Core Insights - The Hong Kong Stock Exchange (HKEX) has launched the Hong Kong Stock Exchange Technology 100 Index, marking a significant milestone in its index and data business development [1][2] - The index aims to reflect the structural transformation of the Hong Kong market, emphasizing technology as a new hallmark of the market [1][2] Group 1: Index Overview - The HKEX Technology 100 Index tracks the performance of 100 of the largest technology companies listed on the Hong Kong Stock Exchange, covering six major innovative themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1][2] - All constituent stocks are eligible for the Stock Connect program, catering to both international and mainland Chinese investors [1][2] Group 2: Market Demand and Trends - There has been a noticeable shift in investor perception of the Hong Kong market, increasingly recognizing it as a technology-driven market, with a significant number of technology companies listed since the listing rule reforms initiated in 2018 [2][3] - Data indicates that the market structure has shifted from traditional industries to technology companies, with technology stocks expected to account for approximately 40% of the total market capitalization of stocks eligible for Stock Connect by 2025 [2][3] Group 3: Differentiation from Existing Indices - The HKEX Technology 100 Index differentiates itself from the Hang Seng Technology Index by including 100 constituent stocks, ranging from large-cap companies like Tencent and Alibaba to smaller firms with market capitalizations of over 20 billion HKD [3][4] - The index is designed to meet diverse investor needs, providing a broader selection of technology stocks compared to existing indices [4] Group 4: Accessibility and Inclusion Criteria - All constituent stocks must meet the eligibility criteria for Stock Connect, ensuring ease of access for mainland fund companies in asset allocation [4][5] - The index typically requires a minimum of six months of listing history for its constituents, but it also has a mechanism for the rapid inclusion of representative new stocks [5] Group 5: Future Developments - The HKEX plans to expand its index offerings, including thematic indices, to cater to growing investor demand [6] - The recent launch of the Hang Seng Biotechnology Index futures reflects the increasing interest in the biotechnology sector, which has seen significant growth in the number of listed companies and their market capitalization [6]

# 读者福利 ， 欢迎留言互动， 12 月 29 日前，平台随机从留言中选取 3 位读者获赠本期推 荐新书！ 01 《赢得输家的游戏：投资者如何长期战胜市场》 [美]查尔斯·D. 埃利斯 著 机械工业出版社 出版 内容简介 教你在长期投资之路上破除陷阱、少走弯路。 对每位希望从股市长期获利的投资者而言，本书是一部值得信赖的权威指南， 被"现代管理学之父"彼得·德鲁克称为"迄今为止关于投资策略和投资管理的佳 作"。在本书中，分享了如何以更低的成本、更小的风险、更少的时间和精力在投 资中取得长期成功，帮助读者在如今这个越来越难以预测的市场中制胜。其核心 在于明确你的投资目标、制定有效的长期策略，并以耐心和决心使市场波动为你 所用，长期坚持执行这些策略。这部经典之作深入剖析了指数投资为何能持续超 越主动投资，在此次全面更新的版本中，埃利斯还新增了关于债券投资、行为经 济学、技术和大数据的章节。 作者简介 查尔斯·D.埃利斯 创立了格林威治合伙公司，这是一家国际战略咨询公司，为全球130多个专业金融 市场的顶尖机构提供服务。他的著名文章《赢得输家相争的比赛》，是一篇开拓 性的论文，发表于《金融分析杂志》，在1975年 ...

Group 1 - The core viewpoint of the news highlights that the current capital market presents good investment opportunities, particularly in key sectors such as new productive forces, which are deemed worthy of attention by leading public fund institutions [1] - Major public fund institutions are encouraged to enhance long-term assessment mechanisms to leverage their professional investment advantages, contributing positively to the reform and high-quality development of the capital market [1] - CITIC Securities identifies new productive forces, represented by artificial intelligence and biotechnology, as the main narrative of the market, with a significant focus on the domestic breakthroughs in the AI sector expected by 2025 [1] Group 2 - The ChiNext 50 ETF (159367) has two core advantages: a 20% price fluctuation limit, providing stronger trading flexibility compared to traditional broad-based indices, and low management fees of 0.15% and custody fees of 0.05%, which effectively reduce investment costs [2] - The ChiNext 50 Index selects the top 50 stocks from the ChiNext Index based on market capitalization and liquidity, representing large-cap companies with strong growth potential, covering industries such as batteries, securities, and communication equipment [1]

