智通财经APP获悉，香港新一份财政预算案提及不少上市改革内容，港交所(00388)行政总裁陈翊庭强 调，要全方位考虑市场需求，包括上市门槛、招股流程、合规要求等方面，改革是"做不完的功课"，目 的是提升香港上市竞争力，并支持实体经济发展，满足不同类型企业的特定需求。 她续指，港交所过往一直主打股票市场，但全球投资者多元化需求上升，除了股票以外，期望配置更多 在衍生产品、大宗商品、固定收益产品上，故会持续积极多元化其产品，以丰富投资者选择。 港交所董事总经理及市场主管余学勤补充称，多资产投资产品平台是港交所的未来方向，包括固定收 益、黄金期货、大宗商品产品等。他又说，正推进零日期权(0DTE)相关工作，希望尽快推出。 陈翊庭透露，科企专线推出以来受市场欢迎，现时排队上市的企业中超过100间为18A及18C章企业。 她提到，港交所自2018年持续改革上市制度，包括为尚未有盈利生物科技、特专科技、特殊目的收购公 司(SPAC)定制上市章节，即18A、18C及18B章，确保其上市制度、门槛能满足不同板块企业需要，会 适切调整上市框架，待建议成熟后会公开咨询。 ...

香港新一份财政预算案提及不少上市改革内容，港交所(00388)行政总裁陈翊庭强调，要全方位考虑市 场需求，包括上市门槛、招股流程、合规要求等方面，改革是"做不完的功课"，目的是提升香港上市竞 争力，并支持实体经济发展，满足不同类型企业的特定需求。 她续指，港交所过往一直主打股票市场，但全球投资者多元化需求上升，除了股票以外，期望配置更多 在衍生产品、大宗商品、固定收益产品上，故会持续积极多元化其产品，以丰富投资者选择。 港交所董事总经理及市场主管余学勤补充称，多资产投资产品平台是港交所的未来方向，包括固定收 益、黄金期货、大宗商品产品等。他又说，正推进零日期权(0DTE)相关工作，希望尽快推出。 她提到，港交所自2018年持续改革上市制度，包括为尚未有盈利生物科技、特专科技、特殊目的收购公 司(SPAC)定制上市章节，即18A、18C及18B章，确保其上市制度、门槛能满足不同板块企业需要，会 适切调整上市框架，待建议成熟后会公开咨询。 陈翊庭透露，科企专线推出以来受市场欢迎，现时排队上市的企业中超过100间为18A及18C章企业。 ...

2月20日，在香港交易所举行的马年首个交易日开市仪式上，香港特区政府财政司司长陈茂波表示，对丙午马年的市场审慎乐观。香港交易所主席唐家成 表示，当前香港交易所正在排队申请IPO的企业还有488家，市场成交也日益活跃。香港交易所集团行政总裁陈翊庭则透露，香港交易所将积极拓展固 收、货币、商品业务，在满足国际投资者多元化配置需求的同时，为人民币国际化和国家经济的发展贡献力量。 陈茂波：对马年市场审慎乐观 继续推动市场改革 陈茂波表示，回顾过去四个马年，有三个都是升市，而且都录得双位百分比的涨幅。他说："总的来说，我对今年丙午马年的市场是审慎乐观的，因为我 们资本市场的发展具备了马的好几个特质。" 一是"骏马奔腾，跨越险阻"。陈茂波说："去年外围环境风高浪急，但香港坚持自由开放的投资环境、稳定的经贸金融政策，让我们成为了资金的安全 港，国际投资者纷纷增加对香港市场的配置。展望今年，国际环境仍然复杂多变，波动在所难免。但是只要我们坚持做对的事，秉持开放、公平的原则， 营造良好的市场环境，不断推动市场的改革，做好市场的基建和发展，管理和应对好各种风险，我们的市场必能像骏马一样，跨越险阻，向前迈进。" 二是"快马加鞭，力 ...

Group 1 - The Financial Secretary of Hong Kong, Paul Chan, expresses cautious optimism for the market in the Year of the Horse, citing that three out of the last four Horse Years experienced significant market gains [2][4] - The Hong Kong Stock Exchange (HKEX) currently has 488 companies in the IPO application queue, indicating a vibrant market with increasing activity [6][8] - HKEX aims to expand its offerings in fixed income, currency, and commodity sectors to meet the diverse needs of international investors and contribute to the internationalization of the Renminbi [6][11] Group 2 - The HKEX has completed 24 IPOs in 2026, raising over 87 billion HKD, with a daily trading volume that has recently exceeded 3,000 billion HKD [8][6] - The government plans to continue market reforms, including reviewing the "same share, different rights" framework to attract more tech companies to list in Hong Kong [5][4] - The HKEX is focused on enhancing its international appeal by developing a comprehensive ecosystem for fixed income, currency, and commodity markets, aiming for a significant expansion in market size [11][12]

