港股IPO规模扩张的背后，一批大型"A+H"项目贡献了绝对力量。据统计，年内共有19家A股上市公司 成功登陆港股，合计募资1399.93亿港元，占全年新股募资额近半。 来源：环球总财 #港股IPO#【#港股IPO强势登顶，硬科技与新消费齐飞#】 2025年，香港交易所书写了浓墨重彩的一笔。据德勤中国市场服务部预测，全年港股IPO市场融资额预 计达2863亿港元（约360亿美元），超越纳斯达克，重新锁定全球募资榜首。在这一"王者归来"的态势 下，市场的核心叙事正悄然生变："含A量"的显著提升与"向新力"的强劲迸发，正共同推动港股从"估值 洼地"向"产业高地"完成关键一跃。 "含A量"飙升，巨头回归与跨市场融资潮 市场分析人士指出，国际资金对港股中"可验证的成长故事"和"稀缺性"给予了更高溢价。这些新经济企 业带来的不仅是产品，更是新的商业模式和增长故事，极大地丰富了港股的投资谱系。 赚钱效应与流动性共振，展望2026年延续高景气 优质资产的聚集带来了显著的赚钱效应。数据显示，2025年港股IPO破发率降至约28.83%，创五年新 低；首日涨幅翻倍的新股达18只，南向资金净流入额达1.41万亿港元，刷新历史纪录。 ...

进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为894.72万元。该股近5个交易日累 计上涨0.69%，主力资金合计净流出2716.27万元。 12月29日，宝信软件收跌0.87%，收盘价为20.52元，发生1笔大宗交易，合计成交量48万股，成交金额 894.72万元。 第1笔成交价格为18.64元，成交48.00万股，成交金额894.72万元，溢价率为-9.16%，买方营业部为机构 专用，卖方营业部为机构专用。 责任编辑：小浪快报 ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | | | 奥出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 025-12-29 | 网达软件 | 603189 | 21.34 | 262.48 | 12.3 | 有與學習慣學醫 | 甜點點點 | | 197 | 12月29日，网达软件大宗交易成交12.3万股，成交额262.48万元，占当日总成交额的3.12%，成交价 21.34元，较市场收盘价19.28元溢价10.68%。 ...

与此同时，政策的持续红利为这股热潮添柴加火。从证监会支持内地行业龙头企业赴港上市，到港交所 优化上市规则、降低"A+H"初始公众持股量门槛，制度红利的释放有效降低了企业跨市场上市的成本。 王汀汀认为，引入这些基本面透明、分红稳定的龙头公司，不仅优化了港股指数结构，增强了估值韧 性，更有利于引导市场形成重基本面、重长期价值的投资文化，巩固香港作为国际金融中心的地位。 【环球网财经综合报道】2025年，香港交易所书写了浓墨重彩的一笔。据德勤中国市场服务部预测，全 年港股IPO市场融资额预计达2863亿港元（约360亿美元），超越纳斯达克，重新锁定全球募资榜首。 在这一"王者归来"的态势下，市场的核心叙事正悄然生变："含A量"的显著提升与"向新力"的强劲迸 发，正共同推动港股从"估值洼地"向"产业高地"完成关键一跃。 " 含 A 量 " 飙升，巨头回归与跨市场融资潮 港股IPO规模扩张的背后，一批大型"A+H"项目贡献了绝对力量。据统计，年内共有19家A股上市公司 成功登陆港股，合计募资1399.93亿港元，占全年新股募资额近半。 宁德时代、恒瑞医药、海天味业、三一重工、赛力斯、三花智控……这些行业龙头齐聚港股，仅 ...

换手率方面，航天环宇换手率为36.11%，位居首位；中科微至换手率为0.17%，位居末位。 个股表现方面，瑞松科技、步科股份、上纬新材、航天环宇涨停，涨幅靠前；佳华科技跌8.10%，跌幅 居首。 成交额方面，寒武纪成交额134.1亿元，位居首位；ST帕瓦（维权）成交额625.1万元，位居末位。 转自：新华财经 新华财经北京12月29日电（胡晨曦）科创50指数12月29日早间微有高开，随后快速冲高，午后指数震荡 下挫，尾盘时一度翻绿，最终微幅收涨。至收盘时，科创50指数报1346.32点，涨幅0.04%，指数振幅为 1.66%，总成交额约584.9亿元。 12月29日，科创综指全日收涨0.23%，收于1638.08点，总成交额约2136亿元。 从盘面来看，剔除停牌的中微公司，科创板其余598只个股涨少跌多，高价股、低价股均多数下跌。细 分领域来看，医疗保健股、半导体股表现活跃，电气设备股、软件服务股跌幅靠前。 经新华财经统计，12月29日，剔除停牌的中微公司，科创板其余598只个股平均涨幅0.06%，平均换手 率2.94%，合计成交额2136亿元，平均振幅为3.84%。 编辑：王媛媛 ...

