连日来，东鹏饮料、国恩科技先后登陆港股，推动"A+H"上市阵营持续扩容，成为香港新股市场持续繁荣的生动缩影。Wind数据显示，截至2月5 日，今年以来港股市场已迎来15家新股上市，同比增长87.50%，总募资额达513.07亿港元，同比激增757.71%，其中东鹏饮料以101亿港元募资额， 成为港股2026年首个百亿规模IPO。 尽管香港证监会持续加强IPO申请文件质量审核，但行业对2026年港股IPO市场保持高位运行已形成共识。近日发布的《2025年香港IPO市场及二级 市场白皮书》显示，截至2025年底，港股IPO有效上市申请达277家，另有4家企业已通过聆讯，项目储备充足。其中93家为A+H公司，占比高达 33.6%，软件服务、医疗保健、工业制造三大领域递表企业合计占比超六成。 A股龙头企业赴港上市热潮持续，成为市场重要增长动力。2025年港股新增19家A+H公司，募资额占港股半壁江山，较2024年大幅增长。截至目 前，仍有9家千亿市值A股公司排队候场，93家A股公司已递表。"A+H"模式不仅帮助企业对接内地与国际资金、优化股东结构，也为港股注入优质 资产，提升市场整体质量。 港交所制度改革持续释放红利 ...

连日来，随着东鹏饮料（605499）、国恩科技先后在港股上市，"A+H"再迎扩容，构成了香港新股市场持续繁荣的一角。 数据显示，今年以来，截至 2 月 5 日，港股市场上市新股15 家，同比增长87.50%，总募资额513.07 亿港元，同比增长757.71%，其中，东鹏饮料以 101亿港元的募资金额，成为港股2026 年首个百亿规模的 IPO。 尽管香港证监会加强了对IPO申请文件质量的审核，但对于2026年全年港股IPO数量及融资额均将保持高位这一点，行业早已形成共识。 近日，由沙利文捷利(深圳)云科技有限公司主编，沙利文、捷利交易宝、头豹协作发布的《2025年香港IPO市场及二级市场白皮书》（简称《白皮 书》）显示，截至2025年底，港股IPO市场项目储备丰富，新的上市申请不断，拟上市数量超过270家。截至目前，还有9家市值超过千亿的A股公 司正在候场。 IPO储备项目充足 据《白皮书》，截至2025年12月31日，仍处于有效期内的上市申请数量有277家。 另有龙旗科技（603341）、白鸽在线、卓正医疗、北京同仁堂（600085）等4家已通过聆讯的公司。递表公司中，包括93家A+H公司，占比高达 33 ...

当前，A股公司赴港上市持续升温。数据显示，截至2月3日，年内4家A股公司实现在港上市，同时，还 有多家A股公司更新赴港上市进度条。那么，2026年，港股IPO市场将走向何方？国际长线资金如何甄 选标的？企业应如何把握战略窗口期？ 近日，瑞银证券全球投资银行部联席主管谌戈在接受《证券日报》记者专访时表示，展望2026年，港股 IPO市场将延续热度，但投资人的筛选标准将愈发严格。在资金端，全球资金对中国优质资产的低配修 复仍在途中，而项目储备中仍有大量细分行业龙头等待上市。 谌戈提到："并不建议企业仅仅因为资本市场窗口好就去上市。如果企业不能兑现给投资人描绘的蓝 图，市场最终会反噬企业。只有当企业的业务战略与资本市场形成正向循环时，上市才是值得把握的机 会。国际投资者更倾向于押注那些能够通过港股平台实现全球价值重估的企业，而非'为上市而上市'的 标的。" 中东主权基金崛起 更多长线资金涌入 "A+H"模式热度延续 行业龙头受青睐 "A+H"模式延续但分化加剧。谌戈判断，2026年A股公司赴港上市热潮将延续2025年的强劲势头，核心 驱动力源于资金面与优质资产供给这两方面因素。 从资金配置角度看，国际投资人对中国资 ...

203+ 410+ 9911+ 007+ L T I t t 来源：梧桐树下v 继2025年IPO募资额问鼎全球榜首之后，港股市场在2026年延续了这份灼热势头——截至1月28日，已有13家企业在港交所敲锣。在这场资本浪潮中，中资 券商已悄然蜕变，凭借对中国资产的深刻理解、跨境资源整合能力，已成为连接内地优质企业与全球资本的核心枢纽，源源不断地为港股市场的持续繁荣注 入新动能。 2025年，港股市场迎来强势复苏，全年共有119只新股成功上市，募资总额高达约2858亿港元，上市数量和募资规模双双攀升。这也是港交所时隔4年IPO募 资规模再度突破2000亿港元整数关口，成功夺回全球IPO募资额榜首。 在这场IPO盛宴中，各大中介机构通力护航，其中中资券商扮演的角色日益关键，Wind数据显示，2025 年港股按承销金额排名的前十大股权承销商中，中 资券商占据六席，合计市场份额56.15%，并形成以中金国际、中信证券（香港）为核心，华泰金控、广发证券（香港）、中信建投国际等紧随其后的竞争 梯队。 从券商2025年三季报可见，上述领先券商均实现营收与利润的显著增长，其中中金公司营收与归母净利润同比分别增长54.4%与1 ...

