专题：世界经济论坛年会_2026冬季达沃斯 蒋露瑶/发自瑞士达沃斯 在瑞士达沃斯举行的世界经济论坛2026年年会期间，香港交易所市场主管余学勤对话媒体时表示，2025 年港股IPO市场的强劲势头，预计还将在2026年延续。他指出，市场多元化、国际化以及活跃的二级市 场交易，是推动此轮IPO热潮并将持续吸引全球企业的关键因素。 IPO市场强劲复苏 科技板块领跑 2025年，香港资本市场迎来全面复苏，全年共有119家公司在港上市，较2024年增长68%，IPO募资额超 过2858亿港元，股权融资规模暴增225%，重回全球交易所榜首位置。市场人士戏称："港交所的锣又要 不够用了"。 图源：21世纪经济报道 回顾2025年，余学勤指出，国际投资者对中国企业，特别是科技类公司的关注度显著提升，是香港IPO 市场复苏的重要原因。其中，生物科技板块表现尤为突出，该板块去年涨幅超过60%。同时，针对特专 科技公司的上市规则第18C章等系列改革措施，进一步吸引了包括人工智能在内的多类科技企业赴港上 市，比如智谱、MiniMax等。 | | 香港交易所"科企专线"设立时间表 | | --- | --- | | 2024年底 | ...

Core Insights - The Hong Kong stock market shows clear signs of recovery in 2025, with major indices steadily rising and IPO fundraising reaching a global peak, indicating a vibrant trading environment [2][3]. Group 1: Market Developments - The People's Bank of China is set to deepen financial market connectivity between the mainland and Hong Kong, supporting the offshore RMB market and enhancing cross-border financial services [3]. - As of December 19, 2025, 106 companies have listed on the Hong Kong Stock Exchange, raising a total of 274.6 billion HKD, leading all global exchanges [4]. - The introduction of the Hang Seng Biotechnology Index futures on November 28 enhances the financial tools available for the biotech sector, improving the financing environment for companies in this field [5]. Group 2: Policy Impact - Recent measures from the China Securities Regulatory Commission, including the expansion of eligible products for the Stock Connect program, have broadened investment opportunities for asset management firms in Hong Kong [4]. - The government's plans to launch cross-border RMB repurchase agreements are seen as a significant benefit for RMB bond projects, enhancing the attractiveness of the bond market [4]. Group 3: Industry Trends - The Hong Kong capital market is experiencing a structural upgrade, shifting from traditional sectors like finance and real estate to a focus on new economy enterprises, with a diverse range of products and funding channels [7]. - The number of new listings in Hong Kong has increased significantly, with 93 companies listed in the first 11 months of the year, a 52% rise compared to the previous year [7]. - The average daily trading volume of exchange-traded funds (ETFs) has surged by 116% year-on-year, reflecting increased investor interest and market activity [8].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched its first self-developed index, the HKEX Technology 100 Index, marking a significant milestone in its history [1] Group 1: Index Overview - The HKEX Technology 100 Index includes the largest 100 mainland technology-related companies listed in Hong Kong, covering six major innovation themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, the internet, and robotics [1] - The index exhibits a characteristic of concentration at the top with a dispersed tail, indicating that while leading companies dominate, there is a broad coverage of other constituents [2] Group 2: Component Analysis - Xiaomi Group-W (1810.HK) holds the highest weight at 12.42%, followed by Alibaba-W (9988.HK) at 11.82%, with Tencent Holdings (0700.HK), Meituan-W (3690.HK), and BYD Company (1211.HK) making up the top five, which collectively account for 51.28% of the index weight [2] - The remaining 48.72% of the weight is distributed among 95 other constituent stocks, reflecting a long-tail distribution pattern [2] Group 3: Investment and Market Implications - The index is designed to enhance investability and liquidity, as all constituent stocks are eligible for southbound trading, providing a standardized tool for mainland investors to participate in the Hong Kong technology sector [3] - An ETF based on the HKEX Technology 100 Index has been authorized for launch in mainland China, expanding the channels for mainland capital to engage with Hong Kong's technology market [3] Group 4: Broader Economic Impact - The HKEX Technology 100 Index and its related ETF products serve as a new vehicle connecting mainland and Hong Kong capital markets, lowering the barriers for individual and institutional investors to access cutting-edge technology companies [4] - This initiative supports the capital market's role in fostering technological innovation and promotes deeper cross-border financial connectivity [4]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched the HKEX Technology 100 Index, marking a significant milestone in its index and data business development, reflecting the transformation of the Hong Kong market towards a technology-centric identity [1][2]. Group 1: Introduction of the Technology 100 Index - The HKEX Technology 100 Index is a broad-based stock index tracking the performance of the 100 largest technology companies listed on the HKEX, covering six major innovative themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [2][3]. - The index includes only stocks eligible for the Stock Connect program, catering to both international and mainland Chinese investors [2]. Group 2: Market Trends