【市场数据】 1、据新华社，中央财办有关负责同志会后第一时间接受中央主要媒体采访，深入解读中央经济工作会 议精神。有关负责同志指出，展望明年，世界经济有望延续温和增长态势，但变数较多。从国内看，我 们面临的困难挑战不少，但经济基础稳、优势多、韧性强、潜能大等长期向好的支撑条件和基本趋势没 有改变，中国特色社会主义制度优势、超大规模市场优势、完整产业体系优势、丰富人才资源优势将更 加彰显。活跃的要素流动和创新为发展持续注入新动能，人流、物流、信息流、资金流保持较快增长态 势，投资和消费增速明年有望恢复，产业转型升级加快，科技和产业创新进入成果集中爆发阶段，我国 经济发展前景是十分光明的。 2、12月15日，社保基金会党组书记、理事长刘昆同志主持召开党组会议，传达学习中央经济工作会议 精神，研究贯彻落实工作。会议强调，要稳妥审慎抓好基金投资运营。紧密跟踪国内外宏观经济和资本 市场形势，科学有效开展资产配置，稳健做好各大类资产投资。充分发挥长期资金、耐心资本作用，在 守住安全底线的基础上，积极服务国家发展需要，更好支持科技创新和产业创新深度融合。要着眼长远 谋划推动基金事业发展。围绕"十五五"规划建议提出的重要要求 ...

本文源自：金融界AI电报 香港交易所CEO陈翊庭发表网志称，2025年至今，香港新股市场已经迎来超过100家上市公司（包括今 年全球最大的两宗IPO），融资总额已超过2700亿港元。展望2026年，目前上市科正在处理的上市申请 超过300家公司。 ...

12月16日，香港交易所CEO陈翊庭发表网志称，2025年至今，香港新股市场已经迎来超过100家上市公 司（包括今年全球最大的两宗IPO），融资总额已超过2700亿港元。展望2026，目前上市科正在处理的 上市申请超过300家公司。 ...

Group 1 - The core focus of the news is the successful IPO of Moer Thread, which is referred to as the "first domestic GPU stock," achieving significant market attention and record profits for investors [1][2] - Moer Thread's stock opened over 468% higher on its debut, reaching a peak price of 688 CNY per share, and closed with a 425% increase, resulting in a total market capitalization of 282.3 billion CNY [1] - The stock's first-day trading volume was 15.307 billion CNY, marking the highest for new listings in the year [2] Group 2 - Moer Thread's IPO price was 114.28 CNY per share, making it the highest IPO price of the year and the only stock to debut above 100 CNY [1][2] - The company ranks third in terms of stock price among all A-shares, following Kweichow Moutai and Cambricon Technologies [1] - The upcoming IPO of Muxi Technology, the "second domestic GPU stock," is anticipated, with an issuance price of 104.66 CNY per share, benefiting from the momentum generated by Moer Thread [2][3] Group 3 - Muxi Technology focuses on the development of high-performance GPU chips and platforms for AI training and general computing, but has not yet achieved profitability, reporting significant losses in recent years [3] - The effective subscription for Muxi Technology's online issuance reached over 5.17 million accounts, with a total of 288.62 billion shares applied for, indicating strong market interest [3]