其次，陈雳还提到，什么时候出现从降息到加息的拐点，是2026年需要思考的问题。整体来看，货币政策预计延续适度宽松，呈现"总量稳中有松、结构更 趋精准"特点。降准降息的时机与力度将依据经济形势、物价回升及政策协调等因素灵活把握，央行将加强与财政政策协同，为"十五五"实施营造稳定宏观 环境。 另外，多重因素共同指向专项债规模的进一步提高。一是政策连续性，"十五五"开局需财政保持强度，以带动有效投资。二是债务接续需求，保障各地在建 项目的资金连续性。三是化债需求持续，化解存量隐性债务仍需专项债资金支持。四是项目储备充足，实行"负面清单"管理后，合格项目范围扩大，资金需 求增加。陈雳认为，从当前整个资金以及社会面大态势来看，不会搞"大水漫灌"，但一定会让资金的使用效率大幅度提升。 从投资机会来看，陈雳表示要看几个看得见、摸得着的方向。首先是一揽子政策组合拳巩固市场稳固活跃态势。2025年，我国资本市场在深化改革的政策驱 动下，展现出更为稳固和活跃的运行态势。监管部门围绕稳市场、促改革、防风险三大维度协同发力，通过一揽子"组合拳"政策巩固市场回稳向好势头，并 着力提升资本市场服务新质生产力与科技创新的能力。 回顾202 ...

Core Insights - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Stock Exchange (HKEX) have expressed concerns over the declining quality of new IPO applications and non-compliance with regulatory guidelines, particularly in the context of a surge in IPO activity [1][3][6] Group 1: Regulatory Concerns - The joint letter from the SFC and HKEX highlights three main issues: poor quality of listing documents, inadequate responses from sponsors and applicants to regulatory feedback, and failures in the execution of the issuance process [1][6] - The surge in IPOs has led to a significant increase in the workload for market participants, particularly sponsors, resulting in a decline in the quality of submitted documents [3][4] - As of December 9, 2025, there have been 97 IPOs in Hong Kong, raising a net amount of 231.9 billion HKD, a 237% increase year-on-year [3] Group 2: Talent Supply and Industry Dynamics - The rapid expansion of IPO activity contrasts sharply with the lag in the supply of experienced professionals in the investment banking sector, leading to increased workloads for existing staff [4] - The industry is experiencing a talent war due to the surge in new listings, with many firms relying heavily on less experienced employees for foundational work [4][5] - Despite the pressure on work quality, compensation levels in the industry remain high, with average salaries for some Chinese brokers in Hong Kong showing significant increases [5] Group 3: Compliance and Process Execution - The regulatory letter also pointed out that sponsors and applicants have not adequately addressed regulatory comments, leading to unnecessary consumption of regulatory resources [6][7] - Issues in the issuance process include delays in communication and the assignment of inexperienced personnel to key roles, which have hindered compliance with critical timelines [7] - HKEX has implemented a new IPO settlement platform that reduces the time from pricing to trading from five working days to two, increasing the demands on sponsors and applicants [7]

Core Insights - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Stock Exchange (HKEX) have expressed concerns over the declining quality of new listing applications and non-compliance with regulatory guidelines in the IPO market, which has seen a significant increase in activity [1][3][8] Group 1: Regulatory Concerns - The joint letter from the SFC and HKEX highlights three main issues: poor quality of listing documents, inadequate responses from sponsors and applicants to regulatory comments, and non-compliance with procedures during the offering phase [1][8] - The surge in IPO activity has led to a backlog of 319 applications, with a total fundraising amount of HKD 231.9 billion, reflecting a 237% year-on-year increase [3][4] - The rapid growth in the IPO market has raised concerns about the experience and familiarity of market participants with regulatory requirements, leading to a decline in document quality [3][4] Group 2: Talent Supply and Industry Dynamics - The investment banking sector in Hong Kong is facing a talent shortage, exacerbated by the rapid increase in IPOs, resulting in experienced professionals managing multiple projects simultaneously [4][5] - The industry is experiencing a talent war, with a significant rise in the conversion rate of interns to full-time employees, indicating a pressing need for skilled professionals [4][5] Group 3: Compensation Trends - Despite the pressure on work quality, compensation levels in the industry remain high, with notable increases in average salaries for some Chinese brokers operating in Hong Kong [5][6] - The average salary for Guotai Junan International increased from HKD 610,000 to HKD 710,000, while Xingsheng International's average salary rose from HKD 450,000 to HKD 540,000 [5][6] Group 4: Compliance and Process Issues - The regulatory letter also pointed out that sponsors and applicants have failed to adequately address regulatory comments, leading to unnecessary consumption of regulatory resources [8][9] - Issues in the offering process include difficulties in communication and the assignment of inexperienced personnel to key roles, which have resulted in non-compliance with critical timelines [9]

