一家运输行业公司负责人说，针对公司提出的在持续改善资本结构、拓展国内外业务、提升服务水平等 工作中遇到的问题，深交所研究提出具体举措，持续加强日常沟通、规则解答和培训交流，积极做好支 持服务，帮助公司更好解决难题、积极应对风险与挑战。接下来，公司将依法依规高质量做好信息披露 工作，主动维护投资者关系，积极参与投资者交流活动，促进形成正向循环，努力提升投资者回报。 深交所高度重视上市公司高质量发展，本轮走访活动开展以来，主要负责同志多次带队深入公司一线， 累计走访调研140余家次上市公司，专题调研产业链协同、海外布局配套、资金保障等难点问题。 件件有着落、事事有回音。 近段时间，深交所持续走访调研上市公司，进一步支持上市公司更好发展。 自2024年11月以来，深交所围绕"提高上市公司质量"这一核心任务，系统推进上市公司大走访工作，建 立常态化走访机制，以"深扎根"式服务帮助解决公司发展难题，推动更好培育发展新质生产力。 第一财经了解到，截至目前，深交所已集中走访调研上市公司超500家次，其中广东、深圳、浙江、江 苏、北京、上海等辖区的走访覆盖率达3成。 据了解，深交所提前研究制定走访专项工作方案，组织公司监管、 ...

深交所将服务新质生产力培育作为重要落脚点。 在走访过程中，深交所积极联动地方证监局、地方政府相关部门等多方力量，搭建起多层次、跨领域的 沟通交流平台，不仅高效归集企业诉求，还积极建言献策，推动形成政策协同合力，为激发企业创新活 力、释放市场发展潜能营造了良好环境。 记者获悉，深交所将结合贯彻党的二十届四中全会精神，继续常态化走访上市公司，持续推动新"国九 条"、资本市场"1+N"政策体系以及更多务实举措落地见效，支持鼓励上市公司用好资本市场工具，加 大创新力度，更好转型升级，持续提升上市公司质量和内在价值。 "这次走访让我们和监管部门的沟通更直接、更高效。"多家受访上市公司负责人表示，走访不仅为企业 搭建起与监管机构的常态化沟通渠道，助力企业及时精准把握政策导向、优化内部治理体系，也让监管 部门得以零距离掌握企业真实运营状况，为提升上市公司治理水平、维护资本市场健康生态筑牢根基。 一家运输行业上市公司负责人表示，针对企业在优化资本结构、拓展海内外业务、提升服务能级等方面 遇到的问题，深交所了解相关诉求后，研究提出具体举措，通过强化日常沟通、细化规则解读、培训交 流等方式做好支持服务，为企业应对风险挑战、实现稳 ...

Market Overview - The total market capitalization of the Hong Kong Stock Exchange reached HKD 48.0 trillion by the end of November 2025, a 41% increase from HKD 34.0 trillion in the same period last year [1] - The average daily trading amount in November 2025 was HKD 230.7 billion, up 43% from HKD 161.5 billion in November 2024 [1] - For the first eleven months of 2025, the average daily trading amount was HKD 255.8 billion, a significant increase of 95% compared to HKD 130.9 billion in the same period last year [1] Derivative Products - The average daily trading amount for warrants in the first eleven months of 2025 was HKD 8.0 billion, a 54% increase from HKD 5.2 billion in the previous year [2] - The average daily trading amount for bull and bear certificates was HKD 10.6 billion, up 58% from HKD 6.7 billion year-on-year [2] - The average daily trading amount for exchange-traded funds (ETFs) was HKD 34.1 billion, representing a 116% increase from HKD 15.8 billion in the same period last year [2] - The average daily trading amount for leveraged and inverse products was HKD 3.5 billion, a 21% increase from HKD 2.9 billion year-on-year [2] IPO and Fundraising - There were 93 new listings in the first eleven months of 2025, a 52% increase from 61 new listings in the same period last year [2] - The total amount raised through initial public offerings (IPOs) was HKD 259.4 billion, a remarkable increase of 228% compared to HKD 79.1 billion in the previous year [2] - The total fundraising amount for the first eleven months of 2025 reached HKD 575.0 billion, a 240% increase from HKD 169.0 billion year-on-year [3] Futures and Options Market - The average daily trading volume for futures and options in the first eleven months of 2025 was 1,692,878 contracts, an 8% increase from 1,571,189 contracts in the same period last year [4] - The average daily trading volume for stock options was 895,548 contracts, up 23% from 728,430 contracts year-on-year [5] - The average daily trading volume for Renminbi currency futures was 106,121 contracts, a 15% increase from 92,280 contracts in the previous year [5] - On November 25, 2025, the trading volume for Hang Seng Tech Index futures options reached a historical high of 80,803 contracts [5]

