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].

香港交易所预计登榜今年新股融资总额首位，明年香港新股融资额望破3000亿港元。这是记者12月18日 从德勤方面获得的判断。 德勤认为，2026年中国企业在美国市场上市的前景将取决于纳斯达克新上市门槛何时以及如何通过和实 施，以及现有的中概股是否被迫退市。 资本市场服务部预计，截至今年12月31日，中国内地A股市场将有114家公司上市，融资1296亿元人民 币，相对2024年有100家公司上市融资668亿元人民币，这代表新股数量将增加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(432亿元人民 币)。上交所预计将以800亿元人民币的新股融资额领先，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69亿元人民币。 德勤中国资本市场服务部今天发布，《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。 从排序来看，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。纳斯达克预计位列第 ...

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].

12月17日，阳江市委八届九次全会召开，研究谋划"十五五"时期阳江经济社会发展。会议提出锚定打造 西海岸重要支点战略定位，围绕推动综合实力加快实现新跃升，打造绿能之都、建设海丝名城，推动经 济实现质的有效提升和量的合理增长。 "十五五"时期，阳江将紧抓粤港澳大湾区、海南自由贸易港、北部湾城市群等国家重大区域战略深层次 联动的重大契机，利用承东联西的区位优势，加快打造西海岸重要支点，充分发挥链接和服务功能。锚 定国家"双碳"战略目标，利用绿能富集优势，聚焦以绿能为核心支撑的重大产业培育和生态圈构建，为 粤港澳大湾区绿色转型和国家绿色低碳发展探索新路。 对标旅游强国建设要求，阳江还将利用山海、文化旅游资源丰富优势，激活滨海旅游场景动能与"新文 旅"创新动能，为打造粤港澳大湾区世界级旅游目的地、推动文旅产业高质量发展增添动力。 作为粤港澳大湾区向西延伸第一城，珠江口西岸都市圈的重要增长极，阳江正全面融入粤港澳大湾区和 珠江口西岸都市圈建设，做实做优西海岸重要支点，在更宽领域、更深层次、更高水平上推动融合发 展，实现发展能级新跃升。 产业是高质量发展的根基。阳江坚持实体经济为本、制造业当家，坚持智能化、绿色化、融合化 ...

Core Viewpoint - The "15th Five-Year Plan" proposed by the Chinese Communist Party aims to enhance cross-strait industrial cooperation and provides new opportunities for Taiwanese businesses in mainland China [1][2]. Group 1: Economic and Industrial Cooperation - The "15th Five-Year Plan" outlines macro strategies for economic and social development, creating vast new spaces for cross-strait industrial collaboration [1]. - Taiwanese business leaders emphasize the need for accelerated industrial transformation and upgrading, particularly in AI and high-end intelligent manufacturing [1][2]. - The plan focuses on building a modern industrial system, promoting high-level technological self-reliance, and developing a strong domestic market, which presents opportunities for Taiwanese businesses in technology innovation and market expansion [1][2]. Group 2: Specific Industry Focus - Human-shaped robots are identified as a key area for future cross-strait industrial cooperation, leveraging mainland China's strengths in technology applications and Taiwan's competitiveness in semiconductor chips and precision machinery [2]. - The "Belt and Road" initiative is seen as an opportunity for Taiwanese companies to expand into overseas markets by integrating with local industrial advantages [2]. - There is a call for deeper cooperation across various chains, including industrial, financial, and talent chains, to align with the industrial development directions outlined in the "15th Five-Year Plan" [2]. Group 3: Event and Participation - The annual cross-strait entrepreneurs summit attracted around 800 participants, including members of the cross-strait entrepreneurs council, business leaders, and scholars [2].

