2025年大湾区交易所科技大会11月28日在深交所开幕。香港交易所集团行政总裁陈翊庭在致辞中表示， 科技正深刻改变全球金融服务格局，今年以来人工智能技术的重大突破与加速落地，不仅改变了大众生 活，也推动金融市场迈入 "人工智能 +" 时代。 责任编辑：郝欣煜 登录新浪财经APP 搜索【信披】查看更多考评等级 港交所作为金融市场的建设者与参与者，近两年来推出的一系列优化服务。在具体应用层面，港交所已 将人工智能技术应用于日常办公运营，有效节省了文档处理与信息整理的时间，显著提升了办公效率； 港交所上市科在审阅上市公司年报过程中，也通过人工智能技术更高效地识别信息披露违规情况。此 外，港交所正积极探索利用人工智能推动金融监管数字化转型，研究如何通过人工智能提高发行审核工 作效率、辅助监测市场异动，进而提升监管效能。 专题：2025年大湾区交易所科技大会 陈翊庭表示，大湾区拥有全国领先的金融科技、出类拔萃的科技人才以及实力优秀的金融同业。未来， 港交所将继续善用大湾区的科技与人才优势，加快创新步伐，提升服务效率，通过科技赋能优化金融服 务，进一步增强香港金融市场的国际竞争力。（新浪财经香港站） ...

Core Insights - The report by Ernst & Young indicates a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong markets accounting for 16% and 33% of global totals respectively [1] - The Hong Kong Stock Exchange leads globally with a fundraising amount of $36 billion, surpassing major markets like New York and Nasdaq [1] - A-shares are expected to see moderate growth in 2025, with average fundraising amounts increasing by over 50% year-on-year to reach 1 billion yuan [1] Group 1: A-share Market Insights - The A-share market is maintaining a steady operational rhythm, with significant contributions from large IPOs, leading to a notable increase in the proportion of billion-yuan IPOs [1] - The average return rate for newly listed stocks this year reached 253%, with no instances of first-day price drops [1] - Regulatory policies such as the "827" new rules and the "Nine New National Policies" have contributed to a decline in new stock issuance price-to-earnings ratios to a five-year low [1] Group 2: Hong Kong Market Insights - The Hong Kong IPO market is expected to recover strongly in 2025, with fundraising projected to exceed 200 billion HKD, driven by large IPO projects [1] - Over 20 A-share companies are anticipated to list in Hong Kong, raising more than 170 billion HKD collectively [1] - The average fundraising scale for IPOs is expected to increase by 137% compared to the previous year, marking the second-highest level in five years [1] Group 3: Future Trends and Market Dynamics - The collaboration between mainland and Hong Kong capital markets is expected to deepen, enhancing institutional cooperation and market connectivity [2] - A-share IPOs are likely to gradually return to normalized issuance, focusing on quality and structural improvements [2] - The Hong Kong market is projected to maintain high activity levels, with a structural deepening characteristic, particularly in the A+H model and the return of Chinese concept stocks [2] Group 4: Sector-Specific Insights - The A-share market is expected to see an increase in financing from hard technology sectors, with clearer market segmentation [3] - For the Hong Kong IPO market in 2026, key supporting sectors include biotechnology, specialized technology companies, traditional industry upgrades, and new consumer brands from mainland China [3] Group 5: Hong Kong's Role in Internationalization - Hong Kong serves as a vital bridge for mainland companies seeking international exposure, benefiting from a robust base of international institutional investors [4] - The flexibility of Hong Kong's regulatory framework enhances its attractiveness as a listing destination for mainland enterprises [4] - The trend of Hong Kong-listed companies returning to A-shares is gaining momentum, driven by policy support and valuation differences between markets [4]

