Core Viewpoint - The recent prosperity of the Hong Kong stock market is attributed to years of continuous reforms, with significant growth in IPOs and secondary market trading attracting global attention [1] Group 1: Market Performance - As of the end of May, Hong Kong's IPO fundraising has exceeded HKD 76 billion (approximately USD 9.7 billion), which is about seven times the amount raised in the same period of 2024 and nearing last year's total of approximately USD 11 billion [3] - International investment banks predict that the total IPO amount for this year may exceed USD 20 billion [3] Group 2: Strategic Development - The CEO of Hong Kong Exchanges and Clearing (HKEX) emphasized the importance of cooperation and complementary development between mainland and Hong Kong exchanges, rather than competition [4] - The strong performance of recent IPOs in Hong Kong is largely due to renewed interest from international investors in Chinese concept stocks, highlighting Hong Kong's natural advantage in attracting global capital [4] Group 3: Market Infrastructure and Services - HKEX aims to enhance its service offerings to both enterprises and investors, adapting to the needs of quality listing resources and expanding the investor base [4] - The exchange has undergone reforms since 2018, allowing for a wider range of companies, including those that are not yet profitable, to list, which has led to a significant number of companies in the IPO pipeline [4] - HKEX is focused on developing a comprehensive product ecosystem that includes stocks, bonds, and commodities, while also emphasizing the importance of risk management tools [5] Group 4: Investor Engagement - The current market environment is attracting more international capital to the Chinese market, with significant growth potential for foreign investment participation [5] - The introduction of a Renminbi counter trading mechanism and enhancements to market infrastructure are aimed at improving the trading experience for investors [5]

Group 1 - The core viewpoint emphasizes the need for China's capital market to enhance high-quality development through improving foundational systems, optimizing multi-layered structures, and deepening international openness [1][2] - Experts suggest introducing diverse investment forces to strengthen long-term capital supply and optimizing foreign investment access mechanisms to promote internationalization [1] - The CEO of Hong Kong Stock Exchange, Charles Li, highlights that the mainland capital market has secured the second-largest scale globally, and exchanges can achieve cooperation through complementary advantages and differentiated development [1] Group 2 - The Hong Kong Stock Exchange is actively preparing for the introduction of RMB government bond futures, which is seen as a crucial step in enhancing the market ecosystem and increasing the attractiveness of China's capital market to global funds [2] - The Vice Chairman and President of Industrial and Commercial Bank of China, Liu Jun, emphasizes the importance of "wisdom" and "patience" in the development of China's equity market, advocating for the inclusion of diverse investment forces from both domestic and international markets [2] - Howard Marks, Co-Founder and Co-Chairman of Oaktree Capital, suggests that opening more asset classes or business areas to international investors can facilitate the long-term healthy development of foreign-funded enterprises in China [2]

6月18日，在2025陆家嘴论坛上，香港交易所集团行政总裁陈翊庭表示，未来，应致力于将中国资本市 场打造为多层次市场体系，实现各交易所优势互补与错位发展。 陈翊庭以内地电商行业常见的"人、货、场"三要素为喻，阐述资本市场的发展思路，并表示港交所将持 续深耕"人、货、场"这三方面，携手业界同仁共同努力。当前，全球投资者正重新审视资金配置策略， 中国诸多创新成果为他们带来诸多令人振奋的投资契机，需牢牢把握这一机遇。 在陈翊庭看来，"人"涵盖两大客户群体，即上市公司和投资者，其本质是搭建"资金富余方"与"资金需 求方"之间的桥梁，促进投资者与企业的对接。 陈翊庭透露，目前港交所排队等待上市的企业多达100余家，这一现象在国际同行间引发羡慕之情，彰 显了我国在上市资源配置方面的强大实力。 "交易所需灵活应变，以适应不同时代背景下各行业、企业的多样化需求，通过改革创新精神优化制度 与上市规则，更好地服务于实体经济。"陈翊庭坦言，自2018年起，港交所持续优化上市规则，从早期 主要接纳盈利三年的企业，拓展至为未盈利的生物科技公司以及处于商业化前期的专精特新企业量身定 制规则。 为什么今年A股上市公司热衷赴港上市？陈翊庭解 ...

"货" 指完善金融产品体系，涵盖股权、债券、大宗商品等。陈翊庭表示，全球投资者正重新配置资 金，需持续丰富产品线以满足多元投资需求。同时，配套完善风险管理工具，例如港交所正筹备的人民 币国债期货，这些都是需要持续发展的领域。 "场" 即夯实资本市场基础设施。陈翊庭表示："投资者对投资体验的追求愈发精细化，未来通过南向互 联互通，港股通市场将推出人民币柜台，大幅便利内地投资者。此外，技术平台需持续优化升级，系统 投入不可或缺。" 最后，陈翊庭总结道："'人、货、场'我们都会继续经营下去，希望与内地交易所共同努力。当前全球 投资者正考虑重新配置资金，我国很多创新成果为他们提供了鼓舞人心的投资机遇，我们必须牢牢把握 这一契机。" 6月18日下午，香港交易及结算所有限公司集团行政总裁陈翊庭在2025陆家嘴论坛上表示，中国资本市 场要行稳致远，需构建多层次市场体系。"在多层次市场体系中，各交易所可错位发展、优势互补，我 们都是体系的成员。" 当前市场动荡加剧，外围环境持续变化，陈翊庭认为，这就需要保持韧性。借用内地电商行业流行 的"人、货、场"三个元素，在陈翊庭看来，对交易所而言同样行得通。 陈翊庭表示，"人"是资本市 ...

大公司： GMN调梦师：精油晚安贴产品已累计销量超3000万贴 36氪获悉，近日，GMN调梦师宣布其双子座晚安系列已覆盖盒马X会员店、屈臣氏、永辉调改店、 KKV、全家便利店、名创优品、奥特乐等超过15000家线下门店。数据显示，GMN调梦师单品精油晚安 贴产品自上线以来已累计销量超3000万贴。 丰田汽车董事长年薪增长20%至1340万美元 丰田6月18日提交监管文件显示，截至2025年3月的财年中，丰田汽车公司会长（董事长）丰田章男的总 收入同比增长了20%，达到约19.49亿日元（约合1340万美元），其中约15.5亿日元来自于他的奖金和股 票补偿，其余部分为基本工资。（界面） 美图秀秀取得欧洲市场突破：登顶意大利、俄罗斯、土耳其 36氪获悉，公开信息显示，美图秀秀近日在欧洲市场表现抢眼，同时登顶意大利、俄罗斯、土耳其的 App Store的分类榜第一，并取得意大利App Store总榜第三和土耳其App Store总榜第四的成绩。据了 解，本次美图秀秀走红欧洲，与其AI功能"AI闪光灯"、"修Live"引发欧洲博主在TikTok、Instagram等社 交媒体平台分享有关。 Uber旗下Careem将 ...

陈翊庭表示，当前，全球投资者正重新布局资金分配，不再仅关注单一资产类别，原本集中于美国市场 的债、股及大宗商品等配置面临调整。在此背景下，我国资本市场需持续丰富产品线，同时配套完善风 险管理工具，以更好地承接全球资金流动。若缺乏多元资产类别及相应对冲工具，将难以满足国际投资 者的配置需求，例如投资者若买入股票却无法通过有效工具对冲风险，将影响其投资意愿。目前港交所 正积极筹备人民币国债期货，这一举措被视为完善市场生态的重要环节，将进一步提升我国资本市场对 全球资金的吸引力。(智通财经) ...