Group 1: Market Trends and Dynamics - The year has been marked by high-stakes bets and rapid reversals, with significant volatility across various markets, including record highs in gold prices and fluctuations in mortgage giants [1] - Investors have heavily bet on changing political landscapes, inflated balance sheets, and fragile market narratives, leading to substantial stock market gains and crowded yield trades [1] - The geopolitical shift has significantly benefited European defense stocks, with companies like Rheinmetall AG and Leonardo SpA seeing stock price increases of approximately 150% and over 90% respectively [4][5] Group 2: AI and Technology Investments - Scion Asset Management disclosed protective put options on Nvidia and Palantir, raising concerns about the high valuations and spending plans of major AI players [2][3] - Nvidia's stock price fell significantly after the disclosure, reflecting the market's sensitivity to potential overvaluation in the AI sector [2] Group 3: Defense Sector Changes - The defense sector, previously avoided by asset managers due to ESG concerns, has seen a paradigm shift, with funds now focusing on defense-related investments [5] - A basket of European defense stocks has risen over 70% in 2025, indicating a strong market interest in this sector [5] Group 4: Currency and Alternative Assets - Concerns over heavy debt burdens in major economies have led investors to favor alternative assets like gold and cryptocurrencies, while showing reduced enthusiasm for government bonds and the dollar [6][7] - The narrative of "currency debasement" gained traction, particularly during periods of political instability, leading to record highs in both gold and Bitcoin [6][7] Group 5: South Korean Market Performance - The South Korean stock market has surged over 70% in 2025, driven by political efforts to boost the capital market and the global AI trend [8] - Despite the market's strong performance, local retail investors have been net sellers, indicating a lack of confidence in the domestic market [8] Group 6: Japanese Bond Market - The Japanese bond market has shifted from being a "widowmaker" trade to a favorable environment for short sellers, with benchmark yields rising significantly [10][11] - The 10-year Japanese government bond yield surpassed 2%, marking a significant change in the market dynamics [10] Group 7: Credit Market Developments - The credit market has seen substantial returns from strategic actions taken by funds like Pimco and King Street Capital Management, particularly in distressed situations [12] - A series of smaller but concerning events in the credit market have raised alarms about industry practices and borrower capabilities [17][18] Group 8: Fannie Mae and Freddie Mac - Fannie Mae and Freddie Mac have experienced a significant stock price increase of 367% from January to September 2025, driven by optimism regarding potential privatization [14][15] - The market remains speculative about the timing and feasibility of an IPO for these companies, despite the excitement surrounding their potential release from government control [14][15] Group 9: Turkish Lira and Emerging Markets - The Turkish lira has depreciated approximately 17% in 2025, highlighting the risks associated with high-yield investments in emerging markets amid political turmoil [16]

21世纪经济报道记者刘夏菲 2025年，香港交易所的上市锣声格外密集。 若以全年117家新上市公司计算，平均每两个交易日，就有一声鸣锣在维港畔响起。 伴随这密集的锣声，全球资本市场的目光再次聚焦于此——时隔数年，港股市场以预计超过2800亿港元的IPO募资总额，重夺 全球募资榜首。 这一年，恰逢港交所成立二十五周年。走过四分之一世纪，港股此番"王者归来"，在IPO融资规模重新登顶之外，市场的核心叙 事也已悄然生变。 聚焦港股IPO企业的结构变化，一个清晰的迹象是，"含A量"的提升与"向新力"的迸发，正助力港股完成从"估值洼地"到"产业 高地"的关键一跃。 "含A量"提升 据德勤中国市场服务部预测，2025年港股IPO市场融资额预计将达2863亿港元，（约360亿美元），超越纳斯达克全年预期，锁 定全球第一。 港股IPO规模扩张的背后，一批大型IPO项目贡献了绝对力量。 而聚焦2025年港股募资额前十大IPO企业，一个值得关注的现象是，其中有6家都是"A＋H"上市企业。 从动力电池龙头宁德时代，到医药巨头恒瑞医药，再到消费白马海天味业，以及三一重工、赛力斯、三花智控等行业龙头，仅 这6家公司的合计募资额就高达1 ...

