格隆汇12月23日丨九福来(08611.HK)公告，公司建议(其中包括)透过供股方式按于记录日期每持有两(2) 股股份获发一(1)股供股股份基准，以每股供股股份认购价1.23港元发行最多234,000,000股供股股份(假 设于记录日期或前并无发行或购回新股份)，筹集所得款项总额最多约2.88亿港元(扣除开支前)(假设供 股获悉数认购)。公司拟将供股所得款项用于透过人工智能综合解决方案以提升其现有资讯科技基础设 施，重整其于中国主要数据中心以扩大数据容量，以及重新开发若干软件即服务产品以使其服务范畴多 元化。 ...

九福来(08611)公布，公司拟按"2供1"基准发行最多2.34亿股供股股份，每股供股股份认购价1.23港元， 较股份于最后交易日在联交所所报收市价每股1.82港元折让约32.4%。供股所得款项净额估计不超过约 2.81亿港元，拟用于透过人工智能综合解决方案以提升其现有资讯科技基础设施，重整其于中国的主要 数据中心以扩大数据容量，以及重新开发若干软件即服务产品以使其服务范畴多元化。 ...

智通财经APP讯，九福来(08611)公布，公司拟按"2供1"基准发行最多2.34亿股供股股份，每股供股股份 认购价1.23港元，较股份于最后交易日在联交所所报收市价每股1.82港元折让约32.4%。供股所得款项 净额估计不超过约2.81亿港元，拟用于透过人工智能综合解决方案以提升其现有资讯科技基础设施，重 整其于中国的主要数据中心以扩大数据容量，以及重新开发若干软件即服务产品以使其服务范畴多元 化。 ...

Group 1 - The average annual salary for CFOs in Hong Kong is 1.602 million RMB, while in mainland China it is 857,600 RMB, indicating that Hong Kong CFOs earn approximately 1.6 to 1.9 times more than their mainland counterparts [1][2] - In Hong Kong, 5.34% of CFOs earn over 5 million RMB annually, while nearly a quarter of mainland CFOs earn over 1 million RMB [1] - The salary structure in both markets shows a "high middle + high salary tail" pattern, with top-tier CFOs in leading companies earning several million or even tens of millions [1] Group 2 - Individual characteristics significantly influence CFO salaries, with male CFOs earning more than female CFOs in both markets, although top female CFOs demonstrate competitive salaries [1][2] - The age group of 40-55 years is the primary demographic for CFOs, with salaries increasing with age and experience; in Hong Kong, CFOs over 60 earn an average of 2.4563 million RMB [1][2] - Educational background and overseas experience are also linked to salary levels, with PhD CFOs in mainland China earning an average of 1.3004 million RMB, and those with overseas experience earning 556,000 RMB more than their counterparts without [1][2] Group 3 - Industry and company characteristics are key factors affecting CFO salaries; in Hong Kong, the "new economy + domestic demand" sectors (TMT, consumer, healthcare) lead in salary levels, with a median of around 1.2 million RMB [2] - In mainland China, the financial and real estate sectors offer the highest average salaries at 1.2241 million RMB, followed by healthcare and high-tech industries [2] - Company size and profitability are directly correlated with CFO salaries; companies with higher ROE see significant salary premiums, with CFOs in firms with ROE over 20% earning an average of 1.605 million RMB [2] Group 4 - The average salary for CFOs in AH-listed companies is 3.05 million RMB, reflecting a 15% increase from 2023, with leading companies showing a "high base + double-digit growth" trend [2] - The overall salary growth is expected to moderate, but the premium for top-tier CFOs and structural differentiation will continue; salary structures are shifting towards long-term incentives linked to ROE and cash flow [2] - The increasing importance of digital and AI capabilities is becoming a significant source of salary premiums, with the CFO role evolving into a strategic leader [2]

