年终盘点。 2025年，是港股市场全面回暖的一年。回望2021年至2024年，港股市场堪称历经"寒冬"，其间恒生指数一度下跌超50%，持续的"杀估 值"行情让市场悲观情绪蔓延。 经过2024年下半年的蓄势，"9·24"行情火爆启动，2025年初DeepSeek的横空出世更是瞬间激活了港股市场，让全球重新审视中国科技资 产的价值。这种由技术突破引发的产业景气预期，迅速传导至资本市场各环节，为港股的全面反攻奠定了坚实基础。这一轮反攻不仅推动港 股市场估值重构，更在IPO、再融资、二级市场、互联互通等多个维度创下历史纪录。 尤其是在香港交易所的交易大堂中，2025年以来锣声不断。香港交易所集团行政总裁陈翊庭评价称，2025年是全球投资者纷纷重返香港市 场的一年，中国内地和亚洲的创新发展为市场注入源源不绝的活力。一系列上市改革以及"科企专线"吸引了不少创新公司来港上市，互联互 通机制则继续为连接中国内地与国际资本市场发挥着独特的桥梁作用。 | 排名 | 交易所 | 融资额(亿港元) | IPO家数 | | --- | --- | --- | --- | | 1 | 香港交易所 | 2863 | 114(预计) | | ...

其中，生物医药板块尤其是以18A章上市的未盈利生物科技企业，成为牛股扎堆之地。"罕见病第一 股"北海康成涨幅超10倍，三叶草生物、和铂医药、加科思等今年以来涨幅达到6倍以上。 作为港股今年涨幅第一的股票，粤港湾控股今年加速布局AI赛道，近日其子公司深圳天顿数据科技有 限公司与华工科技签订协议，致力于在新型AI算力和网络基础设施领域建立全面、深入的战略合作伙 伴关系。此外，消费板块也诞生了多只高弹性标的，受益于黄金一路走高，珠峰黄金今年累计涨幅接近 12倍。 "红底股"阵营扩容 除十倍股外，港股"红底股"阵营的持续扩容与股价翻倍，也成为市场强势的重要体现。"红底股"特指港 股市场中股价突破100港元的高价股，其数量增长与股价表现，反映了市场热度。 2025年港股市场强势回暖，估值修复与结构重塑共振催生大量投资机会，十倍股集中涌现、"红底股"阵 营持续扩容，市场赚钱效应显著。 2025年十倍股扎堆涌现 2025年港股估值洼地效应凸显，叠加行业景气度提升与资金面改善，催生了一批涨幅超10倍的牛股，成 为市场回暖的核心标志。 Wind的统计显示，今年以来，总共有380只港股股价翻番，其中13只股价涨幅超过10倍。粤港 ...

Market Performance - The Hong Kong stock market showed a rebound today, with all indices closing in the green. The Hang Seng Index closed at 26,922.73 points, up 226.32 points, a gain of 0.85% [1] - The Hang Seng Tech Index closed at 5,933.99 points, increasing by 9.60 points, a rise of 0.16% [2][4] Key Company Movements - Alibaba's stock fell over 2%, contributing to the relative weakness of the Hang Seng Tech Index. Other companies like Meituan, BYD, Xiaopeng, Baidu, and Hua Hong Semiconductor also experienced declines [4] - Tencent Holdings is expected to announce its Q3 earnings soon, with high market anticipation. The stock rose over 1%, seen as a potential hope for the market [4][5] - Goldman Sachs predicts Tencent will be the only company among the six major tech giants to achieve profit growth, forecasting a 13% year-on-year revenue increase and a 20% increase in adjusted EBIT for Q3. Game revenue is expected to grow over 16%, advertising revenue by 19%, financial technology revenue by 7%, and cloud business revenue by 11% [5] Sector Performance - Biopharmaceutical stocks showed strength, with BeiGene rising over 7%. Oil stocks also performed well, with PetroChina increasing nearly 3% [5] - New consumption concept stocks saw some gains, with "Hushang Ayi" rising nearly 29% after announcing a ten-year H-share incentive plan, aiming to incentivize core talent [6] Capital Flow - Southbound funds continued to net buy Hong Kong stocks, with a total net purchase of HKD 4.286 billion by the close [7] Market Outlook - Institutions generally believe that the Hong Kong stock market will maintain a volatile trend in the short term, but opportunities exist. GF Securities noted that the foundation for a bull market remains unchanged, likely evolving into a volatile upward trend [9] - Zheshang International expressed a cautiously optimistic view on the short-term market trend, despite a weak fundamental backdrop and a slight pullback in the capital environment [10]

