由三亚市人民政府主办，《财经》杂志、财经网、《财经智库》、三亚中央商务区管理局、三亚经济研究院承办的"三亚·财经国际论坛暨第五届三亚财富管 理大会"12月27日在海南三亚举行，主题为"海南自贸港未来定位及三亚新机遇"。 12月27日，香港中文大学（深圳）公共政策学院副院长、香港国际金融学会主席肖耿在大会上表示，海南自贸港可借鉴中国香港国际金融中心的发展经验， 构建现代金融聚集区。 这里面很重要的规律是：金融是为实体服务的，因此，首先实体经济要能够发展起来。中国香港、深圳、整个广东的金融算是比较发达，主要原因就是深圳 还有广东有很多的制造业企业，也投资了很多城市基础设施，还有居民的收入大幅度增加，这些都支撑了服务业发展，尤其是金融业。反过来，金融又为这 些实体经济服务，这个金融与实体经济的相互促进关系是比较重要的发展规律。 另外，还有一点，就是金融跟其它产业有一点不一样。高质量的金融需要一套比较完善的制度生态体系。作为国际金融中心，中国香港有普通法，还有国际 化的现代金融监管体系，以及跟国际接轨的银行、股票市场、股权投资、保险等丰富的金融产品。 这套制度生态体系营造出一整套的金融产品，各司其职。比如说股票就是高 ...

新华社香港12月22日电（记者王茜）香港交易所22日宣布，2025年香港新股市场融资额位居全球第一， 融资额较去年明显上升，平均每日成交额更创下历史新高。 香港交易所集团行政总裁陈翊庭日前在网志中说，过去十年，我们专注于建立和优化与中国内地资本市 场的互联互通机制。从沪港通、深港通、债券通、互换通到日渐丰富的离岸人民币产品生态系统，我们 与内地独有的互联互通机制吸引了来自全球的流动性和多元化投资者，提升了市场活力，也支持了内地 经济发展，巩固了香港作为全球超级联系人的地位。 截至12月19日，共有106家公司在香港交易所上市，融资总额达到2746亿港元，其中四家公司更跻身 2025年全球十大新股之列。在香港交易所上市的公司通过再融资筹集了660亿美元，彰显香港资本市场 的活力和深度。统计数据显示，现货市场2025年首11个月平均每日成交金额达2307亿港元，较去年同期 上升43%。 陈翊庭表示，未来还要推动亚洲其他市场与中国机遇的互联互通。通过提升平台和区域合作，希望利用 中国优势把亚洲资本与当今最大的机遇连接起来，打造具有全球吸引力的区域流动性池，把亚洲机遇带 到内地投资者面前，同时吸引更多亚洲投资者投资内 ...

Group 1: Core Insights - The report by Ernst & Young highlights a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong markets accounting for 16% and 33% of global IPO numbers and fundraising amounts respectively [1] - Hong Kong's IPO fundraising has surpassed 360 billion USD, making it the leading exchange globally [1] - Chinese companies occupy five spots in the top ten global IPOs, with a notable increase in representation from sectors such as automotive, mining, energy, and advanced manufacturing [1] Group 2: Hong Kong IPO Market Recovery - The Hong Kong IPO market has seen a strong recovery in 2025, with fundraising exceeding 200 billion HKD for the first time in four years, marking the second peak in five years [2] - Major IPO projects have been pivotal in driving this resurgence, particularly from mainland "A+H" and "A拆H" companies, with over 20 A-share companies expected to list in Hong Kong, raising more than 170 billion HKD [2] - The average fundraising size has increased by 137% compared to last year, reaching the second highest level in five years, with industrial and retail sectors leading the charge [2] Group 3: Capital Market Cooperation - 2025 marks the beginning of a new decade for interconnectivity between mainland and Hong Kong capital markets, with an emphasis on deepening cooperation and enhancing institutional synergy [3] - A-shares are gradually returning to normalized issuance, focusing on quality and structural improvements, with the Beijing Stock Exchange becoming a key player in IPO applications [3] - The Hong Kong IPO market is expected to maintain its heat, with a steady growth pace and a focus on "A+H" models and the return of Chinese concept stocks [3] Group 4: Recommendations for Listing Companies - Companies planning to go public are advised to embrace technology and build a future-oriented financial governance system [4] - It is essential for companies to integrate business and financial data processes as a priority for IPO preparation, ensuring data consistency and transparency [4] - Strengthening digital transformation and intelligent financial management is crucial for showcasing governance capabilities to investors [4]

