智通财经APP获悉，普华永道预测，2026年香港将有约150家企业在港成功上市，集资总额介于3200- 3500亿港元。该行预计集资超过50亿港元的企业数量将超过10家；其中，A 股企业透过香港资本市场进 行国际化集资的出海热潮持续。 普华永道续指，目前已有超过300家企业递表申请在港上市，其中不乏大型企业，且A股已占约100间。 预计今年会有约40间A股上市，集资约1400亿港元；18A生物科技企业有约20间，集资约300亿港元； 18C创新企业会有约10间，集资亦约300亿港元。因此可见今年A股占比仍高，但相对上18A及18C会比 例开始提升。 普华永道资本市场服务主管合伙人黄金钱表示，2025年香港资本市场强势回升，展望2026年，香港新股 市场理想表现有望持续，并展现多元化的发展趋势。这种多样性将使不同领域的公司能够获得创新和技 术相关的资金支持，并推动市场向更深人的层次发展。在高端制造和科技公司上市的推动下，香港 IPO 市场仍将保持活力，2026年香港 IPO 集资额有望达到3500亿港元。 黄金钱提到，2026年的利好因素包括减息，以及中国经济保持中高速增长，因此估计企业上市需求仍然 强劲，如受 ...

Summary of Key Points from the Conference Call Industry Overview - The A-share market is transitioning from domestic-focused companies to global multinational corporations, indicating a shift from an emerging market to a mature market. This transformation is expected to enhance pricing power for Chinese companies in the global value chain during the "14th Five-Year Plan" period [4][5][6]. Core Insights 1. **Global Exposure of A-Share Companies**: - The overseas business exposure of A-share companies has significantly increased, with the share of overseas revenue for the top 30 manufacturing companies rising from 7% in 2005 to 45% in 2025H1. This high exposure contributes 39% of profits and 35% of market capitalization for the entire A-share non-financial sector [5][19][20]. - The correlation between A-share companies' performance and domestic economic indicators is decreasing, indicating a shift towards global economic cycles [5][23]. 2. **Impact of US-China Relations**: - The dynamics of US-China relations are crucial for market trends, with two key events in 2026 (the signing of a trade agreement and the US midterm elections) expected to segment the market into three phases: pre-agreement, post-agreement to midterm elections, and post-midterm elections [6][35]. 3. **Market Liquidity and Investment Trends**: - The influx of capital is primarily from absolute return-focused funds, leading to a long-term decline in market volatility. Traditional subjective long-only funds are seeing limited net inflows compared to tool-based products [7][9][11]. - The shift towards tool-based investment products, such as thematic ETFs, is evident, with significant net inflows into these products compared to broad-based ETFs [9][20]. Industry Configuration 1. **Manufacturing Sector Upgrades**: - The traditional manufacturing sector is focusing on upgrading quality and converting market share advantages into pricing power. The goal is to increase the profit share of Chinese manufacturing in the global market [12][19]. - Key sectors to watch include non-ferrous metals, chemicals, and new energy [12]. 2. **Chinese Enterprises Going Global**: - The trend of Chinese companies expanding overseas is expected to continue, with significant potential for profit growth in sectors like machinery, innovative pharmaceuticals, and electric equipment [13][19]. - The current overseas penetration rates for various sectors indicate that many industries are still in the early stages of international expansion [13]. 3. **AI and Technology Sector**: - The continuation of the technology market is dependent on new applications that broaden the commercial landscape for AI. The market is currently anxious about the sustainability of AI investments [14][19]. - Key sectors include semiconductors, computing power, and AI applications, which are expected to drive future growth [14]. 4. **Consumer Sector Opportunities**: - The consumer sector is currently underperforming relative to external demand, but there is potential for recovery driven by policy changes and macroeconomic shifts [14][19]. Risk Factors - Potential risks include escalating tensions in technology, trade, and finance between the US and China, domestic policy effectiveness, macroeconomic liquidity tightening, and geopolitical conflicts [14][19]. Investment Strategy for 2026 - Four key investment portfolios have been proposed for 2026: - **Manufacturing Upgrade 30**: Focused on traditional manufacturing leaders with significant market share advantages. - **Chinese Enterprises Going Global 30**: Targeting companies with strong global competitiveness. - **China AI 35**: Concentrating on firms in the semiconductor and AI application sectors. - **New Consumption 15**: Emphasizing companies with strong brands and service-oriented consumer offerings [14][19]. This comprehensive analysis highlights the evolving landscape of the A-share market, driven by global exposure, US-China relations, and sector-specific trends, while also addressing potential risks and strategic investment opportunities.

Core Viewpoint - Rongsheng Petrochemical has become the first listed company in Shenzhen to publish an Arabic version of its 2024 annual report, enhancing international information disclosure transparency and providing a new window for diverse overseas investors to understand A-share listed companies [1][3]. Group 1: Company Developments - Rongsheng Petrochemical is recognized as a global leader in chemical materials production, particularly in polyester, new energy materials, engineering plastics, and high-value-added polyolefins [1]. - The company has achieved a brand value of $3.23 billion, ranking among the top five in the "2025 Global Chemical Brand Value List," making it the highest-ranked Chinese chemical enterprise on the list [1]. - The company has made significant technological and innovative advancements in recent years, responding to domestic chemical product demand and the "Belt and Road" initiative to explore emerging markets [1]. Group 2: Strategic Partnerships - Following Saudi Aramco's strategic investment in Rongsheng Petrochemical in 2023, both companies have deepened collaboration in areas such as crude oil procurement, raw material supply, technology cooperation, and overseas market expansion [2]. - In 2024, Rongsheng Petrochemical signed a "Memorandum of Cooperation" and a "Cooperation Framework Agreement" with Saudi Aramco to explore joint operations in Jinshihua and Jubail refining companies, enhancing resource advantages and global market share [2]. Group 3: Market Position and Future Outlook - The successful commissioning of the second phase of the Zhoushan green petrochemical base marks a key technological breakthrough in high-end polyester materials [2]. - The publication of the Arabic annual report reflects the company's commitment to showcasing its high-quality economic development prospects and investment opportunities to overseas investors, further accelerating the internationalization of A-shares [3]. - The company aims to continue its innovation-driven and green development philosophy, deepen international cooperation, and optimize its industrial chain layout to contribute to the prosperity of the global petrochemical industry [3].