Core Insights - The performance of newly listed companies in the A-share market has shown a stark contrast, with some experiencing significant gains while others have plummeted to new lows shortly after their IPOs [1][5][9] Group 1: Market Performance of New Listings - Deli Jia, a leading wind power gearbox manufacturer, saw its stock price drop significantly after an initial surge, reaching a new low of 62.48 yuan after its IPO [1] - In 2025, among 92 newly listed companies, only one has increased by over 18 times, while 5 companies, including Deli Jia, have dropped to new lows shortly after listing [1] - Haibo Shichuang, a battery storage system company, has become a standout performer with a stock price increase of 1855.6% since its IPO in January [3] Group 2: Factors Influencing Stock Performance - The disparity in stock performance is attributed to industry trends and company fundamentals, with successful companies often aligned with current market hotspots, such as energy storage [7] - Companies facing challenges, such as those in the wind power sector, have seen their stock prices decline due to insufficient performance support [7] - The pricing and valuation of new stocks have raised concerns, with some companies having significantly higher price-to-earnings ratios compared to industry leaders, leading to market skepticism [7] Group 3: Investor Behavior and Market Dynamics - The new stock market environment has shifted, with 73% of new stocks in 2025 dropping below their first-day closing price, indicating a departure from the previous "guaranteed profit" mentality [9] - Retail investors have contributed significantly to trading volumes but lack pricing power, often buying at high prices after institutional investors sell [7][11] - The introduction of a five-day period without price limits for new stocks has created opportunities for extreme volatility, allowing for both rapid gains and losses [9][11]

Core Viewpoint - The article discusses the performance and outlook of the IPO market in Hong Kong and mainland China, highlighting significant growth in new listings and financing amounts in 2023, with expectations for continued strong momentum in the fourth quarter and beyond [2][3][4]. Group 1: Hong Kong IPO Market - In the first three quarters of 2023, Hong Kong saw 66 new IPOs raising HKD 1,823 million, a 47% increase in the number of new listings and a 228% increase in financing compared to the same period last year [3]. - The market is expected to maintain strong momentum in Q4 2023, with over 230 listing applications currently being processed and more than 5 large-scale IPOs anticipated, projecting a total of over 80 new listings raising between HKD 2,500 million to HKD 2,800 million for the year [3]. - The new listings will primarily consist of A+H shares, with notable contributions from healthcare, technology, and consumer sectors [3]. Group 2: Mainland China IPO Market - By September 30, 2025, it is projected that 78 new IPOs will raise RMB 771 billion, representing a 13% increase in the number of new listings and a 61% increase in financing compared to the previous year [4]. - The ChiNext board is leading in the number of new listings, while the Shanghai main board has the highest total financing amount among various boards, with 25 new IPOs expected to raise RMB 454 billion [4]. - The article emphasizes the steady progress of new IPO issuances in the A-share market, aligning with regulatory policies and showcasing the strength of the mainland IPO market [4]. Group 3: U.S. Market for Chinese Companies - In the first three quarters of 2025, 57 Chinese companies are expected to go public in the U.S., raising USD 1.05 billion, which is a 54% increase in the number of new listings and a 26% increase in financing compared to the same period last year [4]. - The anticipated increase in regulatory hurdles for Chinese companies seeking to list on NASDAQ may lead some to consider Hong Kong as an alternative for their IPO plans [5].

Group 1 - The report by Deloitte indicates a steady development trend in the A-share market for the first three quarters of this year, with an increase in both the number of new stocks and financing amounts, particularly in technology and renewable energy sectors [1] - Deloitte forecasts that there will be 78 new stocks listed in the A-share market by the third quarter of 2025, raising a total of 771 billion yuan, which represents a 13% increase in the number of new stocks and a 61% increase in total financing compared to the same period last year [1] - The report highlights that the new stock issuance in the A-share market is progressing steadily in line with regulatory policies, demonstrating the strength of the mainland's new stock market as it ranks among the top five globally in new stock financing [1] Group 2 - In the Hong Kong stock market, Deloitte anticipates that there will be 66 new stocks listed in the first three quarters of this year, raising 1,823 billion HKD, which is a 47% increase in the number of new stocks and a 228% increase in financing compared to the same period last year [1] - The report also predicts that there will be six large-scale new stock listings in Hong Kong during this period [1] - With the Federal Reserve entering a rate-cutting cycle, it is expected that more overseas funds will seek high-growth investment opportunities in the Asian markets, including mainland China and Hong Kong, providing a favorable environment for large new stock issuances in Hong Kong in the fourth quarter [2]

