在2025年，香港IPO市场重回全球首位，117家企业合计募资超2800亿港元，同比增长224%。A股企业 掀起赴港上市热潮，不少机构研判这仍然是2026年港股主旋律。高盛亚洲(除日本外)股票资本市场主管 王亚军判断2026年越来越多AI及相关产业链的企业会登陆港股，涵盖通讯、资料中心、半导体等领 域。 香港交易所行政总裁陈翊庭在瑞士达沃斯世界经济论坛期间接受采访时表示，香港IPO排队企业数量已 超过350家，其中包括保密递交上市申请的公司。陈翊庭表示，香港在去年重夺全球IPO规模第一后， 今年首三周的11宗IPO募集资金已达约40亿美元。 ...

规则修订还赋予纳斯达克交易所更大的裁量权。即使企业满足所有书面上市条件，若交易所判断其证券存在可能被市场操纵的相关因素，仍有权拒绝其上 市申请。这意味着监管重心正从技术性合规转向对实质风险的判断。 纳斯达克上市核心条件： 核心财务门槛（2026年1月17日新规生效） 新规大幅提高了所有企业申请上市的财务标准，旨在提升上市公司整体质量与市场流动性。 其他关键要求 美国证券交易委员会（SEC）已正式批准纳斯达克交易所提交的提高首次公开募股（IPO）流动性门槛方案。根据美国证券交易委员会的文件，新规将于 2026年1月17日生效，标志着对上市公司监管框架的系统性强化。 此次修订的核心内容涉及上市财务标准的显著提升。其中，采用"净收入标准"申请上市的公司，其最低要求将从现行的500万美元大幅提高至1500万美 元，增幅达到200%。与此同时，采用"收入标准"上市的门槛也从800万美元上调至1500万美元，增幅为87.5%。此举旨在从入口端提升上市公司的整体质 量与市场稳健性。 新规的另一项关键内容是针对特定区域企业设立了更为严格的审查程序。根据规定，通过IPO或反向并购方式上市的企业，其公众流通股市值不得低于 250 ...

Core Insights - The New York Stock Exchange (NYSE) is leveraging blockchain technology to create a trading platform for tokenized stocks and exchange-traded funds (ETFs) for 24/7 trading [1][2] - The new digital trading platform is expected to launch later this year, pending regulatory approval [1][2] - NYSE aims to combine its existing matching technology with a private blockchain network to provide real-time trading support for tokenized securities [1][2] Group 1 - Michael Blaugrund, Vice President of Strategic Planning at Intercontinental Exchange, stated that this marks the evolution of NYSE's trading capabilities from trading floors and electronic order books to blockchain technology [1][2] - The new platform is designed to broaden investor participation and create new opportunities for retail investors, particularly in markets funded by stablecoins [1][2] - NYSE is actively communicating with the U.S. Securities and Exchange Commission regarding the operational licensing of the new platform [1][2] Group 2 - The digital trading infrastructure will support real-time fund transfers and settlements, contrasting with the current T+1 settlement mechanism prevalent in the stock market [1][2] - Blaugrund emphasized that the platform meets the growing demand from retail investors who wish to complete a transaction and immediately reinvest the funds [1][2] - NYSE's initiative aims to redefine the core aspects of stock definition, issuance, and settlement, which could determine the integration of tokenization into Wall Street's financial system [1][2]