Group 1: Economic Growth and Investment - The Eurozone economy grew by 0.2% quarter-on-quarter and 1.3% year-on-year in Q3, exceeding market expectations, but internal growth dynamics remain weak [2] - The German government plans to invest €10 billion to enhance Germany's attractiveness as an international investment destination [2] - The European Central Bank has lowered interest rates by 200 basis points, improving market financing conditions, but internal market fragmentation remains a challenge [2][3] Group 2: China-Europe Financial Cooperation - The Euro Financial Week highlighted the importance of deepening financial cooperation between China and Europe, especially in technology and green finance [4] - China and Germany, as the second and third largest economies, have complementary industrial structures and technological advantages, fostering a conducive investment environment [5] - The bilateral trade between China and Europe has surged from $2.4 billion in 1975 to $785.8 billion in 2024, with investment stock nearing $260 billion [5][6] Group 3: Financial Market Developments - The China Banking Corporation and the German Federal Investment and Asset Management Association released a guide on investing in Chinese capital markets, aimed at facilitating European investors [6] - Allianz Investment has recognized China as a key IPO market and plans to increase investments in the Chinese market [7] - The signing of a memorandum of cooperation between the China Securities Investment Fund Industry Association and the German Federal Investment and Asset Management Association indicates a commitment to enhancing bilateral financial collaboration [6]

Core Viewpoint - The expansion of the list of accounting firms qualified for H-share auditing is a strategic move to enhance the auditing capacity and reduce the costs for mainland enterprises seeking to list in Hong Kong, thereby facilitating cross-border financing and improving communication with international investors and regulatory bodies [1][3][4]. Group 1: Expansion of H-share Auditing Firms - The Ministry of Finance and the China Securities Regulatory Commission have added 2 more accounting firms to the existing list of 10 qualified for H-share auditing, responding to the needs of the capital market and enhancing regulatory collaboration between mainland China and Hong Kong [1][2]. - The new firms must meet strict criteria, including a minimum annual revenue of 1.5 billion yuan and at least 800 certified public accountants, ensuring that only high-quality firms are included [2][3]. - This expansion is expected to lower the costs associated with listing in Hong Kong and improve the overall auditing supply capacity [1][2]. Group 2: Addressing Financing Needs - The expansion aligns with the strong demand for cross-border financing from mainland enterprises, as quality auditing firms can enhance information disclosure and attract more international investors [3][4]. - The H-share auditing process is crucial for mainland companies looking to globalize, especially as the Hong Kong IPO market remains active [3][4]. - The new auditing firms will provide comprehensive financial, risk control, and compliance services, facilitating smoother communication between mainland enterprises and international stakeholders [1][3]. Group 3: Enhancing Global Competitiveness - The expansion of H-share auditing firms is a key measure to optimize the connectivity of China's capital markets, thereby enhancing the global competitiveness of Chinese enterprises [3][4]. - Recent reforms by the Hong Kong Stock Exchange, such as the "Special Line for Science and Technology Enterprises," complement this expansion, creating a more favorable environment for mainland companies to list in Hong Kong [3][4]. - The collaboration between mainland and Hong Kong regulatory bodies has improved, establishing a robust mechanism for information sharing and regulatory cooperation [4][5].

Core Viewpoint - The event titled "Capital Connectivity - The New Silk Road of Financial Investment" highlighted the broad cooperation space and increasing willingness for collaboration between China and Europe amidst a volatile international environment [1][2]. Group 1: Event Overview - The event was co-hosted by the German Federal Association for Investment and Asset Management and the Bank of China, attracting nearly 200 representatives from government, finance, and legal sectors across Germany, China, Italy, and Ireland [1]. - Discussions focused on key topics such as capital market connectivity, green investment cooperation, and alignment of asset management regulations [1]. Group 2: Statements from Key Figures - Thomas Richter, CEO of the German Federal Association for Investment and Asset Management, emphasized the importance of building trust and understanding between the financial markets of both regions [1]. - Huang Dingyang, Consul General of China in Frankfurt, noted that financial cooperation is one of the most professional and mutually beneficial areas of China-Europe collaboration [2]. - Chen Longjian, President of the Bank of China Frankfurt Branch, expressed hopes for better understanding of market needs and the exploration of new cross-border investment opportunities [2]. Group 3: Strategic Opportunities - Nicholas Zippelius, a member of the German Federal Parliament, highlighted the commitment of Germany and Europe to maintain dialogue with China regarding financial markets and their global impact [2]. - The collaboration in sustainable agriculture in Ethiopia and Kenya was cited as a strategic opportunity for both Germany and Europe [3]. - The general consensus among attendees was that enhancing connectivity between China and Europe’s financial markets is essential for deepening bilateral economic cooperation and stabilizing global market expectations [3].

