中国经济网北京10月9日讯禾赛科技（02525.HK）港股今日收报210.60港元，涨幅0.00%。禾赛科技今 日盘中最低至208.60港元，创上市以来新低。禾赛科技10月8日港股最低价210.00港元，收盘价210.60港 元，跌破港股发售价。 禾赛科技2025年9月16日在港交所上市。最终发售价及配发结果公告显示，禾赛科技全球发售项下的发 售股份数目为19,550,000股发售股份（经计及发售量调整权获悉数行使及视乎超额配股权行使与否而 定），香港发售股份数目为1,955,000股发售股份（经计及发售量调整权获悉数行使），国际发售股份数 目为17,595,000股发售股份（经计及发售量调整权获悉数行使及视乎超额配股权行使与否而定）。 禾赛科技的联席保荐人、保荐人兼整体协调人、整体协调人、联席全球协调人、联席账簿管理人及联席 牵头经办人为中国国际金融香港证券有限公司、国泰君安融资有限公司、招银国际融资有限公司，整体 协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为海通国际证券有限公司、中银国际亚洲 有限公司，联席全球协调人、联席账簿管理人及联席牵头经办人为富途证券国际（香港）有限公司、星 展亚洲融资 ...

后市展望： 经历了 9 月减速后，10 月 A 股趋势比较明朗。9 月上证指数围绕 150 点区间维持横盘震荡，在指数接近 3900 点整数关前，市场出现一定 分歧。一方面是累积的涨幅较大，市场可能存在一定兑现压力，此外不同板块中报业绩分化也比较大，市场可能需要一次重新定位主线的过程。主线重新 定位并非是行情方向的逆转，而是行情节奏的变化，这是市场震荡上行过程中的正常现象，对中期趋势不会产生影响。展望 10 月，经历了 9 月的获利兑 现和盘整后，目前 A 股已经具备了进一步向上拓展空间的条件。10 月关注重点包括十五五发展规划的定调，三季报披露，科技行业的事件驱动等，预计 多板块有望迎来催化剂，从而推动市场维持震荡上行格局。 9 月主板维持横盘整理走势，双创表现强势。 9 月 A 股分化比较明显，主板上证指数维持窄幅横盘整理，波幅为 150 点左右，上涨速度较 8 月明显放 缓。但以科创 50 和创业板指为代表的科技成长风格依然维持了震荡上行的格局，9 月涨幅双双超过 10%。双创指数之所以表现较好，原因还是在于 AI 和 算力需求旺盛的推动之下，科技硬件的基本面处于上行通道中。预计主板稳中有升，双创继续震 ...

Group 1 - Bitcoin experienced a sudden drop of over 0.8%, falling below $124,000, while other cryptocurrencies like Ethereum and Avalanche also declined [1] - Over 160,000 individuals faced liquidation in the past 24 hours due to the volatility in the cryptocurrency market [2] - The recent surge in Bitcoin, which peaked at approximately $126,199, was driven by a weakening dollar and increased demand for safe-haven assets like gold and Bitcoin [2] Group 2 - Analysts at Bank of America suggest that a technical adjustment may be imminent for gold, as its price approaches the $4,000 per ounce mark, indicating signs of "exhaustion" in its upward momentum [3] - The report highlights that gold is currently about 21% above its 200-day simple moving average, a level often associated with peak prices [3] - In the stock market, while major Asia-Pacific indices mostly closed higher, the Nikkei 225 index saw a slight increase of only 0.01%, closing at 47,950.88 points after briefly surpassing 48,500 points [3]

