近日，海澜之家正式向港交所递交上市申请书，冲刺"A+H"。截至11月24日，今年实现"A+H"上市的公司数量达到16家，超过140家A股公司提 出赴港上市或分拆子公司赴港上市计划。 南开大学金融发展研究院院长田利辉表示，A股公司赴港上市是资本市场双向开放的生动实践。A股公司加速海外布局，拓宽融资渠道，助力企业从"中国品 牌"向"全球品牌"跃升，这是企业高质量发展的战略选择。港股也有望从"估值洼地"升级为中国资产国际化平台，吸引全球资金配置核心资产。 A股公司密集赴港上市 近日，海澜之家、大商股份等分别发布公告，或向港交所递交上市申请书，或明确筹备赴港上市事宜。计划赴港上市的A股上市公司名单不断拉长，年内已有超过 140家A股公司提出赴港上市或分拆子公司赴港上市计划。 港股今年IPO募资总额已超2000亿港元，居全球交易所首位。宁德时代、恒瑞医药、海天味业等一批A股龙头公司相继登陆港交所，成为"A+H"上市队伍中的主力 军。 安永大中华区审计服务市场联席主管合伙人汤哲辉表示，两地资本市场已进入互补发展阶段。内地资本市场尤其是科创板、创业板和北交所聚焦硬科技产业化培 育，通过直接融资支持企业从"技术研发"到"产能 ...

□ 南京日报/紫金山新闻记者 6月4日，埃斯顿发布公告，拟发行境外上市外资股（H股）股票并在香港联交所主板挂牌上市，引起行 业广泛关注。当月27日，埃斯顿又在港交所递交了上市申请。 曹丽珍 今年以来，一股赴港上市浪潮正在全国范围内持续奔涌。 相关数据显示，今年前三季度，中国企业境外首次公开募股（IPO）的活跃度大幅回升。在上市数量方 面，累计有60家企业选择在港交所主板上市；在境内外上市企业融资额方面，港交所主板占比高达 58.9%，近六成。 这股强劲的浪潮中，南京企业正在成为不可忽视的力量。 今年前三季度，南京4家企业成功上市。其中，药捷安康（南京）科技股份有限公司和南京维立志博生 物科技股份有限公司先后在港交所敲锣上市。目前，13家来自不同行业的南京企业已选择向港交所递交 上市申请，"排队"上市。 13家交表宁企正"排队"赴港上市 今年以来，中国工业机器人产业蓬勃发展，竞争力不断提升。其中，工业机器人龙头企业南京埃斯顿自 动化股份有限公司功不可没。埃斯顿持续位列中国机器人市场第一，截至今年上半年，市场份额达 10.5%，推动中国工业机器人市场国产化率提升至55.3%。 如何助力企业进一步提升市场竞争力？今 ...

Group 1 - The fourth China-Germany high-level financial dialogue emphasizes enhancing the connectivity of capital markets between the two countries, allowing qualified companies to issue Global Depositary Receipts (GDRs) and Chinese Depositary Receipts (CDRs) in each other's markets [1] - This development is seen as a significant step towards mutual financial cooperation, facilitating financing for quality enterprises and promoting smoother capital flow between China and Germany [1][2] - The collaboration is expected to stabilize global financial markets and enhance China's influence in the global financial landscape amid increasing economic uncertainties [1] Group 2 - As of November 18, 23 A-share listed companies have successfully issued GDRs in the UK or Switzerland, with 6 listed on the London Stock Exchange and 17 on the Swiss Exchange [2] - The increasing issuance of GDRs by Chinese companies is attributed to supportive regulatory environments, expanded financing channels, and enhanced international visibility [2] - The development of CDRs is still in its early stages, with suggestions to optimize the CDR system, improve market liquidity, and implement supportive policies to attract more foreign companies [3]

研究早观点 2025 年 11 月 17 日 星期一 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,990.49 | -0.97 | | 深证成指 | 13,216.03 | -1.93 | | 沪深 300 | 4,628.14 | -1.57 | | 中小板指 | 8,022.26 | -1.77 | | 创业板指 | 3,111.51 | -2.82 | | 科创 50 | 1,361.23 | -2.72 | 资料来源：最闻 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】非银行金融：行业周报（20251103-20251109）：-资本市 场双向开放全面深化，券商基本面持续向好 【山证纺服】裕元集团 2025Q3 季度业绩点评 【山证通信】华测导航（300627.SZ）-海外业务拓展良好，业绩保持稳 健增长 【行业评论】脑机接口更新：十五五规划下，上海阶梯医疗脑机接口 产品首次进入 NMPA 创新医疗器械绿色通道 2 ...