12月18日午后，银行股反弹，板块内全线飘红。上海银行涨近3%，苏州银行、厦门银行、杭州银行涨 超2%，建设银行、渝农商行、南京银行、江阴银行涨幅居前。 随着2026年日益临近，银行股的业绩走向与结构分化逻辑再次成为机构研报的核心议题。 作为"十五五"规划的开局之年，银行业的经营环境与投资逻辑将如何演变？对于投资者而言，机会藏于 何处？ 近期，多家券商密集发布年度展望，普遍认为在宏观政策托底、息差有望筑底以及存量风险持续缓释的 背景下，2026年上市银行整体业绩大概率将步入温和修复通道。 然而，几乎所有机构都同时强调，行业内部的结构性分化将成为未来一年的主旋律，马太效应加剧，具 备独特客户优势、负债成本管控能力或特定区域禀赋的银行，将有望领跑新一轮周期。 综合各家观点，一个明确的预期正在形成，即行业净息差有望在2026年触底并逐步趋稳。支撑这一判断 的共同逻辑在于，存款成本在监管引导与自然重定价下有改善空间，而资产端收益率的下行压力预计将 有所减缓。 机构普遍指出，这一改善过程将更利好于负债基础扎实、活期存款占比高的大型银行，以及部分存款成 本改善空间较大的中小银行。 业绩温和修复成共识，内部分化已成定局 对 ...

中央经济工作会议强调，2026年我国将坚持稳中求进工作总基调，实施更加积极有为的宏观政策，着力稳就业、稳企业、稳市场、稳预期，推 动经济实现质的有效提升和量的合理增长，实现"十五五"良好开局。 消费活力如何进一步激发？货币政策有何发力空间？人民币汇率怎么走？这些都是理解"十五五"经济脉络的关键切口，也是监管的必答题。围 绕上述问题，北京商报记者专访了广开首席产业研究院首席经济学家、中国首席经济学家论坛理事长连平。 2025年，站在"十四五"收官与"十五五"规划谋篇的历史衔接点上，宏观经济环境交织着机遇与挑战。 全球经济在波动中前行，中国金融市场在多重政策合力下展现出新的韧性与活力。人民银行延续流动性宽松的基调，通过降准、降息等工具为 经济修复提供支持，货币政策与财政政策协调配合，金融"五篇大文章"系统推进，一系列举措旨在打通经济循环、激发内需潜力、优化金融供 给。 2026年我国将扩大优质消费品和服务供给，培育壮大新的消费增长点，积极打造消费新场景，把扩大消费与因地制宜发展新质生产力结合起 来。一是深入实施提振消费专项行动，制定实施城乡居民增收计划。优化"两新"政策实施，"国补"额度有望在2025年基础上适度 ...

Group 1: Core Insights - The "14th Five-Year Plan" achievements are the foundation for the "15th Five-Year Plan," which aims to connect to the 2035 vision, focusing on technological innovation as the core driver for activating the domestic market and ensuring strategic security for high-quality development [3] - The "15th Five-Year Plan" emphasizes self-reliance in technology, enhancing original innovation, and laying out future industries to create new engines for development [6][35] - The plan aims to establish a unified national market and boost consumption to activate internal dynamics, providing a solid foundation for economic growth [7] Group 2: Technological Innovation - High-tech manufacturing shows resilience, with the share of the "three new economies" (new industries, new business formats, new models) in GDP steadily increasing, making technology a core engine for economic growth [15] - The "15th Five-Year Plan" suggests accelerating the development of strategic emerging industries such as new energy, new materials, aerospace, and low-altitude economy [6][35] - The transition from traditional to new energy vehicles indicates that the latter has moved past its explosive growth phase, while industries like robotics are on the verge of significant penetration [24][29] Group 3: Domestic Circulation - A strong domestic market is crucial for China's modernization, with the "15th Five-Year Plan" focusing on enhancing the internal dynamics and reliability of domestic circulation [7][55] - The plan proposes a unified national market as a key strategy to strengthen the domestic market, addressing competition issues and restoring industry profits to normal levels [55] - The focus on quality upgrades in key industries aims to consolidate and enhance the competitiveness of sectors like mining, metallurgy, and textiles in the global division of labor [55] Group 4: Strategic Security - The "15th Five-Year Plan" emphasizes building security barriers in three areas: industrial security, national defense security, and trade security, enhancing the national security system and capabilities [8] - Key areas of focus include original innovation, core technology breakthroughs, and improving the self-control level of industrial chains [8] - The plan also highlights the importance of expanding institutional openness and maintaining a multilateral trade system to address uncertainties in the global trade environment [8]