华见早安之声 市场概述 周五，圣诞节后首个交易日， 美股大盘在历史高位附近缩量横盘，贵金属表现"疯狂"，金银铜铂金均创历史新高。 美股三大指数微跌，罗素小盘股指跌幅靠前。恐慌指数VIX跌至14下方。特斯拉跌2.1%、领跌科技七巨头。 美债收益率全周基本收平。 美元轻微反弹0.08%。 离岸人民币盘整于7.0整数关口附近。 加密货币冲高转跌。比特币日内一度涨破8.9万美元，随后较日高一度下挫3.2%。以太坊逼近3000美元后转跌。 黄金现货大涨逾1%，盘中刷新历史高点至4550美元上方， 白银飙升10%，站上79美元。现货铂金上涨8%至每盎司2,413.62美元，创新高。 COMEX铜期货 涨5.01%。 要闻 2026年全国两会召开时间来了： 政协3月4日，人大3月5日。 财政部： 2026年继续实施更加积极的财政政策，扩大财政支出盘子，继续支持消费品以旧换新。 中国11月规模以上工业企业利润同比下降13.1%， 前11个月同比微增，高技术制造业利润增速加快。 工业生产和利润率的下滑是利润增速收窄的 主因。 香港财政司司长陈茂波： 三方面助力人民币国际化，吸引全球优质公司来港上市，开拓国际黄金交易新机遇。 克 ...

Core Insights - The Hong Kong IPO market has seen a significant surge in 2025, with 102 companies listed and net fundraising reaching HKD 238.2 billion, more than doubling compared to the same period last year, with expectations to hit USD 36 billion for the year [1][21] Group 1: Market Performance - The average daily trading volume in the Hong Kong stock market increased to HKD 240.2 billion in the first half of the year, showing a notable rise from the previous year [7] - 75% of new stocks have either increased in price or remained stable, with 16 stocks seeing cumulative gains exceeding 100% and 27 companies experiencing subscription multiples in the thousands [7] Group 2: Sector Contributions - Key sectors driving fundraising include industrial engineering, gold and precious metals, automotive, pharmaceutical biotechnology, and software services, collectively raising over HKD 130 billion [3] - Retail and consumer IPOs have surged, becoming the most numerous this year, indicating a shift towards new consumption enterprises [3] Group 3: IPO Dynamics - 27 companies opted for privatization and delisting, while 4 voluntarily withdrew their listing applications, and 30 companies had their listing status canceled by the exchange, indicating a rapid market turnover [5] - The top ten IPOs raised a total of HKD 154.7 billion, accounting for more than half of the total annual fundraising, with major mainland companies like CATL and Zijin Mining each raising over HKD 10 billion [9] Group 4: Regulatory Changes - The Hong Kong Stock Exchange has implemented several reforms to attract companies, including the introduction of a special listing mechanism for technology companies and lowering the market cap threshold for special technology listings [11] - The exchange has also optimized the listing approval process, resulting in significant fundraising increases for biotech companies [11] Group 5: Investor Sentiment - There has been a noticeable shift in investor behavior, with more funds directed towards IPO subscriptions rather than traditional savings or insurance products, contributing to the market's vibrancy [13] - Concerns have arisen regarding the backlog of 319 listing applications and the quality of materials submitted by intermediaries, prompting regulatory scrutiny [15] Group 6: Future Outlook - Predictions indicate that the A+H share model will continue to thrive, with the return of Chinese concept stocks and special technology companies being significant contributors [19] - Potential challenges include a wave of lock-up expirations for newly listed companies, which may lead to large shareholder sell-offs, although the overall impact may be mitigated by improving macroeconomic conditions [19][22]

Group 1 - Ukrainian President Zelensky is expected to meet with US President Trump on Sunday to discuss sensitive issues, including the future of the Donbas region and the Zaporizhzhia nuclear power plant [4] - Moscow's recent statements raise doubts about the prospects for a final ceasefire agreement [4] Group 2 - Rent prices in major US cities have decreased, marking one of the most tenant-friendly periods in a decade, with median rent in November at $1,693, down approximately 1% year-on-year [7] - The median rent across the US has fallen to $1,367, a decline of 1.1% year-on-year, with expectations for continued low rents until early 2026 [7] Group 3 - Oracle's stock is on track for its worst quarter since 2001, having dropped 30% so far, amid concerns about its ability to support OpenAI with additional server capacity [9][10] - Oracle's quarterly revenue and free cash flow fell below expectations, and the new CFO has requested a capital expenditure of $50 billion for fiscal 2026, a 43% increase from previous plans [10] Group 4 - Target is facing pressure from an activist investor after experiencing nearly a one-third drop in stock price this year and reporting its 12th consecutive quarter of negative or nearly zero sales growth [12] Group 5 - Spot gold and silver prices have reached historic highs, driven by geopolitical tensions and a weakening dollar, with gold surpassing $4,540 per ounce and silver exceeding $77 per ounce [14] Group 6 - Global M&A transaction volume has surpassed $4 trillion for the first time since 2021, with a nearly 50% increase year-on-year, driven by a record number of large deals [16] - The year saw 68 transactions valued at over $10 billion, reshaping various industries and supported by favorable market conditions and financing [16]