Core Insights - The performance of brokerage firms is expected to improve significantly year-on-year and quarter-on-quarter in the first three quarters of 2025, as the market stabilizes in the third quarter [1] - With the further improvement of policies and the introduction of more substantial opening measures, the financial industry is poised for high-quality development [1] - Some brokerages are likely to explore overseas business growth through both external and internal development, leveraging differentiated competitive advantages for steady performance growth [1] Summary by Categories - **Market Performance** - The brokerage industry's performance is showing considerable improvement in the first three quarters of 2025 compared to previous periods [1] - **Policy and Development** - Enhanced policies and new opening measures are expected to drive high-quality growth in the financial sector [1] - **Strategic Opportunities** - Brokerages may pursue growth in overseas markets and utilize unique competitive advantages to achieve stable performance [1]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry, indicating an expected performance exceeding the benchmark index by more than 10% [4][29]. Core Insights - The capital market is undergoing comprehensive deepening of dual openness, with the China Securities Regulatory Commission (CSRC) emphasizing risk prevention, strong regulation, and promoting high-quality development [4][7]. - The fundamentals of brokerage firms are improving, with significant year-on-year and quarter-on-quarter performance improvements noted in the first three quarters of 2025 [4][7]. - The report suggests that some brokerage firms may explore overseas business growth through both external and internal development strategies, leveraging competitive advantages for steady performance growth [4][7]. Market Performance and Scale - During the period from November 3 to November 7, major indices rose, with the Shanghai Composite Index increasing by 1.08%, the CSI 300 by 0.82%, and the ChiNext Index by 0.65% [5][9]. - The average daily trading volume in A-shares was 2.01 trillion yuan, reflecting a 13.46% decrease compared to the previous period [5][11]. Credit Business - As of November 7, the market had 2,969.12 million pledged shares, accounting for 3.63% of the total share capital, with a margin trading balance of 2.49 trillion yuan, showing a 0.29% increase [15][17]. Fund Issuance - In October 2025, new fund issuance totaled 804.86 billion units, with 136 funds launched, marking a 30.54% decrease from the previous period [15][17]. Investment Banking Business - In October 2025, the equity underwriting scale reached 574.44 billion yuan, with IPO amounts at 128.69 billion yuan and refinancing amounts at 445.75 billion yuan [15][17]. Bond Market - The China Bond Total Price Index decreased by 1.76% since the beginning of the year, while the yield on 10-year government bonds was 1.81%, up by 20.62 basis points [15][17]. Regulatory Policies and Industry Dynamics - The CSRC and the Ministry of Finance announced the "Securities Settlement Risk Fund Management Measures," which adjust the collection scope and payment ratios for risk funds, enhancing the inclusivity of the rules [21][24].

Core Viewpoint - Cross-border investment and financing play a crucial role in the global allocation of resources, necessitating improvements in foreign-related legal systems, cross-border regulatory cooperation, and innovative dispute resolution mechanisms to enhance financial openness [3][4]. Group 1: Achievements in Capital Market Opening - The capital market has seen significant progress in dual-directional opening during the 14th Five-Year Plan period, with a comprehensive restructuring of foundational systems and regulatory logic [4]. - The number of stocks eligible for trading under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect has reached 2,922, accounting for over 90% of the total market capitalization of A-shares [4]. - As of September 30, 2023, the China Securities Regulatory Commission (CSRC) has completed the filing for 296 domestic companies to list overseas, including 109 technology firms [4]. Group 2: Challenges in Legal and Regulatory Framework - The increasing complexity of cross-border investment raises challenges in legal frameworks, with significant differences in regulatory systems across countries affecting accounting standards and information disclosure [6][7]. - The integration of technologies such as AI, blockchain, and big data into financial services has introduced new regulatory challenges, necessitating a balance between innovation and risk management [7][8]. Group 3: Recommendations for Legal System Improvement - The CSRC emphasizes the need for legislative initiatives to establish a transparent and comprehensive legal framework for capital markets, focusing on the timely development of new laws and amendments [9]. - Strengthening cross-border regulatory cooperation is essential, with a focus on enhancing communication and collaboration between domestic and foreign regulatory bodies to address issues like fraud and financial misconduct [9][10]. - Recommendations include creating a clear and accessible rule system for cross-border investments, enhancing the visibility of dispute resolution mechanisms, and establishing clear exit strategies to boost investor confidence [10].

