Global IPO Market Overview - In 2024, the global IPO market saw a total of 1,215 IPOs raising $121.2 billion, reflecting a decline in both volume and proceeds compared to 2023 [1][9] - The recovery in the IPO market was driven by easing inflation, monetary policy loosening, and increased investor confidence post-US elections [1][9] - The technology, industrial, and consumer sectors dominated the IPO landscape, accounting for approximately 60% of the market share [1][9] Regional Performance - India emerged as the largest player in the global IPO market in 2024, with 327 IPOs raising $19.9 billion, surpassing the US in the number of IPOs [2] - The US maintained its lead in total proceeds, raising $32.8 billion despite fewer IPOs than India [2] - The EMEIA region led in both IPO volume and proceeds, completing 522 IPOs and raising $53.2 billion, marking a 17% and 64% increase year-over-year respectively [3] Sector Insights - The technology sector experienced a 23% decrease in IPO proceeds, yet advancements in AI and automation are expected to drive future growth [3][10] - The industrial sector showed resilience, particularly in India and Southeast Asia, with strong performances in manufacturing and infrastructure [3] - The consumer sector's recovery was bolstered by successful listings in retail and e-commerce, especially in food delivery and digital commerce [3] Future Outlook - The IPO market is projected to remain optimistic in 2025, supported by economic recovery, accommodative monetary policies, and increased investor confidence [4][12] - Companies that demonstrate mature business models and profitability are expected to attract more investor interest [4][12] - The emphasis on ESG factors is likely to influence IPO conditions, with companies adopting sustainable practices to align with investor expectations [12]

Core Viewpoint - The article emphasizes the importance of boosting domestic demand and investment in Henan province to ensure economic recovery and growth, particularly in the second quarter of 2025. Domestic Demand and Consumption - Henan province is implementing a special action plan to boost consumption, focusing on enhancing consumer capacity, expanding product consumption, and improving service quality through eight major actions [1] - The plan aims to address barriers to consumption by promoting high-quality employment, increasing residents' income, and improving the overall consumption environment [1] - The province has allocated 1.5 billion yuan for the "Lego Henan" consumption voucher program to stimulate consumer spending [10] Infrastructure Investment - The provincial government has introduced 14 measures to enhance infrastructure investment, covering the entire lifecycle of infrastructure projects [2] - Key strategies include concentrated project oversight, expedited preliminary work, and strengthened support for major projects [3] Support for Enterprises - The government is expanding its support for key enterprises, increasing the number of companies receiving assistance from 1,500 to 15,000 [4] - Measures include helping enterprises secure orders, reduce costs, and transition to new business models [5] - Financial support will be provided to enterprises with significant revenue growth, with a one-time subsidy of 100,000 yuan for those achieving a 10% increase in revenue [7] Agricultural Production - The second quarter is critical for summer grain production, with efforts focused on managing wheat during its critical growth phase [8] - The province is also enhancing livestock production capabilities and supporting farmers through various policies [9] Foreign Trade - Henan's foreign trade saw a total import and export value of 204.26 billion yuan in the first three months of the year, with a year-on-year growth of 28% [11] - The government plans to stabilize foreign trade through policy support, market expansion, and assistance for enterprises facing challenges [11]

Group 1 - The Grand Canal Hanggang Park officially opened on April 28, featuring over 30 events to revitalize industrial heritage [2] - The focus for the North City area this year is on "One Belt and Three Cores," with plans to implement 230 projects and an investment of approximately 32.5 billion [2] - As of now, 18 projects have been completed and 19 have commenced, with a total investment of about 8.57 billion completed [2] Group 2 - Key development areas in the North City include Hanggang Old Site, Canal Riverside, and Liangzhu New City Yuhu Lake [3] - The "Cultural Season" theme in the first quarter has brought life to the Hanggang industrial site through various events [3] - Infrastructure projects such as schools and road constructions are underway to enhance accessibility [3] Group 3 - The Grand Canal Museum and the future Art and Technology Center are under construction, improving the area's cultural landscape [4] - The North City area is undergoing comprehensive landscape improvements along the canal, with significant progress on pedestrian bridges [4] - High-energy industries are being introduced in the Liangzhu New City Yuhu Lake area, with ongoing projects like Jujie Technology and Yuteng Bainuo [4] Group 4 - This year is crucial for accelerating development in the North City area, focusing on six major actions including transportation, housing, and cultural heritage [5] - The city aims to enhance the landscape along the Grand Canal and improve infrastructure to support urban integration [5] - The goal is to contribute new growth points to the overall development of the city [5]

细节二：提出"加紧实施"，这一表述较为少见。 我们理解含义之一是更加积极有为的宏观政策之前已有部 署，目前要加快既定的存量政策实施落地，"用好用足"也是同一指向；含义之二是目前稳增长具有一定的紧 迫性，政策重视并且希望较快看到稳增长效果，后续政策节奏有望加快。 细节三：提出"创设新的结构性货币政策工具"、"设立新型政策性金融工具"，具体用于"科技创新、扩大消 费、稳定外贸"。 科创之前已有科技创新与设备更新再贷款；消费可能主要聚焦服务类消费，会议同时指 出"设立服务消费与养老再贷款"；外贸的结构性工具目前线索较少，参考2020年疫情期间保市场主体的做 法，我们理解工具可能主要为引导银行加大对受关税冲击较大的外贸中小微企业的贷款支持，提供短期流动 性，帮助企业渡过难关。新型政策性金融工具亦值得关注。"政策性"一词意味着具备逆周期调节属性，且可 能由政策性银行来主导，2022年央行曾推出政策性开发性金融工具支持基建，此次在消费、外贸等领域可能 也会有类似的方式。 广发证券首席经济学家 郭磊 guolei@gf.com.cn 摘要 第一， 中共中央政治局4月25日召开会议，分析研究当前经济形势和经济工作。会议肯定年 ...