在汤哲辉看来，2025年是内地与香港资本市场互联互通新十年的起始之年，两地资本市场进一步深化合 作，加强制度协同、市场互通、产品联动，使得"A+H"的IPO整体表现在全球亮眼。 "纵观过去五年，A股IPO市场完成了从规模扩张向质量优先的转型。放在全球市场，A股IPO数量与去 年基本持平，但筹资额相比去年增长，中国企业在全球十大IPO中占据五席，数量较2024年有所增长， 所属行业分布于汽车、矿业、能源及先进制造。这也标志着A股已进入一个更加成熟的发展阶段。与此 同时，A股含'科'量提升，制度优化同步提质。"汤哲辉接受本报记者采访时指出。 本报（chinatimes.net.cn）记者胡金华 上海报道 在内地科技型企业赴港上市潮加持下，香港IPO夺得全球年度冠军"宝座"几无悬念。 2025年《中国内地和香港IPO市场回顾及展望报告》（下称"报告"）显示，内地和香港全年IPO活动在 全球呈现增长态势，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A股市场整体 稳中有进，港交所则以全年360亿美元融资额跃居全球交易所榜首。 "今年A股IPO的新股发行数量与融资规模均同比增长，但其核心已从过去的 ...

Core Viewpoint - China's exports surged by 9.3% in April, reaching 2.27 trillion yuan, despite a widening trade deficit with the U.S. by 20% [1][3] Group 1: China's Export Performance - Exports to ASEAN reached 1.48 trillion yuan, contributing significantly to the overall growth [3] - Exports to Africa increased by 15.1%, while Latin America saw an 11.5% rise [3] - High-tech product exports, such as industrial robots, soared by 58.3%, indicating a strong demand for advanced manufacturing [3] Group 2: U.S. Export Challenges - U.S. exports to China plummeted by 21% in April, with significant declines in agricultural and aerospace sectors [5][12] - The semiconductor exports to China rebounded to $10.5 billion, but mainly consisted of low-end chips [5] - The U.S. faces a severe downturn in education exports, down by 25%, and a halving of tourism revenue compared to pre-pandemic levels [12] Group 3: Trade Dynamics and Supply Chain Adjustments - The trade war has led to a significant shift in supply chains, with companies relocating production to countries like Mexico and Thailand [10] - China's exports to the U.S. have decreased by 35%, yet its global market share has increased by 0.8% [10] - The trade strategies employed by China and the U.S. reflect a complex interplay, with China adapting quickly to new market conditions [14]