编者按 低利率的影响正渗入经济社会生活的每一处毛细血管。从存款、理财、基金、保险、股票到黄金，每一 类资产的打理难度都在上升。与此同时，老百姓的理财需求愈发多元。 中国财富管理、资产管理行业参与者正身处机遇与挑战张力空前的环境：向左，是挑战难度加码的理财 市场；向右，是无风险收益率下行推动的资金大迁徙；向前，是竞争愈发激烈的同业比拼；向后，则是 数字化浪潮带来的新推动力。 破局前行之路何在？十多年来，"上证·金理财"评选一直在为投资者寻找财富管理与资管行业的优等 生、好服务、新趋势。即日起，本报推出"上证·金理财"栏目，聚焦财富管理市场变化、资管机构新动 向，为投资者提供参考。 ◎记者 徐潇潇 三花智控于6月23日在港交所挂牌上市，其发行价为每股22.53港元，筹资约92亿港元。这家空调和热管 理系统零部件制造商，在H股公开发售获超747倍认购，引入的18名基石投资者中出现了两家大行理财 公司——中邮理财和工银理财，分别获配基石投资份额2000万美元。 持续火热的港股IPO市场，已让理财资金相继入场。 今年6月以来，两家大行理财公司，以基石投资者身份"尝鲜"港股IPO，引发行业不少关注。从市场来 看，这两家理 ...

Core Viewpoint - The Hong Kong stock market experienced a significant surge in IPO activities in the first half of 2025, driven by a strong participation of cornerstone investors, leading to a total of 42 IPOs that raised HKD 107.1 billion, marking a year-on-year increase of approximately 700% and positioning Hong Kong as the leading global market for IPO fundraising [1][2]. Group 1: IPO Market Performance - In the first half of 2025, Hong Kong's IPO market completed 42 IPOs, raising a total of HKD 107.1 billion, which is a 700% increase year-on-year and a 22% increase compared to the total amount raised in 2024 [1]. - Four out of the top ten global IPOs in 2025 were from Hong Kong, highlighting the city's growing prominence in the global IPO landscape [1]. - The participation of cornerstone investors was crucial, with 36 out of 42 IPOs attracting a total of 189 cornerstone investors, accounting for 85.71% of the IPOs [2]. Group 2: Characteristics of Cornerstone Investors - The cornerstone investment in Hong Kong's IPOs showed three notable trends: a significant clustering of investors, a preference for industry-leading companies, and impressive investment returns [2][4]. - A total of 452.02 million HKD in cornerstone investments represented over 42% of the total fundraising in the market, indicating strong confidence from capital sources [2]. - Leading companies such as Ningde Times, Haitian Flavoring, and Sanhua Intelligent Control attracted a total of 60 cornerstone investors, accounting for 31.7% of the total, with investment amounts reaching HKD 351.4 billion, which is over 77% of the total cornerstone investment [2][4]. Group 3: Investment Returns and Market Dynamics - As of July 15, 2025, 31 out of 36 IPOs with cornerstone investors saw their stock prices rise compared to their issue prices, with 21 companies experiencing price increases exceeding 50% [4]. - The diverse composition of cornerstone investors, including local state-owned platforms, foreign institutions, public funds, and individual investors, contributed to a robust market environment [5][10]. - The participation of foreign institutions in cornerstone investments has notably increased, with significant investments from entities like the Kuwait Investment Authority and the Singapore Government Investment Corporation [7][10]. Group 4: Sector Focus and Future Outlook - Cornerstone investors are primarily focusing on sectors such as new energy, consumer goods, pharmaceuticals, and advanced manufacturing, aligning with national industrial policies and market trends [10]. - The involvement of cornerstone investors is expected to stabilize new stock prices and build investor confidence, with major institutions playing a key role in reducing market volatility [10]. - Looking ahead, the Hong Kong IPO market is anticipated to attract more quality enterprises, with local state-owned enterprises and foreign institutions expected to deepen their involvement in cornerstone investments [10].

Group 1 - The core viewpoint of the article highlights a significant increase in cornerstone investment activity in the Hong Kong IPO market during the first half of 2025, with over 40% of the 43 IPO projects successfully attracting five or more cornerstone investors, a substantial rise compared to the same period in 2024 [1] - The enthusiasm of cornerstone investors is closely linked to the overall performance of the Hong Kong market, with the Hang Seng Index rising by 20% and the Hang Seng Tech Index experiencing a surge of over 40% in the first quarter [1] - Local state-owned enterprises have become a crucial force in cornerstone investments for Hong Kong IPOs, providing advantages such as shorter review processes and deeper understanding of the companies involved [1] Group 2 - Foreign institutions have also significantly increased their participation in cornerstone investments in Hong Kong IPOs, with notable entities like the Government of Singapore Investment Corporation and UBS frequently appearing on investor lists [2] - Industrial capital is actively participating in cornerstone investments, with strategic collaborations between industry partners and listed companies, enhancing resource sharing and business complementarity [2] - The trend of cornerstone investment is evolving from a traditional "issue protection" tool to an important means of "asset acquisition," with investors increasingly willing to lock in quality assets through cornerstone investments [2]

Group 1 - The enthusiasm of foreign institutions for cornerstone investments in Hong Kong IPOs has surged this year, with 15 out of 27 companies introducing foreign investors as cornerstone investors, compared to only 3 in the same period last year [1][3] - Cornerstone investors are typically large institutions, corporate groups, or well-known wealthy individuals who commit to purchasing a certain number of shares at the issue price before the IPO, with a lock-up period of 6 to 12 months [3] - Notable companies attracting foreign cornerstone investors include Ningde Times, which had one of the largest IPOs in recent years, introducing 23 cornerstone investors, including global sovereign wealth funds and multinational asset management giants [3][4] Group 2 - The new consumption and pharmaceutical sectors are particularly favored by foreign investors, with companies like Mixue Group and Biorun attracting significant investments and experiencing substantial stock price increases post-IPO [3][4] - In the pharmaceutical sector, companies like Yimeng Bio and Weisheng Pharmaceuticals have also drawn attention from foreign cornerstone investors, enhancing market confidence and long-term value through strategic collaborations [4] - The increase in foreign cornerstone investors in Hong Kong IPOs reflects a resonance between international capital allocation needs and China's industrial upgrade dividends, with a notable return of funds previously invested in dollar assets [4]