Core Viewpoint - The Hong Kong stock market has shown strong recovery and growth, with Chinese securities firms playing a crucial role in connecting high-quality domestic enterprises with global capital, thereby driving the market's continued prosperity [1][2][3]. Group 1: Market Recovery and Chinese Securities Firms' Dominance - In 2025, the Hong Kong stock market saw a significant revival, with 119 new stocks listed and a total fundraising amount of approximately 285.8 billion HKD, marking a return to the global IPO fundraising leaderboard [2]. - Chinese securities firms have increasingly dominated the market, holding six of the top ten positions in underwriting amounts, with a combined market share of 56.15% [2]. - Leading firms such as CICC and CITIC Securities (Hong Kong) reported substantial revenue and profit growth, with CICC's revenue and net profit increasing by 54.4% and 129.8% year-on-year, respectively [2]. Group 2: Structural Optimization and New Opportunities - The 2025 Hong Kong IPO market exhibited two notable structural trends: the dominance of mainland enterprises and the rise of the A+H model for cross-border financing [4]. - Over 90% of IPOs in 2025 were from mainland enterprises, with the top five IPO projects all belonging to these companies, including CATL and Zijin Mining [4]. - The A+H model became mainstream, with 19 A-share companies raising approximately 140 billion HKD through this method, accounting for nearly half of the total IPO fundraising [4]. Group 3: New Economic Sectors and Investment Trends - The new economy sectors, particularly technology and healthcare, have become core areas for IPOs, with technology leading in the number of IPOs and healthcare showing significant fundraising recovery [6][7]. - Chinese securities firms have adapted their strategies to cater to the specialized financing needs of new economy enterprises, forming dedicated teams to provide customized services [7][8]. Group 4: Opportunities and Challenges in the Market - The growth of the Hong Kong market is supported by favorable policies, including measures from the China Securities Regulatory Commission to facilitate mainland enterprises' listings [9]. - Despite the dominance of Chinese securities firms, competition from international investment banks remains a challenge, particularly in high-end cross-border financing and complex mergers and acquisitions [9]. - Chinese securities firms are focusing on building a comprehensive competitive framework that includes service, pricing, and compliance to enhance their market position [9][10]. Group 5: Global Expansion and Strategic Development - Hong Kong serves as a critical hub for Chinese securities firms' internationalization, with several firms announcing significant capital increases for their Hong Kong subsidiaries to enhance their overseas business capabilities [13]. - Continuous investment has led to substantial returns, with firms like CICC and Huatai International achieving top-tier positions in IPO underwriting [14]. - Chinese securities firms are actively expanding their global footprint, targeting markets in Southeast Asia and Europe while leveraging their strengths in the Greater Bay Area [14][15].

本报记者 毛艺融 "国家队基金"（如中央汇金、社保基金、地方产业母基金）通常率先布局战略性新兴产业，承担风险定 价与市场信心塑造等功能，例如去年11月份，A股公司赛力斯集团股份有限公司H股上市时，重庆产业 投资母基金现身其基石投资者名单。今年1月份，江西国控私募基金管理有限公司出现在了上海龙旗科 技股份有限公司的H股基石投资者名单里。 数据显示，截至1月29日，"A+H"股累计已达167家。瑞银集团中国区总裁及瑞银证券董事长胡知鸷向 《证券日报》记者表示，从2024年四季度开始，"A+H"模式迎来新一轮扩容潮。2025年更多A股公司成 功登陆港股，尤其是一些细分行业龙头、大市值的公司接连在港股上市。此外，还有很多A股公司启动 了"A+H"的计划与项目。 国际投资者加码 数据显示，自去年以来，瑞银环球资产管理（新加坡）有限公司、阿布达比投资局、未来资产证券有限 公司、施罗德集团等国际长线资金出现在港股IPO的基石投资名单中。 今年1月份以来，中东主权财富基金、欧洲家族办公室等国际长线资金频频现身，主动将资金锁定6至12 个月。例如，MiniMax（稀宇科技）引入了阿布扎比投资局、Eastspring（瀚亚投资） ...

海特生物、仙乐健康总市值则不足百亿元，截至1月22日收盘，两家公司总市值分别约40.5亿元、76.72 亿元。 超八成实现盈利 1月21日，天华新能披露公告称，公司筹划在境外发行股份（H股）并在中国香港联交所上市。对于筹 划赴港上市的目的，天华新能方面表示，为加快国际化战略布局，利用国际资本市场优势，打造多元化 资本平台，增强公司境外融资能力。 经北京商报记者统计，截至目前，A股年内已有正泰电器、璞泰来、德赛西威、天华新能、彤程新材等 11家企业相继宣布筹划赴港上市的消息，其中1月22日收盘市值超百亿元的企业共9家，占比为 81.82%。具体来看，截至1月22日收盘，汇川技术在11家企业中市值规模居首，为2141.96亿元。据悉， 汇川技术2010年登陆A股市场，聚焦工业领域的自动化、数字化、智能化，专注"信息层、控制层、驱 动层、执行层、传感层"核心技术。经过20多年发展，公司形成通用自动化、新能源汽车、智慧电梯、 轨道交通四大业务。 兴业银锡以935.05亿元的市值规模位列第二，该公司主营有色金属及贵金属采选与冶炼；德赛西威则以 766.53亿元市值位列第三；另外，正泰电器、璞泰来两股市值规模均在600亿 ...

