Market Overview - The Hong Kong stock market experienced a weak adjustment, with the Hang Seng Index closing at 25,765.36 points, down 319.72 points, a decline of 1.23% [1] - The Hang Seng Technology Index closed at 5,662.55 points, with a slight increase of 0.09 points [2] New Stock Performance - Two new stocks were listed today, showing significant performance differences.卓越睿新 (HK02687) initially had a moderate performance with a rise of less than 30%, but surged after 3 PM, ultimately closing with a gain of over 87% [4] - In contrast, 纳芯微 (HK02676) opened flat but remained in a state of decline throughout the day, closing with a drop of 4.31% [7] Company Insights - 卓越睿新 is a well-known Chinese higher education institution providing digital solutions for teaching, focusing on digital educational content and environments. It ranks second in the Chinese higher education digital market with a market share of 4.0% and first in the digital content production market with a share of 7.3% according to Frost & Sullivan [6] Stock Movements - Among the constituents of the Hang Seng Index, Baidu Group rose over 3%, Hua Hong Semiconductor increased over 4%, and SMIC gained over 2%. Conversely, Pop Mart fell over 8%, while Lao Pu Gold and Xinda Biopharmaceutical dropped over 6%. Banking stocks collectively declined, with China Construction Bank down over 4% and both China Merchants Bank and Industrial and Commercial Bank down over 3%. Chinese brokerage stocks saw gains, with Huatai Securities up over 4% [9] Market Outlook - Multiple institutions believe that the Hong Kong stock market is currently at a low valuation or in a positioning phase, with a positive outlook for 2026. Technology innovation, particularly in AI, and high-dividend assets are identified as two promising investment themes [11] - There are differing opinions among institutions; Huatai Securities suggests an early "spring rally" for the Hong Kong market, while Hua'an Fund indicates a preference for defensive dividend sectors as the year ends. Factors driving the market include corporate earnings, liquidity, and foreign investment [12]

公开资料显示，卓越睿新本次全球发售666.67万股H股，发行价确定为每股67.50港元，公开发售超额认购达4813.4倍。招股书显示，卓越睿新是一家国内高 等教育教学数字化解决方案提供商，公司产品与服务覆盖教、学、练、考、评、管等环节。 2022年至2024年，卓越睿新收入为4亿元（人民币，下同）、6.53亿元、8.48亿元，对应净利润分别为-5911万元、8142万元、1.05亿元。2025年上半年，卓 越睿新收入为2.75亿元，净利润为-9895.6万元。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 唐燕飞）12月8日，卓越睿新登陆港交所主板，股价高开23.85%，盘中一度涨超32%。截至10时42分，卓越睿新涨24.67%，报 84.15港元/股，成交额超9000万港元，总市值约为56亿港元。 | | HK 卓越容新 | | | | --- | --- | --- | --- | | | 02687 L2 ▼ | | | | 84.150 >> | 83.600 最高 | 89.500 最低 | | | 换手 24.67% 16.650 | 1.67% 总量 103.7万股 金额 | | | ...