中证报中证网讯(记者胡雨)9月23日，德勤中国资本市场服务部发布《2025年前三季度中国内地和香港 新股市场回顾与展望》报告。德勤中国预计，香港新股市场2025年前三季度融资额将稳居全球第一。其 同时还上调香港新股市场2025年全年新股融资规模区间至2500亿港元-2800亿港元。 德勤中国表示，受益于监管层鼓励内地龙头企业赴港上市、优化新上市申请审批流程、国际资本回流港 股市场带来流动性显著改善及估值稳步回升等因素，2025年前三季度香港新股市场发展势头强劲，多只 融资额超百亿港元的大型新股成功上市。 德勤中国资本市场服务部华北区上市业务合伙人杨红梅表示："随着美联储重启降息，预计将有更多海 外资金寻求布局亚洲高成长投资目标，这将为今年第四季度香港多只超大型新股发行提供流动性支撑及 更理想的估值环境。此外，为特专科技企业设立上市'科企专线'、深化港交所与东南亚地区交易所合作 等系列改革举措将推动更多企业赴港上市，也有望推动香港新股市场的上市发行人来源地、行业及投资 资金来源更趋多元化，从而进一步巩固香港国际金融中心的角色与地位。" 德勤中国预计，2025年前三季度，香港新股市场将有66只新股上市融资1823 ...

Core Viewpoint - Deloitte's report indicates a cautious recovery in the A-share market for the second half of 2025, driven by regulatory support and an increase in new listings, particularly in high-tech sectors [1][2]. Group 1: A-Share Market Performance - In the first half of 2025, the A-share market saw 50 new listings raising 37.1 billion yuan, a 14% increase in both the number of new stocks and total financing compared to the same period in 2024 [2]. - The Shanghai Stock Exchange recorded 19 new listings raising 20.2 billion yuan, while the Shenzhen Stock Exchange had 26 new listings raising 15 billion yuan [2]. - The introduction of the "1+6" policy and the third set of standards for the ChiNext board is expected to enhance market activity, particularly for high-tech companies [1]. Group 2: Hong Kong Market Outlook - The Hong Kong market is projected to end the first half of 2025 with 40 new listings raising 10.21 billion HKD, marking a 33% increase in new listings and a 673% increase in total financing compared to the same period in 2024 [2]. - Nearly three-quarters of the financing in Hong Kong's first half of 2025 came from four large A+H listings and one H-share listing [2]. - Deloitte anticipates that the Hong Kong market will regain its position as the top destination for new stock financing globally, with over 170 listing applications currently in process, including several expected to raise at least 1 billion USD each [3].