Core Viewpoint - The Hong Kong IPO market experienced a significant year-end surge in December 2025, with six companies launching their IPOs simultaneously, marking the highest number of IPOs on a single day for the year [2] Group 1: Market Performance - As of December 19, 2025, the Hong Kong IPO market ranked first globally in terms of fundraising, with 106 companies raising a total of 274.6 billion HKD [2] - The Hang Seng Index recorded a yearly increase of 33.25%, while the Hang Seng Tech Index and Hang Seng China Enterprises Index both rose over 25%, achieving the best annual performance in five years [4] - The average daily trading volume in the Hong Kong stock market reached 230.7 billion HKD in the first 11 months of 2025, a 43% increase year-on-year [4] Group 2: Factors Driving Growth - The influx of capital, particularly from southbound funds, contributed significantly to market liquidity, with net inflows exceeding 1.38 trillion HKD, accounting for about one-quarter of the total trading volume [4] - International long-term funds are increasingly participating in Hong Kong IPOs as cornerstone investors, indicating a shift towards deeper and more sustained foreign investment [5] - Eight mega IPOs, each raising over 10 billion HKD, contributed to approximately half of the total fundraising for the year [5] Group 3: Regulatory Changes - In August 2025, the Hong Kong Stock Exchange implemented a comprehensive IPO pricing reform aimed at balancing the interests of institutional and retail investors, enhancing pricing efficiency [7] - The new dual-track system allows issuers to choose between a mechanism with a callback option or one without, which is expected to attract more institutional participation [7] Group 4: Future Outlook - Deloitte predicts that the Hong Kong IPO market will see around 160 new listings in 2026, with fundraising expected to exceed 300 billion HKD [10] - The market is anticipated to maintain strong momentum at the beginning of 2026, with several large projects expected to launch [11] - The new economy sector, including AI and biotech, is expected to dominate the IPO landscape, with 49 new economy listings in 2025, a 32% increase year-on-year [12]

Core Viewpoint - International gold prices have surged, reaching a new high of $4530.8 per ounce, driven by factors such as the restructuring of the credit currency system, geopolitical uncertainties, and continued central bank purchases of gold [1][3]. Group 1: Gold Price Trends - COMEX gold futures have seen a year-to-date increase of over 60%, with significant milestones at $3000, $3500, $4000, and $4500 per ounce [3]. - Retail gold prices have also risen, with prices for gold jewelry reaching around 1403 yuan per gram as of December 23 [3]. - Predictions from major institutions suggest that gold prices could exceed $4000 per ounce by 2026, with some forecasts even suggesting a potential rise to $5000 per ounce [1][7]. Group 2: Central Bank Activities - Global central banks have been net buyers of gold, with purchases exceeding 1000 tons annually from 2022 to 2024. In the first three quarters of this year, net purchases totaled 634 tons [3][5]. - The International Monetary Fund (IMF) reported a decline in the dollar's share of global foreign exchange reserves, indicating a potential shift in reserve currency dynamics [4]. Group 3: ETF Inflows - Gold ETFs have become a significant focus for investment, with net inflows exceeding 100 billion yuan this year, accounting for about 10% of total ETF inflows [5]. - The demand for gold ETFs is driven by geopolitical risks and expectations of interest rate cuts by the Federal Reserve [5]. Group 4: Market Sentiment and Predictions - Some investors have begun to exit the gold market, citing historical trends of long-term bear markets in gold prices [6]. - Despite some selling activity, institutions like Morgan Stanley and JPMorgan remain optimistic about gold prices, predicting continued support from macroeconomic factors [6][7]. - The recent sale of gold reserves by the Russian central bank has raised concerns about future demand and price stability [7][8].

新华财经香港12月23日电（记者林迎楠）23日港股主要指数高开，截至收盘，恒生指数下跌0.11%至 25774.14点，恒生科技指数下跌0.69%至5488.89点，国企指数下跌0.29%至8913.83点。 当日恒指高开74.08点，开报25875.85点，开盘在高点附近震荡，午后走势向下，最终恒指跌27.63点， 主板成交超1571亿港元。截至收盘，上涨股票977只，下跌1185只，收平1080只。当日，港股通（南 向）净流入超6亿港元。 （文章来源：新华财经） 个股方面，快手跌3.52%，中国移动跌1.02%，石药集团涨7.64%，中国平安涨1.07%，长飞光纤光缆跌 5.13%，美团涨0.39%，翰思艾泰跌46.25%，诺比侃涨363.75%，东方电气涨8.17%，轻松健康涨 158.82%，工商银行涨0.49%，山东黄金涨4.64%，中国石油股份涨0.62%，小鹏汽车跌0.91%。 成交额前三的个股中，腾讯控股跌2.03%，成交超94亿港元；阿里巴巴涨0.55%，成交超70亿港元；小 米集团跌1.51%，成交超49亿港元。 整体来看，多数板块下跌，高铁基建、建材水泥、风电等股多为上涨，黄金、有色金属 ...

