Core Viewpoint - In 2025, the Hong Kong Stock Exchange (HKEX) is expected to lead the global IPO market with a projected fundraising total exceeding HKD 280 billion, marking a significant return to prominence after several years [1][2]. Group 1: IPO Market Dynamics - The HKEX is anticipated to host 117 new listings in 2025, averaging a new listing every two trading days [1]. - Major IPO projects are significantly contributing to the overall fundraising scale, with the top ten IPOs expected to account for a substantial portion of the total [3][4]. - Six of the top ten IPOs are "A+H" listed companies, collectively raising HKD 1,033.20 million, which represents 36.12% of the total IPO fundraising for the year [4]. Group 2: A-Share Influence - The "A-share" influence is increasing, with 19 A-share companies successfully listing in Hong Kong, raising a total of HKD 1,399.93 million, nearly half of the total new fundraising [6]. - The "A+H" listing model is becoming a preferred choice for many companies, driven by various strategic needs such as international expansion and risk diversification [6][8]. Group 3: Policy Support - Continuous policy support is fueling the IPO trend, including measures from the China Securities Regulatory Commission to encourage leading companies to list in Hong Kong [7][8]. - Recent optimizations to HKEX listing rules have made it easier for companies to meet public shareholding requirements, further lowering the barriers for listing [8]. Group 4: New Economic Forces - The IPO market is witnessing a strong emergence of "new economy" companies, particularly in sectors like AI and robotics, with six companies set to list simultaneously [10]. - The hard technology sector is a key driver, with significant representation in the IPO pipeline, including 20 companies in pharmaceuticals and 19 in software services [11]. Group 5: Consumer Brands - The "new consumption" sector is also thriving, with 19 companies from various consumer industries listing in 2025, many of which had previously attempted to list in the A-share market [13][14]. - High demand for these consumer brands is evident, with many experiencing subscription rates exceeding 100 times, indicating strong investor interest [13][14]. Group 6: Market Performance and Future Outlook - The IPO market is showing a notable improvement in profitability, with a record low IPO failure rate of 28.83% and significant first-day price increases for many new listings [16]. - Despite some recent volatility, forecasts for 2026 remain optimistic, with expectations of around 160 new listings and fundraising of at least HKD 300 billion [18]. - Long-term prospects suggest that the HKEX could solidify its role as a global pricing hub for Chinese assets, contingent on maintaining high-quality listings and robust capital flows [19].

如何助力硬科技企业在海外市场融资，并推动其借助资本市场服务更好地在境外展业？中金公司党委副 书记、总裁王曙光在接受上海证券报记者采访时表示，其中关键在于国内证券公司要做好产业龙头和国 际资本间的"桥梁"，帮助中国科技创新企业与全球产业和资本高效对接，助力中国企业深度参与并主导 全球商业竞争。 自新"国九条"颁布以来，证券行业服务科技创新的模式正经历转变，国际化步伐也显 著加快。作为连接实体经济与资本市场的重要枢纽，不少券商正将支持科技创新企业境外融资置于核心 位置。中金公司的实践表明，通过模式创新与专业深耕，国内证券公司能够有效应对硬科技企业境外面 临的融资挑战。 在王曙光看来，证券行业更好服务科技创新企业"走出去"，还需要进一步提升国际业 务能力，加快布局国际业务网络，帮助科创企业利用好境内外两个市场、两种资源，通过境外上市、跨 境并购等服务，助力企业提升全球影响力。"要加快提升中国投行在国际金融市场的影响力，为国家赢 得更多金融话语权和定价权，推动中国资产价值提升。"王曙光说。 据王曙光观察，当前阶段，国内证 券行业发展正呈现以下几个发展趋势： 一是资本市场从"规模导向"转向"质量驱动"。随着市场环境变 ...

