近期媒体就有关于"近期南向资金流入放缓"的报道（注1），2025年11月下旬以来，南向资金10日移动平均值 从日均70亿港元显著下降至不足10亿港元，部分时段甚至转为净流出。这数据也与上述原因分析形成映照。 2026年港股IPO的大幅攀升和解禁潮现象也被多份报告所提及。 华泰证券的报告中做过统计，截至12月12日，99家公司在港股主板上市，合计募资超2500亿港元。作为对比， 2024年，50家公司在港股主板上市，合计募资近900亿港元，创近10年新高。此外，2026年港股市场的IPO融 资可能仍将较为活跃。因为截至2025年12月12日，港股已递表处理中的上市申请共有314家，预计明年港股主 板IPO融资规模中枢或在3300亿港元左右。 此外，尽管解禁不等于立即减持，且解禁动作本身并不影响基本面，但考虑到港股市场有做空机制，且常有投 机资金参与炒作，同时潜在抛售预期会在短期内压制市场情绪，因此解禁前后确实更容易出现股价波动。而结 合华福证券对于港股限售股解禁市值统计的月度图表来看，今年10月以来,解禁预期压力逐月攀升，叠加1月限 售股解禁的抛压预期，加剧了市场资金面的压力。 最近市场对于港股的讨论很多，尤其 ...

文｜氨基观察 2025年风光无限的港股18A新股暴涨神话，今日正式破灭。 12月22日，18A生物科技公司华芢生物登陆港交所，与此前18A新股上市后动辄大涨的火热行情形成鲜 明反差，公司股价首日便遇冷走弱。截至收盘，华芢生物收跌29.32%，给市场泼了一盆冷水。 值得注意的是，首日破发的并非只有华芢生物。同日，明基医院、印象大红袍、南华期货3只港股新股 同步挂牌，最终全部加入破发行列，形成"集体遇冷"的局面。 截至当日收盘，明基医院暴跌49.46%，据Wind数据显示，该跌幅已创下年内港股新股首日最差纪录； 印象大红袍、南华期货分别下跌35.28%、24.17%。 此次多股集体破发，背后是港股IPO市场的双重压力：一方面，监管层近期已明确释放收紧信号，对上 市申请材料质量、保荐机构合规行为等提出更高要求；另一方面，2025年港股IPO数量大幅扩容，尤其 是近期新股发行密度激增，市场流动性被持续分流。 在这一背景下，港股新股的破发概率已明显攀升。对于后续拟赴港上市的企业而言，尤其是依赖市场情 绪支撑的18A类公司，上市难度或将进一步加大，市场对新股的筛选也将更趋严苛。 / 01 /赚钱效应下的狂欢 在华芢生物上 ...

D ( l ( 作为一家深耕果类零食行业的龙头企业，溜溜果园自2001年推出经典品牌以来，始终聚焦西梅产品领域，深耕行业技术，挖掘梅子酸味的美食潜力。公司 以"为注重健康的消费者提供优质果类零食"为核心定位，精准迎合消费者对营养零食日益增长的需求，构建了覆盖梅干、梅冻、梅精软糖等多品类的产品矩 阵，其中梅干零食如雪梅、清梅持续畅销，收入稳步增长。 梅冻产品采用专有青梅原浆及其他果浆制成，市场表现亮眼，根据弗若斯特沙利文数据，2024年溜溜果园在中国果类零食行业零售额排名第一，市场份额达 4.9%。在中国天然成分果冻行业（按零售额计）同样位列第一，市场份额高达45.7%，同时以2.9%的市场份额跻身中国果冻行业前列，成为天然成分果冻领 域的核心领导者。2025年，公司进一步推出梅精软糖，持续深化"以梅为本"的产品开发战略。 对于本次港股IPO的募资金额，溜溜果园明确了四大用途：一是未来三年投入扩大梅干零食、梅冻及产品配料的产能。二是来年用于提升品牌知名度、拓展 销售网络及开拓国际市场。三是招聘研发人员并推进研发计划，强化技术护城河。四是用作运营资金及一般公司用途，为企业持续发展提供保障。 据新浪财经报道，近日， ...

