黄天祐表示，除了强韧，香港市场也充满活力。以首次公开招股（IPO）为例，香港今年一直位居全球 前列。前三季度，新上市公司集资额达到1800亿港元，同比增长两倍。而后续的股票增发和配股共筹得 2600亿港元，增长270%，这说明香港市场能持续高效地满足并配对投资者对企业经营周期的资金需 求。此外，港股二级市场交易活跃，前9个月日均成交额比去年同期上升超过九成。港股市值接近五十 万亿港元，在亚洲排名第三。 10月30日，在2025年金融街论坛上，香港证监会主席黄天祐博士发表了《开创京港两地资本市场合作新 格局》的主题演说。 黄天祐表示，香港证监会作为香港资本市场的监管机构，一直坚守"维护香港作为领先国际金融中心"这 一核心使命，并贯彻"维持市场诚信"和"推动市场发展"这两大方针，实施有效的监管。"面对全球局势 不断变化，我们将以坚定的决心、前瞻的视野和灵活的监管，引领香港资本市场健康发展，支持国家经 济持续稳定增长和高质量对外开放。" 在黄天祐看来，作为国际金融中心，香港位居全球三甲，不仅以自由经济、法治精神及稳健监管享誉国 际，同时连接中外市场，集聚资本与人才，奠定了资本市场成功的基石。 其中，香港市场顽强不屈 ...

Core Viewpoint - The speech by Dr. Huang Tianyou emphasizes the importance of Hong Kong as a leading international financial center, focusing on maintaining market integrity and promoting market development while adapting to global changes [1][5]. Group 1: Market Resilience and Activity - Hong Kong's capital market has shown resilience, maintaining orderly operations despite global market volatility, with no incidents of defaults or systemic risks reported [1][2]. - In the first three quarters of this year, new IPOs in Hong Kong raised HKD 180 billion, a twofold increase year-on-year, while subsequent stock issuances raised HKD 260 billion, up 270% [2]. - The average daily trading volume in the Hong Kong stock market increased by over 90% compared to the same period last year, with a market capitalization nearing HKD 50 trillion, ranking third in Asia [2]. Group 2: Development Initiatives - The Hong Kong Securities and Futures Commission (SFC) and the Monetary Authority have launched a roadmap to develop the fixed income and currency markets, aiming to enhance market depth and breadth [2]. - The growth of the fixed income market is expected to facilitate corporate financing and meet diverse investor needs, promoting a win-win situation for issuers and investors [2]. Group 3: Cross-Border Cooperation - The mutual connectivity between mainland China and Hong Kong has effectively facilitated two-way capital flow, with mainland enterprises raising HKD 140 billion through IPOs in Hong Kong in the first nine months of this year [3]. - The collaboration between Beijing and Hong Kong is seen as crucial for building a strong financial nation and enhancing financial openness [3][4]. - The SFC supports financial institutions based in Beijing to expand their business in Hong Kong, promoting talent mobility and shared growth opportunities [4]. Group 4: Future Outlook - The SFC believes that through collaboration with mainland regulatory bodies, the capital markets of both regions can seize historical opportunities and create a more resilient, innovative, and diverse development platform [5].