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, marking a significant milestone for the venture capital industry in China, aimed at supporting technological innovation and development in key sectors [1][2]. Group 1: Fund Structure and Investment Strategy - The National Venture Capital Guidance Fund is established with a three-tier structure: "Fund Company - Regional Fund - Sub-Fund," which aligns national strategies while considering regional industrial characteristics [2]. - The fund will utilize 100 billion yuan from special long-term government bonds, encouraging social capital participation at the regional fund and sub-fund levels [2]. - The fund focuses on early-stage, small, long-term investments in hard technology, targeting strategic emerging industries and future industries as outlined in the 14th Five-Year Plan [1][5]. Group 2: Regional Funds and Investment Intentions - Three regional funds have been established: Beijing-Tianjin-Hebei Venture Capital Guidance Fund, Yangtze River Delta Venture Capital Guidance Fund, and Guangdong-Hong Kong-Macau Greater Bay Area Venture Capital Guidance Fund, each with a total scale exceeding 50 billion yuan [3]. - The regional funds have signed investment intentions with 49 sub-funds and 27 direct investment projects, indicating readiness for operational investment [3]. Group 3: Market Impact and Trends - The venture capital market in China is showing signs of recovery, with a reported 18.3% increase in the number of newly raised funds and an 8.0% increase in total fundraising scale in the first three quarters of 2025 [3]. - Key investment areas include IT, semiconductors, biotechnology/healthcare, and mechanical manufacturing, reflecting a focus on hard technology sectors [3]. Group 4: Role of the Guidance Fund - The National Venture Capital Guidance Fund aims to address the long-term capital shortage in the venture capital industry by acting as an "angel investor" to support early-stage innovative enterprises [5]. - The fund will complement existing funds focused on growth-stage cultivation and technology transfer, avoiding redundancy in the market [5]. Group 5: Performance Management and Regulatory Framework - The Ministry of Finance will actively fulfill its responsibilities as a state investor, focusing on performance evaluation and compliance of the guidance fund [6]. - A comprehensive risk prevention system covering the entire lifecycle of the fund will be established to enhance the effectiveness of fund utilization [6].

长江商报消息 ●长江商报记者 潘瑞冬 A股市场上，商业航天概念起舞，12月29日，鲁信创投（600783.SH）再次"一字板"涨停，录得4连板。 鲁信创投是鲁信集团旗下从事创业投资业务的核心板块。长江商报记者注意到，鲁信创投参股的三只股 权投资基金合计持有蓝箭航天空间科技股份有限公司（简称"蓝箭航天"）0.89%股权，不过，公司表 示，股权穿透后对公司财务状况和经营成果影响较小。 回溯公告，2025年年内，鲁信创投参设3只基金，加码硬科技。据悉，鲁信创投已累计投资企业300余 家，90%以上的资金投资"硬科技"领域，过半项目为初创期和成长期企业，民营企业数量占比逾九成， 并先后助推44家企业登陆境内外主要资本市场。 股价5天大涨54.53% 航天概念大涨，鲁信创投继续涨停。 12月29日，鲁信创投再收涨停板。长江商报记者注意到，此前的12月24日至26日，鲁信创投三连板，12 月23日以来的5个交易日股价累计涨幅已达54.53%。 12月26日晚间，鲁信创投发布股票交易异常波动公告称，公司当前经营活动一切正常，市场环境与行业 政策未发生重大调整，内部经营秩序稳定。此次股价异动主要受市场情绪及热点概念带动，公司 ...

郭晨凯 制图 ◎钱佳滢 记者 仲茜 上市公司是区域经济发展的"顶梁柱"，也是科技创新和产业创新深度融合的"排头兵"。截至2025年12月 29日，江苏上市公司数量达722家，占全国总量的1/8，总市值攀升至8.9万亿元，市值较"十三五"末增长 46%。其中，千亿元市值公司增至11家，一批科技龙头上市公司脱颖而出。数据显示，江苏在科创板、 北交所上市公司数量分别达115家、56家，稳居全国第一。此外，"十四五"时期，江苏上市公司实现首 发融资2259.71亿元、再融资3852.79亿元，全国排名第四，为"经济大省挑大梁"提供了坚实支撑。 12月29日，江苏证监局、江苏省上市公司协会共同发布《江苏省上市公司发展报告（2025）》（下称 《报告》），系统梳理了江苏上市公司在融资、并购、再融资、研发投入等多方面数据，并归纳总结出 资本市场"苏大强"发展特点和经验，为推动江苏上市公司承前启后、系统布局、提升核心竞争力建言献 策，助力上市公司群体在服务国家战略和区域经济发展中展现更大担当。 结构优化： 江苏上市公司"硬科技"成色提升 生物医药领域代表企业迪哲医药，则借助科创板上市融资实现关键突破。2025年7月，迪哲医药 ...

