府政务司司长陈国基以"全面、务实、有前瞻性"来形容这份财政预算案。他在社交媒体发文指 出，财政预算案涵盖离岸人民币、数字资产等不同范畴的发展规划，有助于增强香港"引进来、走出 去"的平台功能，巩固并提升香港作为国际金融、航运、贸易中心的优势地位。 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 香港工会联合会表示，香港正处于经济转型期，财政预算案中提出多项拼经济、谋发展、促就业、惠民 生的有力措施，不仅有宏观的战略引领，更有具体的资金与支持计划，将助力香港经济发展不断取得新 突破。(完) 来源：中国新闻网 编辑：张嘉怡 广告等商务合作，请点击这里 特区政府律政司司长林定国表示，律政司将 ...

1，Medtronic糖尿病业务分拆公司MiniMed拟定7.42亿美元IPO条款 从Medtronic糖尿病管理设备和技术业务剥离出来的MiniMed集团周二公布了其首次公开募股（IPO）的 条款。 这家总部位于加州诺斯里奇的公司计划通过发行2800万股股票，以每股25至28美元的价格区间筹集7.42 亿美元。 作为Medtronic剥离出来的公司，MiniMed专注于一体化糖尿病管理，产品包括胰岛素输注装置、持续血 糖监测仪（CGM）、输注管路、储液器、胰岛素笔系统以及相关软件和服务。截至2025年10月，该公 司胰岛素泵用户超过64万人，截至2025年10月24日的六个月内，其CGM的安装率达到65%（上年同期 为58%）。约83%的总收入来自CGM、其他耗材、软件和服务，这体现了其持续性销售模式的稳健性。 MiniMed集团成立于1983年，截至2025年10月31日的12个月内，营收达29亿美元。该公司计划在纳斯达 克上市，股票代码为MMED。高盛、美国银行证券、花旗集团、摩根士丹利、巴克莱银行、德意志银 行、瑞穗证券、富国证券、Evercore ISI和Piper Sandler担任此次交易的联席 ...

2026 年全球市场正处于从低息、全球化的稳定格局向货币、财政、地缘政治和科技多领域快速变革的结构性转型阶段，最终新秩序尚未明朗，结构性通 胀、高政府债务、供应链重组等因素重塑全球经济，传统宏观经济关系失效，投资需更注重情境分析与灵活应变。整体而言，报告对 2026 年经济前景持正 面态度，国家主义产业政策、财政支出将推动资本支出周期，发达经济体（英国除外）增长加速，亚洲内需与改革奠定良好基础，各资产类别与区域市场呈 现差异化发展特征。 在焦点主题领域，人工智能领域建议采取 "杠铃策略"，短期布局数据中心价值链的基础设施推动者，长期关注代理式、实体人工智能等新兴领域的应用 者，当前人工智能基建融资方式转变，资本支出将持续增长。数字资产方面，比特币市值突破 2 万亿，价格波幅收窄、机构投资者入场使其逐步具备财富累 积工具属性，小比例配置或能提升投资组合表现，但仍需警惕高波动风险。水资源稀缺成为全球重要风险，人口增长、气候问题加剧供需矛盾，农业、制造 业受显著影响，水务基建、节水科技、循环用水相关领域迎来投资机遇。 资产配置上，股票市场需精选标的，美国科技股受人工智能驱动但估值高企，欧元区盈利预期偏乐观，日本企业 ...

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a significant reduction in its U.S. stock holdings, with a total market value of $3.104 billion as of the end of Q4 2025, reflecting a 24% decrease quarter-over-quarter [2][3]. Holdings Overview - HHLR Advisors held a total of 33 stocks at the end of Q4, with Chinese concept stocks remaining a core focus, comprising seven out of the top ten holdings and accounting for 92% of the total market value [3][4]. - The top ten holdings include Pinduoduo, Alibaba, BeiGene, Futu Holdings, Legend Biotech, Arrivent Biopharma, KE Holdings, Webull, Cytek Biosciences, and Clearwater Analytics [3][4]. Major Increases - Pinduoduo (PDD) was the largest holding, with shares increased from 8.59 million to 10.72 million, raising its market value from $1.136 billion to $1.216 billion, which now represents 39% of the portfolio [5]. - Alibaba (BABA) also saw a significant increase in holdings, with shares rising from 3.29 million to 5.43 million, increasing its market value from $588 million to $796 million, now making up 26% of the portfolio [5]. - Together, Pinduoduo and Alibaba account for 65% of HHLR's investment portfolio, establishing them as the "dual core" holdings [5]. New Investments - HHLR Advisors made a new investment in the iShares Bitcoin ETF (IBIT), indicating an exploration into emerging asset classes [7][8]. - Taiwan Semiconductor (TSM) received a slight increase in holdings, with a market value of $3.434 million [8]. Reductions - HHLR Advisors significantly reduced its holdings in Futu Holdings, cutting shares from 3.238 million to 1.63 million, with the market value dropping from $563 million to $268 million [9][10]. - Webull saw a near-complete liquidation, with shares reduced from 33.08 million to 5.97 million [10]. - Other companies such as Baidu, NetEase, and Full Truck Alliance were completely sold off [10].