Core Viewpoint - The recent collective decline of four new stocks on their debut in the Hong Kong market is attributed to multiple factors, including tightening liquidity and a mismatch between high valuations and fundamental performance [2][4]. Group 1: New Stock Performance - Four new stocks listed on December 22, 2025, experienced significant declines on their first trading day: Mingji Hospital down 49.46%, Impression Dahongpao down 35.28%, Huazai Bio down 29.32%, and Nanhua Futures down 24.17% [2][6]. - This trend of new stocks underperforming is not isolated; over half of the 17 new stocks listed in December 2025 have also seen their prices drop on the first day [4]. - In contrast, the overall performance of new stocks throughout 2025 was strong, with 76 out of 102 new listings seeing price increases, and 16 stocks achieving over 100% cumulative gains [5]. Group 2: Market Environment - The Hong Kong stock market is facing a weakening liquidity environment, with average daily trading volume dropping below 200 billion HKD and southbound capital inflows significantly decreasing [2][7]. - Southbound capital net inflow for December 2025 was only 21.91 billion RMB, a stark contrast to previous months where inflows often exceeded 100 billion RMB [8]. Group 3: Factors Behind Weakness - Internal factors contributing to the weak liquidity include new regulations for public funds that may lead to net selling of Hong Kong stocks, as many funds are overexposed compared to their benchmarks [9]. - The high demand for funds in the Hong Kong market is also influenced by a backlog of over 300 companies waiting to go public, which adds pressure to the existing liquidity [9]. Group 4: Individual Stock Fundamentals - Mingji Hospital's high valuation is under scrutiny, with a price-to-earnings (PE) ratio of approximately 29.8, compared to the average PE of 17 for private hospitals in Hong Kong. Its revenue and profit have also declined year-on-year [11][12]. - Impression Dahongpao has similarly reported a decrease in profit, with figures of 42.86 million RMB and 10.23 million RMB for 2024 and the first half of 2025, respectively [12]. Group 5: IPO Mechanism Changes - The introduction of "Mechanism B" for IPOs allows issuers to set a lower limit on the public offering portion, which can lead to smaller trading volumes and potentially reduce mispricing risks. However, it may also hinder companies with high valuations from recovering through retail investor participation [13].

每经AI快讯，12月22日，中国证监会国际合作司发布关于北京智谱华章科技股份有限公司境外发行上 市及境内未上市股份"全流通"备案通知书，公司拟发行不超过43,032,400股境外上市普通股并在香港联 合交易所上市。 ...

2025年12月22日，港股新股市场集体遇冷，当日挂牌的四只新股印象大红袍(HK02695)、华芢生物- B(HK02396)、明基医院(HK02581)、南华期货股份(HK02691)同步破发，收盘跌幅均超20%，其中明基 医院跌49.46%，创下年内港股新股首日最差表现。 值得注意的是，今年港股IPO市场规模已达2671亿港元，有望重返全球IPO首位，随着美联储政策预期 波动、跨境资金流动变化，港股新股市场的估值重构仍在持续，投资者打新情绪趋于谨慎，对标的资产 质量的筛选将更加严格。 生物制药公司华芢生物-B和期货服务商南华期货也未能幸免。华芢生物-B收跌29.32%，报27.05港元， 作为未盈利生物药企，其未引入基石投资者的背景进一步加剧了市场波动，每手200股账面亏损880港 元；南华期货则较12港元的招股价下跌24.17%，收盘报9.10港元，一手500股亏损1450港元。 数据显示，2025年8月港股IPO定价机制改革后，8-10月新股破发率仅7.14%，但11月至今破发率已飙升 至42.10%，远超全年上半年30.23%的水平。汇生国际资本总裁黄立冲指出，一级市场定价与二级市场 风险偏好错位是 ...

Group 1: Impact of Hong Kong IPOs on Secondary Market - The Hong Kong IPO market has significantly rebounded this year, with approximately 100 companies raising over 250 billion HKD, and the expected IPO financing center for 2026 is around 330 billion HKD [1] - There is a positive correlation between IPO financing in the primary market and the performance of the Hang Seng Index, suggesting a mutual causation [2] - A weak US dollar and low Hibor rates are common factors driving the simultaneous strength of both IPO and secondary markets, as investors tend to reduce US asset allocations and increase global market allocations, with Hong Kong stocks being a potential option [3] Group 2: Performance of Secondary Market Post-IPO - Large IPOs do not have a significant overall impact on the secondary market, as the Hang Seng Index shows no clear pattern in the 20 trading days prior to large IPOs, while the probability of the index strengthening in the 20 trading days following a large IPO is 56%, with a median increase of 4% [4] - The probability of large IPOs being successful is high, with positive median absolute and excess returns from listing to the time of inclusion [5] Group 3: New Consumption Policies - Recent policies from the Ministry of Commerce and the Ministry of Finance aim to promote new consumption formats, with pilot programs launched in 50 cities, emphasizing the need for robust implementation plans and project management [6] - The younger generations, particularly Y and Z, are becoming the main consumer force, with a focus on personalized and emotional consumption, leading to the rise of industries like the "guzi economy" [6] - The new consumption sector is expected to evolve towards three trends (health, new pragmatism, and emotional consumption) and two dimensions (intelligent and overseas consumption), suggesting investment opportunities in these areas [6]

