来源：滚动播报 2月25日，香港特区政府财政司司长陈茂波在立法会发表2026至2027财政年度政府财政预算案。陈茂波 表示，为持续优化证券市场，吸引发行人和提升市场效率，港交所将推进以下工作：（一）在第一季就 修订"同股不同权"企业上市要求、便利海外发行人第二上市、优化首次公开招股流程，以及为生物科技 和特专科技公司申请上市提供更多弹性等咨询市场；（二）在上半年落实完善结构性产品上市框架，以 及就推动"T+1"结算周期的具体实施方案咨询市场；（三）改革证券市场每手买卖单位，以及联同香港 证监会和业界在年内推出无纸证券市场制度。 ...

另外，香港证监会也向记者表示，将继续与香港交易所密切合作，探索进一步提升香港上市市场竞争力 的举措，以确保香港继续成为优质企业首选的上市目的地。（证券时报） 【独家】香港拟扩大IPO保密申请范 围? 香港交易所回应:将适时向市场 公布相关进展 #港交所回应拟扩大IPO保密申请范围#【香港拟扩大IPO保密申请范围？香港交易所回应：将适时向市 场公布相关进展[话筒]】近日，有传闻称香港考虑扩大IPO保密申请范围，允许更广泛类型的公司以保 密形式提交首次公开招股(IPO)申请，以巩固香港作为全球领先上市目的地的地位。对此，香港交易所 发言人回应《人民财讯》称，香港交易所致力于优化市场基础设施和上市机制，确保与时俱进。过去几 年，香港交易所推出了多项重要改革，包括2018年推出允许同股不同权企业上市、允许尚无营业收入的 生物科技公司上市的新规，以及2023年推出特专科技企业上市机制。香港交易所将继续与香港证监会紧 密合作，从多方面努力进一步提升交易所的竞争力，香港交易所将适时向市场公布相关进展。 10:05 人民财讯2月25日电,近日,有传闻称香港考虑扩大IPO 保密申请范围，允许更广泛类型的公司以保密形式提交 首次 ...

来源：新浪港股 3．改革证券市场每手买卖单位，以及联同证券及期货事务监察委员会（证监会）和业界在年内推出无 纸证券市场制度。（新浪财经香港站） 香港财政司司长陈茂波在2026-27财年财政预算案中表示，为持续优化证券市场，吸引发行人和提升市 场效率，港交所将推进以下工作： 1．在第一季就修订"同股不同权"企业上市要求、便利海外发行人第二上市、优化首次公开招股流程， 以及为生物科技和特专科技公司申请上市提供更多弹性等咨询市场； 2．在上半年落实完善结构性产品上市框架，以及就推动"T+1"结算周期的具体实施方案咨询市场； ...

2月25日，香港特区政府财政司司长陈茂波在立法会发表2026至2027财政年度政府财政预算案。陈茂波 表示，香港可协助内地航天产业与全球市场对接，并提供科研、融资、风险管理及法律等专业服务。引 进办将牵头物色合适的航天企业来港发展。此外，已要求香港交易及结算所有限公司（港交所）检视相 关上市规定，便利和吸引更多航天企业来港上市。 ...

Core Viewpoint - Hong Kong is considering expanding the scope of confidential IPO applications to strengthen its position as a leading global listing destination [1] Group 1: Market Infrastructure and Listing Mechanism - The Hong Kong Stock Exchange (HKEX) is committed to optimizing market infrastructure and listing mechanisms to keep pace with changing market conditions [1] - Recent reforms by HKEX include allowing dual-class share structures for companies, permitting biotech firms without revenue to list, and introducing a special listing mechanism for technology companies in 2023 [1] Group 2: Collaboration and Future Developments - HKEX will continue to work closely with the Hong Kong Securities and Futures Commission to enhance the competitiveness of the exchange [1] - The exchange plans to announce relevant progress to the market in due course [1]

Core Viewpoint - Hong Kong is considering expanding the scope of confidential IPO applications to strengthen its position as a leading global listing destination [1] Group 1: Market Infrastructure and Listing Mechanism - The Hong Kong Stock Exchange (HKEX) is committed to optimizing market infrastructure and listing mechanisms to keep pace with changing market conditions [1] - Recent reforms by HKEX include allowing dual-class share structures for companies, permitting biotech firms without revenue to list, and introducing a special listing mechanism for technology companies in 2023 [1] Group 2: Collaboration with Regulatory Bodies - The Hong Kong Securities and Futures Commission (SFC) stated it will continue to work closely with HKEX to explore further measures to enhance the competitiveness of Hong Kong's listing market [1] - The goal is to ensure that Hong Kong remains the preferred listing destination for high-quality enterprises [1]

