新股表现向好，也促使散户积极参与港股打新。5月份以来，过半IPO项目的认购倍数超过50倍，宁德时代、 蜜雪集团等热门股甚至在百倍乃至千倍以上。投资者小林告诉券商中国记者，随着2024年港股IPO项目多起 来，且上市公司质地不错，她又开始频繁参与港股打新，但"中签率明显降低了"。2025年，小林共参与9只新 股申购，但只中签了绿茶集团和古茗，哪怕融资10倍认购也最终与宁德时代失之交臂。 港股行情提振，新股表现亮眼，打新又热了。 Wind显示，2025年港股已迎来27只新股，其中仅7只上市首日收盘价低于发行价，破发率为26%。而去年同期 有19家公司在港股上市，破发率为32%。同时，27只新股中有10只上市首日涨幅超过20%，"大肉签"之首映恩 生物甚至收涨116.7%，不计手续费，中签一手可赚超一万元人民币。 数据显示，今年港股打新中签难度确实较上年有所提升。年内27只新股，刨除借壳SPAC上市的找钢集团，有9 只新股申购一手中签率在10%及以下。在此背景下，宁德时代港股IPO的特殊招股架构引发了一轮有关"散户失 权"的讨论。 排版：刘珺宇 校对：祝甜婷 百万用户都在看 在港股，由于回拨机制的存在，通常大热新股 ...

Group 1 - In 2025, 27 new stocks debuted in the Hong Kong market, with a 26% initial closing price drop rate, which is an improvement from the previous year's 32% [1] - The performance of new stocks showed significant divergence, with 10 stocks rising over 20% on their first day, and Ming En Bio leading with a 116.7% increase [1] - Retail investors are increasingly participating in Hong Kong IPOs, with over half of the IPO projects since May having subscription multiples exceeding 50 times [3] Group 2 - The difficulty of winning allocations in new stock subscriptions has increased, with only 10% or lower allocation rates for 9 new stocks, excluding SPAC listings [3] - The special IPO structure of Ningde Times has sparked discussions about "retail investor disenfranchisement," as it limits retail participation to 7.5% while institutional investors receive over 90% of allocations [3] - The Hong Kong Stock Exchange is systematically reducing the influence of retail investors in new stock offerings, as indicated by the CEO's comments on increasing the proportion of institutional allocations [3][4] Group 3 - Industry experts agree that a high public offering ratio for new stocks may create selling pressure in the market, while institutional investors can provide stability [4] - There is a growing trend towards an institutional-led issuance model, as companies seek to minimize the impact of retail investors on their stock prices [4] - Concerns have been raised about the concentration of shares among large investors, which may lead to mispricing and increased volatility, suggesting a need for a balance between institutional stability and retail investor interests [4]

瑞银全球投资银行部亚洲区副主席朱正芹对这一观点表示赞同。在她看来，新股面向公众的配售比例过 高，可能会对后市表现形成卖压，小盘股承压相对更加明显。而机构投资者相对更成熟、持股更长期， 可发挥稳定器的作用，减小新股的后市波动。 安永大中华区上市服务主管合伙人何兆烽亦提到，机构投资者提供的稳定且较大规模的资金支持，与企 业的融资需求和战略规划更为契合。一些企业为了避免上市过程中受到过多散户投资者的影响，也会倾 向于选择机构主导的发行模式。 据他判断，港股市场中机构投资者本身占比较大，港交所的相关政策调整会一定程度上加剧市场结构向 机构倾斜。而散户目前仍是市场活跃度和流动性的主要来源之一，当这部分投资者参与度降低，或许会 对市场活跃度带来潜在不利影响。 Wind数据显示，2025年港股已迎来27只新股，其中7只上市首日收盘价低于发行价，破发率为26%。而 去年同期，有19家公司在港股上市，破发率则为32%。同时，前述27只新股中有10只上市首日涨幅超过 20%，"大肉签"之首映恩生物甚至收涨116.7%，不计手续费，中签一手可赚超一万元人民币。 新股表现向好，也吸引着散户积极参与港股打新。5月以来，过半IPO项目的 ...

Core Viewpoint - Sany Heavy Industry, known as the "dividend king" in A-shares, is set to debut on the Hong Kong stock market, sparking excitement in the IPO community regarding potential investment opportunities [1] Group 1: Company Overview - Sany Heavy Industry was established in 1989 and has evolved from a welding materials factory into a leading global engineering machinery enterprise, focusing on the R&D, manufacturing, sales, and service of a full range of construction machinery products [2] Group 2: Core Advantages - Brand Influence: Sany Heavy Industry is the third largest globally and the largest in China in the engineering machinery sector, consistently ranking first in global sales for excavators and concrete machinery [3] - New Energy Transition and Technological Innovation: The company has made significant strides in the new energy sector, with its electric mixer trucks and electric dump trucks holding the largest market share in China as of 2024 [4] - Global Strategic Layout: Sany's products are available in over 150 countries and regions, and its international brand influence is expected to grow with the Hong Kong listing, enhancing its global market expansion efforts [5] Group 3: Performance Growth Potential - By 2025, Sany Heavy Industry is projected to see a strong rebound in performance, with overseas revenue accounting for 62.3% of total revenue in 2024, and the gross profit margin for overseas main business at 31.57%, surpassing the domestic margin of 23.03% [7] Group 4: Industry Position - According to Frost & Sullivan, Sany Heavy Industry ranks as the third largest globally and the largest in China by cumulative revenue from core engineering machinery from 2020 to 2024, holding the top position in excavators and concrete machinery [8] Group 5: Valuation and Investment Opportunities - The market response to Sany Heavy Industry's listing plan on the Hong Kong stock market has been positive, with expectations that its valuation will be reasonably reflected in the market despite existing valuation differences between A-shares and Hong Kong stocks [8]