记者 牛钰 年末临近，持续一年的港股IPO（首次公开发行）热潮持续。12月18日，一日之内六家港股拟IPO企业启动招股，并均计划于2025年12月30日正式挂牌上 市，港股将以"六锣齐响"为其成为今年全球第一IPO市场庆贺。 12月18日，德勤在《中国内地及香港IPO市场2025年回顾与2026年前景展望》中称，港交所第四季度继续迎来两只超大型新股上市，全年维持环球新股融资 额榜首宝座，纳斯达克位列第二，印度国家证券交易所凭借更多新股超越纽交所跻身三甲，上交所和深交所排名第五和第八。 图片来源：德勤中国资本市场服务部 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表示，香港在2025年取得辉煌的成绩，再次夺回了全球新股市场的桂冠。 "今年新股融资总额在第二季度大幅反弹，但尚未能突破2020年、2021年的高位，当时两年的新股融资总额均超过3300亿港元。"任邵文称，展望2026年，香 港新股市场有望再创融资额的纪录，至少达到3000亿港元。 德勤中国资本市场服务部预计，2025年香港将完成114只新股，同比增长63%；合计上市融资约2863亿港元，同比增长逾两倍。其中，19项A+H股上市项目 的融 ...

Core Viewpoint - The Hong Kong stock market is entering a significant phase for annual IPOs, with six companies launching their offerings and scheduled to list on December 30, reflecting a strong demand for quality enterprises to utilize market opportunities [1][2]. Group 1: Companies and Their Offerings - Six companies, including Insilico Medicine, Wuyishijie, Xunce, Meilian Holdings, Woan Robotics, and Linqingxuan, are set to launch IPOs, covering diverse sectors such as AI pharmaceuticals, digital twins, home robotics, and high-end skincare [1][2]. - Insilico Medicine, known as a pioneer in AI pharmaceuticals, has set its IPO price at HKD 24.05, aiming to raise HKD 2.277 billion, making it the largest among the six [1]. - Wuyishijie, focusing on digital twin and Physical AI technologies, plans to issue 23.975 million shares at HKD 30.5 each, with a potential fundraising of up to HKD 841 million if the over-allotment option is exercised [2]. - Xunce, a real-time data infrastructure service provider, is expected to raise between HKD 1.08 billion and HKD 1.23 billion, with a share price range of HKD 48-55 [2]. - Woan Robotics, backed by industry figure Li Zexiang, is entering the home robotics sector, while Linqingxuan is offering 13.96645 million shares at HKD 77.77 each [2]. Group 2: Market Trends and Analysis - The concentration of tech and new consumer companies in the IPO market indicates a shift in the structure of IPOs, with technology and new consumption becoming the dominant forces [1][3]. - The traditional industrial sector, represented by Meilian Holdings, highlights the financing needs of transforming traditional industries, aligning with the "technology-led, diversified supplement" structure of the Hong Kong IPO market [3]. - The influx of new IPOs may lead to market differentiation, where the quality of cornerstone investors and the ability to deliver on performance will be critical in distinguishing the companies [3]. - The simultaneous issuance of multiple new stocks may create a fund diversion effect, impacting the demand for public offerings and international placements [3].

12月18日，德勤中国资本市场服务部发布的《中国内地及香港IPO市场2025年回顾与2026年前景展 望》预计，截至2025年12月31日，A股市场将有114家公司上市，融资1296亿元。相对2024年有100家公 司上市融资668亿元，这代表2025年新股数量将增加14%，而融资总额将急升94%。预计创业板的新股 数量将会为最多（19只），而上海证券交易所主板的融资额为最高（432亿元）。上交所预计将以800亿 元的新股融资额领先，而深交所则会有最多新上市公司数量（48家）。北京证券交易所将有24家公司上 市，融资69亿元。 资本市场服务部预测，在目前超过300宗上市申请个案的名单支持下，2026年全年，香港新股市场 将有约160只新股融资不少于3000亿港元。预计其中将有7只新股，每只最少融资100亿港元，其中包括 内地龙头企业。除A+H股批量递表外，科技、传媒与电信、医药医疗、新消费、国际企业以及回流中 概股，将共同构成港股IPO下一波高光阵容。 报告还指出，2025年大约将有63家中国企业到美国上市，融资大约11.2亿美元。相对2024年，新股 数量从59只增加了7%，而融资额则从19.1亿美元下降4 ...