Core Viewpoint - The New York Stock Exchange (NYSE) is moving towards offering tokenized securities, indicating a shift in the industry towards digital asset securities, which are expected to become the standard in the future [1][5]. Group 1: Tokenization and Trading - The NYSE plans to implement tokenization on its platform, allowing for 24/7 trading of traditional securities, newly issued tokens, and ETFs, along with fractional share trading [1]. - Settlement for these tokenized securities will be immediate, utilizing the NYSE's Pillar matching engine and a blockchain-based post-trade system [2]. Group 2: Collaboration and Infrastructure - The parent company, Intercontinental Exchange (ICE), is collaborating with banks such as BNY and Citi to facilitate tokenized deposits and manage financial operations outside traditional banking hours [3]. - Lynn Martin, President of NYSE Group, emphasized the importance of reinventing market infrastructure to meet the demands of a digital future [4]. Group 3: Industry Implications - The NYSE's move is expected to influence other traditional securities exchanges, leading to improved services for traders and investors, as well as more efficient operations [5]. - The transition to tokenization is anticipated to render traditional methods obsolete, similar to the decline of ticker tape quotations [5].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - As of January 12, 2026, the company's PE ratio is 31.42x, positioned at the 24th percentile historically since 2016, indicating a certain level of investment value. It is expected that the continuous enhancement of the mutual market access policy will elevate liquidity in the Hong Kong capital market, leading to increased market activity and valuation. The company is projected to achieve revenues and other income of HKD 30.1 billion, HKD 32.7 billion, and HKD 35.1 billion for 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of HKD 17.4 billion, HKD 19.2 billion, and HKD 20.8 billion, corresponding to PE valuations of 31.5x, 28.6x, and 26.3x respectively [2][50] Summary by Relevant Sections Market Environment - The Hong Kong stock market continued its upward trend in December, supported by domestic policy drivers and expectations of interest rate cuts from the Federal Reserve. The Hang Seng Index and Hang Seng Tech Index increased by 27.8% and 23.5% respectively compared to the end of 2024. The total market capitalization of listed securities on the Hong Kong Stock Exchange reached HKD 47.39 trillion, with a year-on-year increase of 34.2% [10][15] Trading Volume - The average daily trading (ADT) for the Hong Kong stock market in December was HKD 186 billion, reflecting a month-on-month decrease of 19.4% but a year-on-year increase of 31.0%. Northbound trading ADT was HKD 229.7 billion, down 5.5% month-on-month but up 11.6% year-on-year. Southbound trading ADT was HKD 83.6 billion, down 14.6% month-on-month but up 26.5% year-on-year [15][19] Derivatives Market - In December, the trading volume of futures and options decreased month-on-month. The average daily volume (ADV) for futures was 517,000 contracts, down 18.8% month-on-month and 12.6% year-on-year. The ADV for options was 823,000 contracts, down 18.9% month-on-month but up 13.5% year-on-year [19] Primary Market - The IPO scale in the Hong Kong market saw a significant year-on-year increase in December, with 26 new stocks listed, raising a total of HKD 25.7 billion, which is a 189% increase year-on-year but a 39% decrease month-on-month. The total number of new listings for 2025 was 117, with a cumulative scale of HKD 286 billion, representing a 224% year-on-year increase [29][30] Investment Income - As of the end of December, the relevant interest rates for investment income showed a general decline. The 6-month HIBOR was 2.99%, down 0.23 percentage points month-on-month and down 1.21 percentage points year-on-year [39] Macroeconomic Environment - The domestic economic outlook improved, with the manufacturing PMI for December at 50.10, indicating growth. The overseas liquidity is expected to enhance further due to a cooling job market and anticipated interest rate cuts by the Federal Reserve [43][45]

客户端 香港联交所最新资料显示，1月12日，贝莱德增持香港交易所（00388）188.6872万股，每股作价 425.9778港元，总金额约为8.04亿港元。增持后最新持股数目约为6516.11万股，最新持股比例为 5.14%。 责任编辑：卢昱君 香港联交所最新资料显示，1月12日，贝莱德增持香港交易所（00388）188.6872万股，每股作价 425.9778港元，总金额约为8.04亿港元。增持后最新持股数目约为6516.11万股，最新持股比例为 5.14%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

截至2026年1月15日，香港交易所股價收報438.6元，當日上升0.87%，盤中一度逼近440元關口。自去年12月中旬以來，港交所股價已累積約10%的升幅，整 體上升趨勢保持良好。而今日（16日）的11點，港交所報438.8元，升0.05%。 技術分析：趨勢向上但短線超買，關鍵阻力位成焦點 從日線圖表分析，港交所的技術格局呈現「中期向好，短線遇阻」的特點。股價目前已成功站穩於所有主要移動平均線之上，10天線（約428.2元）、30天 線（約412.58元）及60天線（約418.25元）形成多頭排列，為後市提供了堅實的下方支撐基礎。然而，多個短線震盪指標已發出警示信號。相對強弱指數 （RSI）達到68，顯示市場已進入超買區域；同時，威廉指標和隨機震盪指標也確認了「超買狀態」，預示著短期內追漲動能可能暫時放緩，股價存在技術 性整固的需求。技術指標總結給出的9個「中立」信號，也印證了當前市場正處於方向選擇的關鍵節點。 這一系列技術信號，清晰地勾勒出當前市場的核心博弈區間。上方，首個關鍵阻力位位於443元附近。這不僅是近期盤整區間的上沿，也接近保力加通道頂 部。若能帶量有效突破此位置，下一目標將指向461元的更高阻 ...

香港联交所最新资料显示，1月12日，贝莱德增持香港交易所(00388)188.6872万股，每股作价425.9778 港元，总金额约为8.04亿港元。增持后最新持股数目约为6516.11万股，最新持股比例为5.14%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月12日，贝莱德增持香港交易所(00388)188.6872万 股，每股作价425.9778港元，总金额约为8.04亿港元。增持后最新持股数目约为6516.11万股，最新持股 比例为5.14%。 ...

Firms will soon get the opportunity to list in both the U.S. and Singapore in a first-of-its kind partnership. The SGX-NASDAQ dual listing bridge, which will commence later this year, is part of Singapore’s drive to revitalize its stock exchange, which has persistently lagged other regional bourses like the Hong Kong Stock Exchange in attracting IPOs and other deals. The bridge will likely appeal to Southeast Asian companies who want to draw on the U.S.’s deep capital market, yet still tap “strong brand rec ...