Core Viewpoint - The strong performance of the Hong Kong stock market is expected to continue until 2026, driven by technology, consumer sectors, and support from state-owned enterprises [1][4]. Group 1: Hong Kong Stock Market Performance - The Hong Kong stock market has been one of the best-performing markets globally, with the Hang Seng Index outperforming major indices like Nasdaq and CSI 300 in 2025 [3]. - Technology and consumer sectors have shown the most significant performance in the Hong Kong market this year, with corporate earnings exceeding expectations [3]. - Factors such as the depreciation of the US dollar, inflow of southbound capital, supportive national policies, and a temporary easing of US-China relations are key drivers of the market's rise [3][4]. Group 2: Future Outlook - The current bullish trend in the Hong Kong stock market is not seen as a short-term phenomenon, with expectations of a favorable market environment in 2026, including large IPOs that could enhance investor interest [4]. - The three major opportunities for Chinese investment banks include leadership from technology and innovation enterprises, the consumer sector becoming a new growth line, and active support from state-owned and cornerstone investors [4]. Group 3: Internationalization of Chinese Investment Banks - Chinese investment banks face challenges in internationalization, including a lack of international talent outside Greater China and a limited range of product offerings [5][9]. - Cultural integration is identified as a significant challenge for the international development of Chinese investment banks, with efforts being made to promote cultural exchange and training [9]. Group 4: Achievements of Galaxy Securities - Galaxy Securities has made significant strides in internationalization through its entities, Galaxy International and Galaxy Overseas, with the former ranking among the top five Chinese brokers in IPO sponsorship [7]. - The firm has successfully completed several landmark projects and has a strong presence in Southeast Asia, covering 35 markets and 29 exchanges [8]. - Galaxy Securities is the only Chinese broker capable of hosting large-scale local roadshows in Southeast Asia, establishing close cooperation with local sovereign funds and large institutions [8].