Market Overview - The Hong Kong stock market showed resilience, with the Hang Seng Index closing at 25,935.41 points, down only 16.99 points or 0.07% [1] - The Hang Seng Technology Index closed at 5,785.85 points, down 32.44 points or 0.56% [2] Company Performance - Hong Kong Exchanges and Clearing (00388.HK) reported a total revenue of HKD 21.851 billion for the first three quarters, a year-on-year increase of 37%. The main business revenue was HKD 20.438 billion, up 41%, and net profit reached HKD 13.419 billion, up 45% [4] - In Q3 alone, the exchange achieved total revenue of HKD 7.775 billion, a 45% increase year-on-year, with main business revenue of HKD 7.484 billion, up 54%, and net profit of HKD 4.9 billion, up 56% [4] - Sirus (09927.HK) listed today, initially facing a drop below the issue price but later recovered to close at HKD 131.5 [5] - Zai Lab (02617.HK) surged by 26.3% following a partnership agreement with Neurocrine for the development of NLRP3 inhibitors, with a total potential value of approximately USD 882 million [7] Sector Performance - Mechanical stocks led the gains, with Weichai Power rising over 4%, Zoomlion up over 3%, and both China National Heavy Duty Truck Group and CRRC up over 2% [9] - In the coal sector, AnYue Asia increased over 4%, China Coal Energy rose over 3%, and Yanzhou Coal Mining gained over 2% [10] - Food and beverage stocks also performed well, with Master Kong Holdings up over 4%, Anjoy Foods up over 2%, and Haitian Flavoring & Food up over 1% [11] Capital Flow - Southbound funds recorded a net purchase of over HKD 10.3 billion in Hong Kong stocks by the market close [11] Market Outlook - Haitong International believes that Hong Kong stocks are undervalued compared to historical levels and major global indices, with long-term bullish drivers including foreign capital inflow expectations and sustained large-scale inflows of southbound funds, potentially exceeding RMB 1.5 trillion by 2026 [13]

Core Viewpoint - The article discusses the recent announcement by First Capital Securities to establish a wholly-owned subsidiary in Hong Kong, marking the third small and medium-sized brokerage firm to pursue international expansion in Hong Kong this year [1][3]. Group 1: Company Developments - First Capital Securities plans to set up a wholly-owned subsidiary named "First Capital International Financial Holdings Limited" in Hong Kong to engage in regulated activities such as securities trading and asset management [3]. - The company intends to invest no more than 500 million HKD to establish the Hong Kong subsidiary, with the board authorizing management to handle the establishment process [3]. - Other brokerage firms, such as Western Securities and Northeast Securities, have also announced plans to set up subsidiaries in Hong Kong this year, indicating a trend among smaller brokerages to expand their international presence [3][4]. Group 2: Market Environment - The Hong Kong stock market has seen a resurgence, with the Hang Seng Index rising by 20% in the first half of the year, leading to increased trading activity and investor interest [6][10]. - The number of IPOs in Hong Kong has increased significantly, with 42 IPOs raising over 107 billion HKD in the first half of the year, surpassing the total for the previous year by approximately 22% [6]. - The article notes that while some brokerages are expanding their operations in Hong Kong, others are cautious or scaling back their plans due to market conditions [7]. Group 3: Performance of Existing Subsidiaries - Several existing brokerage firms with subsidiaries in Hong Kong have reported strong financial performance, with notable increases in revenue and profit [9]. - For instance, Guotai Junan International achieved a record revenue of 2.825 billion HKD in the first half of the year, a 30% year-on-year increase, while CITIC Securities International reported a 53% increase in revenue to 1.49 billion USD [9]. - Other firms, such as Shenwan Hongyuan Hong Kong and Industrial Securities, also reported significant growth in their financial results, driven by increased brokerage and underwriting activities [9].

Core Viewpoint - The article discusses the recent trend of small and medium-sized securities firms in China, particularly First Capital, planning to establish subsidiaries in Hong Kong to expand their international presence and capitalize on the recovering Hong Kong stock market [2][3][4]. Group 1: Company Developments - First Capital announced plans to set up a wholly-owned subsidiary named "First Capital International Financial Holdings Limited" in Hong Kong, aiming to engage in securities trading, asset management, and other regulated activities [2][3]. - The company plans to invest no more than 500 million HKD to establish the Hong Kong subsidiary, with the board authorizing management to handle the establishment process [4]. - This marks the third Chinese securities firm to announce a Hong Kong expansion this year, following Western Securities and Northeast Securities [4]. Group 2: Market Context - The Hong Kong stock market has seen a resurgence, with the Hang Seng Index rising 20% in the first half of the year, leading to increased trading activity and investor interest [5]. - In the first half of the year, 42 IPOs were completed in Hong Kong, raising over 107 billion HKD, which is approximately 22% more than the total for the previous year [5]. - The article notes that while some firms are expanding, others are cautious or retracting their plans due to market conditions, highlighting a divide in strategies among securities firms [6][7]. Group 3: Performance of Existing Subsidiaries - Several existing Hong Kong subsidiaries of Chinese securities firms reported strong performance in the first half of the year, with notable revenue increases. For instance, Guotai Junan International achieved a record revenue of 2.825 billion HKD, a 30% year-on-year increase [8]. - CITIC Securities International reported a revenue of 1.49 billion USD, up 53% year-on-year, and a net profit of 390 million USD, reflecting a 66% increase [8]. - Other firms like Shenwan Hongyuan and Industrial Securities also reported significant revenue growth, indicating a positive trend for those already established in the Hong Kong market [8]. Group 4: Future Outlook - The outlook for the Hong Kong market remains optimistic, with expectations of continued inflows of southbound capital and improvements in asset quality and liquidity due to reforms in the listing system [9]. - Analysts predict a potential upward trend for the Hong Kong market in the third quarter, with further recovery expected in the fourth quarter driven by domestic growth policies and advancements in the AI sector [9].