Core Insights - The report by Ernst & Young highlights that the capital markets in mainland China and Hong Kong continue to lead globally in IPO activities, with A-shares achieving a technological upgrade and Hong Kong returning to the top of global fundraising with $36 billion in annual financing [1][3] - A-shares and Hong Kong stocks accounted for 16% and 33% of global IPO numbers and fundraising amounts respectively, becoming key drivers of growth in the global capital market [1] - The global IPO market is expected to see a divergence in 2025, with stable numbers but a slight increase in fundraising, while Chinese companies occupy five of the top ten global IPO projects, showcasing their global financing appeal [1][2] A-share Market Summary - The A-share IPO market has transitioned from "scale expansion" to "quality priority," with average fundraising amounts increasing by over 50% year-on-year to reach 1 billion yuan [2] - The new policies, including the "National Nine Articles," have led to a decline in new stock issuance price-to-earnings ratios, reaching a five-year low, while the average first-day return for new listings remained stable at 253% [2] - Strategic emerging industries, particularly in artificial intelligence, robotics, new energy, and biomedicine, are expected to remain the main force in future listings, supported by the expansion of the Beijing Stock Exchange [2] Hong Kong Market Summary - The Hong Kong IPO market rebounded strongly in 2025, surpassing the New York Stock Exchange and Nasdaq with a fundraising scale of $36 billion, driven by large IPO projects [3][4] - Over 20 A-share companies are expected to list in Hong Kong, contributing more than 85% of the total fundraising in the market, with an average financing scale increasing by 137% year-on-year [3] - The market is characterized by a dual engine of new consumption and hard technology, with significant contributions from sectors like new energy vehicles and advanced manufacturing [3][4] Investment Trends and Strategies - The report indicates a shift in the investor base for Hong Kong IPOs, with participation from sovereign funds, insurance capital, and industrial capital from various regions, enhancing Hong Kong's position as an international financial center [4] - Companies preparing for IPOs are advised to prioritize the integration of business and financial data systems to address challenges in data collection and regulatory scrutiny, showcasing their governance capabilities through digital transformation [5]

Core Insights - The report by Ernst & Young highlights a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and the Hong Kong market accounting for 16% and 33% of global IPO numbers and fundraising amounts, respectively [2] - Hong Kong Stock Exchange (HKEX) leads globally with a fundraising amount of $36 billion, marking a significant recovery in the IPO market [2][5] - Chinese companies secured five positions in the top ten global IPOs, with sectors including automotive, mining, energy, and advanced manufacturing [2] Group 1: A-share Market Performance - The A-share IPO market experienced moderate growth in 2025, with an average fundraising amount exceeding 50% year-on-year, reaching 1 billion yuan [3] - The average return rate for new A-shares was 253%, maintaining the same level as in 2024, with no instances of first-day price drops [3] - The industrial, technology, and materials sectors dominated A-share IPO numbers, while the energy sector rose to the top three in fundraising scale [4] Group 2: Hong Kong IPO Market Dynamics - The Hong Kong IPO market saw a strong recovery, with fundraising surpassing 200 billion HKD, marking the second-highest level in five years [4][5] - Large IPO projects, particularly from mainland Chinese A+H and A-share companies, significantly contributed to HKEX's rise, with over 20 A-share companies expected to list in 2025, raising over 170 billion HKD [5] - The average fundraising scale increased by 137% year-on-year, driven by a concentration of large IPOs, particularly in the industrial and retail sectors, focusing on new energy vehicles and advanced manufacturing [5] Group 3: Future Outlook and Recommendations - The report anticipates sustained heat in the Hong Kong IPO market, with a shift towards a more stable growth pace and structural deepening [5] - Companies are encouraged to embrace technology and build future-oriented governance systems to streamline financial data collection and enhance transparency in IPO preparations [6]