恒瑞医药暗盘涨了32%+。暗盘前，有朋友问我啥策略，老实说没啥策略。有点像《功夫熊猫2》中，悍娇虎：你的作战计划是什么？阿宝：第一步是救你 们。悍娇虎：那第二步呢？阿宝：老实说，我还没想那么远。 其次是收益率。假如你的对冲盈利了，恭喜。你的空单是用购买力上的还是用现金上的，收益率会差一倍。逻辑很简单，同样赚10元，你是用了100元去赚这10元，还 是用了200元去赚这10元？最后就是时间成本了，做空要给利息的，大约是每个月0.8%，所以笔者的想法是，一个月内解决战斗。盈亏都认了。截止上周五收盘，宁 德时代的溢价缩窄至10%+。 有个好朋友周末来问我，接下来研究啥？我，说人话就是，打新应该学狮子，用大部分的时间思考（乘凉，打盹，嬉戏，甩尾巴）只用小部分的时间在屏息 凝神，靠近猎物，全速奔跑，奋力一搏。有些新股，我PASS了，不是看好，也不是看淡，就单纯没看。 坏消息是：新股太多，无法一一研究清楚。好消息是：这都无所谓。笔者复盘今年以来的港股打新，如果赚了100元，其中85元来自恒瑞医药+宁德时代+蜜 雪冰城+映恩生物，以至于绿茶集团，博雷顿，古茗，霸王茶姬，布鲁可等赚的或亏的都无所谓了。重点不是对了或错了，而是 ...

恒瑞医药（600276.SH）将于明日正式在港交所上市，成为又一"A+H"两地上市的国内大药企。 5月22日，恒瑞医药（01276.HK）正在暗盘交易中，截至16时36分，股价涨超27%，报56.15港元/股， 不计手续费，中签一手（200股）赚超2400港元，最新总市值超3700亿港元。 据悉，暗盘交易又称为场外交易，指不通过港交所交易系统撮合，而直接在某些大型券商内部交易系统 实现报价撮合的交易，为港股市场特有的一种交易方式。 > 招股书显示，恒瑞医药本次拟全球发售约2.25亿股，香港公开发售占比 5.5%，国际发售占比 94.5%，上 市发行定价为 44.05 港元/股。 此次恒瑞医药H股发行获得国际资本青睐，基石投资者涵盖新加坡政府投资公司（GIC）、景顺 （Invesco）、瑞银全球资产管理集团（UBS-GAM）、高瓴资本、博裕资本等知名机构。 国证国际证券此前发布的研报指出，恒瑞医药此次IPO发行价为41.45—44.05港元，较A股股价有24%— 28%的折价，对应2024年PE为40x—42.4x。公司研发实力雄厚，定价相较A股有较大折扣，且近期港股 市场打新热情较为高涨，综合考虑给予IPO专 ...

Core Viewpoint - Heng Rui Medicine, a leading Chinese innovative pharmaceutical company, is set to launch its global IPO on the Hong Kong Stock Exchange, aiming to raise up to HKD 130.8 billion, marking the largest IPO in the Hong Kong pharmaceutical sector in the past five years [1][4]. Group 1: Financial Performance - In 2024, Heng Rui Medicine reported revenue of CNY 27.985 billion, a 22.63% increase, and a net profit of CNY 6.337 billion, up 47.28%, returning to 2020 levels [4]. - The core driver of growth is innovative drugs, with 19 Class 1 new drugs launched, generating CNY 13.892 billion in revenue, a 30.6% increase, accounting for 46.3% of total revenue [4]. - The proportion of generic drugs decreased from 60.3% to 42% [4]. Group 2: Research and Development - Heng Rui Medicine's R&D investment reached CNY 8.3 billion in 2024, representing 29.4% of revenue, maintaining a position among the top two globally for R&D pipeline scale for four consecutive years [4]. - The company has engaged in 14 licensing agreements totaling USD 14 billion, collaborating with major firms like Merck and IDEAYA, with upfront payments of CNY 2.7 billion [4]. Group 3: IPO Details - The IPO price range is set at HKD 41.45-44.05, reflecting a 19.3% discount compared to the average price on the A-share market [4]. - A strong cornerstone investor base, including GIC and Hillhouse Capital, has committed to purchasing 43% of the shares, injecting HKD 4.1 billion, indicating international capital's recognition [4]. Group 4: Market Sentiment and Trends - The average first-day gain for new pharmaceutical stocks in Hong Kong in 2024 was 11.8%, with Heng Rui expected to attract long-term capital due to its unique position as a leading player [5]. - The oversubscription rate for Heng Rui's IPO reached 143.47 times, with predictions of it potentially reaching 186.51 times, increasing the likelihood of price appreciation in the dark market [11]. Group 5: Risks and Challenges - The company faces challenges from policy pressures, including the impact of the ninth batch of centralized procurement, which led to a decline in generic drug revenue by CNY 844 million [13]. - Heng Rui's overseas revenue is significantly lower than competitors, with only CNY 700 million, highlighting the need for improved international market penetration [13].

