日前，中国证监会发布的《关于加强资本市场中小投资者保护的若干意见》（下称《若干意见》） 指出，要"优化新股发行定价机制"。笔者认为，优化新股发行定价机制是一项"系统工程"，其核心在于 平衡好各方利益。《若干意见》是在高层要求"研究保护中小投资者的政策措施"等背景下出台的。 因此，优化新股发行定价机制，既要照顾到发行人、保荐承销机构的利益，也要顾及参与询价的配 售机构、中签者及二级市场投资者的利益。其中，合理的定价既能满足发行人的融资需求，又不会导致 市场资源被浪费，这或许才是最优解。（作者系财经评论员） 《若干意见》主要从八个方面对中小投资者进行保护，涉及新股发行上市、交易环境、经营机构、 打击违法行为、多元化纠纷解决机制、发挥保护机构职能作用、公司退市以及法治保障等内容，总共二 十三条。其中第一条即为"优化新股发行定价机制"，也足以说明新股发行定价的重要性。 新股发行定价是资本市场的一个老生常谈的话题，也是较为敏感且核心的问题。而且，由于新股发 行定价涉及多方面的利益，因此也更受市场的关注。在我国资本市场诞生后的三十多年里，新股发行制 度历经多次改革。从本质上讲，这些改革主要集中在新股发行定价机制方面。 A ...

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has established itself as a vital international financial center, celebrating its 25th anniversary with significant growth in market metrics and a commitment to connecting China with global markets [1][2]. Group 1: Market Growth and Performance - Since its inception, HKEX has transformed from a local exchange to a leading global market operator, with average daily trading volume exceeding HKD 240 billion in 2023, a more than 17-fold increase from HKD 13 billion in 2000 [1]. - The derivatives market has seen even more remarkable growth, with average daily trading volume reaching 1.76 million contracts in 2023, compared to just 37,500 contracts in 2000 [1]. - The new stock market remains active, with HKEX completing 31 IPOs in 2023, raising over HKD 88.4 billion, solidifying its position as the world's leading fundraising market [2]. Group 2: Market Capitalization and Dividends - The total market capitalization of the Hong Kong stock market surged from HKD 3.92 trillion in March 2022 to HKD 40.93 trillion by May 2025, representing an increase of over 9 times [2]. - Total dividends distributed by Hong Kong-listed companies increased from HKD 907 million in 2000 to over HKD 13.5 trillion in 2024, marking a growth of more than 10 times [2]. Group 3: Strategic Initiatives and Future Outlook - HKEX has played a crucial role in facilitating the listing of mainland companies, attracting trillions in capital and enhancing the connectivity between the mainland and international markets [3][4]. - The exchange has implemented various reforms, including the introduction of the Stock Connect program, which has expanded to include bonds, ETFs, and interest rate swaps, with plans for further enhancements [5]. - HKEX aims to continue improving its market appeal and competitiveness, focusing on optimizing infrastructure and expanding its product offerings to support quality enterprises globally [5].