Group 1 - The core viewpoint of the report indicates that the A-share market showed signs of recovery in the second quarter of 2025 after a slowdown in the first quarter, with expectations that the overall new stock issuance in 2025 will align with 2024 levels [1][2] - The report highlights that the implementation of the "1+6" policy measures by the China Securities Regulatory Commission and the introduction of a third set of standards on the ChiNext board will support the listing of high-quality, unprofitable innovative companies, leading to increased activity in the A-share market, particularly for high-tech enterprises [1][2] - It is projected that by June 30, 2025, there will be 50 new stocks listed in the A-share market, raising 37.1 billion RMB, which represents a 14% increase in both the number of new stocks and total financing compared to the first half of 2024 [1] Group 2 - The report anticipates that the H-share market will see 40 new stocks raising 10.21 billion HKD in the first half of 2025, marking a 33% increase in the number of new listings and a 673% increase in total financing compared to the same period last year [2] - Factors driving the Hong Kong new stock market include encouragement for leading mainland enterprises to list in Hong Kong, simplification of the listing application process for A-share companies, and improved market liquidity and valuation [2] - The report estimates that the Hong Kong new stock market could see 80 new stocks raising 20 billion HKD in 2025, with significant contributions expected from the technology, media, telecommunications, and consumer sectors [2]

原创 证券市场周刊 红刊财经2025年04月24日 文丨吴海珊 编辑丨林伟萍 今年以来特朗普的关税问题一直是搅动全球市场的最大扰动因素。不仅股市、大宗商品价格波动巨大，宏观经济增长预期也不得不随之变动。 关税问题将如何影响宏观经济，又如何影响行业发展？ 针对关税的种种问题，高盛首席中国经济学家闪辉和高盛中国股票策略分析师付思在4月11日的交流会上进行了解读，并就市场普遍关心的12 大问题给出了看法。 1、关税会对哪些行业产生较大影响？ 特朗普的关税政策已经影响到了全球经济的方方面面，对于中美贸易来说关税到底会影响到哪些行业呢？ 根据闪辉的研究，中国对美国出口产品多是机械设备等制造业产品，美国对中国出口多是大宗商品，例如大豆。 "简单来说，大宗商品是更同质性的，对供给市场依赖程度没有那么大，但美国进口的很多产品都是一些制造产品，短期内很难马上找到其他 的供应商。"闪辉说。 高盛宏观研究团队将美国从中国进口的2万多种产品进行了依赖度分类，结果显示，美国对中国进口依赖度超过70%的产品占到全部自中国进 口产品的36%。而中国从美国进口的产品中，依赖度超过70%只占中国从美国进口产品10%。 闪辉强调，鉴于中国对美出 ...