and Investor Sentiment - There has been a noticeable shift in investor perception of the Hong Kong market, increasingly recognizing it as a technology-driven market, especially since the listing rule reforms initiated in 2018 [3]. - Data indicates a significant change in the market structure, with the market capitalization of technology stocks in the Stock Connect program rising from approximately 10% in 2014 to about 40% by 2025, with four out of the top ten companies being technology giants [3]. Group 3: Differentiation from Existing Indices - The HKEX Technology 100 Index differentiates itself from the Hang Seng Technology Index by including 100 constituent stocks, ranging from large-cap companies like Tencent and Alibaba to smaller firms with market capitalizations of over 20 billion HKD [5][6]. - The index aims to meet diverse investor needs, providing a broader selection of technology stocks compared to existing indices [6]. Group 4: Future Developments and Performance - The HKEX plans to introduce more indices, including thematic indices, to further enhance its product offerings [8]. - The HKEX Technology 100 Index has shown strong performance, with a cumulative return of approximately 40% year-to-date, and returns of 45% and 55% over the past year and three years, respectively, highlighting the growth potential of the technology sector in the Hong Kong market [9].

Core Insights - Hong Kong Exchanges and Clearing (HKEX) is promoting the Tech 100 Index to facilitate the issuance of related ETFs by mainland fund companies, aiming to strengthen Hong Kong's position as an international financial center [1][2] Group 1: Development of Tech 100 Index - The Tech 100 Index is a broad-based index that includes large and medium-sized enterprises, as well as companies listed under Chapters 18A and 18C, which cater to biotech and specialized tech firms [2] - The index's constituent stocks are all eligible for trading under the Stock Connect program, allowing mainland funds to trade without needing QDII quotas, thus simplifying ETF issuance [2] Group 2: Market Trends and Fund Flows - Since 2024, the Hong Kong stock market has shown signs of recovery, with southbound capital actively investing in technology, healthcare, and innovative pharmaceuticals [2] - Southbound capital's net inflow has exceeded HKD 1 trillion this year, with its daily trading volume in the Hong Kong market reaching approximately 25% [5] Group 3: Future Index and Product Development - HKEX plans to continue developing various index products targeting different markets and themes, expanding cooperation beyond mainland China to other regions [3] - The exchange aims to enhance its international influence by collaborating with exchanges in the Middle East and Southeast Asia [3] Group 4: Implementation of the Roadmap - HKEX is committed to implementing the "Roadmap for the Development of Fixed Income and Currency Markets," focusing on fixed income, currency, and commodity markets [4] - The exchange will optimize currency-related futures products and attract more entities to issue RMB bonds in Hong Kong [4] Group 5: Innovations in Connectivity - HKEX is actively working to include REITs in the mutual market access framework, with plans to introduce a dual-currency settlement system for 24 Hong Kong-listed companies [6] - New mechanisms for mutual connectivity are expected to be implemented by 2026 [6] Group 6: Stock Trading Unit Reform - HKEX plans to consult on the reform of stock trading unit sizes by the end of the year, aiming to simplify the current complex system of over 40 different unit sizes [7] - The exchange is cautious about extending trading hours for cash equities, emphasizing the need to understand customer demands and the operational capacity of market participants [7]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is actively promoting the Technology 100 Index to facilitate the issuance of related ETFs by mainland fund companies, as part of a broader strategy to enhance Hong Kong's status as an international financial center [1][4]. Group 1: Development of Technology and Innovation - HKEX has introduced Listing Rules Chapter 18A and 18C in 2018 and 2023, respectively, to create listing pathways for unprofitable biotech and specialized technology companies, with plans to establish a "Tech Company Fast Track" by 2025 [4]. - The market capitalization of technology stocks currently accounts for approximately 40% of the total market capitalization of stocks eligible for the Stock Connect program, with over 300 companies, many of which are tech firms, waiting to go public [4][5]. Group 2: ETF and Index Development - The HKEX Technology 100 Index is a broad-based index that includes large and mid-sized companies, incorporating many firms listed under Chapters 18A and 18C, making it easier for mainland funds to trade without needing QDII quotas [5]. - E Fund Management has received authorization from HKEX to develop a related ETF in mainland China based on the