第一财经正式推出"问海•中企出海新观察"栏目，系统化追踪中企全球化进程。 【问海•中企出海新观察】 全球化发展自2024年开始进入了一个新时期，最显著的变化之一，便是贸易保护主义加剧，一些国家更强调"保护本国"的经贸政策，全球贸易摩擦升级，也 促使关键产业回流本土。与此同时，后疫情时代以来，在地缘政治局势紧张的背景下，主权国家与跨国企业对供应链安全重视度的提升，进一步加速了全球 产业链、供应链的调整，这些都给全球化发展带来更多不确定性。 根据《报告》，中国企业全球化发展进入新常态，呈现出多元化、区域化，且与地缘政治交织的复杂发展状态。贸易方面，以美国为例，在经贸领域推行针 对各个国家的"对等关税"。投资方面，联合国贸发会议（UNCTAD）数据显示，截至2024年底，全球有46个国家设立了专门针对外国直接投资的审查机制， 较十年前（2014年）的水平翻了一倍多，审查范围也从传统的能源、交通基础设施拓展到半导体、数据处理、人工智能等新兴领域。与此同时，科学技术迭 代日益加快，正在快速改变传统生产方式与经营模式，影响着经营主体在全球化方面的决策。 新形势下，中国企业全球化展现出较强韧性。第一财经研究院·中国企业全球 ...

（原标题：Wind：2025年港股股权融资市场融资总额达6122亿港元 增长比率达250.91%） 智通财经APP获悉，1月6日，Wind发布2025年度港股承销排行榜。二级市场流动性的深度修复与风险偏好的显著回升，为一级股权融资市场提供 了理想的"发行窗口"，港股股权融资呈现出爆发式增长态势。据统计，2025年全年，港股股权融资市场融资总额达6,122亿港元，较去年同期1,745 亿港元明显翻倍，增长比率达250.91%，实现了规模上的跃迁。这一激增得益于大型中概股回归及特专科技企业(18C)的常态化发行，不仅重塑了 香港作为全球新股募资中心的地位，更在南下资金定价权提升的背景下，完成了从"估值洼地"向"资产定价枢纽"的核心转型。 2025年，港股二级市场的强劲复苏为一级股权融资提供了绝佳的"发射窗口"，恒生综合指数全年上涨30.98%。值得关注的是，市场风格呈现出明 显的"双轮驱动"特征：一方面，恒生金融类指数以39.26%的涨幅跨越式领跑，反映出宏观流动性改善下权重板块的压舱石作用；另一方面，恒生 科技指数与可持续发展企业指数分别上涨23.45%与31.36%，显示出资本对新质生产力与ESG长线价值的高 ...

Economic Data - Initial jobless claims decreased to 199,000, better than the expected 220,000, marking a continuous decline for four weeks [6][8] - The number of individuals continuing to receive unemployment benefits fell to 1.866 million, with a four-week moving average also declining [6][8] - The New York Fed's weekly economic index stood at 2.23, with a 13-week moving average of 2.26 [7][10] Market Sentiment - The overall market sentiment remained in the "neutral" range, with the S&P 500 fear and greed index indicating a slight decrease compared to the previous week [11][12] - The volatility index (VIX) closed at 14.51, below the critical value of 20 and the 50-day moving average [11][13] Global Market Overview - Global equity markets experienced a weekly decline of 0.3%, with emerging markets up by 2.3% and developed markets down by 0.6% [14] - The US dollar index increased by 0.4%, while gold fell by 4.6% and Bitcoin rose by 3.1% [14] US Stock Market Performance and Style - The S&P 500 index decreased by 1.0% for the week, while the Nasdaq index fell by 1.5% [15] - The technology sector, represented by the "seven giants," saw a decline of 1.9%, and small-cap stocks, represented by the Russell 2000, also dropped by 1.0% [15] - Value stocks outperformed growth stocks, with large-cap stocks leading small-cap stocks [15] Industry Performance - Among the 36 secondary industries in the US stock market, 14 saw gains, with the top five performers being coal, oil and petrochemicals, defense and military, electrical equipment, and semiconductors, with weekly increases of 5.9%, 3.1%, 1.8%, 1.7%, and 1.4% respectively [17] - The automotive and parts sector lagged with a weekly decline of 5.0% [17]