面对如此汹涌的上市潮，市场开始担心：港股IPO审批是否会收紧，是否会出现IPO"堰塞湖"？ 2月4日，香港交易所(以下简称港交所)总裁陈翊庭在接受每日经济新闻等媒体采访时表示。只要"胃 口"足够好，香港市场便能消化一切高质量的上市公司。近期香港证监会联合港交所发函13家保荐人， 目的并非针对申请上市企业本身，而是要提高保荐人的IPO申请材料质量。 加强监管是为守住效率 面对近期香港监管层加强对上市申请中保荐人责任审查的动作，市场一度猜测这是否预示着港股IPO审 批节奏将放缓。 "大家似乎混淆了'上市申请人质量'和'IPO申请材料质量'。"陈翊庭对此进行了澄清，她指出，向保荐人 发出的通函，核心关注点都是保荐人提交的申请材料，而非企业本身的资质。 港交所主席唐家成也表示，非常欢迎这种监管举措。IPO是股票市场的重要组成部分，质量是底线，保 荐人的工作至关重要。"我们观察到，近期部分IPO申请中，有些保荐人未能尽到应尽职责，提交的申 请材料质量不佳，这既占用了我们的审核资源，也影响了市场效率。我们一直坚守审核标准，未来也会 继续保持严谨。毕竟，让保荐人聚焦优质企业、提交高质量申请，才能让市场形成良性循环，推动市场 ...

此外，报告亦建议投资者可考虑与生产和实体经济相关的资产，包括AI人工智能和能源相关基础设 施、科技和医疗保健等具有战略意义的领域。随着各国政府寻求提升本土生产能力并确保供应链安全， 大宗商品、原材料、能源和其他自然资源领域可能会涌现出投资机会，"许多此类资产在通胀时期往往 表现相对较好，可作为对通胀敏感的其他资产(例如实际收益债券)的潜在补充"。 将固定收益配置转向较短期限，亦为另一应对方法。报告指，日益政治化的美联储可能压低短期收益 率，而政策风险与不确定性则推升长期期限溢价，进而推升收益率。若关税措施与美元走弱推升进口成 本，进而引发更广泛的通胀效应，可能为美国收益率上行增添额外动能。 IMCO在报告中提到，自美国总统特朗普去年4月宣布全面加征关税以来，美国国债孳息率虽然上升， 但美元却同步走弱，这种与传统孳息上升等于美元走强逻辑背离的现象，或已显示投资者不再无条件将 美元视作市场动荡时的首选避风港。对部分全球资本而言，美国可能不再被视为一个稳定、可预期的合 作伙伴。不过，IMCO发言人亦补充，相关分析反映的是策略观点，并不必然意味该基金已在货币敞口 上实际作出调整。 加拿大最大的机构投资者之一，安大略省 ...

Core Viewpoint - The article highlights the launch of a series of Bloomberg terminal training sessions focused on fixed income products, aimed at both beginners and advanced users, to enhance their understanding and application of various financial tools and market analysis [4][5]. Group 1: Training Sessions Overview - A new series of fixed income product seminars will begin in January 2026, providing in-depth experiences with various fixed income products on the Bloomberg terminal [4]. - The training sessions are designed to help new users systematically learn about Bloomberg terminal's fixed income functionalities and assist experienced users in mastering advanced features for different fixed income products [5][6]. Group 2: Upcoming Courses - Upcoming courses include: - Basic tools for terminal users, focusing on customizing personal workspaces [6]. - Liquidity analysis tools for fixed income products scheduled for February 10 [7]. - Stock valuation tools and global macroeconomic data analysis tools are also part of the curriculum [8]. Group 3: Course Schedule - A detailed schedule for February includes: - Introduction to floating rate bond functionalities on February 3 [9]. - Global macroeconomic data analysis tools on February 12 [9]. - Stock valuation tools on February 26 and a seminar on MBS market outlook on February 27 [9].