假设所有配售股份获悉数配售，配售事项所得款项总额将约为6960万港元，而扣除配售佣金及相关开支 后的所得款项净额将约为6860万港元(每股配售股份净价0.429港元)。 假设于本公布日期至配售事项完成期间公司已发行股本并无变动，则配售事项项下最多1.6亿股配售股 份分别相当于本公布日期公司现有已发行股本约10.67%;及经配发及发行配售股份扩大后公司已发行股 本约9.64%。 润歌互动(02422)发布公告，于2025年12月23日，公司与盈宝证券国际(香港)有限公司(配售代理)订立有 条件配售协议，根据配售协议，配售代理同意作为公司的代理，在配售协议所载条款及条件规限下，按 尽力基准促使不少于六名承配人(其本身及其最终实益拥有人均为独立第三方)按每股配售股份0.435港元 的配售价认购最多1.6亿股公司新股份(配售股份)。每股配售股份0.435港元的配售价较于配售协议日期 联交所所报每股股份收市价0.54港元折让约19.44%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月18日，贝莱德减持香港交易所(00388)9.8029万股， 每股作价398.0933港元，总金额约为3902.47万港元。减持后最新持股数目约为6337.11万股，最新持股 比例为4.99%。 ...

格隆汇12月23日丨中粮资本(002423.SZ)公布，为积极履行企业社会责任，支持公益事业与乡村振兴， 公司及下属子公司计划在2026年度开展对外捐赠项目，捐赠总金额1,345万元。具体捐赠项目包含：配 合"星星点灯·关爱儿童公益计划"向专业基金会进行捐赠、巩固地区乡村振兴、支持乡村产业专项项目 等。 ...

Core Viewpoint - The People's Bank of China has maintained the Loan Prime Rate (LPR) for both 1-year and over 5-year terms at 3.0% and 3.5% respectively for seven consecutive months, indicating a stable monetary policy environment [1] Group 1: LPR Rates - The 1-year LPR is set at 3.0% and the 5-year LPR at 3.5%, both unchanged for seven months [1] - The stability in LPR rates reflects the current economic conditions and the central bank's approach to monetary policy [1] Group 2: Future Expectations - Analyst Wang Qing from Dongfang Jincheng suggests that multiple internal and external factors may lead to a new round of interest rate cuts and reserve requirement ratio reductions by the central bank in the first quarter of 2026 [1] - There is a possibility that these changes could occur before the Spring Festival, which may further lower the LPR rates and stimulate domestic financing demand [1]

格隆汇12月23日丨中粮资本(002423.SZ)公布，为积极履行企业社会责任，支持公益事业与乡村振兴， 公司及下属子公司计划在2026年度开展对外捐赠项目，捐赠总金额1,345万元。具体捐赠项目包含：配 合"星星点灯·关爱儿童公益计划"向专业基金会进行捐赠、巩固地区乡村振兴、支持乡村产业专项项目 等。 ...

中粮资本公告称，因工作调整，姜正华不再担任公司副总经理、董事会秘书等职务，其未持有公司股 份。2025年12月23日，公司第六届董事会第五次会议同意聘任副总经理、总法律顾问蹇侠为董事会秘 书，任期至第六届董事会换届。蹇侠曾于2021 - 2023年任公司董秘，目前未持股，无关联关系及违规情 形，任职资格获深交所备案通过。 ...

Group 1 - The core viewpoint is that the historical "Santa Claus Rally" effect on Wall Street is seen as a last hope for market bulls, especially as Bitcoin faces significant challenges in Q4 2025 [1][3] - Traditional financial market seasonal trends can inject much-needed liquidity and confidence into the digital asset market [1][3] Group 2 - The S&P 500 index has a high probability of rising during the last five trading days of the year into the new year, with a win rate of 75% and an average return of 0.58% since 2005 [5] - Given the S&P 500's underperformance in the past two Christmas cycles, the likelihood of a mean reversion and rebound this year is significantly increased [5] - The correlation between digital assets and traditional equity assets is strengthening as institutional funds increasingly engage through ETFs [5] - If the holiday buying in the U.S. stock market occurs as expected, bullish sentiment is likely to spill over into the cryptocurrency sector [5] - Bitcoin's average increase of 7.9% during the Christmas period indicates its potential for explosive growth, despite varied performances in previous years [5] Group 3 - Gold is highlighted as a benchmark for safe-haven and anti-inflation assets, showing particularly strong performance at year-end [6] - Since 2005, gold has demonstrated impressive cumulative returns during the Christmas period, currently priced at $4,400 per ounce [6] - Bitcoin, trading at a 30% discount compared to its peak, is viewed as having significant upside potential in the context of rising traditional financial assets [6] - Investors are advised to consider the synergistic effects of asset allocation during the year-end period [6]