Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has seen significant activity from mainland companies utilizing its financing platform to accelerate their international expansion strategies in 2025, with over 100 companies listed and total fundraising exceeding HKD 270 billion [1] Group 1: Market Activity - In 2025, the HKEX welcomed over 100 new listings, including the two largest IPOs globally this year, raising more than HKD 270 billion [1] - Looking ahead to 2026, the HKEX is processing over 300 listing applications [1] Group 2: Strategic Focus - HKEX will focus on three strategic areas over the next decade: expanding a diversified asset ecosystem, enhancing technology and operations, and developing emerging businesses [1] - The first strategy involves expanding fixed income, currency, and commodity businesses while attracting more international companies to list in Hong Kong [1] - The second strategy includes ongoing technological advancements, such as consulting on reforms to the settlement cycle, implementing paperless securities measures, upgrading derivatives trading platforms, and incorporating AI and other emerging technologies [1] - The third strategy focuses on developing new businesses, including data, analytics, indices, digital currencies, and tokenization [1] Group 3: Connectivity and Positioning - HKEX aims to deepen connectivity with mainland China and facilitate connections between other Asian markets and Chinese capital, reinforcing Hong Kong's status as a global financial hub [1]

刘凯认为，目前中国商业地产市场正站在"内卷"与"进化"的十字路口。向左，是继续用价格战、渠道 战、装修战把所有企业拖进困境；向右，是用品牌、科技、绿色把行业重新做一遍。 北京市投资促进服务中心党组成员、副主任唐永宏在致辞中指出，商业地产作为连接商业活动与城市空 间的关键载体，其发展水平直接反映城市的经济活力、消费能力和功能完善程度，从大型购物中心、高 端写字楼到特色商业街区、产业园区配套商业，不同形态的商业地产项目在满足居民多样化消费需求的 同时，也为企业提供了优质的经营和办公空间，成为推动城市更新与产业升级的重要力量。 据唐永宏介绍，目前北京全市写字楼总面积已经接近2300万平方米，其中甲级写字楼面积达到1288万平 方米，同时北京市拥有各类产业园区共640余个，总建筑面积达到5400万平方米。 对于当下的市场情况，全联房地产商会写字楼分会执行会长刘凯表示，2025年中国商业地产市场经历多 重挑战，商办用地、投资和新开工持续下降。租售需求偏弱，空置率走高，租金售价维持低位，"以价 换量"仍是市场主要特征。多家研究机构数据表明，商业地产市场仍处于调整阶段，市场信心仍在修 复，供求关系尚待改善。促进市场止跌回稳 ...