本文源自：金融界AI电报 德意志交易所集团股价上涨2.8%，此前摩根大通将其评级从中性评级上调至超配。 ...

Group 1 - The core viewpoint of the article highlights that the Hong Kong Stock Exchange (HKEX) is expected to achieve its second-highest IPO fundraising amount in nearly five years by 2025, only behind the peak in 2021 [1] - The report indicates that the fundraising amount is projected to exceed 200 billion HKD for the first time in four years, driven primarily by large IPO projects [1] - Mainland Chinese A-share listed companies are identified as a significant force behind the growth in fundraising scale within the Hong Kong market [1]

Group 1 - The core viewpoint of the report indicates that the IPO activities in mainland China and Hong Kong are experiencing growth, with A-shares and the Hong Kong market accounting for 16% and 33% of the global total in terms of IPO numbers and fundraising amounts respectively [1] - Hong Kong Stock Exchange ranked first globally with a fundraising amount of $36 billion for the year, marking a significant achievement in the IPO market [1] - The global IPO market shows signs of improvement, with the number of IPOs remaining stable and fundraising amounts on the rise, while Chinese companies occupy five spots in the top ten global IPOs, an increase from 2024 [1] Group 2 - The Hong Kong IPO market saw a strong recovery in 2025, with a total fundraising amount of HKD 280 billion, representing a substantial year-on-year increase of 218%, and surpassing the HKD 200 billion mark for the first time in four years [2] - Over 100 new stocks were listed in the Hong Kong market, reflecting a 43% increase from the previous year, indicating a significant rise in market activity [2] - Large IPOs have been a key factor in the resurgence of the Hong Kong stock market, with the top ten IPOs collectively raising HKD 154.7 billion, accounting for over half of the total annual amount, and showing an average financing scale increase of 137% compared to last year [2]

香港本地股方面，长实集团涨0.05%，收报39.66港元；新鸿基地产跌0.31%，收报97.8港元；恒基 地产跌0.13%，收报29.72港元。 中资金融股方面，中国银行涨0.64%，收报4.75港元；建设银行涨0.12%，收报8.22港元；工商银行 涨0.15%，收报6.5港元；中国平安涨1.77%，收报57.55港元；中国人寿涨2.22%，收报26.7港元。 石油石化股方面，中国石油化工股份无升跌，收报4.41港元；中国石油股份涨0.58%，收报8.69港 元；中国海洋石油涨0.09%，收报21.24港元。 新华社香港11月25日电 香港恒生指数25日涨178.05点，涨幅0.69%，收报25894.55点。全日主板成 交2311.49亿港元。 国企指数涨78.89点，收报9158.31点，涨幅0.87%。恒生科技指数涨66.47点，收报5612.03点，涨幅 1.2%。 蓝筹股方面，腾讯控股涨0.08%，收报625港元；香港交易所涨0.05%，收报415.4港元；中国移动跌 0.4%，收报87.25港元；汇丰控股跌0.47%，收报106.8港元。 ...

据香港特区廉政公署（以下简称"廉署"）官网11月24日消息，廉署于11月21日落案起诉一名香港交易及 结算所有限公司（以下简称"港交所"）时任助理副总裁，指控其涉嫌贪污受贿15万港元，以披露上市公 司的机密资料。另有两名涉案人士被控妨碍司法公正，涉及廉署与香港证券及期货事务监察委员会（以 下简称"香港证监会"）针对内幕交易的刑事调查。 涉案被告谭卓彦（38岁）为港交所上市部资讯科技组前助理副总裁，被控两项公职人员接受利益罪名， 违反《防止贿赂条例》第4（2）（a）条。同案被告周子刚（38岁）及邓庆俞（39岁）则被控一项妨碍 司法公正罪名，违反普通法。 目前，上述三人已获廉署保释，案件定于11月25日在香港东区裁判法院提讯，控方后续将申请转介区域 法院答辩。 据悉，廉署此前接获香港证监会转介的贪污投诉，指称案件牵涉内幕交易，随即展开联合调查。调查显 示，谭卓彦在任职期间因工作需要获授权取阅港交所相关的电邮，其中包含上市公司敏感消息等机密资 料及文件。按规定，有关资料仅限指定上市部人员于执行公务时取用，并且不得向未经授权人士披露。 据指控，谭卓彦涉嫌于2024年6月及12月，从周子刚方面接受两笔贿款共15万港元， ...

Core Insights - The Singapore Exchange (SGX) and Nasdaq have announced a milestone collaboration to launch the "Global Listing Board," aimed at creating a cross-border dual listing framework connecting the US and Singapore capital markets [1][2] - The platform will allow companies to submit a single set of listing documents to achieve dual listing in both Singapore and the US, set to launch in mid-2026, targeting companies with a market capitalization of at least SGD 2 billion (approximately USD 1.5 billion) [1] - This initiative is expected to reduce friction, complexity, and costs associated with cross-border listings, facilitating easier access to global capital and liquidity for companies at various stages of development [1] Summary by Categories Collaboration and Framework - SGX and Nasdaq's partnership aims to create a new cross-border financing landscape through the Global Listing Board [1] - The platform will streamline the listing process by implementing unified document requirements and simplified review procedures [1] Benefits for Companies - Companies can achieve dual listing in both markets with a single application, saving 3-6 months in the listing process [2] - The initiative enhances investor structure by connecting North American institutional investors with high-net-worth individuals in Southeast Asia, improving stock liquidity and valuation stability [2] - It provides a mechanism for risk hedging, allowing companies to mitigate the impact of policy changes in a single market that could lead to significant stock price volatility [2]