上周一下午三点，我泡了一杯热茶，开youtube静等贝森特的直播，仅仅十秒后，隔壁就说不用听了，BBG上出来了。我们刚要讨论这关税是降到30%还是 10%，前面又说，不用探讨了，股价涨了。前后二十秒，根本来不及决策，市场总有比你快的手。所以笔者把仓位分成趋势仓与交易仓。交易型仓位不看基 本面，赚到心理价位就走。三块钱的可乐，第一口永远值两块九。四月初的加仓，等的就是这一口，当即就畅爽了。基础逻辑是特朗普关税政策的"儿戏化" ，据《华盛顿邮报》统计，特朗普才就职100天就改写了50+次贸易规则。怎么形容呢？就我过去100天在股市做T都没这么频繁。 基本面上，本批拟A+H两地上市的龙头公司在港股乃至海外资本市场都具备较强的稀缺性。从筹码角度，港股自去年9月以来流动性和估值持续改善，同时 A股公司在港股上市发行的流通股又相对有限，叠加入通预期带来的估值溢价，确实是值得参与的。目前也打了恒瑞，参考A股给了8折优惠，也拿到部分豁 免，最大回拨21.5%。且宁德时代打新的钱回来正好能续上，估计最后也是一票难求。 上周港股市场是挺割裂的，京东Q1营收3010.8亿元，同比增16%，远超预期，股价冲高回落；腾讯：一季度经营利 ...

5月7日下午，沪上阿姨港股暗盘开启。富途、辉立两主流暗盘均大幅高开，最终收盘价分别为183.8港元/ 股、183.3港元/股，各自收涨62.48%和62.04%，当天成交额加起来超2亿港元。若以每手30股估算，则中签 一手约赚2120港元。 这一成绩超越了有着港股"冻资王"之称的蜜雪集团，其两大暗盘收盘价涨幅在25%上下。此外，捷利交易宝数 据显示，沪上阿姨此次港股IPO的孖展申购倍数高达3447倍，申购额超940亿港元，成为香港证监会限制公众 打新杠杆倍数之后，首只大爆新股。 暗盘大涨超62% 捷利交易宝数据显示，沪上阿姨此次港股IPO的孖展申购倍数高达3447倍，申购额超940亿港元，成为香港证 监会限制公众打新杠杆倍数之后，首只大爆新股。 如果对此没有概念的话——不久前港股上市的蜜雪集团，因认购金额突破1.83万亿港元，刷新了2021年由快手 创下的1.26万亿港元纪录，成为港股新一任"冻资王"。而其融资认购倍数是5295.34倍。 同时需要注意的是，受香港证监会新的指引规则影响，券商此次为沪上阿姨提供打新的融资杠杆最高仅10倍。 此前券商通常会为热门新股提供超高融资杠杆，用以招揽客户。像布鲁可、蜜雪冰 ...

加盟模式下的中价茶饮市场崛起 沪上阿姨作为国内知名的连锁茶饮品牌，将于2025年5月8日在港交所正式挂牌上市。自4月28日启动招股以来，打 新热情高涨，截至5月6日，沪上阿姨孖展申购倍数超3400倍，申购额超940亿港元，可跻身港股历史超额认购第8 位。 如此高的超额认购倍数，与近期港股茶饮板块的热度不无关系。2025年以来，已有古茗、蜜雪集团、霸王茶姬等 茶饮股上市，且表现不错，由蜜雪冰城带起来的港股打新热，让沪上阿姨也吸引了不少资金参与。 目前现制茶饮行业在下沉市场和海外市场仍具有巨大潜力。沪上阿姨的增长也契合了这一行业趋势，其2022 - 2024年的商品交易总额（GMV）分别为60.68亿元、97.32亿元和107.36亿元，显示出强劲的增长势头，为投资者 增强信心。 不可忽视的长期增长挑战 然而，沪上阿姨也面临着一些挑战。新茶饮市场竞争异常激烈，整体增速放缓，价格战频发，可能侵蚀沪上阿姨 的利润空间。其业务高度依赖加盟商的运营表现和忠诚度，加盟商网络的健康状况近期出现波动信号，闭店数量 和流失率值得关注。2024年上半年，沪上阿姨新开1184间门店，同比下降20.6%，同期还关了531间门店，同比增 ...