2026 年 1 月 5 日 星期一 ➢ 每日大市点评 新的一年港股迎来开门红。上周五(1 月 2 日)，恒生指数及国企指数分别收报 26,338 点及 9,169 点，下跌 2.8%及 2.9%。 港股成交合共 1,409 亿港元，较上周三(12 月 31 日)的 1,190 亿港元，上升 18.4%。分类指数方面，资讯科技、原材料、 非必需性消费业指数分别上升 3.9%、3.5%、3.3%；必需性消费、公用事业则仅分别上升 0.9%、0.5%。蓝筹个股方面，百 度集团(9888 HK)及新东方(9901 HK)领涨，分别上升 9.4%及 7.2%；长江基建集团(1038 HK)及 康师傅控股 (322 HK) 领 跌，分别下跌 0.9%及 0.7%。 新股表现理想，料短期有利 IPO 市场的投资情绪。上周五国产 GPU 企业壁仞科技(6082 HK)在港股挂牌上市，涨幅一度约 1.2 倍。虽然其后涨幅收窄，但是收报仍上升 75.6%。 美国突袭委内瑞拉并捉拿其总统马杜罗。特朗普表示，美国将暂时"管理"委内瑞拉，美国石油企业也会参与委内瑞拉 的石油开发。委内瑞拉是全球最大的石油储量国，约占全球储量的 18% ...

Core Insights - Tata Capital's IPO is the largest in India for 2025, with an issue size of nearly $2 billion and subscriptions around $2.5 billion, achieving full subscription over a three-day period [1][2] - The unlisted market rates suggest a subdued listing around the issue price of approximately 326 rupees per share, contrasting with the speculative rates [1][2] - In comparison, LG Electronics India's IPO broke records, being subscribed over 54 times with bids close to $50 billion, indicating a stark difference in market reception [3] Subscription and Market Performance - The subscription for Tata Capital was primarily driven by large institutional investors, while retail investor participation saw full subscription [2] - Other smaller IPOs have faced challenges, with two companies listing at discounts of 35% to 40% compared to their issue prices, highlighting a mixed performance in the IPO market [5][6] - More than 50% of recent IPOs are trading below their issue prices or yielding only single-digit returns, indicating a cautious market environment [7] Market Sentiment and Valuation Concerns - There are concerns regarding the valuations in the current IPO rush, with some analysts suggesting the market may be overcrowded [4] - The recent IPO landscape has shown both extremes, with some companies receiving hefty bids while others have listed at significant discounts, reflecting a divided market sentiment [6]