Core Viewpoint - The event titled "Capital Connectivity - The New Silk Road of Financial Investment" highlighted the growing willingness and potential for cooperation between China and Europe in the financial sector amidst a volatile international environment [1][2]. Group 1: Event Overview - The high-level interactive event attracted nearly 200 representatives from government agencies, financial, and legal sectors from Germany, China, Italy, and Ireland [1]. - Key topics discussed included capital market connectivity, green investment cooperation, and alignment of asset management regulations [1]. Group 2: Statements from Key Figures - Thomas Richter, CEO of the German Federal Association for Investment and Asset Management, emphasized the importance of building trust and understanding between the financial markets of China and Europe [1]. - Huang Dingyang, Consul General of China in Frankfurt, noted that financial cooperation is one of the most professional and mutually beneficial areas of China-Europe collaboration [2]. - Chen Longjian, head of the Bank of China Frankfurt branch, expressed hopes for better understanding of market needs and the exploration of new cross-border investment opportunities [2]. Group 3: Strategic Opportunities - Nicholas Zipelius, a member of the German Bundestag, highlighted the importance of ongoing dialogue between Germany, Europe, and China, especially in global development and third-party market investment cooperation [2]. - The collaboration in sustainable agriculture in Ethiopia and Kenya was cited as a strategic opportunity for both Germany and Europe [3]. - The general consensus among attendees was that enhancing connectivity between China and Europe’s financial markets is essential for deepening bilateral economic cooperation and stabilizing global market expectations [3].

Group 1 - The "China-Europe Financial Summit" held in Frankfurt focused on the latest developments in the Chinese capital market and aimed to enhance cross-border financial cooperation between China and Europe [1][2] - The summit was co-hosted by the Bank of China and the German Federal Association of Investment and Asset Management, emphasizing the importance of mutual understanding and trust in financial collaboration [1][2] - The event coincided with the 50th anniversary of diplomatic relations between China and Europe, highlighting the timely nature of the discussions [1][2] Group 2 - The Chinese Consul General in Frankfurt noted that geopolitical risks and a sluggish global economic recovery have created a solid foundation for deepening financial cooperation between China and Europe [2] - The Bank of China, as a leading international commercial bank, aims to support European investors in accessing the Chinese market and enhance the use of the Renminbi in Europe [2][3] - German Federal MP emphasized the mutual dependency and complementarity between Germany and China, advocating for new cooperation models in finance, green development, and trilateral cooperation [3] Group 3 - The summit featured discussions among representatives from top European asset management institutions and Chinese financial organizations on topics such as capital market connectivity and investment opportunities in China [3] - European participants expressed a strong willingness to collaborate closely with their Chinese counterparts to deepen cross-border asset management cooperation and achieve tangible results [3]

Group 1: New Stock Offering - Jingchuang Electric will start subscription on November 18, with an issue price of 12.10 yuan and a price-to-earnings ratio of 13.47 times. The total fundraising is expected to be 175 million yuan [1] Group 2: Financial Market Cooperation - The fourth China-Germany high-level financial dialogue welcomed qualified Chinese and German enterprises to participate in each other's derivatives markets, aiming to enhance market depth, liquidity, and stability [3] Group 3: Industry Development Initiatives - Hubei Province is focusing on developing the Beidou industry by integrating it with low-altitude economy, humanoid robots, and artificial intelligence, aiming to enhance the overall competitiveness of the Beidou industry [4] - Guangdong Province has issued a plan to accelerate financial support for the elderly care service system, encouraging banks to develop long-term credit products tailored for elderly care facilities [5] Group 4: Automotive Industry - The China Automobile Industry Association called for the maintenance of normal export order and interests in the automotive industry, emphasizing the importance of self-discipline in internationalization efforts [6] Group 5: Cosmetics Industry - The National Medical Products Administration has released opinions to foster the development of internationally competitive domestic cosmetic brands, encouraging local regulatory bodies to support industry innovation [7] Group 6: Fiscal Revenue - From January to October, the national general public budget revenue reached 186.49 billion yuan, with a year-on-year growth of 0.8%. Tax revenue increased by 1.7%, while non-tax revenue decreased by 3.1% [8] Group 7: Semiconductor Sector - The semiconductor index has seen a year-to-date increase of 40.63%, with the total A-share market value reaching 5.76 trillion yuan, reflecting significant growth in leading semiconductor stocks [9]

Group 1 - The fourth high-level financial dialogue between China and Germany was co-hosted by Vice Premier He Lifeng and Vice Chancellor and Finance Minister Christian Lindner, emphasizing the importance of bilateral communication and policy coordination in the financial sector [1] - Both parties committed to enhancing macroeconomic policy coordination through various bilateral channels to promote global economic recovery and sustainable development, as well as to ensure global financial stability [1] - The dialogue resulted in several agreements, including the welcome of qualified companies listed on the Shanghai and Shenzhen Stock Exchanges to issue Global Depositary Receipts (GDRs) on the Frankfurt Stock Exchange, and vice versa for Frankfurt-listed companies to issue Chinese Depositary Receipts (CDRs) [1] Group 2 - The significance of developed derivatives markets in promoting market development, depth, liquidity, and stability was recognized, with both sides welcoming qualified Chinese and German enterprises to participate in each other's derivatives markets [2] - On the 10th anniversary of the China-Europe International Exchange, both parties acknowledged its role in facilitating financial cooperation between China and Germany, supporting the expansion of its business, including regulatory approval for A-share index derivatives [2] - Both sides encouraged qualified financial institutions to invest and operate in each other's markets, supporting enhanced cooperation in securities, futures, and derivatives, and fostering good conditions for addressing international economic and financial challenges [2]