Group 1: Policy Support for Technology Sector - The central economic work conference has identified "innovation-driven development" as a key task for 2025, focusing on building international innovation centers and enhancing "AI+" and industrial upgrades, providing clear pathways and solid policy support for the technology sector [1][12] Group 2: Share Buyback Trends - Since November 2025, leading technology companies in Hong Kong have been actively repurchasing shares, with over 700 million shares repurchased, indicating a significant increase in market confidence [2][13] - As of December 11, 2025, the total amount of share buybacks in the Hong Kong market reached 167.25 billion yuan, with the information technology sector being a major contributor to this trend [2][12] Group 3: Performance of Hang Seng Technology ETF - The Hang Seng Technology ETF (513130) has attracted significant capital inflow, accumulating 4.715 billion yuan since November 2025, with a 114% increase in total assets to 42.751 billion yuan [4][14] - The latest price-to-earnings ratio of the Hang Seng Technology Index is 23.23, which is at a mid-low percentile compared to the past five years, suggesting potential investment value compared to major tech indices in A-shares and US markets [4][15] Group 4: Market Outlook - With the Federal Reserve's interest rate cuts and improving overseas liquidity, external factors suppressing the Hong Kong stock market are gradually easing, while domestic technology companies have shown stable performance in Q3, enhancing the long-term investment value of the technology sector [5][15] Group 5: ETF Characteristics - The Hang Seng Technology ETF (513130) closely tracks the Hang Seng Technology Index, covering 30 leading technology companies in Hong Kong across various sectors, making it a comprehensive and representative investment tool [6][16] - The ETF offers advantages such as large scale, good liquidity, and low management fees of only 0.2% per year, making it an important tool for investors looking to invest in core technology assets in Hong Kong [7][17]

Core Insights - The Hong Kong IPO market has reached a significant milestone with the listing of JD Industrial, marking the 100th new stock of the year, and the total fundraising amount has exceeded 2700.86 billion HKD, the highest globally for the year [3][4][5] - The market is experiencing a strong recovery, driven by large IPO projects, particularly from A-share companies, which have become a crucial force in boosting fundraising [3][4][5] - Despite the impressive fundraising figures, there are concerns regarding the quality of new listings, an increase in the rate of IPO failures, and a shortage of investment banking talent [8][9] Fundraising Performance - The total fundraising amount for the year has surpassed 2700.86 billion HKD, a significant increase from 64 new stocks last year [3][4] - The Hong Kong Stock Exchange is expected to lead global fundraising with an estimated 36 billion USD in 2025, significantly outpacing the New York Stock Exchange [3][5] - A-share companies have contributed to 51.35% of the total fundraising in the Hong Kong IPO market, with notable contributions from companies like CATL [4][5] Market Structure and Trends - The "new consumption + hard technology" sectors are identified as the main drivers of the current capital influx, with companies in these areas receiving substantial investor interest [6][7] - The healthcare sector has seen the highest number of new listings, with 24 companies, while the information technology sector ranks third with 18 new stocks [6] - The market is shifting towards a dual-driven model of domestic and foreign investment, indicating a structural evolution in investor composition [5][6] Future Outlook - The IPO market is expected to remain active in 2026, with a focus on "A+H" stock models and the return of Chinese concept stocks [7] - Regulatory support for technology companies is anticipated to continue, fostering a favorable environment for new listings in the tech sector [6][7] Challenges and Concerns - There has been a notable increase in the IPO failure rate, with 45.45% of new stocks failing on their first day in November [8][9] - Concerns have been raised regarding the quality of listing applications and the overall execution of the IPO process, leading to regulatory scrutiny [9] - A shortage of experienced investment banking professionals is impacting the quality of service and project handling in the IPO market [9]

Core Viewpoint - The Hong Kong Stock Exchange has launched the Hong Kong Stock Exchange Technology 100 Index, which tracks the performance of the 100 largest technology companies listed on the exchange [1] Group 1: Index Overview - The Hong Kong Stock Exchange Technology 100 Index is the first index of its kind for Hong Kong stocks, focusing on major technology firms [1] - The index covers six major innovation themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1] Group 2: Constituent Stocks - Initial constituent stocks of the Technology 100 Index include major companies such as Tencent Holdings, Alibaba, Xiaomi Group, and Meitu [1] - The index features a rapid inclusion mechanism, allowing newly listed companies that meet specific criteria to be added outside the regular review cycle after being included in the Hong Kong Stock Connect trading [1]

继11月28日推出恒生生物科技指数期货后，港交所（00388.HK）在指数业务拓展领域再添重要举措。 12月9日，港交所正式宣布推出科技100指数，同时授权内地综合性资产管理公司易方达基金，在国内推出追踪该指数的交易所买卖基金（ETF）。消息披露 后，港交所股价走势平稳，截至发稿时小幅下跌1.19%。 | 指数资料 | | | --- | --- | | 推出日期 | 2025年12月9日 | | 基日 | - 2020年12月31日 | | 基值 | 10,000 | | 货币 | 港元 | | 调整周期 | 每半年(6月及12月) | | 权重再平衡周期 | 每季度(3月、6月、9月及12月) | | 图源： 港交所官网 | | 此外，指数成份股必须符合港股通交易资格这一硬性要求。若在定期指数调整期间，某成份股不再满足港股通交易资格，将被从指数中剔除，以保障指数的 可投资性。 根据港交所披露的指数成份股名单，这100只标的全面覆盖了港股市场核心科技企业矩阵，包括腾讯（00700.HK）、阿里巴巴（09988.HK）、小米集团 （01810.HK）等互联网及科技龙头，宁德时代（03750.HK）、比亚迪（0 ...

