2025年以来，香港金融市场强势复苏，IPO融资额突破千亿港元大关，港股成为中国资产重估的主要阵 地，港股恒生指数以20%的半年度涨幅在全球重要市场中排名第三，其投资价值正在被市场重估。 今年上半年，中信集团旗下中信证券、中信建投证券累计服务22家企业在A股、H股上市，融资规模超 270亿元，服务数量、融资规模均市场领先，并在香港市场实现历史性突破。从比亚迪56亿美元H股闪 电配售，到宁德时代98天闪电登陆港交所，中信跨境金融服务以香港为枢纽，架起了对接全球资本市场 的"高速路"。 股权融资跑出加速度锻造跨境融资"超级通道" 香港市场繁荣的背后，离不开国内监管政策的支持。2024年，国务院发布新"国九条"后，证监会发布五 项资本市场对港合作措施，其中包括支持内地行业龙头企业赴港上市。2025年5月国新办新闻发布会 上，中国证监会强调，将不断深化市场开放，巩固提升香港国际金融中心地位。 为进一步助力企业赴港融资，港交所优化上市定价机制，建立"科企专线"，推出快速申请流程，助力战 略新兴产业、硬科技和生物科技等领域企业快速上市，并为消费类企业上市创造便利条件，允许部分企 业同股不同权、接纳未盈利企业。 中信集团作 ...

Core Viewpoint - The launch of the Cross-Border Payment Link marks a significant innovation in cross-border payment services between mainland China and Hong Kong, facilitating efficient and convenient transactions for residents of both regions [1][2]. Group 1: Cross-Border Payment Link Overview - The Cross-Border Payment Link officially launched on June 22, allowing for "second-level" cross-border remittances between mainland residents and Hong Kong residents [1]. - The service connects the mainland's online payment interbank clearing system with Hong Kong's Fast Payment System, ensuring compliance with local laws while providing secure cross-border payment services [1][2]. - Six banks from each region are currently offering the Cross-Border Payment Link service, enhancing the efficiency and service level of cross-border payments [2]. Group 2: Transaction Limits and Use Cases - For Hong Kong ID holders, the daily limit for personal remittances is set at 10,000 HKD, with an annual limit of 200,000 HKD per participating institution, independent of the existing 80,000 RMB limit for the same name remittances [2]. - Mainland ID holders have an annual foreign exchange purchase limit of 50,000 USD [2]. - The Cross-Border Payment Link is expected to serve various practical scenarios, including salary payments, tuition fees, and medical expenses, thereby enhancing the integration of livelihoods between the two regions [2]. Group 3: Financial Cooperation and Market Integration - Recent years have seen fruitful results in financial interconnectivity between mainland China and Hong Kong, with numerous cooperative projects such as Stock Connect, Bond Connect, and Cross-Border Wealth Management Connect [3]. - A series of policies have been implemented to promote deeper integration of stock, bond, and financial derivative markets between the two regions [3]. - Collaborative measures from the People's Bank of China and the Hong Kong Monetary Authority, along with initiatives from the China Securities Regulatory Commission, have strengthened the ties between the financial markets of both regions [3].

Core Viewpoint - The signing of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" aims to enhance cooperation and connectivity between Shanghai and Hong Kong, leveraging their complementary strengths as financial centers [1] Group 1: Collaborative Development - The Action Plan serves as a framework to optimize existing connectivity, expanding the range of products included, such as Real Estate Investment Trusts (REITs) and RMB counters [1] - The collaboration is expected to improve liquidity in both markets through enhanced interconnectivity [1] - Hong Kong is positioned to better serve mainland enterprises, facilitating their international ventures and providing essential services like risk management and legal support [1] Group 2: Digital Assets and Regulations - The Hong Kong "Stablecoin Regulation" was passed in May and will take effect on August 1, emphasizing the need for anti-money laundering measures and investor protection in digital asset regulation [1] - A second digital asset policy declaration is set to be released by the government, focusing on integrating digital assets with the real economy [1] - The possibility of stablecoins being pegged to the Renminbi is not ruled out, but it requires careful consideration of national exchange rates and monetary policy [2]

Core Viewpoint - The recent issuance of the "Opinions" by the People's Bank of China and other regulatory bodies aims to enhance financial support for the Guangdong-Hong Kong-Macao Greater Bay Area, particularly focusing on the Nansha region as a cross-border asset management center [1][2] Group 1: Financial Services Development - The "Opinions" propose accelerating the establishment of a cross-border asset management center in Nansha, promoting the development of public fund investment advisory services [1] - It encourages qualified securities firms to obtain public fund qualifications through new establishments or mergers and acquisitions [1] - The document emphasizes the importance of developing financial services that cater to innovation and entrepreneurship, as well as enhancing financial services in social welfare sectors [2] Group 2: Cross-Border Financial Innovation - The "Opinions" support multinational companies in setting up global or regional fund management headquarters in Nansha and promote the steady rollout of the "Cross-Border Wealth Management Connect" pilot program [1] - It highlights the need for financial market connectivity and regulatory alignment between the Greater Bay Area and other regions [2] - The initiative aims to introduce diverse investment institutions, including sovereign wealth funds and venture capital, to the Nansha area [1] Group 3: Infrastructure and Regulatory Framework - The plan includes high-standard construction of financial platforms such as the Nansha International Financial Island and the Pearl Financial Innovation Cluster [1] - It supports qualified Hong Kong and Macao investors in establishing securities firms and fund companies in mainland China [1] - The "Opinions" also mention the establishment of an international commercial bank in the Greater Bay Area as part of the financial regulatory framework [1][2]