欧振兴进一步分析指出，香港新股市场表现受惠于市场流动性改善。随着美国减息周期开启以及美联储 资产负债表变动的预期，全球资金将重新审视亚洲市场，改善当前市场流动性紧张的压力。 根据德勤的报告，在2025年的港股上市新股中，新经济板块在数量上领先，共有49只新经济板块新股上 市，同比增长32%，而融资额则达到1317亿港元，同比激增449%。2025年，港交所有3家特专科及企业 上市以及13家未有收入的生物科技新股上市。 （原标题：德勤：2026年港股IPO融资额有望冲刺3000亿港元） 南方财经 21世纪经济报道记者 张伟泽 实习生 金颖 香港报道 12月18日，德勤中国资本市场服务部上市业务主管合伙人欧振兴在记者会上预计， 2026年香港新股融 资金额有望自2021年以来再次突破3000亿港元，新股数量不少于160只。2026计划上市的新股中，预计 有7只新股融资额达百亿港元，包括一些在A股已经上市的龙头公司。 欧振兴指出，港股的预测市盈率已从此前13倍的低位稳步回升至目前的15倍左右。虽然市盈率距离19倍 的历史高位仍有距离，但回升的趋势已非常明确。 德勤预计，2025年港交所有114只新股上市，集资额为2 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Insights - The non-bank financial industry has shown resilience with limited impact from bond tax increases and a recovery in futures markets, indicating a shift away from "involution" [3]. - Recent reforms in the capital market have clarified key focus areas, with further improvements in asset-side policies [3]. - The Hong Kong IPO pricing regulations have been optimized, allowing for greater institutional participation and flexibility for new listings, which is expected to enhance the attractiveness of the Hong Kong capital market [5][11]. Market Performance - The major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 2.11%, the CSI 300 by 1.23%, and the ChiNext Index by 0.49% during the week [12]. - The non-bank financial index increased by 0.59%, ranking 27th among 31 primary industries [12]. - The average daily trading volume in A-shares was 1.70 trillion yuan, with a total trading amount of 8.48 trillion yuan for the week, reflecting a 6.26% decrease compared to the previous week [12][13]. Key Industry Data Tracking 1) Market Size and Performance: - As of August 8, the margin trading balance reached 2.01 trillion yuan, marking a 1.50% increase [17]. - The stock pledge ratio was 3.73% of the total share capital, with a financing scale of 2.00 trillion yuan and a securities lending balance of 141.57 billion yuan [17]. 2) Fund Issuance: - In July 2025, new fund issuance totaled 956.89 billion units, with a 21.65% decrease in the number of funds issued [17]. 3) Investment Banking: - In July 2025, the equity underwriting scale was 661.82 billion yuan, with IPO amounts at 241.64 billion yuan and refinancing amounts at 420.17 billion yuan [17]. 4) Bond Market: - The total price index of bonds decreased by 0.92% since the beginning of the year, with the 10-year government bond yield at 1.69%, up by 8.14 basis points [17]. Regulatory Policies and Industry Dynamics - The China Securities Association released the evaluation results for investor education among securities companies, with 32 companies rated A, 42 rated B, 30 rated C, and 1 rated D [24]. - The new IPO regulations in Hong Kong, effective August 4, aim to enhance market stability and attract more mainland enterprises to list [24]. Key Company Announcements - Guolian Minsheng announced a change in leadership with the resignation of its chairman, while still retaining the position of president [26]. - Caitong Securities received a nomination for a new general manager from the Zhejiang Provincial Committee [26]. - Hongta Securities plans to repurchase A-shares at a price not exceeding 12.76 yuan per share, with a total repurchase amount between 100 million and 200 million yuan [26].