Technology 100 Index [5]. - HKEX plans to continue developing various index products targeting different markets and themes, expanding cooperation beyond mainland China to attract a wider range of investors [5]. Group 3: Fixed Income and Commodity Markets - HKEX is committed to implementing the "Roadmap for the Development of Fixed Income and Currency Markets," focusing on the FICC (Fixed Income, Currency, and Commodity) sector as a key area for growth [7]. - The exchange aims to optimize currency-related futures products and attract more entities to issue RMB bonds in Hong Kong, alongside launching government bond futures for risk management [7]. - HKEX is also focusing on gold-related business, leveraging its 13 LME-approved warehouses to develop various risk management products, addressing the significant demand from mainland enterprises for commodity risk management tools [7]. Group 4: Connectivity and Market Integration - The northbound capital activity through the Stock Connect has increased by 70% compared to last year, with southbound capital accounting for about 25% of daily trading volume in the Hong Kong market [9]. - The ETF southbound trading mechanism has seen innovation, with two ETFs maintaining a 65% allocation to Hong Kong stocks and 35% to U.S. stocks, achieving an average daily trading volume of 20 million HKD [9]. - HKEX is actively working with mainland exchanges to include REITs in the connectivity framework, with plans for dual-currency settlement through the establishment of RMB trading counters [9]. Group 5: Trading System Optimization - HKEX plans to consult on the reform of stock trading lot sizes by the end of the year, aiming to simplify the current system which has over 40 different lot sizes [11]. - While the exchange has extended derivative trading hours to 3 AM, it remains cautious about implementing 24-hour trading for cash equities, citing the need to understand client demands and address complex operational challenges [11].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched the Hong Kong Stock Exchange Technology 100 Index, marking a significant milestone in its index and data business development, reflecting a fundamental shift in the market structure towards technology as a key sector [1][2]. Group 1: Introduction of the Technology 100 Index - The Technology 100 Index tracks the performance of 100 of the largest technology companies listed on the HKEX, covering six major innovative themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1]. - The index is designed to meet the investment needs of both international and mainland Chinese investors, as all constituent stocks are eligible for the Stock Connect program [1]. Group 2: Market Trends and Investor Demand - There has been a notable shift in investor perception of the Hong Kong market, increasingly recognizing it as a technology-driven market, especially since the listing rule reforms initiated in 2018 [2]. - Data indicates that the market structure has transitioned from traditional industries to being dominated by technology companies, with the market capitalization of technology stocks in the Stock Connect increasing from approximately 10% in 2014 to about 40% by 2025 [2]. Group 3: Differentiation from Existing Indices - The Technology 100 Index differentiates itself from the Hang Seng Technology Index by including 100 constituent stocks, ranging from large-cap companies like Tencent and Alibaba to smaller firms with market capitalizations of over 200 million HKD [3]. - This broader coverage aims to cater to diverse investor needs, enhancing the overall attractiveness of the market [4]. Group 4: Accessibility and Future Developments - All constituent stocks of the Technology 100 Index must meet the eligibility criteria for Stock Connect, ensuring ease of access for mainland fund companies [5]. - The index has a mechanism for rapid inclusion of representative new stocks, allowing it to reflect market dynamics promptly [5]. - Future plans for the HKEX include the introduction of more indices, including thematic indices, to meet growing investor demand [5].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched the Hong Kong Stock Exchange Technology 100 Index, marking a significant milestone in its index and data business development, reflecting a fundamental shift in the market structure towards technology as a key sector [1][2]. Group 1: Introduction of the Technology 100 Index - The Technology 100 Index tracks the performance of 100 of the largest technology companies listed on the HKEX, covering six major innovative themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1]. - The index is designed to meet the investment needs of both international and mainland Chinese investors, as all constituent stocks are eligible for the Stock Connect program [1][2]. Group 2: Market Trends and Investor Interest - There has been a noticeable shift in investor perception of the Hong Kong market, increasingly recognizing it as a technology-driven