近期媒体就有关于"近期南向资金流入放缓"的报道（注1），2025年11月下旬以来，南向资金10日移动平均值 从日均70亿港元显著下降至不足10亿港元，部分时段甚至转为净流出。这数据也与上述原因分析形成映照。 2026年港股IPO的大幅攀升和解禁潮现象也被多份报告所提及。 华泰证券的报告中做过统计，截至12月12日，99家公司在港股主板上市，合计募资超2500亿港元。作为对比， 2024年，50家公司在港股主板上市，合计募资近900亿港元，创近10年新高。此外，2026年港股市场的IPO融 资可能仍将较为活跃。因为截至2025年12月12日，港股已递表处理中的上市申请共有314家，预计明年港股主 板IPO融资规模中枢或在3300亿港元左右。 此外，尽管解禁不等于立即减持，且解禁动作本身并不影响基本面，但考虑到港股市场有做空机制，且常有投 机资金参与炒作，同时潜在抛售预期会在短期内压制市场情绪，因此解禁前后确实更容易出现股价波动。而结 合华福证券对于港股限售股解禁市值统计的月度图表来看，今年10月以来,解禁预期压力逐月攀升，叠加1月限 售股解禁的抛压预期，加剧了市场资金面的压力。 最近市场对于港股的讨论很多，尤其 ...

Group 1 - The report indicates that the stock market is expected to continue fluctuating around the 4000-point mark of the Shanghai Composite Index, with a notable acceleration in style and sector rotation [2][12] - It is suggested to maintain a cautious approach, focusing on opportunities in technology, new energy, and electricity sectors during the fluctuations and rotations [2][12] - The bond market is anticipated to remain in a range-bound oscillation, with insufficient momentum for sustained buying and limited downward space for interest rates [1][12] Group 2 - Recent market events include the suspension of a 24% tariff on U.S. imports, effective from November 10, 2025, which may influence trade dynamics [9] - The report highlights that the A-share market has shown strong sentiment, with various sectors such as banking, coal, electricity, and chemicals performing well [10] - The report notes that the average daily trading volume in the market has decreased to 20,124 billion yuan, reflecting a rise in cautious sentiment among investors [19]

Core Insights - The article presents a neutral perspective on the author's views, indicating that the content does not reflect the opinions of Hexun and emphasizes the need for readers to verify the information independently [1] Group 1 - The article highlights the importance of accuracy and reliability in financial reporting, suggesting that readers should approach the information with caution [1] - It mentions that the opinions expressed are solely those of the author, reinforcing the idea of independent verification by the audience [1]