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 ...

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。" 中国基金报记者 郭玟君 1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。 【导读】香港财政司司长看好马年市场，港交所排队上市企业达488家 唐家成致辞时表示："2026年我们开了个好头。目前已经完成了24宗IPO，集资额超过870亿港元。而正 在排队申请IPO的企业还有488家。"他同时强调，在数量提升的同时，审核过程也绝不松懈，一定会确 保持续维护香港作为一个备受认可的高质量市场地位。 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 ...

Group 1 - The Financial Secretary of Hong Kong, Paul Chan, expresses cautious optimism for the market in the Year of the Horse, highlighting that three out of the last four Horse years experienced significant market gains [2][3] - There are currently 488 companies queued for IPO applications at the Hong Kong Stock Exchange, indicating a vibrant market environment [7] - The Hong Kong Stock Exchange aims to diversify its offerings in fixed income, currency, and commodities to meet international investors' needs and contribute to the internationalization of the Renminbi [11][12] Group 2 - The Hong Kong government emphasizes the importance of maintaining an open and fair market environment to attract international investors, despite ongoing global uncertainties [5][6] - The exchange has completed 24 IPOs in 2026, raising over 87 billion HKD, with a daily trading volume that has recently exceeded 3,000 billion HKD [9] - The Hong Kong Stock Exchange plans to enhance its listing system and implement a T+1 settlement cycle, aiming to improve market competitiveness and efficiency [9][11] Group 3 - The exchange's CEO, Nicolas Aguzin, notes the increasing interest from international investors in diversifying their portfolios across various asset classes, including bonds and commodities [11][12] - The Hong Kong market is positioned to play a crucial role in connecting global investors with opportunities in mainland China, supported by the national "14th Five-Year Plan" [6][12] - The exchange is committed to developing a comprehensive ecosystem for fixed income, currency, and commodity markets, aiming for significant growth opportunities in the future [11][12]

香港交易所主席唐家成指出，今年以来已有24只新股上市，集资额超过870亿港元，目前正在排队上市 的企业已有488家；证券市场也继续创造佳绩，今年1月日均成交额超2780亿港元，反映各项提升流动性 措施方案成效明显。他提到，今年会全力推进各项工作，包括公布提升上市制度和T+1的咨询文件，第 二阶段收窄买卖价差也计划在年中落实。 香港交易所集团行政总裁陈翊庭表示，今天开市锣声，除了标志马年首个交易日开始，更象征香港市场 踏入一个更多元、更全面、更国际化的新阶段。过去几年，在香港上市的企业已经涵盖包括新能源、 AI、电动车、生物科技等最热门的行业，未来还将不断推出更多创新的衍生产品 。此外会继续扩展互 联互通，积极支持内地投资者通过香港市场实现更多元化的投资，也会加大力度发展固收业务，为人民 币国际化和国家经济的发展贡献力量。 转自：新华财经 新华财经香港2月20日电（记者林迎楠）20日，香港交易所农历马年首个交易日拉开帷幕。同日，香港 黄金交易所也举办了新春开市仪式。 香港特区政府财政司司长陈茂波在港交所开市仪式上表示，刚过去的蛇年，承接龙年的气势，恒生指数 累计上升接近6500点，升幅32%，连续两年上涨；IP ...

来源：信报财经等 周五(2026年2月20日)，大年初四，马年第一个交易日，港交所举行新春开市仪式。 港交所主席唐家成在马年新春开市仪式致词表示，期望香港股票市场气氛能够一直延续整个马年，并提到今年以来已有24只新股上市， 募资金额超过870亿港元，目前有488间企业正在排队等候上市。 港交所CEO陈翊庭在马年新春开市仪式致辞时表示，过去几年，国际社会对亚洲市场的关注度显著提升，港交所每次出席达沃斯或其他 国际会议时，受欢迎程度一次比一次高，反映全球投资者正积极考虑资产多元化，并积极了解投资香港、内地及亚洲市场的机会。港交 所将继续把握这些平台，积极说好香港故事。 近年在香港上市的企业已经涵盖新能源、人工智能(AI)、电动车、生物科技等最热门行业，涉及业内价值链上、中、下游企业，形容目 前港股市场的货架上，已摆满各式各样证券产品供投资者选择，未来也会不断推出更多创新的衍生产品。 她又说，除了股票，国际投资者亦会在债券、货币、商品等其他资产类别进行全方位配置，港交所积极拓展固定收益、货币及大宗商品 业务，认为这些业务是香港的「蓝海」，期望能如股票市场般，建设一个涵盖产品、交易、结算以至数据和信息服务的完整生态圈 ...