Group 1 - The domestic tourism during the Spring Festival reached a historical high with a total expenditure exceeding 803.48 billion yuan, marking an increase of 126.48 billion yuan compared to the previous year [2] - A total of 596 million domestic trips were made during the 9-day holiday, an increase of 95 million trips compared to the 8-day holiday in the previous year [2] - The cultural and tourism market in the country is reported to be stable and orderly [2] Group 2 - In 2025, the Hong Kong Stock Exchange is projected to rank first globally in new stock financing, with 488 companies having submitted applications for listing, the highest number from Guangdong province [3] - The real estate market in Shenzhen showed strong rebound post-Spring Festival, with second-hand residential transactions averaging 3.1 units per day, up 211.1% year-on-year, and new home transactions averaging 3.7 units per day, up 125.6% [5] - The trend of "reverse New Year" is emerging, with many young people bringing their parents to Shenzhen for family reunions, which is accelerating housing demand [5] Group 3 - The total box office for the Spring Festival film season reached 5.75 billion yuan with 120 million viewers, although the overall performance was considered average due to a lack of blockbuster films [6] - The average ticket price during the Spring Festival dropped to the lowest level in six years, with significant reductions in third and fourth-tier cities, decreasing by over 6% year-on-year [6] - The number of screening sessions during the Spring Festival exceeded 4.35 million, setting a new historical high for the festival [6]

2月24日，广东"新春第一会"——全省高质量发展大会如约而至。会上，广东省委书记黄坤明再次提 及，建设具有国际竞争力的现代化产业体系。具备国际竞争力的现代化产业体系，离不开全球领先的资 本市场支持。 在当日大会"科技与金融创新赋能产业融合"分会场，香港交易所环球上市服务部副总裁陆琛健表示， 2025年，港交所的新股融资额在全球交易所里排名第一；目前已有488家上市公司递交了港股上市申 请，其中广东企业在全国各个省区市里排名第一。 去年新股融资额居全球交易所第一 陆琛健指出，2025年，港交所的新股融资在全球所有交易所里排名第一，其中共有519家新的公司在港 交所上市，总估值额达到2800多亿港元，融资金额达374亿美金；同时，港股市场去年融资超过1000亿 美金，在全球主要市场里面排名第二，仅次于美国。 助企业出海，上市粤企申请香港上市数居全国第一 当前，中国企业出海是一大主题。陆琛健表示，香港作为中国的另外一个成熟融资市场，是助力中国内 地企业出海的首选的平台。 "我们看到去年的统计，所有的发行人里占国际业务的发行人总数比重超过了45%，融资额超过 75%。"陆琛健举例称，如去年新登陆港股市场的广东企业—— ...

股份方面，该行最看好港交所，因其更具杠杆效应，目前估值低于长期平均水平，评级上调至"买入"， 目标价由373.94港元上调至502港元。该行亦预期香港银行股今年将录得正回报，但或因资本回报水平 较低而跑输国际同业，予中银香港及东亚银行"持有"评级，较偏好前者，基于其基本面较具韧性及较高 的回报水平，目标价由31港元上调至48港元。 杰富瑞发表研报指，对今年香港金融股前景看法正面，因新股市场活跃、结构性跨境资金流动，以及住 宅物业市场初步复苏。该行预期未来美联储的政策可能令HIBOR正常化，料今年上半年一个月HIBOR 将维持于2.5%水平。信贷成本方面，该行看法则较为保守，偏好资产负债表较稳健及风险取态较审慎 的银行。另外，该行相信行业层面的不良贷款高峰期已过，预期与商业房地产相关的不良贷款将于今年 见顶回稳，其后经历一至两年的去风险过程。 ...

Group 1: Market Overview - The U.S. stock market experienced slight gains, with the Dow Jones up 0.25%, Nasdaq up 1.51%, and S&P 500 up 1.07% for the week [1] - European indices also performed well, with the FTSE 100 up 2.30%, DAX 30 up 1.39%, and CAC 40 up 2.45% [1] - Oil prices surged due to geopolitical tensions, with WTI crude oil rising 5.57% to $66.39 per barrel and Brent crude oil up 5.92% to $71.76 per barrel [4] Group 2: Economic Data and Federal Reserve - The latest Federal Reserve meeting minutes indicated a reluctance to cut interest rates, with some officials suggesting further rate hikes if inflation remains high [2] - The PCE inflation indicator unexpectedly accelerated in December, while January's employment growth was strong [2] - The U.S. economy is projected to slow down, with a seasonally adjusted annual growth rate of only 1.4% for Q4 2025 [2] Group 3: Corporate Earnings - Nvidia is expected to be a major focus as earnings season approaches, alongside other companies like Home Depot, Lowe's, and Berkshire Hathaway [3] - Alibaba, a Chinese company, is also set to release its earnings report [3] Group 4: Geopolitical Factors - Tensions between the U.S. and Iran have led to increased oil prices, with concerns over supply risks in the Middle East [4][5] - The potential for limited military action by the U.S. against Iran has been discussed, which could impact market stability [5][6] Group 5: European Economic Outlook - The upcoming economic data from Germany and France will be closely watched, including the IFO business climate index and consumer confidence surveys [7][8] - The likelihood of a rate cut by the Bank of England has increased, with the market pricing in a 78% probability for a cut next month [8]