2025年，对A股和港股IPO（首次公开募股）市场来说都是丰收的一年。A股市场有115只新股上市，首 发募资额超过1300亿元，接近2024年全年募资额的2倍；港股市场则有117只新股上市，首发募资额超过 2860亿港元，由此重回全球交易所榜首位置。 值得一提的是，在港股市场2025年新股首发募资额中，"A+H"公司贡献近一半。 亮眼的数据之下，"制度竞合"是2025年度IPO市场更重要的关键词。为争夺科技创新企业上市资源，在 IPO政策包容性改革方面，A股市场推出了"1+6"政策措施，港股市场推出"科企专线"服务机制。有受访 学者对《每日经济新闻》记者表示，这一"制度竞合"的终点是看谁能构建出最能识别和滋养长期创新的 市场生态。 此外，2025年还上演了"打新"盛宴和二级市场科技公司估值提升的戏码。有受访专家认为，这在一定程 度上带来了估值逻辑的错位，进而促成一级市场的"估值压力"与并购终止，也迫使资本需要更冷静地辨 别"故事"与"前景"。 从保荐券商的分布来看，国泰海通证券（包含合并之前的国泰君安和海通证券）、中信证券、中信建 投、华泰联合证券和招商证券保荐新股数最多，分别有17只、14只、11只、10只 ...

| 资料 | 成分 | 资讯 | 相关基金 | 月度收益 | | --- | --- | --- | --- | --- | | 小鹏汽车-W | | 80.000 | 5.12% | 0.00% | | 9868.HK | | | | | | 零跑汽车 | | 52.000 | 4.12% | -0.769 | | 9863.HK | | | | | | 厨来-SW | | 39.880 | 3.75% | 1.019 | | 9866.HK | | | | | | 比亚迪股份 | | 96.900 | 3.53% | 0.319 | | 1211.HK | | | | | | 吉利汽车 | | 17.480 | 3.31% | 1.339 | | 0175.HK | | | | | | 理想汽车-W | | 67.050 | 3.07% | 0.079 | | 2015.HK | | | | | | 均胜电子 | | 18.420 | 2.45% | -0.169 | | 0699.HK | | | | | | 耐世特 | | 6.670 | 1.21% | 0.769 | | 1316.HK | | | ...

美股策略 2025 年 12 月 22 日 美股策略周报：信息技术行业盈利上修 7.7%驱动美股上涨 2025 年 12 月 22 日 刘宗武（HKSFC CE No.:BSJ488） 高级策略分析师 艾德证券期货研究部 联络电话：86 13760421136 电邮地址：liuzongwu@eddid.com.hk | 劳动力市场继续降温 3 | | | --- | --- | | 11 月通胀"惊人"下行 4 | | | 市场情绪全周维持在"中性"区间 | 5 | | 全球市场一览 | 6 | | 美股市场表现与风格 6 | | | 行业表现 | 7 | | 标普 500 成份股涨跌幅排名 | 8 | | 标普 500 核心成份股表现 9 | | | 价量指标（1）：二级行业日均资金强度排名 10 | | | 成份股资金强度周排名 价量指标（2）：标普 500 | 11 | | 美股盈利持续上修 | 11 | | 分析员声明 | 13 | | 图表 | 1 | ：11 | 月非农就业新增 万人，失业率 6.4 4.6%，继续降温 3 | | | --- | --- | --- | --- | --- | | ...

数据统计，从2011年上市至今，三七互娱累计分红27次，累计现金分红总额超过115亿元。三七互娱12 月11日公告称，公司全资子公司安徽泰运拟向帝奥微湖杉（嘉兴）股权投资合伙企业（有限合伙）进行 投资，出资额不超过5000万元。帝奥微湖杉基金目标认缴总规模为3亿元，但不超过4亿元，最终以实际 募集情况为准。本次投资帝奥微湖杉基金后，帝奥微湖杉基金将投资于AI产业链相关企业。 数据统计，从2016年上市至今，玲珑轮胎累计分红15次，累计现金分红总额超过36.91亿元。玲珑轮胎 12月11日发布2025年第三季度权益分派实施公告，本次利润分配以方案实施前的公司总股本14.64亿股 为基数，每股派发现金红利0.065元（含税），共计派发现金红利9512.77万元。 | 证券简称 | 分红总额 | 分红次数 | Wind行业 | | --- | --- | --- | --- | | | (亿元) | | | | 三七互娱 | 13. 86 | 3 | 传媒 | | 玲珑轮胎 | 3.59 | 3 | 汽车与零配件 | | 迈瑞医疗 | 49. 35 | 3 | 医疗设备与服务 | | 御银股份 | 0. 05 | ...

