Group 1: Fund Market Dynamics - The public fund issuance market has seen a significant increase, with over 4.2 billion new fund shares issued this year, and equity funds accounting for over 46% of this total [1] - In May, the number of newly established public funds reached 115, marking the third consecutive month of exceeding 100 new funds, with an average subscription period of 20.97 days [1] - The private equity stock strategy products have achieved an average return of 7.46% in the first five months of the year, with quantitative long strategies performing particularly well [1][2] Group 2: Private Equity and Securities - The number of private securities products registered has surged by 45.03% year-on-year, with a total of 4,361 products registered in the first five months of the year [2] - Leading quantitative private equity firms have dominated the market, attracting significant capital inflows [2] Group 3: Bond Market Developments - The issuance of technology innovation bonds (科创债) has surpassed 200 billion yuan, with 202 bonds issued and a total issuance scale exceeding 388.3 billion yuan [2] - Banks have been the primary issuers of these bonds, accounting for over half of the total issuance [2] Group 4: Hong Kong Market Trends - The Hong Kong stock market is experiencing a revival, with a surge in IPOs from Chinese companies, indicating a shift in the valuation dynamics between A-shares and H-shares [3] - The trend of A-share companies listing in Hong Kong is expected to inject new vitality into the Hong Kong market, enhancing its long-term investment appeal [3] Group 5: Industry-Specific Insights - The price of the third-generation refrigerant R32 has increased by 42% year-on-year, with the current average price exceeding 50,000 yuan per ton [4] - Analysts are optimistic about the profitability of leading companies in the refrigerant industry due to favorable supply-demand dynamics [4]

从企业发展战略来看，大中型上市公司"出海"意愿更为强烈。港股市场作为国际化平台，不仅能帮 助企业拓展海外融资渠道，更能推动其全球化布局，实现从存量竞争向增量扩张的战略转型。通过港股 市场这一重要舞台，企业可加速国际化进程，有效提升全球市场影响力。 从投资者结构优化的角度来看，A股上市公司通过"A+H"双重上市，能够有效吸引全球资本参与投 资，从而改善公司股东结构。引入更多外资及成熟机构投资者，不仅有助于提升上市公司估值水平，更 能促进估值体系专业化。随着成熟投资者占比提高，市场定价效率将显著改善，为股价长期稳定奠定基 础。 港股市场今年表现领跑全球主要股指，其优势主要体现在两方面：一是汇聚了众多优质龙头企业， 涵盖科技、消费、金融等核心领域，充分满足全球资本配置需求；二是估值优势显著，即便经历近50% 的反弹后，仍是全球最具估值吸引力的市场之一。 今年以来，港股市场IPO持续活跃。截至今年5月30日，已有28家企业成功赴港上市，总募资规模 达到773.2亿港元。在众多赴港上市的企业中，A股上市公司占比并不低，例如宁德时代、恒瑞医药等。 今年以来，部分A股上市公司已经完成了港股上市的目标，实现了"A+H"的同步 ...

丨证券研究报告丨 联合研究丨港股公司点评丨贝壳-W（2423.HK） [Table_Title] 产能延续扩张势头，费率管控成效显著 ——贝壳-W 2025 年一季报业绩点评 报告要点 [Table_Summary] 自营平台双轮驱动 GTV 延续较高增速，单季链家与贝联存量房货币化比率均环比提升。盈利 短板家装与租赁贡献利润率均同环比提升，费率管控成效卓著放大潜在盈利弹性。鉴于竞争优 势、相对稀缺、潜在业绩弹性等，短期仍有望享有估值溢价。中长期角度，经纪业务份额仍有 提升空间，家装、租赁可贡献潜在增长，数据资产具备较大价值弹性，后续表现仍值期待。 分析师及联系人 [Table_Author] 范超 袁佳楠 刘义 蔡方羿 米雁翔 SAC：S0490513080001 SAC：S0490520070001 SAC：S0490520040001 SAC：S0490516060001 SAC：S0490520070002 SFC：BQK473 SFC：BUV416 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 贝壳-W（2423.HK） cjz ...