· 2025 年 10 月 6 日 国都港股操作导航 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 46,758.28 | 0.51% | | 标普 500 指数 | 6,715.79 | 0.01% | | 纳斯达克综合指数 | 22,780.51 | -0.28% | | 英国富时 100 指数 | 9,491.25 | 0.67% | | 德国 DAX 指数 | 24,378.80 | -0.18% | | 日经 225 指数 | 45,769.50 | 1.85% | | 台湾加权指数 | 26,761.06 | 1.45% | | 内地股市 | | | | 上证指数 | 3,882.78 | 0.52% | | 深证成指 | 13,526.51 | 0.35% | | 香港股市 | | | | 恒生指数 | 27,140.92 | -0.54% | | 国企指数 | 9,658.34 | -0.68% | | 红筹指数 | 4,001.50 | -0.67% | | 恒生科技指数 | 6,622.85 | -0.90% | | AH 股 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **MSCI China Index** and its performance in the context of the Chinese stock market, highlighting its recent structural improvements and growth potential [1][2][3]. Core Insights and Arguments - The **MSCI China Index** has shown a **48% cumulative return** over the past 12 months, with a **38% year-to-date return**, second only to South Korea's **50%** [1][9]. - The **earnings growth** has been a significant driver of market returns, contributing positively for three consecutive years since 2023: **0.6%** in 2023, **5.0%** in 2024, and **3.2%** in 2025 [2][13]. - The **profitability trend** has stabilized, with a notable shift in leading sectors, particularly in **internet, finance, and technology**, which now dominate the index [2][24]. - The **earnings revision breadth (ERB)** turned positive in August 2025, making MSCI China one of the only two major markets globally to exhibit this trend [18][24]. Future Outlook - The outlook for **sustainable earnings growth** is optimistic, particularly in key sectors such as **internet, technology, pharmaceuticals, and automotive** [3][40]. - The **banking sector** remains an exception with negative revisions, but its impact on overall earnings growth is expected to be limited [3][40]. - The **e-commerce sector** is anticipated to see a reduction in profit downgrades as price competition peaks in Q3 2025 [3][40]. Important but Overlooked Content - The report emphasizes the **structural improvements** in the Chinese market, including a recovery in **return on equity (ROE)** and a shift towards high-quality large-cap stocks [14][24]. - The **MSCI China forward P/E ratio** increased from **8.7x** in August 2024 to **12.3x** in September 2025, reflecting a **42%** rise, indicating a revaluation based on improved fundamentals [14]. - The **internet, finance, and technology sectors** collectively account for **76.9%** of the MSCI China Index, up from **70.4%** in 2022, highlighting a significant shift in market composition [24][26]. - The **expected contributions** to total earnings per share (EPS) from key sectors for 2025 and 2026 are projected to be around **80%**, with the internet sector expected to regain its leading position in EPS growth by 2026 [26][31]. This comprehensive analysis provides a detailed understanding of the current state and future potential of the Chinese stock market, particularly through the lens of the MSCI China Index.

Market Overview - Major U.S. stock indices collectively rose, with the Dow Jones up 0.15% to 46,316.07 points, the S&P 500 up 0.26% to 6,661.21 points, and the Nasdaq up 0.48% to 22,591.15 points [1] - The Nasdaq China Golden Dragon Index increased by 2.03% [8] Technology Sector - Mixed performance among large tech stocks: Nvidia rose 2.07%, Microsoft up 0.61%, while Apple fell 0.4%, Google C down 1.14%, and Amazon up 1.09% [2][3] - The Philadelphia Semiconductor Index reached a historical high during the day but closed up only 0.16%. Micron Technology surged 4.22% due to supply shortages in the DRAM and NAND flash markets, with expectations of further price increases in Q4 and next year [3] Hardware and Gaming - Seagate Technology rose 5.35% and Western Digital increased by 9.23%, as Morgan Stanley raised their target prices, indicating a recent demand turning point [4] - Electronic Arts (EA) shares increased by 4.5% after announcing a final acquisition agreement with a consortium led by Saudi Arabia's Public Investment Fund, valuing the company at $55 billion [4] Biotechnology Sector - MoonLake, a biotechnology company with a market cap of nearly $4 billion, plummeted 89.93% after disappointing Phase III clinical trial results for an experimental skin disease drug. RBC lowered its target price from $67 to $10, while Stifel cut its target from $77 to $13 [5] Chinese Stocks - Most popular Chinese stocks saw gains, with notable increases: Xiaoma Zhixing up 7.32%, Bilibili up 4.75%, Alibaba up 4.65%, and NIO up 2.41% [6][7]

Group 1 - The Hong Kong Stock Connect Technology ETF (159101) has seen a net inflow of 464 million yuan over the past 10 trading days, indicating strong investor interest [1] - Major holdings in the ETF, such as SenseTime, Kuaishou, UBTECH, Kingdee International, and Alibaba, have shown significant price increases [1] - Historical patterns suggest a "pre-holiday defense - mid-holiday rally - post-holiday switch" effect in the Hong Kong market, with a focus on domestic consumption data and fourth-quarter policy strength [1][2] Group 2 - The ETF closely tracks the CSI Hong Kong Stock Connect Technology Index, selecting 30 large-cap, high R&D investment technology leaders, with the top ten stocks accounting for over 75% of the weight [2] - Recommended sectors include technology growth (hardware, internet, and pharmaceuticals), consumer goods benefiting from improved cash flow and turnover, and Hong Kong financial stocks [2]