Group 1 - The core viewpoint emphasizes the importance of improving the legal framework for foreign-related capital markets to support high-level openness and ensure investor protection [1][2] - The China Securities Regulatory Commission (CSRC) is committed to enhancing foreign-related legislation, focusing on systematic and transparent legal structures to facilitate cross-border investment [1][3] - The dual opening of the capital market is progressing, with mechanisms like Stock Connect and the Qualified Foreign Institutional Investor (QFII) program being expanded to attract foreign investment [1][2] Group 2 - The CSRC has signed cooperation memorandums with 67 countries and regions, enhancing international collaboration for cross-border enforcement [2] - There is a need to balance innovation in financial tools with risk management, particularly in the context of rapid financial technology advancements [3][4] - Strengthening cross-border regulatory cooperation is essential to address challenges in cross-border listings and ensure accountability among issuers and intermediaries [4][5]

Core Viewpoint - The forum emphasized the importance of legal frameworks in ensuring financial security, market vitality, and order through rule of law, highlighting the need for improved foreign-related financial legal systems in China [1][2]. Group 1: Legal Framework and Development - The financial legal system in China has been continuously improving, providing strong support for the stable and healthy development of the financial industry [2]. - Recent legislative progress includes the drafting of the Financial Stability Law and amendments to key financial laws, which are part of the legislative planning for the 14th National People's Congress [2]. - The National People's Congress aims to enhance the quality of financial legislation to support high-quality financial development and legal construction [2]. Group 2: Judicial Support for Financial Development - The Supreme People's Court is focused on building a specialized and modern financial trial system to provide stable, fair, and transparent judicial guarantees for market participants [3]. - The court has introduced multiple judicial documents to support the implementation of policies that promote the private economy and capital markets [3]. - A database of over 130 financial-related cases has been established to unify judgment standards and stabilize market expectations [3]. Group 3: High-Level Foreign-Related Financial Law - High-level foreign-related financial law is crucial for attracting global resources and maintaining national economic security [4]. - The Beijing Financial Court has actively engaged in foreign-related financial trials, reflecting the depth and breadth of China's financial openness [4]. - The court's rulings in cross-border securities disputes demonstrate China's commitment to protecting domestic investors and participating in international financial governance [4]. Group 4: Capital Market and Regulatory Framework - The China Securities Regulatory Commission (CSRC) is prioritizing the development of a foreign-related legal framework for capital markets to facilitate high-level openness [5]. - The CSRC plans to enhance cross-border regulatory collaboration and maintain a zero-tolerance policy towards cross-border illegal activities [5]. - The State Administration of Foreign Exchange is working towards a more convenient, open, secure, and intelligent foreign exchange management system to support cross-border trade and investment [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is accelerating the construction of a foreign-related legal system to support the stable development of the capital market in an open environment, emphasizing the importance of legal frameworks for high-quality development and risk management [1][5]. Group 1: Achievements in Capital Market Opening - During the "14th Five-Year Plan" period, significant progress has been made in the dual opening of the capital market, with over 2,922 stocks included in the Shanghai and Shenzhen Stock Connect, accounting for more than 90% of the total market capitalization of A-shares [1]. - The number of qualified foreign institutional investors has exceeded 900, indicating sustained international interest in China's capital market [1]. Group 2: Regulatory Innovations for Overseas Listings - The CSRC has optimized the regulatory framework for domestic companies seeking to list abroad, completing 296 registrations for overseas listings by September 30, 2023, with 109 of these being technology companies [2]. - The introduction of offshore A-share derivative products, including the first A-share index futures in Hong Kong, has facilitated risk management for international investors [2]. Group 3: Cross-Border Regulatory Cooperation - The CSRC has signed cooperation memorandums with 67 countries and regions to enhance cross-border regulatory collaboration, addressing challenges in evidence standards and cross-border auditing [3]. - The need for a balanced approach to cross-border regulation is emphasized, ensuring that domestic regulatory bodies neither underperform nor overreach [2][3]. Group 4: Legal Framework and Judicial Support - The CSRC is focused on optimizing the judicial collaboration mechanism to enhance the efficiency of foreign-related trials and to handle significant international cases that advance the rule of law [3][4]. - Legislative measures, including the Securities Law and Futures and Derivatives Law, have been established to provide a clear legal basis for cross-border enforcement and jurisdiction [4]. Group 5: Risk Management and Financial Innovation - The CSRC highlights the importance of balancing financial innovation with risk prevention, particularly in the context of rapidly evolving financial technologies [3][5]. - The commission stresses the need for a robust risk control framework to prevent external risks and ensure the high-quality development of the capital market [5][6].