Core Viewpoint - The Hong Kong Stock Exchange has launched the Hong Kong Stock Exchange Technology 100 Index, which tracks the performance of the 100 largest technology companies listed on the exchange [1] Group 1: Index Overview - The Hong Kong Stock Exchange Technology 100 Index is the first index of its kind for Hong Kong stocks, focusing on major technology firms [1] - The index covers six major innovation themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1] Group 2: Constituent Stocks - Initial constituent stocks of the Technology 100 Index include major companies such as Tencent Holdings, Alibaba, Xiaomi Group, and Meitu [1] - The index features a rapid inclusion mechanism, allowing newly listed companies that meet specific criteria to be added outside the regular review cycle after being included in the Hong Kong Stock Connect trading [1]

以此为基础并配合《行政长官2025年施政报告》的方向，"投资组合"将致力培育具备商业及战略潜力的 本地资产管理公司或以香港为基地的资产管理公司。根据港投公司最新估算，"2025资金组别"截至今年 底的规模至少为30亿港元，将会平均分配予上述获选的资产管理公司，并于2026年首季启动有关投资工 作。 据悉，早在2024年，香港特区政府就已经公布了"新计划"的详情，并在2024年3月1日开始接受申请。合 资格申请人须投资最少3000万港元于获许投资资产，当中300万港元将投放在"投资组合"。该"投资组 合"首批配置资金(即2024资金组别)的投资已经启动，且进度理想。 近日，香港投资管理有限公司(简称"港投公司")公布了"新资本投资者入境计划"(简称"新计划")下"投资 组合"的"2025资金组别"获委任的10家资产管理公司，这些公司以风险投资、私募投资、私募信贷及对 冲基金为主要投资策略，分别是盘实资本、海阔天空创投、CMC资本、晨壹基金、隐山资本、M Capital、柏骏资本、春华资本、信宸资本/中信资本与远信资本投资管理有限公司及惠理集团。 港投公司是香港特区政府在2022年设立的、全资拥有并代表香港特区政 ...

导读： 年末，香港创投圈的火爆还在持续，超级LP开始出手了。 作者｜FOFWEEKLY 近期，港投公司的一连串动作，让香港市场在2025年岁末再次成为行业关注的焦点。 港 投公 司出手了 2025年，在全球金融格局中，香港资本市场快速复苏，成为全球关注焦点，而在感叹港股IPO强势 回归的同时，香港LP的强势活跃也无比令人瞩目。 2025年12月3日，香港投资管理有限公司（港投公司）公布，"新资本投资者入境计划" 下 "投资组 合" 的2025资金组别，已完成资产管理公司的遴选工作。 经 公 开 招 募 及 遴 选 程 序 ， 盘 实 资 本 、 海 阔 天 空 创 投 、 CMC 资 本 、 晨 壹 基 金 、 隐 山 资 本 、 M Capital、柏骏资本、春华资本、信宸资本/中信资本与远信资本投资管理有限公司及惠理集团10家 机构获委任。 此次获选机构在背景、投资策略等方面都十分多元，涵盖风险投资、私募投资、私募信贷及对冲基 金，投资主题涵盖人工智能应用、可持续科技、材料科学、生物科技等多个领域。 根据港投公司最新估算，"2025资金组别" 截至2025年底的规模将至少达30亿港元。资金将平均分 配予上 ...

解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 以下文章来源于解码LP ，作者周佳丽 管理着6 4 0亿港元，港投公司被誉为"港版淡马锡"，重点投向硬科技、生命科技及新能 源等高成长领域。成立以来，港投公司身影活跃，截至今年1 0月底已投资超过1 5 0个项 目，收获两个I PO，堪称最忙碌的政府投资基金。 遴选出炉。 作者/周佳丽 报道/投资界-解码LP 投 资 界 - 解 码 LP 获 悉 ， 香 港 投 资 管 理 有 限 公 司 （ 简 称 ： 港 投 公 司 ） 近 日 公 布 了 " 新 资 本 投资者入境计划"下"投资组合"的" 2 0 2 5资金组别"获委任的十家投资机构： 港版淡马锡，宣布十家机构 盘实资本、海阔天空创投、CMC资本、晨壹基金、隐山资本、M Ca p i t a l、柏骏资本、 春华资本、信宸资本/中信资本与远信资本投资管理有限公司及惠理集团。 香港"新资本投资者入境计划"，最先是在2 0 2 3年3月由香港特别行政区政府在《有关香 港 发 展 家 族 办 公 室 业 务 的 政 策 宣 言 》 中 提 出 ， 作 为 发 展 家 族 办 公 室 的 8 大 ...