智通财经12月21日讯（编辑 笠晨）近年来A股上市公司分红意愿显著提升，市场分红生态持续优化，呈 现出分红总额、参与分红公司数量占比以及年内多次分红公司数量逐年递增的趋势。choice数据统计， 截至发稿，以股权登记日计算，今年以来A股上市公司现金分红总额达到2.61万亿元，已超过2024年全 年，创出历史新高。 Wind数据显示，今年以来，A股上市公司迈瑞医疗、三七互娱、御银股份和玲珑轮胎分红次数均为三 次。山东路桥、雅戈尔、深圳华强、奕帆传动、陕国投A、鱼跃医疗、行动教育、南山铝业、隆扬电 子、艾融软件、分众传媒、药明康德、百龙创园、吉比特、华宝股份、新坐标、龙佰集团、远翔新材、 华明装备、卓创资讯、九强生物、金帝股份、开普检测、西部证券、海希通讯、开能健康、金能科技、 金岭矿业、国光股份和吉电股份分红次数均为两次。具体情况如下图： | 证券简称 | 分红总额 | 分红次数 | Wind行业 | | --- | --- | --- | --- | | | (亿元) | | | | 三七互娱 | 13. 86 | 3 | 传媒 | | 玲珑轮胎 | 3.59 | 3 | 汽车与零配件 | | 迈瑞医疗 | ...

Core Viewpoint - The Hong Kong stock market has seen a surge in refinancing activities this year, with placements becoming the preferred method for companies due to their efficiency, flexibility, and cost advantages [1][3]. Group 1: Market Activity - Hong Kong listed companies have raised nearly 350 billion HKD through placements, rights issues, and consideration issues this year, with placements accounting for almost 90% of the total [1][3]. - The total amount raised through placements alone reached approximately 312.4 billion HKD, representing 89.61% of the total refinancing [3][7]. Group 2: Industry Insights - Key industries leading the placements include hardware equipment, automotive and parts, biomedicine, and software services, with hardware equipment raising 600.07 billion HKD [4][5]. - Notable contributions from specific companies include Xiaomi Group raising 426 billion HKD in the hardware sector and BYD raising 435.09 billion HKD in the automotive sector [4][7]. Group 3: Fund Utilization - The funds raised through placements are primarily allocated for research and development, business expansion, international market development, and optimizing capital structure [9]. - Companies like SenseTime and BYD have specified that their raised funds will support core business development, AI infrastructure, and overseas market expansion [9]. Group 4: Market Conditions - The active refinancing in the Hong Kong market is attributed to increased market activity, rising trading volumes, and valuation recovery, providing an excellent window for companies to refinance [10]. - Analysts predict that the liquidity in the Hong Kong market will continue to improve, driven by the "wealth effect" and increasing participation from mainland investors [10].

Group 1 - The Hong Kong stock market has seen active refinancing this year, with placements becoming a key method due to their efficiency, flexibility, and cost advantages [1][2] - As of this year, Hong Kong listed companies have raised nearly 350 billion HKD through placements, rights issues, and consideration issues, with placements accounting for nearly 90% of the total [1][2] - Discounted placements have become the mainstream method, with most companies adopting this strategy to attract investors [1][2] Group 2 - The technology and biopharmaceutical sectors dominate the placement market, with hardware, automotive, and software services also being significant contributors [3] - Notable placements include Xiaomi Group raising 426 billion HKD in the hardware sector and BYD raising 435 billion HKD in the automotive sector [3] - Approximately 40% of the total refinancing this year has come from technology companies, reflecting strong investor confidence in the tech sector [3] Group 3 - The funds raised through placements are primarily allocated for research and development, business expansion, international market development, and operational capital [4][5] - Companies like SenseTime plan to use 30% of their placement proceeds for core business development and AI infrastructure, while BYD aims to enhance its technological capabilities and expand overseas [4][5] - The active refinancing environment is supported by increased market activity, rising transaction volumes, and valuation recovery, providing an excellent window for listed companies [5]