Core Viewpoint - The trend of A-share companies planning to list in Hong Kong is expected to continue into 2026, driven by multiple favorable policies, with 11 companies already announcing their intentions within the first three weeks of the year [1]. Group 1: A-share Companies Planning to List - As of January 22, 2026, 11 A-share companies, including Huichuan Technology and Xingye Silver, have announced plans for Hong Kong listings, with 9 of these companies having a market capitalization exceeding 10 billion yuan, accounting for over 80% [1][3]. - The leading company by market capitalization among these is Huichuan Technology, valued at approximately 214.2 billion yuan, followed by Xingye Silver at 935.05 billion yuan and Desay SV at 766.53 billion yuan [2][4]. Group 2: Financial Performance - Over 80% of the 11 companies planning to list in Hong Kong are expected to be profitable by the third quarter of 2025, with 9 companies reporting profits [5]. - Huichuan Technology leads in profitability with an estimated profit of 4.25 billion yuan, followed closely by Zhengtai Electric with approximately 4.18 billion yuan [5][6]. - Two companies, Haitai Bio and Xianle Health, reported losses, with net profits of approximately -103 million yuan and -158 million yuan, respectively [5]. Group 3: Market Trends and Future Outlook - The Hong Kong market is seeing a rise in hard technology companies, with 4 out of the 11 companies in the power equipment sector [5]. - The "A+H" listing model is becoming a mainstream choice for companies' global strategies, with over 100 A-share companies currently in the queue for Hong Kong listings, representing over 30% of the total 343 companies waiting to go public [7]. - The IPO market in Hong Kong is expected to remain active in 2026, with the "A+H" model continuing to thrive alongside the return of Chinese concept stocks and specialized technology companies [8].

Core Viewpoint - Zhengtai Electric is planning to issue H-shares and list on the Hong Kong Stock Exchange to support its internationalization strategy and diversify financing channels [1][4][11]. Company Overview - Zhengtai Electric, founded in 1984, is a leading provider of smart energy system solutions and operates under the Zhengtai Group, which emphasizes industrialization, technology, internationalization, digitalization, and platformization [6]. - The company has three main sectors: green energy, smart electrical, and low-carbon intelligence, along with two platforms: Zhengtai International and technology incubation [6]. Financial Performance - In the first three quarters of 2025, Zhengtai Electric achieved revenue of approximately 46.396 billion yuan, a slight decrease of 0.03% year-on-year, while net profit attributable to shareholders was about 4.179 billion yuan, an increase of 19.49% [9]. - For the fiscal year 2024, the company reported revenue of approximately 64.519 billion yuan, a year-on-year increase of 12.70%, and a net profit of about 3.874 billion yuan, up 5.10% [9]. - The overseas revenue for 2024 reached 10.048 billion yuan, marking a growth of 21.53% and accounting for approximately 15.6% of total revenue [9]. Strategic Intent - The decision to list on the Hong Kong Stock Exchange is seen as a significant step in Zhengtai Electric's internationalization strategy, leveraging Hong Kong's mature capital market to enhance global business expansion [11]. - The company is currently discussing the specifics of the H-share issuance with relevant intermediaries, although details remain uncertain [4]. Industry Context - The trend of A+H listings among LED lighting companies is driven by the need for international business expansion, with several companies planning to list in Hong Kong [14]. - The Hong Kong market, dominated by institutional investors, is better suited to meet the long-term funding needs of manufacturing leaders, supporting research and development and global expansion [16]. - The anticipated wave of companies seeking dual listings in Hong Kong and the U.S. reflects the ongoing globalization and internationalization of the LED lighting sector [16].

Group 1 - The core point of the article is that Chint Electric plans to issue H-shares and list on the Hong Kong Stock Exchange to support its internationalization strategy and diversify financing channels [1] - Chint Electric is currently in discussions with relevant intermediaries regarding the specifics of the H-share issuance and listing, with no changes to the controlling shareholder or actual controller expected [1] - The company operates mainly in the low-voltage electrical and renewable energy sectors, including distribution electrical equipment, photovoltaic power station development, household photovoltaics, inverters, and energy storage [2] Group 2 - For the first three quarters of 2025, Chint Electric reported revenue of 46.396 billion yuan, a slight decrease of 0.03% year-on-year, while net profit attributable to shareholders increased by 19.49% to 4.179 billion yuan [2] - As of the end of the third quarter of 2025, the net cash flow from operating activities was 15.252 billion yuan, while cash flow from investing activities was -4.07 billion yuan, and cash flow from financing activities was -9.779 billion yuan [2] - Chint Electric's overseas revenue reached 10.048 billion yuan in 2024, representing a year-on-year growth of 21.53%, accounting for approximately 15.6% of total revenue, indicating a significant expansion in overseas sales [2]