1月6日，协合新能源在新加坡交易所主板正式挂牌，成为新交所今年首个挂牌股票。这家在香港上市的可再生能 源企业以介绍形式完成第二上市，不发行新股也不募集资金。 市场反应积极，股价一度升逾16%，全日交易量达204.55万股。而在港交所，其股价同日下跌1.47%。这一升一降 的背后，是企业国际化布局的战略选择。 一、9%涨幅开门红：一家风电企业的"新交所时刻" 协合新能源的"新交所首秀"取得了开门红。公司股价在新交所首日交易中收盘报0.061新元，较开盘价上涨9%。 这家成立于1997年的公司，2023年将总部迁至新加坡。作为专注可再生能源的企业，其2025财年前6个月的风力发 电占营收的八成，太阳能发电占一成半，99%的营收来自中国。 新交所集团全球业务发起和拓展部资本市场主管许仁和指出，这是首个在新交所挂牌的专注可再生能源企业。他 认为本地市场将有一批对可持续领域感兴趣的新投资者。 协合新能源此次以介绍形式在新交所第二上市，不涉及新股发行或融资活动。这意味着公司并非为了短期资金需 求，而是一次 "战略卡位"，将新加坡视为区域和国际扩张的枢纽，提升国际品牌形象。 协合高管合影，图源：SGX，联合早报，侵删 二、 ...

Group 1 - The current market trend is driven by institutional investors rather than retail investors, indicating a more rational and sustainable investment decision-making process [1][2] - A-share market indices have shown significant movement, with the Shanghai Composite Index approaching 3900 points and trading volume exceeding 3 trillion yuan, highlighting the characteristics of an institutional market [1] - The fundamental difference between institutional and retail markets lies in investment philosophy, with institutions focusing on macro policy research and industry trends, leading to clear investment logic [1][2] Group 2 - Core investment targets in the current market include high-dividend assets like bank stocks and new productivity companies represented by chip stocks, reflecting a re-evaluation of quality assets amid an "asset shortage" [1][2] - The market capitalization changes of individual stocks, such as the dominance of major banks and the increasing share of hard-tech companies, illustrate the mainstream investment logic of the institutional market [1] - Institutional investors are characterized by long-term funding sources and strict risk control models, favoring value investment and long-term holding strategies, which contributes to the stability of major indices [2] Group 3 - The institutional market provides opportunities for traditional industries to transition by investing in emerging sectors, enhancing capital efficiency and supporting industry upgrades [3] - The ongoing optimization of market resource allocation favors technology assets, benefiting both primary and secondary markets within the technology industry [3] - The process of "institutionalization" in the A-share market is accelerating, with a preference for a "slow bull" market rather than a "fast bull," positioning the institutional market as the optimal choice [3]

Core Viewpoint - The current market trend is driven by institutional investors rather than retail investors, indicating a more rational and sustainable investment approach [1][2][3] Group 1: Market Characteristics - The A-share market is experiencing a significant rally, with the Shanghai Composite Index approaching 3900 points and trading volume exceeding 3 trillion yuan [1] - There is a clear distinction between institutional and retail markets, with institutional investors focusing on macro policies and industry trends, leading to a more defined investment logic [1][2] - The current market features two main categories of core assets: high-dividend bank stocks and chip stocks representing new productive forces [1] Group 2: Investment Behavior - Institutional investors dominate with long-term capital, adhering to strict risk control and investment discipline, favoring value investment and long-term holdings [2] - Retail investors tend to engage in speculative trading, leading to significant volatility and a lack of sustainable performance in the market [2] - The performance of small-cap and underperforming stocks has lagged behind the broader market, indicating a shift towards more institutional-like investment strategies [2] Group 3: Capital Market Dynamics - The institutional market provides opportunities for traditional industries to transition by investing in emerging sectors, enhancing capital efficiency [3] - The optimization of market capital allocation favors technology assets, benefiting both primary and secondary markets in the tech industry [3] - The process of "institutionalization" in the A-share market is accelerating, supported by policy guidance and market choices, promoting a "slow bull" rather than a "fast bull" market [3]