Group 1 - The report maintains an optimistic outlook for the Hong Kong stock market in 2026, predicting that the current bull market will continue to extend further and last longer, with the Hang Seng Index expected to reach 30,100 points by the end of 2026, based on a forecasted P/E ratio of 13.0 times [2][33] - Key investment opportunities are identified in areas such as strengthening the real economy, promoting technological innovation, developing new productive forces, and expanding domestic demand, which are critical directions outlined in the 14th Five-Year Plan [2][36] - The report emphasizes that sectors related to technological innovation and new productive forces are likely to be the most important investment themes in the coming years, suggesting a focus on consumer leading companies, undervalued high-yield state-owned enterprises, and domestic brands benefiting from accelerated substitution processes [2][36] Group 2 - The Hong Kong stock market showed strong performance in the first 11 months of 2025, with the Hang Seng Index rising by 28.9% and the Hang Seng Tech Index increasing by 25.3%, placing it among the top global stock markets [3][4] - All industry sectors within the Hang Seng classification experienced gains, with materials, healthcare, and information technology sectors performing particularly well, increasing by 134.3%, 74.1%, and 39.7% respectively [4][7] - The report notes that the average daily trading volume in the Hong Kong stock market reached HKD 2,558 billion, a 95% increase year-on-year, and net inflows from southbound trading amounted to RMB 12,806 billion, significantly higher than the previous year's RMB 6,543 billion [3][21] Group 3 - The report indicates that liquidity in the Hong Kong financial market remains ample, with the banking system's surplus rising significantly due to interventions by the Hong Kong Monetary Authority [15][16] - It highlights that southbound trading has played a crucial role in supporting the stability and recovery of the Hong Kong market amid rising geopolitical risks, with companies with mainland backgrounds accounting for 80.59% of the total market capitalization [21][22] - The report anticipates that southbound trading will achieve a net inflow of RMB 1.5 trillion in 2026, surpassing the expected net inflow of RMB 1.33 trillion in 2025 [21][22] Group 4 - The report discusses the normalcy of significant pullbacks during a bull market, noting that the Hang Seng Index experienced a 6.1% decline and the Hang Seng Tech Index a 16.6% decline from late September to late November 2025, which is considered a typical adjustment within historical bull markets [25][29] - It attributes the recent market adjustments to increased internal and external uncertainties, including geopolitical tensions and economic slowdowns, which have led to cautious investor sentiment [26][27] - Historical data shows that during past bull markets, the Hang Seng Index has experienced average pullbacks ranging from 6% to 20%, indicating that the current adjustments do not fundamentally alter the upward trend of the market [29] Group 5 - The report emphasizes the importance of economic construction as a central focus, suggesting that the recent political statements will boost confidence among entrepreneurs and investors, thereby enhancing the fundamentals of listed companies [33][36] - It outlines that the 14th Five-Year Plan prioritizes the strengthening of the real economy, technological self-reliance, and the expansion of domestic demand, which are expected to drive future market growth [35][36] - The report concludes that the increasing recognition of China's AI technology and the presence of high-quality investment targets in the Hong Kong market will attract both domestic and international capital, fostering a positive investment environment [37]

Core Insights - The Hong Kong technology sector is expected to benefit from a dual drive of global AI recovery and Chinese policy dividends, with the Hang Seng Technology Index showing a year-to-date increase of over 25% in 2025 [1] - The technology sector's stock price growth and performance have significantly outpaced the overall A-share market, indicating a robust growth phase for China's tech industry [1] - Concerns regarding an "AI bubble" have eased since late November 2025, attributed to signals of interest rate cuts from the Federal Reserve, better-than-expected corporate earnings, and the practical implementation of AI applications [1] Sector Performance - The technology sector encompasses areas such as semiconductors, digital economy, and biotechnology, showcasing comprehensive growth potential [1] - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects the top 30 listed companies in sectors like information technology, electronic components, interactive media and services, online retail, and payment services based on market capitalization [1] - The index focuses on high R&D investment and high-growth technology companies, reflecting the overall performance of core technology industry securities in the Hong Kong market [1]