智通财经APP获悉，12月4日，港交所(00388)发布香港交易所11月市场概况。证券市场市价总值于2025 年11月底为48.0万亿港元，较去年同期的34.0万亿港元上升41%。2025年11月的平均每日成交金额为 2,307亿港元，较去年同期的1,615亿港元上升43%。 2025年首十一个月的平均每日成交金额为2,558亿港元，较去年同期的1,309亿港元上升95%。 2025年首十一个月的衍生权证平均每日成交金额为80亿港元，较去年同期的52亿港元上升54%。 2025年首十一个月的牛熊证平均每日成交金额为106亿港元，较去年同期67亿港元上升58%。 2025年首十一个月的交易所买卖基金平均每日成交金额为341亿港元，较去年同期的158亿港元上升 116%。 2025年首十一个月的杠杆及反向产品平均每日成交金额为35亿港元，较去年同期的29亿港元上升21%。 2025年首十一个月有93家新上市公司，较去年同期的61家上升52%。 2025年首十一个月的期货及期权平均每日成交量为1,692,878张合约，较去年同期的1,571,189张上升 8%。 2025年首十一个月的股票期权平均每日成交量为895 ...

Group 1 - The Hong Kong IPO market is expected to raise at least HKD 300 billion in 2024, with an increase in the number of IPOs compared to 2023 [1] - Hong Kong is projected to maintain its position as the top global IPO fundraising venue in 2024, following a strong rebound in 2023 [1] - 66% of respondents anticipate an increase in IPO activity in 2026, with 22% believing that enhancing financial connectivity with other regions will benefit enterprises the most [1] Group 2 - The Australian CPA suggests that the Hong Kong government should consider implementing an "IPO connectivity" mechanism to allow mainland investors to participate in Hong Kong IPOs [2] - 57% of respondents expect salary increases in 2024, with 63% predicting steady economic expansion in Hong Kong [2] - Key drivers of economic growth identified include a competitive tax system (39%), a thriving capital market (30%), and growth in mainland China's economy (24%) [2] Group 3 - Income expectations for 2024 are more conservative, with only 39% of respondents predicting revenue growth, down from 51% in 2025 [3] - Increased competitive pressure is noted, with 29% of respondents identifying it as the primary challenge for the upcoming year [3] - Cost management remains the top strategy for businesses for the third consecutive year, with 43% prioritizing it [3]

成交额为短期核心变量 "短线而言，港交所股价与现货市场成交水平直接挂钩，这是影响其短期走势的最关键因素。"光大证券 国际策略师伍礼贤向第一财经分析，近期港股缺乏明确方向，且成交持续清淡，无论上涨还是下跌阶 段，日均成交额均处于低位，甚至一度跌破2000亿港元，港交所收入端受到的拖累已直接反映在股价之 中。 2025.12.03 本文字数：1610，阅读时长大约2分钟 作者 |第一财经 李隽 12月3日，香港交易所（00388.HK）下跌0.88%，中午报收406.6港元，盘中一度触及405.6港元的近两个 月调整新低，相比10月9日460港元的高点，累计跌幅已接近12%。 业内人士认为，8月前后，港股成交额一度超越4000亿港元，而近日不足2000亿港元，是拖累港交所表 现的关键因素。 另一方面，IPO热潮方面的利好此前也已经在股价充分反映；预计年底港股延续成交低迷，不过随着美 联储继续降息，内地稳增长政策推出，一批排队的IPO即将上市，预计2026年港交所有望重拾升势。 红蚁资本投资总监李泽铭认为，港交所在大市下行阶段跌幅往往更为显著；11月中旬以后港股市场方向 不明，大盘与个股波动区间收窄使得成交萎缩，近 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has experienced a decline in stock price due to reduced trading volume, with a significant drop from 460 HKD to 406.6 HKD, reflecting a nearly 12% decrease since October 9 [2][4]. Trading Volume as a Key Variable - Short-term stock price movements of HKEX are closely linked to the trading volume in the spot market, which has been low recently, impacting the exchange's revenue [3][4]. - The average daily trading volume has fallen below 2000 billion HKD, significantly affecting HKEX's income and contributing to the stock price decline [5][6]. IPO Market Dynamics - The IPO market remains stable, with no significant slowdown in listing fee income; however, there is a lack of high-profile companies seeking to raise funds in Hong Kong, leading to decreased investor enthusiasm [6][9]. - In 2025, HKEX achieved a record high in revenue of 77.75 billion HKD, with a 45% year-on-year increase, and a net profit of 49 billion HKD, up 56% [8]. Future Outlook - The IPO market is expected to maintain its activity, with a robust pipeline of applications; however, the growth rate may stabilize [9][10]. - Factors that could improve HKEX's outlook include potential increases in market trading volume, sustained interest in the IPO market, and continued net inflows from mainland investors [10].