Group 1 - The core viewpoint of the article emphasizes the resilience of the global economy in 2025 despite challenges such as tariffs, inflation, and geopolitical conflicts, and questions whether this momentum can continue into 2026 [1] - The article highlights the collaboration of China's fiscal and monetary policies aimed at promoting domestic demand growth and sustaining recovery, while exploring which sectors may present new opportunities [1] - It discusses the anticipated impact of the Federal Reserve's interest rate cuts and the need for proactive strategies to manage risks while seizing opportunities [1] Group 2 - Key topics for discussion at the forum include the outlook for China's macro economy and policies, trends and opportunities in the offshore credit market under global changes, and capturing opportunities in the bond market amidst macroeconomic uncertainties [1] - The forum will also address new strategies for risk management in foreign exchange and gold investments, as well as trading opportunities in precious metals amidst long-term trends and short-term volatility [1] - Notable speakers include experts from various financial institutions, providing insights into macroeconomic conditions and asset allocation strategies [4][5]

Group 1 - Wall Street macro traders are on track for their best performance since 2009, driven by clients betting on global central bank interest rate policy shifts [1] - Major financial institutions like Goldman Sachs, JPMorgan, and Citigroup are expected to generate $165 billion in revenue from fixed income, credit, and commodity trading, a 10% increase from 2024 [1] - The income from G10 interest rate businesses is projected to reach $40 billion, marking a five-year high [1] Group 2 - Emerging market macro traders are expected to achieve their largest revenue of $35 billion in 20 years, while credit traders anticipate $27 billion and commodity traders $11 billion [2] - The average bonus pool for FICC is expected to grow by about 3%, with interest rate traders seeing a 7% increase [2] - Stock traders are projected to have a 14% higher bonus than last year, benefiting from a surge in AI stock investments [2] Group 3 - Nomura's interest rate business is benefiting from the Bank of Japan's interest rate hikes, despite the Federal Reserve and European Central Bank cutting rates [3] - Nomura is focusing on helping Asian clients invest more easily in Western interest rate markets and utilizing interest rate derivatives for hedging [3]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated EUR 340 million of operating capital generation, a 1% increase year-on-year [3][10] - Free cash flow amounted to EUR 76 million, primarily reflecting the share of ASR's 2025 interim dividend [10] - Cash capital at holding remained strong at EUR 1.9 billion, despite returning over EUR 800 million to shareholders [4][15] Business Line Data and Key Metrics Changes - In the Americas, operating capital generation increased by 6%, or 12% on a constant currency basis, driven by strategic assets and stable financial assets [10][11] - Life sales at World Financial Group (WFG) increased by 15%, and annuity sales rose by 9%, supported by strong consumer demand [7] - In the U.K., net deposits in the workplace platform turned negative for the first time in two years due to the departure of two large low-margin schemes [8][9] Market Data and Key Metrics Changes - The U.S. retirement plans business reached $251 billion in assets under administration (AUA), with mid-sized plans increasing to $62 billion [44] - New life sales in Brazil continued to grow, particularly in credit and group life products, although offset by currency movements [9] Company Strategy and Development Direction - The company aims to transform Transamerica into America's leading middle-market life insurance and retirement company [5] - Plans to enhance the advisor platform and return it to growth by 2028, despite current challenges [8][56] - The company is reviewing a potential relocation of its legal domicile and head office to the United States, with updates expected at the Capital Markets Day [4][5] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about achieving all financial targets for 2025, despite the weakening of the US dollar [4][16] - The company is focused on improving cash flow predictability and managing remittances from business units [36][37] - Mortality assumptions are being monitored closely, with recent outcomes aligning with expectations [47][48] Other Important Information - The company executed over half of its ongoing EUR 400 million share buyback program, expecting to complete it by December 15 [4][15] - The RBC ratio in the U.S. increased to 425%, with operating capital generation contributing positively [13][14] Q&A Session Summary Question: Long-term care book assumptions and cash conversion - Management confirmed that the actual to expected claims ratio for long-term care is 97%, and they are satisfied with their assumptions [21][22] - Cash conversion from the U.S. is targeted for mid-single-digit growth, with investments impacting total capital generation [24] Question: Strategic assets and capital employed in financial assets - The reduction in capital employed in financial assets is attributed to the implementation of a base fee hedge and favorable equity markets [29][30] - Earnings on in-force for distribution and savings & investments are down due to margin pressure and mortality movements [32] Question: Stranded costs and payout ratio - Management indicated that stranded costs are a consideration in financial asset management, with further details expected at the Capital Markets Day [37] - The payout ratio is expected to improve over time as the quality of businesses enhances [36] Question: Variable annuities and mortality exposure - The company is monitoring the flooring issue in variable annuities and has not taken action yet, but will explore options if necessary [46] - Mortality outcomes have been favorable, with management confident in their assumptions [48] Question: UK market developments and RBC ratio - The UK advisor platform is targeted for growth by 2028, with positive reception to improvements made [56] - The RBC ratio is currently at a satisfactory level, with no immediate need for capital injection [57]