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, revealed its U.S. stock holdings report as of Q4 2025, showing a total market value of $3.104 billion, a decrease of 24% quarter-over-quarter [2]. Group 1: Portfolio Adjustments - HHLR Advisors held a total of 33 stocks at the end of Q4, with significant adjustments including increased positions in Alibaba, Pinduoduo, and Taiwan Semiconductor, while initiating a position in iShares Bitcoin ETF and reducing holdings in Futu and Webull [3][10]. - The top ten holdings of HHLR Advisors included seven Chinese concept stocks, which accounted for 92% of the total market value, focusing on internet e-commerce leaders, biomedicine, and fintech [5]. Group 2: Major Increases - Pinduoduo (PDD) was the largest holding, with shares increasing from 8.59 million to 10.72 million, raising its market value from $1.136 billion to $1.216 billion, now representing 39% of the portfolio [7]. - Alibaba (BABA) also saw a significant increase in holdings, with shares rising from 3.289 million to 5.43 million, increasing its market value from $588 million to $796 million, now making up 26% of the portfolio [7]. Group 3: New Investments - HHLR Advisors made a new investment in the iShares Bitcoin ETF (IBIT), indicating an exploration into emerging asset classes [11]. - A small increase was noted in Taiwan Semiconductor (TSM), with a market value of $3.434 million at the end of Q4 [11]. Group 4: Reductions and Exits - HHLR Advisors significantly reduced its holdings in Futu Holdings, cutting shares from 3.238 million to 1.63 million, with the market value dropping from $563 million to $268 million [13]. - Webull was nearly fully divested, with holdings decreasing from 3.308 million shares to 597,000 shares [13]. - The firm completely exited positions in Baidu, NetEase, and several other companies [14].

Core Insights - Hillhouse Capital's HHLR Advisors revealed its Q4 2025 holdings, showing a significant portfolio adjustment with a total market value of $3.104 billion, a 24% decrease from the previous quarter [2][3]. Group 1: Portfolio Adjustments - HHLR Advisors increased its positions in Alibaba and Pinduoduo, marking them as core holdings, while also initiating a position in the iShares Bitcoin ETF [2][3][8]. - The top ten holdings include seven Chinese concept stocks, which account for 92% of the portfolio, focusing on internet e-commerce, biomedicine, and fintech sectors [3][6]. Group 2: Major Holdings - Pinduoduo remains the largest holding, with shares increasing from 8.59 million to 10.72 million, raising its market value from $1.136 billion to $1.216 billion, now representing 39% of the portfolio [5][6]. - Alibaba, the second-largest holding, saw its shares rise from 3.289 million to 5.43 million, increasing its market value from $588 million to $796 million, now comprising 26% of the portfolio [5][6]. Group 3: Reductions and Exits - HHLR Advisors significantly reduced its holdings in Futu and Webull, with Futu's shares nearly halved from 3.238 million to 1.63 million, and Webull's shares almost fully liquidated [9][10]. - The firm completely exited positions in Baidu, NetEase, and several other non-core stocks [9][10].

Core Insights - CoinShares reported a total assets under management (AUM) of $7.4 billion by the end of 2025, despite a decline from the Q3 peak due to a drop in cryptocurrency market prices in Q4 [1] - The company experienced a net inflow of $662 million into its Physical ETPs during the second half of the year [1] - CoinShares announced a dividend of $0.33 per share, totaling approximately $21.5 million [1] - The company is advancing its business merger with Vine Hill Capital to achieve a U.S. listing, currently under SEC review [1]

13F报告显示，高瓴旗下专注二级市场投资的基金管理平台HHLR Advisors四季度继续重仓中概股，核心仓位仍集中在拼多多、阿里巴巴等互联网与生物医 药公司。 根据最新披露文件，截至2025年12月31日，HHLR美股持仓总市值约31.04亿美元，较三季度末的40.91亿美元明显下降，持仓数量仍为33只，显示出在整体 仓位上有所收缩，同时继续向少数核心标的集中。 从结构来看，拼多多依然稳居第一大重仓股，阿里巴巴维持第二大重仓地位，百济神州（BeOne Medicines）和富途控股等仍位居前列，组合集中度进一步 提升。核心重仓继续集中，拼多多与阿里巴巴权重上升 四季度最核心的变化仍然发生在电商龙头上。 数据显示，HHLR继续增持拼多多，持股由三季度的859万股增至1072万股，持仓市值由11.36亿美元升至12.16亿美元，占投资组合比例由28%升至39%，第 一大重仓股地位进一步巩固。 与此同时，阿里巴巴也获得明显加仓。持股由328.9万股增至543万股，持仓市值由5.88亿美元升至7.96亿美元，占组合比例升至26%，继续位居第二大重仓 股。 此外，三季度仍位列前十大持仓的网易，以及三季度新建仓的百度、 ...

Core Viewpoint - Standard Chartered Bank has significantly reduced its year-end price target for XRP from $8 to $2.8, representing a decline of approximately 65%, and anticipates continued pressure on the cryptocurrency market in the short term [1] Price Target Adjustments - The bank has also lowered its year-end price targets for other cryptocurrencies: Bitcoin (BTC) from $150,000 to $100,000, Ethereum (ETH) from $7,000 to $4,000, and Solana (SOL) from $250 to $135 [1] Market Conditions - Geoffrey Kendrick, the head of digital asset research at Standard Chartered, indicated that the recent performance of digital asset prices has been "extremely challenging," prompting the downward revision of forecasts across the asset class [1]