Core Insights - The Hong Kong stock market is experiencing a significant surge in refinancing activities, driven by ample liquidity, valuation recovery, and corporate strategic expansion needs [1][4][5] Group 1: Refunding Scale - Hong Kong listed companies have raised over 280 billion HKD through various refinancing methods this year, marking a year-on-year increase of over 400% compared to 2022 [1][4] - The total amount raised has already surpassed the entire annual figure for 2024, which was 990.73 billion HKD [4] - Placement of shares has become the primary method for refinancing, accounting for 87.81% of the total, with 249.5 billion HKD raised through this method [4] Group 2: New Economy Enterprises - New economy enterprises are leading the refinancing trend, with BYD raising 43.38 billion HKD, marking the largest equity refinancing project in the global automotive industry in the past decade [6][7] - Xiaomi Group follows closely with 42.6 billion HKD raised, surpassing its total fundraising since its 2019 IPO and setting a record for Chinese tech hardware companies in overseas equity refinancing [7] - Other tech companies like Horizon Robotics and WuXi AppTec have also raised significant amounts, focusing on sectors such as biomedicine and artificial intelligence [7] Group 3: International Capital Involvement - The current refinancing wave has seen unprecedented participation from international institutional investors, including GIC and Al-Futtaim family office [9][10] - BYD's placement attracted numerous top long-term investors, with Al-Futtaim investing 3.5 billion HKD as a strategic investor [9] - Notable long-term funds like Wujin Capital have been actively investing in various companies, indicating strong international interest in the Hong Kong market [10]

在流动性充裕、估值修复及企业战略扩张需求等多重因素推动下，港股市场再融资迎来爆发式增长。 在港股市场再融资热潮中，新经济企业成为绝对主角。数据显示，比亚迪以433.83亿港元配售金额位居 榜首，该融资金额是过去十年全球汽车行业规模最大的股权再融资项目、全球汽车行业有史以来规模最 大的闪电配售项目。 小米集团紧随比亚迪之后募资426亿港元，不仅超过其2019年上市以来增发融资总和，更创下中国科技 硬件企业境外股本再融资的历史纪录。 Wind数据显示，今年以来，港股上市公司通过配售、代价发行、供股方式合计融资规模超2800亿港 元，同比激增超400%，远超2024年全年水平。在这场热潮中，新经济领域企业成为绝对主角，比亚 迪、小米集团、地平线机器人、药明康德等头部企业募资规模领先，国际资本的深度参与更成为市场的 一大亮点。 分析人士指出，今年以来港股市场的流动性和估值水平得到提升，为企业再融资提供了良好的市场环 境。同时，企业为了满足自身业务扩张、研发投入、债务偿还等需求，也有较强的再融资意愿。 再融资规模激增 地平线机器人的一纸配售股份公告，引起市场对港股再融资情况的关注。 9月26日，地平线机器人公告，宣布以 ...

在流动性充裕、估值修复及企业战略扩张需求等多重因素推动下，港股市场再融资迎来爆发式增长。 Wind数据显示，今年以来，港股上市公司通过配售、代价发行、供股方式合计融资规模超2800亿港元， 同比激增超400%，远超2024年全年水平。在这场热潮中，新经济领域企业成为绝对主角，比亚迪、小米 集团、地平线机器人、药明康德等头部企业募资规模领先，国际资本的深度参与更成为市场的一大亮点。 再融资规模激增 地平线机器人曾在今年6月配售股份募资46.74亿港元。对于此次募资，公司表示，拟用于扩大其海外市场 业务；投资研发以进一步提升技术能力，并支持中高阶辅助驾驶解决方案的规模化应用；投资新兴领域， 例如与Robotaxi相关的计划；及对上游及下游业务合作伙伴进行策略性投资。 港股配售股份是上市公司向特定投资者发行股份或出售旧股的一种融资方式。港股配售规则相对灵活，可 选择"闪电配售"，最快24小时完成。除了普通配售之外，还有折价配售、"先旧后新"等方式，"先旧后 新"模式允许大股东先转让旧股，再增发新股补足，进一步加快资金到位速度。 Wind数据显示，以公告日期为统计口径，今年以来，港股上市公司通过配售股份、代价发行、供 ...