Core Insights - The Hong Kong IPO market has shown strong activity since Q3, with a significant increase in financing driven by a surge in new listings and overseas capital inflow [1][2] - Deloitte's report predicts that the Hong Kong IPO market will maintain its position as the world's leading market for new stock financing in the first three quarters of 2025, with total financing expected to reach between HKD 250 billion and HKD 280 billion for the entire year [1][3] Financing Growth - In the first three quarters of 2025, the Hong Kong IPO market is expected to see 66 new listings raising HKD 182.3 billion, representing a 47% increase in the number of new stocks and a 228% increase in financing compared to the same period last year [2] - Major companies such as CATL, Hansoh Pharmaceutical, and Sanhua Intelligent Control have raised over HKD 10 billion each, contributing significantly to the overall financing growth [2] Market Dynamics - The influx of overseas capital and regulatory support for mainland companies to list in Hong Kong are key factors driving the market's robust performance [2][4] - The Hong Kong Stock Exchange is currently processing over 230 listing applications, including several large IPOs, indicating a strong pipeline for future listings [3] Future Outlook - The anticipated interest rate cuts by the Federal Reserve are expected to inject additional liquidity into the global market, benefiting the Hong Kong IPO market in Q4 2025 [3][4] - Deloitte's revised forecast for the entire year suggests that the market will see 80 new listings, with a financing range of HKD 250 billion to HKD 280 billion, reflecting a significant upward adjustment from previous estimates [3]

Group 1 - The Hong Kong IPO market has shown strong activity since the third quarter, with a significant increase in financing driven by a surge in companies filing for listings [1][2] - Deloitte's report predicts that the Hong Kong IPO market will maintain its position as the world's largest in terms of financing for the first three quarters of 2025, with total financing expected to reach between HKD 250 billion and HKD 280 billion [1][4] - The influx of overseas capital and regulatory encouragement for mainland companies to list in Hong Kong are key factors contributing to the growth of the IPO market [3][5] Group 2 - In the first three quarters of 2025, the Hong Kong IPO market is expected to see 66 new listings, raising HKD 182.3 billion, representing a 228% year-on-year increase in financing [2][4] - Notable companies such as CATL, Hengrui Medicine, and Sanhua Intelligent Control have raised over HKD 10 billion each through the "A+H" listing model, significantly boosting overall market financing [3] - The performance of these stocks in the secondary market has been strong, with cumulative price increases exceeding 70% since their listings [3] Group 3 - The fourth quarter of 2025 is anticipated to continue the strong momentum of the Hong Kong IPO market, supported by the Federal Reserve's potential interest rate cuts, which may lead to increased liquidity [4][5] - Deloitte estimates that there will be 80 new listings in the Hong Kong IPO market for the entire year of 2025, with total financing projected to be between HKD 250 billion and HKD 280 billion, a significant increase from previous forecasts [4] - The market is expected to see a diverse range of new listings, including those from pharmaceutical, specialized technology, and consumer sectors [4][5]

Group 1 - The global IPO market is slowing down entering the third quarter, with the financing scale of the top ten global IPOs expected to be lower compared to the same period last year [1] - Hong Kong Stock Exchange is projected to maintain its position as the global leader in IPO financing due to six large IPOs during the period [1] - The A-share market in China is showing steady growth in new stock numbers and financing amounts, with expectations for this trend to continue until the end of the year, driven by government support for technology and innovation sectors [1] Group 2 - It is anticipated that 78 new stocks will be listed in the mainland A-share market by September 30, 2025, raising 77.1 billion RMB, marking a 13% increase in the number of new stocks and a 61% increase in financing compared to the same period last year [1] - The ChiNext board leads in the number of new stocks, while the Shanghai main board has the highest total financing among various boards, with 25 new stocks expected to raise 45.4 billion RMB [1] - In Hong Kong, 66 new stocks are expected to be listed, raising 182.3 billion HKD, a 47% increase in the number of new stocks and a 228% increase in financing compared to the same period last year [2]