Core Insights - The article discusses the successful "A+H" dual listing of two Chinese companies, Sanhua Intelligent Control and Seres Group, highlighting their journey from manufacturing to global competitiveness in the context of China's transition from "Made in China" to "Intelligent Manufacturing" [5][6]. Group 1: Sanhua Intelligent Control - Sanhua Intelligent Control, which started as a refrigeration parts manufacturer, completed its dual listing in June 2025, marking a significant milestone in its 41-year history [6]. - The company managed to complete its listing process in just five months, capitalizing on a favorable market window as the Hong Kong stock market began to recover [6][9]. - The IPO attracted over 45 times institutional subscription, with foreign long-term cornerstone investors accounting for 45% of the total, indicating strong international confidence in Chinese hard-tech manufacturing [9]. Group 2: Seres Group - Seres Group, a technology-driven company focused on electric vehicles, became the first luxury electric vehicle company to achieve a dual listing in Hong Kong in November 2025 [7]. - The company aims to leverage its Hong Kong listing to expand its international market presence, having already entered over 70 countries with cumulative exports exceeding 550,000 vehicles [9][10]. - During its IPO process, Seres also executed a significant asset acquisition, purchasing 100% of Longsheng New Energy for approximately 8.164 billion yuan, integrating advanced manufacturing capabilities into its operations [8]. Group 3: Role of Investment Banks - China International Capital Corporation (CICC) played a crucial role in facilitating the listings of both companies, providing strategic advice and connecting them with international investors [12]. - CICC's efforts included organizing roadshows in major financial hubs to communicate the companies' growth stories and core competencies to potential investors [10][11]. - The investment bank's approach emphasizes the importance of understanding both the Chinese market and international investor preferences, acting as a bridge for Chinese companies seeking global expansion [11][12].

2025年对于A股和港股IPO市场来说都是丰收的一年——A股市场有115家新股上市，首发募资额超过1300亿元，接近2024年募资额的两倍；港股市 场则有117家新股上市，首发募资额超过2860亿港元，也由此重回全球交易所榜首位置。 值得一提的是，在港股市场2025年新股首发募资额中，"A+H"公司贡献了近一半。 亮眼的数据之下，"制度竞合"是2025年度IPO市场更重要的关键词。为争夺科技创新企业上市资源，在IPO政策包容性改革方面，A股市场推出 了"1+6"政策措施，港股市场推出"科企专线"服务机制。有受访学者对《每日经济新闻》记者表示，这一"制度竞合"的终点是看谁能构建出最能识 别和滋养长期创新的市场生态。 此外，2025年还上演了"打新"盛宴和二级市场科技公司估值狂飙的戏码。受访专家认为，这在一定程度上带来了估值逻辑的错位，进而促成一级市 场的"估值压力"与并购终止，也迫使资本需要更冷静地辨别"故事"与"前景"。 2025年A股新股募资额接近2024年两倍 Wind数据显示，2025年全年，A股市场总共有115家新股上市（包括12月30日及31日将上市的强一股份、誉帆科技、双欣环保、蘅东光），这一数 ...

过去几年，中国创业投资领域经历了一场前所未有的变局。 美国政府一系列针对性政策导致美元基金对中国科技投资断崖式下降，中国并未选择被动等待，而是顶住压力、主动出击。 国家掏出1000亿元人民币设立国家创业投资引导基金，并规划了高达20年的投资周期。 这1000亿究竟要解决什么问题，又能带来怎样的长期战略影响？ 过去十年，外资特别是美元基金一度是中国创投市场的重要力量。 据清科研究中心数据，2021年大中华区股权投资市场整体交易规模约1140亿美元，其中外资（含美元基金）占比约40%-50%，对应外资创投规模约450-570 亿美元。 这一时期，中国的科技公司成为外资机构争相投资的对象，不少独角兽企业背后都有美元基金的身影。 但这种热潮在特定领域并未持续太久。 受地缘政治与政策调整影响，美元基金对中国敏感科技领域投资出现明显收缩。 据清科研究中心统计，2023年中国股权投资市场整体投资金额同比下滑23.7%，其中美元基金投资金额同比降幅约40%。 美国相关数据机构同步显示，美元基金对中国半导体、人工智能等敏感科技领域的交易数量降幅，但全行业外资创投并未出现"断崖式暴跌"。 中国持续推进高水平对外开放，发布2021 ...