Group 1: Core Insights - The report by Ernst & Young highlights a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong markets accounting for 16% and 33% of global IPO numbers and fundraising amounts respectively [1] - Hong Kong's IPO fundraising has surpassed 360 billion USD, making it the leading exchange globally [1] - Chinese companies occupy five spots in the top ten global IPOs, with a notable increase in representation from sectors such as automotive, mining, energy, and advanced manufacturing [1] Group 2: Hong Kong IPO Market Recovery - The Hong Kong IPO market has seen a strong recovery in 2025, with fundraising exceeding 200 billion HKD for the first time in four years, marking the second peak in five years [2] - Major IPO projects have been pivotal in driving this resurgence, particularly from mainland "A+H" and "A拆H" companies, with over 20 A-share companies expected to list in Hong Kong, raising more than 170 billion HKD [2] - The average fundraising size has increased by 137% compared to last year, reaching the second highest level in five years, with industrial and retail sectors leading the charge [2] Group 3: Capital Market Cooperation - 2025 marks the beginning of a new decade for interconnectivity between mainland and Hong Kong capital markets, with an emphasis on deepening cooperation and enhancing institutional synergy [3] - A-shares are gradually returning to normalized issuance, focusing on quality and structural improvements, with the Beijing Stock Exchange becoming a key player in IPO applications [3] - The Hong Kong IPO market is expected to maintain its heat, with a steady growth pace and a focus on "A+H" models and the return of Chinese concept stocks [3] Group 4: Recommendations for Listing Companies - Companies planning to go public are advised to embrace technology and build a future-oriented financial governance system [4] - It is essential for companies to integrate business and financial data processes as a priority for IPO preparation, ensuring data consistency and transparency [4] - Strengthening digital transformation and intelligent financial management is crucial for showcasing governance capabilities to investors [4]

报告还指出，2025年港股IPO市场迎来强势复苏，IPO筹资额时隔四年再度突破2000亿港元，创近 五年第二高纪录。港交所融资额位居全球交易所榜首，大型IPO项目上市成为推动港股崛起的关键因 素。其中，来自内地的A+H及A拆H企业贡献突出，全年预计超过20家A股公司在港首发上市，合计募 资超过1700亿港元。 安永大中华区财务会计咨询服务主管合伙人刘国华表示："当前，内地与香港资本市场已进入互补 发展阶段，两地市场协同发力、共同服务国家战略全局。上半年国际资本持续涌入香港市场，南下资金 加速流入，推动港股投资者结构从'外资主导'转向'内外资双轮驱动'。虽然面临阶段性震荡，但港股整 体呈现上行趋势，并在龙头企业、市场政策、外部环境等多重作用下实现规模增长与结构升级。" 11月27日，安永发布了2025年《中国内地和香港IPO市场回顾及展望》报告。 报告指出，A股和香港市场全年IPO数量和筹资额占全球总量的16%和33%。其中，今年港交所以 2800亿港元（折合360亿美元）的融资额，跃居全球交易所榜首，远超排名第二的纽交所（205亿美 元）。 从全球市场来看，IPO数量与去年基本持平，但筹资额相比去年有所增长。 ...

Core Insights - The report by Ernst & Young indicates a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong accounting for 16% of global IPO numbers and 33% of global fundraising amounts in 2025 [1] Group 1: IPO Market Overview - Hong Kong Stock Exchange is projected to lead global exchanges with a fundraising amount of $36 billion in 2025, while Shanghai Stock Exchange ranks fifth with $11 billion [2] - Chinese companies occupy five positions in the global top ten IPOs, with representation across automotive, mining, energy, and advanced manufacturing sectors [2] Group 2: A-share Market Dynamics - The A-share IPO market is expected to see moderate growth in 2025, with approximately 97 companies going public and raising around 100 billion RMB [3] - The average fundraising amount per IPO in A-shares has increased to 1.031 billion RMB, reflecting a 53% year-on-year rise, driven by large IPOs [4] - The automotive sector accounts for about 30% of A-share IPOs, with significant contributions from industrial, technology, and materials sectors [4] Group 3: Hong Kong IPO Landscape - The Hong Kong IPO market is experiencing a strong recovery, with fundraising surpassing 200 billion HKD, marking the second-highest peak in five years [5] - Mainland enterprises dominate the Hong Kong IPO market, contributing 88.5% of the number of listings and 83.5% of the total fundraising [5] - New consumption and hard technology sectors are identified as the dual engines driving IPO activities in Hong Kong [5] Group 4: Future IPO Trends - The IPO issuance in 2026 is expected to transition to a "new normal," focusing on a steady pace rather than a return to rapid expansion, influenced by macroeconomic conditions and the quality of prospective listings [8] - The A-share market is anticipated to gradually restore normal issuance patterns, emphasizing quality and structural optimization, particularly in strategic emerging industries [8] - The Hong Kong IPO market is expected to maintain its momentum, with a focus on A+H listings and the return of Chinese concept stocks [8]

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]