谭卓彦涉嫌于2024年6月及12月，从周子刚接受两笔贿款共15万港元，以向周子刚披露他从港交所电邮 系统非法获取与股价相关的机密资料。 周子刚及邓庆俞则涉嫌于2025年3月4日，就周子刚怀疑涉及内幕交易的刑事调查中作出一系列意图妨碍 司法公正的行为，当中包括周子刚涉嫌指示邓庆俞保管共约390万港元现金、两只总值逾100万港元的手 表及一部手提电话，并干扰邓庆俞车上的行车记录仪运作，借以影响调查。 智通财经APP获悉，香港廉政公署公布，于11月21日落案起诉港交所(00388)时任助理副总裁谭卓彦，控 告他涉嫌贪污受贿15万港元，以披露上市公司的机密资料。另外两名涉案人士周子刚和邓庆俞则被控妨 碍司法公正，涉及廉署及香港证监会有关内幕交易的刑事调查。 谭卓彦，38岁，港交所上市部资讯科技组前助理副总裁，被控两项公职人员接受利益罪名，违反《防止 贿赂条例》第4(2)(a)条。 同案被告周子刚，38岁；以及邓庆俞，39岁，同被控一项妨碍司法公正罪名，违反普通法。 三人已获廉署准予保释，案件将于明日11月25日在东区裁判法院提讯，控方稍后会申请将案件转介区域 法院答辩。相关贪污调查仍在继续进行，廉署不排除采取进一步执 ...

机构：长江证券 研究员：吴一凡/程泽宇 海内外宏观环境：1）国内方面，经济景气度有所下降，供需两端同步走弱。10 月中国制造业PMI 为 49.00%，环比下降0.80pct，处于荣枯线下方。需求端，10 月制造业PMI 新订单指数、新出口订单指数 分别为48.8%、45.9%，环比分别-0.90pct、-1.90pct。供给端，10 月制造业生产指数为49.7%，环 比-2.20pct。2）海外方面，降息预期有所降温，海外流动性边际收紧。2025 年10 月，美联储宣布再次 降息25bp 至3.75%-4.00%。根据CME group 提供的美联储降息预期数据显示，2025 年12 月预计再次降 息25bp，2025年全年预计降息75bp。8 月，失业率为4.30%，环比+0.1pct，就业市场整体降温；9 月， CPI 同比增速为3.00%，较上月上升0.1pct。 投资建议：截止10 月底，公司PE 为34.77x，处于2016 年以来历史39%的分位，具备一定的配置性价 比，预计伴随互联互通政策持续加码香港资本市场，港股市场流动性将持续抬升，市场整体活跃度及估 值有望随之提升。预计公司2025-20 ...

Core Viewpoint - The strategic partnership between Singapore Exchange (SGX) and Nasdaq aims to launch a "Global Listing Board" by mid-2026, facilitating cross-border listings and enhancing connectivity between US capital and Asian growth opportunities [1][3]. Group 1: Partnership Details - The collaboration focuses on regulatory standardization and process optimization to create a standardized cross-border listing solution [3]. - Companies can choose either Nasdaq or SGX as their primary listing venue, using a single prospectus to meet regulatory requirements in both jurisdictions [5]. - The new listing mechanism targets growth-oriented companies with a minimum market capitalization of SGD 2 billion (approximately USD 1.5 billion or CNY 10.9 billion) [5]. Group 2: Market Dynamics - The initiative addresses the challenges faced by SGX, including the outflow of quality listings and insufficient liquidity, as evidenced by local tech companies opting for US listings [7]. - In 2025, SGX's main board completed only 5 IPOs, while Hong Kong's stock market saw a significant increase in trading volume and IPO activity, highlighting the competitive landscape [7]. - The partnership aims to leverage SGX's position as an Asian hub to attract US capital and enhance local market liquidity, creating a "bridge" for companies targeting Southeast Asian markets [7]. Group 3: Benefits and Challenges - The new listing board is expected to reduce compliance costs for companies by 30%-50% through unified review and disclosure processes [5]. - Companies focusing on Southeast Asia may benefit from enhanced brand recognition and a regulatory environment aligned with international standards [5]. - However, companies must navigate the dual compliance requirements of maintaining standards in both markets, which could lead to increased operational burdens [5].

来源：睿见Economy 徐经纬回顾了互联互通机制11年来的发展，该机制已从股票扩展至债券、ETF及衍生产品，覆盖超4400 家中国内地相关股票，成为外资配置中国资产的主要渠道。 他特别提到，港交所过去十年IPO集资总额达3000亿美元，持续保持全球领先地位。未来，港交所将通 过特专科技上市机制（18C章）重点支持AI、芯片等硬科技企业，并依托CoreClimate平台推动低碳经济 与ESG发展，不断提升香港国际金融中心的活力与竞争力。 由中国人民大学主办的2025深圳国际金融大会于11月19日至21日在深圳举行。香港交易所董事总经理徐 经纬发表主题演讲，强调港交所作为"超级联系人"，致力于"立足中国，连接世界"。 他指出，港交所不仅是监管者和运营者，更通过伦敦、纽约、利雅得等全球8个办公地，构建起连接中 国与中东及全球市场的网络。 ...