他提到，目前港交所正处理逾300宗上市申请，反映市场具持续动力。自年初DeepSeek横空出世，引发 全球关注后，国际投资者对香港兴趣回升，预计新股势头延续至明年。 而上海方面，特区政府今年6月18日与上海市政府签署了《沪港国际金融中心协同发展行动方案》，随 后(6月26日)上海黄金交易所启用了在香港的首个离岸黄金交割仓库，并同时在其国际板上市于香港交 割的黄金合约。这是国家黄金市场国际化进程中的关键一步，不仅拓展人民币计价黄金交易的全球布 局，也进一步深化香港在区域市场中的角色。 香港今年新股市场畅旺，以集资额计几乎肯定重登全球IPO市场榜首。许正宇表示，未来将从3方面提 升竞争力，一是增强上市时间可预期性、强化上市后服务，二是扩阔上市企业类别，三是推动市场国际 化与持续发展。 智通财经APP获悉，近日，香港财经事务及库务局局长许正宇接受媒体采访时表示，明年香港会重点发 展黄金市场，建立国际黄金交易中心。许正宇指出，香港正积极深入融入国家发展战略，把握大湾区及 长三角协同机遇，深化与上海、深圳在交易及冶炼的合作，未来将构建"香港进口─深圳冶炼─再出口海 外"的联动模式，吸引海外黄金精炼商来港，目前已有企业探 ...

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) plans to establish a gold warehouse at Hong Kong International Airport, aiming to enhance its precious metals trading business and support Hong Kong's goal of becoming a global gold hub [1] Group 1: Company Initiatives - ICBC has rented part of the warehouse space at Hong Kong International Airport and aims to complete preparations in the coming months [1] - The bank is a clearing member of the Shanghai Gold Exchange, which is the main venue for gold trading in mainland China [1] Group 2: Industry Developments - The Shanghai Gold Exchange has already set up its first offshore gold warehouse in Hong Kong and introduced two gold contracts denominated in offshore renminbi for international investors [1] - The Hong Kong government has prioritized the development of the gold market, with Chief Executive John Lee proposing in the 2025 Policy Address to expand gold storage in Hong Kong to exceed 2,000 tons within three years [1] - A central clearing system for gold trading is being established in Hong Kong, with the Shanghai Gold Exchange invited to participate, facilitating future connectivity with the mainland market [1] Group 3: Infrastructure Expansion - The Hong Kong Airport Authority's blueprint indicates an initial increase in gold vault capacity from 150 tons to 200 tons, with plans for phased expansion to 1,000 tons [1]

Core Viewpoint - The article discusses the significant shift in global gold reserves towards China, highlighting the strategic implications of this trend for the international monetary system and the role of the Chinese yuan. Group 1: China's Gold Accumulation - China's central bank has increased its gold reserves for ten consecutive months, reaching a total of 74.02 million ounces by August 2025, marking a historical record [4][3] - This accumulation is part of a broader global trend, with central banks worldwide expected to purchase a net total of 1,136 tons of gold in 2024, the second-highest on record [6] - By the first quarter of 2025, China, Poland, and Turkey accounted for over half of the total gold purchases by central banks globally [8] Group 2: Strategic Implications - The continuous increase in gold reserves signals a strategic upgrade in the official stance towards safe-haven and reserve assets, positioning gold as a new player in the international monetary system [13] - The global central bank gold holdings have surpassed those of U.S. Treasury securities, indicating a resurgence in the strategic importance of gold [15] - China's actions are seen as a proactive measure to enhance its financial security amid rising global uncertainties, including high U.S. fiscal deficits and geopolitical tensions [17][19] Group 3: Currency and Gold Integration - The establishment of a gold delivery warehouse in Hong Kong and the launch of gold contracts for offshore RMB transactions signify a new pathway for international investors [10] - This integration creates a closed-loop exchange mechanism between the yuan and gold, facilitating the internationalization of the yuan [27] - The collaboration between Hong Kong and Shanghai aims to create a "RMB-gold" ecosystem, enhancing China's influence in global gold pricing [29] Group 4: Global Financial Landscape - The shift towards gold is not merely a trend but reflects a broader transition in the global financial landscape, with investors increasingly viewing gold as a stable asset amid declining confidence in the U.S. dollar [35] - China's strategy to increase its gold reserves is expected to reduce reliance on the dollar and enhance the diversity and stability of its foreign exchange reserves [34] - The ongoing changes may lead to a reconfiguration of the international monetary system, with gold serving as a foundational element for the yuan's acceptance as a reserve currency [39]

Group 1 - The core viewpoint of the report indicates that while gold jewelry consumption in China weakened in Q2 2025, the demand for gold bars and coins surged, with sales increasing by 44% year-on-year to 115 tons, driving retail investment demand up to 239 tons, a 26% increase year-on-year [1][3] - The report identifies three key factors supporting the strong demand for gold bars and coins: the strong momentum of gold prices attracting market attention, limited investment options enhancing gold's appeal, and the influence of central bank purchases, with the People's Bank of China continuing to buy gold from January to June [3] - The World Gold Council anticipates that gold will remain one of the most favored assets in China, especially if further interest rate cuts are implemented to stimulate economic growth, which would lower the opportunity cost of holding gold for domestic investors [3] Group 2 - In the jewelry sector, the World Gold Council suggests that gold jewelry consumption may continue to face pressures from low consumer confidence and high gold prices in the second half of the year, although seasonal trends indicate a potential gradual recovery in consumption after Q2 [5] - The Chinese gold jewelry market is experiencing a trend of consumer segmentation, with market participants promoting lighter weight products to address the purchasing power decline due to rising gold prices, which also allows retailers to achieve higher profits [5] - The demand for high-end, heavier gold jewelry remains strong, driven by emerging brands rather than established national or regional chain brands, characterized by exquisite craftsmanship and premium experiences [5]