年底调整后明年有望重拾升势。 李泽铭说，新股挂牌数量比较平稳，交易所上市费收入暂未放缓，不过近日缺乏知名大型企业赴港融 资，部分挂牌公司市场认知度低，投资者申购热情降温，市场担忧本轮新股热潮或已接近尾声，今年以 来大盘反弹及政策利好驱动的上升基本到位，港交所正处于调整阶段，在这个过程中逐步筑底。 IPO节奏维持 根据港交所披露，2025年三季度，该公司实现营业收入77.75亿港元，连续第三个季度创历季新高，同 比上升45%；股东应占净利润49亿港元，同比增长56%。现货市场方面，第三季平均每日成交金额2864 亿港元，较去年同期翻倍；9月日均成交首次突破3000亿港元，达3167亿港元，创单月纪录；首三季日 均成交2564亿港元，亦创同期历史高位，同比上升126%。 新股市场保持活跃，2025年首三季香港融资额居全球新股市场榜首，前三季度共有69家公司新上市，总 融资额达1883亿港元，是2024年前三季度的三倍多；截至9月30日，正在处理的上市申请达297宗。 12月3日，香港交易所（00388.HK）下跌0.88%，中午报收406.6港元，盘中一度触及405.6港元的近两个 月调整新低，相比10月9日46 ...

2025年3月，纳斯达克宣布在达拉斯设立其在美国的首个区域总部。仅仅八个月后，纳斯达克在德州的战略布局再次升级——计划于2026年下半年推出纳 斯达克德州交易所，这是一个允许企业"双重上市"的创新平台。 这一系列动作不仅是纳斯达克对美国金融地理格局变迁的战略响应，更标志着德克萨斯州正加速崛起为美国的"第二金融中心"，为中国企业带来了前所未 有的资本市场新机遇。 壹、纳斯达克深度布局德州：战略蓝图解析 （一）达拉斯区域总部：南部的枢纽 2025年3月18日，纳斯达克在达拉斯设立的区域总部，成为其服务德州及美国东南部的核心枢纽。该总部由高级副总裁瑞秋・拉茨领导，职能远超传统上 市服务，更聚焦于金融科技解决方案和金融犯罪管理，帮助企业打击欺诈和洗钱活动。 （二）纳斯达克德州交易所：双重上市创新 2025年11月，纳斯达克宣布计划推出"纳斯达克德州交易所"，其核心创新在于双重上市机制：企业无需放弃原有主要上市地位，即可同时在德州挂牌，接 触美国南部市场的独特资本池。这种"一脚踩两船"模式，为已在其他市场上市的企业开辟了全新选项。 （三）德州金融新格局："Y'all Street"的崛起 德州正形成被称为"Y'all ...

Group 1 - The core viewpoint of the article highlights the positive trends in the A-share and Hong Kong IPO markets, with a significant emphasis on technology-driven listings and a strong recovery in Hong Kong's IPO activities [2][3][4]. - In 2025, the A-share IPO market experienced moderate growth, with the average fundraising amount increasing by over 50% to 1 billion yuan, driven by large IPOs [3][4]. - The Hong Kong IPO market saw a robust recovery, with total fundraising exceeding 200 billion HKD, marking the second-highest level in five years, largely due to large IPOs from mainland companies [4][5]. Group 2 - The report indicates that the A-share market has shifted from a focus on quantity to a quality-driven approach, with technology innovation becoming a core characteristic of new listings [3][6]. - The Hong Kong market is characterized by a dual engine of new consumption and hard technology, with policies like the "Special Technology Line" facilitating faster listings for high-potential tech companies [6][7]. - The ongoing mutual opening of capital markets between mainland China and Hong Kong is expected to deepen cooperation and enhance market efficiency, with a focus on strategic emerging industries such as AI, robotics, and renewable energy [7][8].