港股IPO规模扩张的背后，一批大型"A+H"项目贡献了绝对力量。据统计，年内共有19家A股上市公司 成功登陆港股，合计募资1399.93亿港元，占全年新股募资额近半。 来源：环球总财 #港股IPO#【#港股IPO强势登顶，硬科技与新消费齐飞#】 2025年，香港交易所书写了浓墨重彩的一笔。据德勤中国市场服务部预测，全年港股IPO市场融资额预 计达2863亿港元（约360亿美元），超越纳斯达克，重新锁定全球募资榜首。在这一"王者归来"的态势 下，市场的核心叙事正悄然生变："含A量"的显著提升与"向新力"的强劲迸发，正共同推动港股从"估值 洼地"向"产业高地"完成关键一跃。 "含A量"飙升，巨头回归与跨市场融资潮 市场分析人士指出，国际资金对港股中"可验证的成长故事"和"稀缺性"给予了更高溢价。这些新经济企 业带来的不仅是产品，更是新的商业模式和增长故事，极大地丰富了港股的投资谱系。 赚钱效应与流动性共振，展望2026年延续高景气 优质资产的聚集带来了显著的赚钱效应。数据显示，2025年港股IPO破发率降至约28.83%，创五年新 低；首日涨幅翻倍的新股达18只，南向资金净流入额达1.41万亿港元，刷新历史纪录。 ...

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation [2][4]. Group 1: Industry Development Strategy - The industry development strategy is projected in two dimensions: internally, to create a first-class investment bank through mergers and acquisitions; externally, to recommend the value of Chinese assets to global markets [2]. - High-quality development is the main theme, requiring securities firms to act as both market participants and builders, as well as to become "boosters" of technological innovation and "guardians" of residents' wealth [2]. Group 2: Mergers and Acquisitions - 2025 marks a critical year for mergers and acquisitions in the Chinese securities industry, with major firms merging and smaller institutions seeking transformation [4]. - Notable mergers include the formation of "Guotai Haitong Securities" from Guotai Junan and Haitong Securities, and the merger of Guolian Securities and Minsheng Securities, which has significantly improved their profitability rankings [4][5]. - The merger wave is reshaping the competitive landscape, with the top firms now dominating profit rankings [4]. Group 3: Classification Evaluation - The classification evaluation of securities firms is undergoing significant revisions in 2025, emphasizing the need for firms to enhance their functional roles and professional capabilities [6]. - New regulations remove the revenue bonus while increasing the emphasis on return on equity (ROE), guiding firms to focus on operational efficiency rather than mere scale [6][7]. Group 4: Margin Trading and Financing - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [9]. - Competition among firms has intensified, with some lowering financing rates below 4% to attract clients, indicating a shift towards long-term client retention strategies [9][10]. Group 5: Investment Banking and Technology - The securities industry is adapting to the "hard technology" era, with reforms aimed at providing more inclusive financing paths for tech companies [11]. - Firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [13]. Group 6: AI Integration - The adoption of AI technologies is rapidly transforming the securities industry, with firms implementing AI across various business functions, significantly improving efficiency [15]. - The shift towards AI-driven services is seen as a critical factor in maintaining competitive advantage, with some firms fully committing to AI integration [15]. Group 7: Internationalization - Chinese securities firms are deepening their internationalization efforts, expanding their service offerings beyond traditional roles to include cross-border wealth management and derivatives trading [17]. - The internationalization process is driven by both market demand and strategic goals, positioning firms as key players in the global market [17][18]. Group 8: Asset Management Transformation - The public offering process for asset management is reaching a turning point, with firms reassessing their roles in the broader asset management landscape [19]. - The transition of collective investment products is a priority, with many firms adapting to regulatory changes and focusing on private equity and other specialized products [20][21]. Group 9: Capital Space Optimization - Regulatory changes are encouraging firms to optimize capital management, with a focus on enhancing capital utilization efficiency [25]. - The average leverage ratio of listed securities firms is currently at 3.45 times, indicating room for improvement compared to other financial institutions [25]. Group 10: Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signals strategic realignments and resource restructuring following mergers and acquisitions [26]. - The name changes often reflect deeper integration and new strategic directions, indicating a shift in focus and operational capabilities [26][28].