欧振兴进一步分析指出，香港新股市场表现受惠于市场流动性改善。随着美国减息周期开启以及美联储 资产负债表变动的预期，全球资金将重新审视亚洲市场，改善当前市场流动性紧张的压力。 根据德勤的报告，在2025年的港股上市新股中，新经济板块在数量上领先，共有49只新经济板块新股上 市，同比增长32%，而融资额则达到1317亿港元，同比激增449%。2025年，港交所有3家特专科及企业 上市以及13家未有收入的生物科技新股上市。 （原标题：德勤：2026年港股IPO融资额有望冲刺3000亿港元） 南方财经 21世纪经济报道记者 张伟泽 实习生 金颖 香港报道 12月18日，德勤中国资本市场服务部上市业务主管合伙人欧振兴在记者会上预计， 2026年香港新股融 资金额有望自2021年以来再次突破3000亿港元，新股数量不少于160只。2026计划上市的新股中，预计 有7只新股融资额达百亿港元，包括一些在A股已经上市的龙头公司。 欧振兴指出，港股的预测市盈率已从此前13倍的低位稳步回升至目前的15倍左右。虽然市盈率距离19倍 的历史高位仍有距离，但回升的趋势已非常明确。 德勤预计，2025年港交所有114只新股上市，集资额为2 ...

Macro Overview - In November, the US added 64,000 non-farm jobs, exceeding Bloomberg's consensus estimate of 50,000, while October saw a decline of 105,000 [2] - The unemployment rate rose by 0.2 percentage points to 4.6% compared to September, with the labor participation rate increasing by 0.1 percentage points to 62.5% [2] - Hourly wage growth slowed to 0.1% month-on-month, down from an expected 0.3% [2] - The market has slightly increased the expectation of cumulative interest rate cuts in 2026 to 60 basis points [2] Automotive Industry - The Ministry of Industry and Information Technology granted conditional approval for the first L3 vehicles from Changan and BAIC Blue Valley, marking a significant step towards the practical application of L3 autonomous driving technology [3] - The approval is expected to accelerate the restructuring of the smart driving industry chain, with significant investment opportunities in smart vehicles, control chassis, domain control chips, and lidar [3] Construction and Building Materials - From January to November 2025, infrastructure investment (excluding power, heat, gas, and water supply) decreased by 1.1%, real estate by 15.9%, and manufacturing by 1.9% year-on-year, indicating pressure on investment demand [4] - The central political bureau emphasized the need to stabilize investment and expand domestic demand, suggesting that infrastructure investment may see a rebound [4] - Recommended stocks include Yaxiang Integrated, Meiyu Technology, Sichuan Road and Bridge, China National Materials, China Jushi, Huaxin Cement, Dongfang Yuhong, and Tubao [4] Real Estate Market - The report discusses the urgency of revitalizing the US real estate market under the Trump administration, focusing on improving housing affordability and mortgage liquidity as primary goals [5] - The report anticipates that short-term policies may focus on lowering mortgage rates and easing credit access, which could have expansionary effects on the economy but may exacerbate long-term structural issues [5] CXO Industry - The CXO industry is experiencing marginal improvements due to external factors, with expectations of a new high-growth cycle driven by overseas interest rate cuts and domestic recovery [10] - The report highlights the core competitiveness of Chinese CXO firms in efficiency, cost, quality, and rapid expansion capabilities, with a recommendation for leading firms such as WuXi AppTec and Kelaiying [10] Internet Sector - The local life market in Q3 2025 showed signs of optimization in the ride-hailing sector and expansion in the food delivery sector, with significant regional growth disparities [11] - The report indicates that the overall profit margin in the industry is on an upward trajectory, with expectations for annual profit margin expansion in the ride-hailing and food delivery segments [11] - Recommended companies include Meituan, Dash, Grab, and Uber [11]

Group 1 - The Hong Kong IPO market has seen unprecedented subscription enthusiasm this year, with record oversubscription rates, including a leading 7558 times for a major company [1] - Deloitte's report indicates that Hong Kong is expected to maintain its position as the global leader in new stock fundraising, with 66 new listings and a total fundraising amount of HKD 182.3 billion in the first three quarters of this year, representing a 47% increase in the number of new stocks and a 228% increase in fundraising compared to the same period last year [1][2] - The report forecasts that the strong momentum in the Hong Kong IPO market will continue into the last quarter of this year, with over 80 new listings expected in 2025, raising between HKD 250 billion to HKD 280 billion [1][2] Group 2 - The influx of overseas funds into Hong Kong is anticipated to support several large IPOs in the fourth quarter, driven by the Federal Reserve's interest rate cuts, creating a favorable valuation environment [2][3] - In the first three quarters of this year, six large IPOs are expected, including five A+H shares and one spin-off project, along with four other large IPOs [2] - The China Securities Regulatory Commission has introduced measures to support leading domestic companies in listing in Hong Kong, which, along with the Hong Kong Stock Exchange's initiatives, is expected to attract more innovative companies to the market [4] Group 3 - The average first-day return for new stocks in Hong Kong this year is 33%, significantly higher than the 9% recorded in the same period last year, indicating improved market performance [4][5] - A total of 98% of new stocks this year received oversubscription, with 87% achieving oversubscription rates exceeding 20 times [5] - The healthcare and pharmaceutical sectors have seen the highest number of IPOs, while the manufacturing sector has led in fundraising amounts, driven by significant projects like CATL [6] Group 4 - The diversity of the IPO market in Hong Kong is highlighted by its representation across various sectors, including industrial, financial, consumer, healthcare, technology, media, telecommunications, and renewable energy, reflecting a mature and balanced market ecosystem [7] - The attractiveness of the Hong Kong market to foreign capital is increasing due to the variety of sector allocation opportunities available [7]