Core Viewpoint - The Hong Kong stock market is experiencing a recovery, leading to a resurgence of smaller mainland brokerages establishing operations in Hong Kong, with First Capital announcing plans to set up a subsidiary [1] Group 1: Company Developments - First Capital has announced the establishment of a Hong Kong subsidiary, tentatively named "First Capital International Financial Holdings Limited," marking it as the third small brokerage to pursue this move in 2023 [1] - Other brokerages with existing operations in Hong Kong have reported significant performance improvements due to the market recovery [1] Group 2: Market Performance - Guotai Junan International achieved a record revenue of 28.25 billion HKD in the first half of the year, representing a 30% year-on-year increase [1] - The net profit for Guotai Junan International surged to 5.5 billion HKD, reflecting a substantial year-on-year growth of 182% [1] - Brokerage business revenue for Guotai Junan International increased by 46%, with Hong Kong stock commission income soaring by 131%, outperforming the market [1]

Group 1 - The Hong Kong stock market indices collectively rose during the week of June 27, with the Hang Seng Index increasing by 3.2% to close at 24,284.15 points, the Hang Seng Tech Index rising by 4.06% to 5,341.43 points, and the National Enterprises Index up by 2.76% to 8,762.47 points [1] - The IPO market in Hong Kong remained active, with several companies successfully listing or initiating the offering process, including the smart control component manufacturer Sanhua Intelligent Control, which officially listed on June 23 [1] - On June 26, the Hong Kong Stock Exchange witnessed a lively scene with three consumer sector companies—Chow Sang Sang, Saint Bella, and Yingtong Holdings—listing on the same day, while two other companies, Boke Vision and FWD Group, also began their offering process during the week [1] Group 2 - According to Deloitte's recent report, Hong Kong has seen 40 new listings this year, raising HKD 102.1 billion, a significant increase compared to 30 listings and HKD 13.2 billion in the same period last year, marking a 33% rise in the number of new listings and a 673% increase in total funds raised [2] - Ernst & Young's report anticipates that the Hong Kong IPO market will continue to recover in the second half of the year, with a conservative estimate of total fundraising reaching approximately HKD 160 billion for the year [2]

Core Viewpoint - The article discusses the significant IPO of Mixue Ice City, which is set to debut on the Hong Kong stock market, highlighting its impressive subscription record and the factors contributing to its market performance. Group 1: IPO Performance - Mixue Ice City reached a dark market valuation close to HKD 100 billion, with a peak increase of over 30% during dark trading [1] - As of the latest report, the stock price increase has moderated to around 23% [2] - The IPO subscription reached a record high of HKD 1.84 trillion, with a subscription multiple exceeding 5324 times [3] Group 2: Market Conditions - The favorable market conditions include a recovery in the Hong Kong stock market, particularly driven by technology stocks, leading to a revaluation of Chinese assets [4] - The brand's growing influence due to its expansion in China and overseas has contributed to the high stock price of HKD 202.50 per share, with a minimum subscription amount of HKD 20,454 [4] Group 3: Investor Sentiment - The presence of prestigious cornerstone investors such as Sequoia China, Hillhouse Capital, and Meituan Long Zhu has bolstered investor confidence [5] - High leverage options provided by major brokerage platforms, with some offering up to 200 times leverage, have significantly lowered the entry barrier for retail investors, resulting in an exponential increase in subscription scale [5] Group 4: Industry Context - The enthusiasm surrounding Mixue Ice City's IPO has positively impacted other new tea beverage stocks, with Nayuki Tea experiencing significant price increases of over 33% and 21% on consecutive days [6] - The new tea beverage market is facing intense competition, with brands engaging in price wars, leading to a reduction in average prices from around RMB 30 to RMB 15-20 [9] - Mixue Ice City has reported a decline in average store performance, with average daily retail sales per store dropping from RMB 4,416.3 to RMB 4,184.4 year-on-year [9][10]