Group 1 - The core viewpoint of the article highlights the complex and changing global political and economic environment, particularly due to the trade tensions initiated by the US last year, which have seen some easing with preliminary trade agreements reached with multiple economies, including China [1] - The Hong Kong stock market has shown strong performance, with the Hang Seng Index rising by 28% over the year, and the average daily trading volume increasing by 90% to nearly 250 billion, setting a historical high [1] - The amount raised from new stock listings has more than doubled compared to 2024, exceeding 280 billion, making Hong Kong the top global market for IPO fundraising [1]