Core Insights - In 2025, Hong Kong's new stock market financing ranked first globally, with a significant increase in financing compared to the previous year, and the average daily trading volume reached a historical high [1] Group 1: Market Performance - The average daily trading amount in the cash market for the first 11 months of 2025 reached HKD 230.7 billion, a 43% increase compared to the same period last year [1] - As of December 19, 106 companies were listed on the Hong Kong Stock Exchange, with a total financing amount of HKD 274.6 billion, including 4 companies that made it to the global top ten new stocks of 2025 [1] - Companies listed on the Hong Kong Stock Exchange raised USD 66 billion through refinancing, demonstrating the vitality and depth of the Hong Kong capital market [1] Group 2: Sector Trends - Since the implementation of Chapters 18A and 18C of the Listing Rules, 88 biotech and specialized technology companies have been listed on the Hong Kong Stock Exchange, reflecting strong investor interest in frontier sectors [1] Group 3: Future Initiatives - Future initiatives include simplifying the number of shares per lot to 8 options, implementing a paperless securities market, and other major reform measures to ensure the continued vitality and competitiveness of the Hong Kong capital market [1] - The CEO of Hong Kong Exchanges and Clearing, Charles Li, stated that 2025 is a year of global investors returning to the Hong Kong market, with increasing market liquidity and a continuous stream of listings [1] - The Hong Kong Stock Exchange aims to expand its product ecosystem, offering a diverse range of market products, including equities, ETFs, derivatives, fixed income, currency products, and other risk management tools to meet various investor needs [1]

Core Insights - Hong Kong Stock Exchange (HKEX) is projected to lead the global IPO market in 2025, with a significant increase in financing compared to the previous year, and the average daily trading volume has reached a historical high [1][2] Group 1: Market Performance - As of December 19, 106 companies have listed in Hong Kong, raising a total of HKD 274.6 billion, with four companies ranking among the top ten global IPOs [1] - The average daily trading volume in the cash market for the first eleven months of the year reached HKD 230.7 billion, representing a 43% year-on-year increase, marking a historical high [1] Group 2: Innovation and Listings - The wave of technological innovation has accelerated the return of international capital, with 88 biotech and specialized technology companies listed on HKEX since the implementation of relevant listing rules [1] - The launch of the "Specialized Technology Companies" initiative in May has further facilitated the listing and financing of innovative enterprises [1] Group 3: International Expansion - HKEX has strengthened international connections by actively expanding the sources of listed companies, welcoming issuers from Kazakhstan, Singapore, Thailand, and other regions this year [1] - The addition of the Stock Exchange of Thailand as a recognized exchange and the signing of a memorandum of cooperation with the Abu Dhabi Securities Exchange highlight HKEX's commitment to creating a vibrant and interconnected market for issuers [1] - HKEX has opened an office in Riyadh, Saudi Arabia, and established a commodity pricing subsidiary in Dubai, enhancing its strategic presence in the Middle East [1] Group 4: Future Outlook - The CEO of HKEX, Charles Li, stated that 2025 will be a year of renewed interest from global investors in the Hong Kong market, driven by innovative developments in mainland China and Asia [2] - HKEX aims to continue expanding its product ecosystem, offering a diverse range of equity, derivative, fixed income, currency products, and other risk management tools to meet the needs of various investors [2]

Core Viewpoint - The article discusses the significant downward trend in interest rates in China and its implications for the asset management industry, highlighting the challenges and opportunities that arise in a low-interest environment [1][3]. Group 1: Current Market Conditions - China's private equity fund market has grown to nearly 20 trillion yuan since its inception in 2008, but the distribution to paid-in capital (DPI) is only 0.3% [1]. - There are over 300 companies waiting for IPOs, with many withdrawing their applications, leading to a situation where listed companies have low price-to-earnings ratios, some as low as 3 to 5 times [1]. - The current environment has led to a blockage in cash-out channels for private equity funds, as early-stage entrepreneurs are burning cash, resulting in inflated valuations during financing rounds [1]. Group 2: Investment Opportunities - The article identifies three types of investment opportunities in the current market: 1. **Dividend Investments**: Local governments can provide partial capital and raise funds from insurance companies, which typically seek a 3% return. If dividend yields reach 6%, they can cover the insurance companies' costs [2]. 2. **Consolidation Investments**: Acquiring companies in the same industry at different funding stages (A, B, C rounds) to enhance overall competitiveness and achieve profitability in a few years [2]. 3. **Acquisitions of Quality Assets by Multinational Companies**: Collaborating with local CEOs for management buyouts, ensuring key personnel remain to safeguard profitability post-acquisition [2]. Group 3: Strategic Recommendations - The article suggests that insurance companies should focus on finding stable dividend-paying investment targets and consider direct investments in projects [2]. - It recommends utilizing channels like the Shanghai-Hong Kong Stock Connect to invest in Hong Kong-listed companies with good cash flow and high returns, as well as exploring U.S. assets through ETFs and derivatives [2].