market, especially since the listing rule reforms initiated in 2018 [2]. - Data indicates that the market structure has transitioned from traditional industries to being dominated by technology companies, with the market capitalization of technology stocks in the Stock Connect program expected to rise from approximately 10% in 2014 to about 40% by 2025 [2]. Group 3: Differentiation from Existing Indices - The Technology 100 Index differentiates itself from the Hang Seng Technology Index by including 100 constituent stocks, ranging from large-cap companies like Tencent and Alibaba to smaller firms with market capitalizations of over 20 billion HKD [3]. - The index aims to cater to diverse investor needs, providing a broader range of investment options compared to existing indices [3]. Group 4: Accessibility and Inclusion Criteria - All constituent stocks of the Technology 100 Index must meet the eligibility criteria for the Stock Connect program, ensuring ease of access for mainland fund companies [4]. - The index requires constituent stocks to have at least six months of listing history, but it also includes a rapid inclusion mechanism for representative new stocks that meet the criteria [4]. Group 5: Future Developments and Performance - The HKEX plans to introduce more indices, including thematic indices, to meet growing investor demand [5]. - The Technology 100 Index has shown strong performance, with a cumulative return of approximately 40% year-to-date as of November 30, 2025, and returns of 45% and 55% over the past year and three years, respectively, highlighting the growth potential of the technology sector in the Hong Kong market [5].

Core Insights - The Hong Kong Stock Exchange (HKEX) has launched the Hong Kong Stock Exchange Technology 100 Index, marking a significant milestone in its index and data business development [1][2] - The index aims to reflect the structural transformation of the Hong Kong market, emphasizing technology as a new hallmark of the market [1][2] Group 1: Index Overview - The HKEX Technology 100 Index tracks the performance of 100 of the largest technology companies listed on the Hong Kong Stock Exchange, covering six major innovative themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1][2] - All constituent stocks are eligible for the Stock Connect program, catering to both international and mainland Chinese investors [1][2] Group 2: Market Demand and Trends - There has been a noticeable shift in investor perception of the Hong Kong market, increasingly recognizing it as a technology-driven market, with a significant number of technology companies listed since the listing rule reforms initiated in 2018 [2][3] - Data indicates that the market structure has shifted from traditional industries to technology companies, with technology stocks expected to account for approximately 40% of the total market capitalization of stocks eligible for Stock Connect by 2025 [2][3] Group 3: Differentiation from Existing Indices - The HKEX Technology 100 Index differentiates itself from the Hang Seng Technology Index by including 100 constituent stocks, ranging from large-cap companies like Tencent and Alibaba to smaller firms with market capitalizations of over 20 billion HKD [3][4] - The index is designed to meet diverse investor needs, providing a broader selection of technology stocks compared to existing indices [4] Group 4: Accessibility and Inclusion Criteria - All constituent stocks must meet the eligibility criteria for Stock Connect, ensuring ease of access for mainland fund companies in asset allocation [4][5] - The index typically requires a minimum of six months of listing history for its constituents, but it also has a mechanism for the rapid inclusion of representative new stocks [5] Group 5: Future Developments - The HKEX plans to expand its index offerings, including thematic indices, to cater to growing investor demand [6] - The recent launch of the Hang Seng Biotechnology Index futures reflects the increasing interest in the biotechnology sector, which has seen significant growth in the number of listed companies and their market capitalization [6]

Core Viewpoint - The Hong Kong Stock Exchange has launched the Hong Kong Stock Exchange Technology 100 Index, which tracks the performance of the 100 largest technology companies listed on the exchange [1] Group 1: Index Overview - The Hong Kong Stock Exchange Technology 100 Index is the first index of its kind for Hong Kong stocks, focusing on major technology firms [1] - The index covers six major innovation themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1] Group 2: Constituent Stocks - Initial constituent stocks of the Technology 100 Index include major companies such as Tencent Holdings, Alibaba, Xiaomi Group, and Meitu [1] - The index features a rapid inclusion mechanism, allowing newly listed companies that meet specific criteria to be added outside the regular review cycle after being included in the Hong Kong Stock Connect trading [1]