2025年港股承销格局全景：大摩双赛道均衡发力稳居总榜第三高盛靠两单超大再融资夺回总榜第四_老虎社区_美港股上老虎

2025年港股承销格局全景：大摩双赛道均衡发力稳居总榜第三高盛靠两单超大再融资夺回总榜第四

新浪证券01-16

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！出品：新浪财经上市公司研究院作者：喜乐 2025年港股市场呈现“IPO+再融资”双轮驱动的资本活跃态势，两大板块同步实现大幅回暖，IPO募资2856亿港元（截至2026年1月16日）、再融资（含可转债）规模达2735亿港元，融资规模基本持平，在角逐港股股权融资市场的承销实力时，IPO与...

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orders","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"162717":1.5,"GS":1.5},"content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！       出品：新浪财经上市公司研究院\n      作者：喜乐\n      2025年港股市场呈现“IPO+再融资”双轮驱动的资本活跃态势，两大板块同步实现大幅回暖，IPO募资2856亿港元（截至2026年1月16日）、再融资（含可转债）规模达2735亿港元，融资规模基本持平，在角逐港股股权融资市场的承销实力时，IPO与再融资表现已具有同等重要的权重。\n      中信、中金、摩根士丹利、高盛四大头部玩家依托差异化的项目布局，走出了截然不同的竞争路径，中资机构的核心优势高度集中在IPO赛道，凭借对A to H项目的资源积累和服务优势占据主导地位；外资机构则将核心竞争力深度锚定在再融资赛道，依靠对市场情绪的精准判断和全球机构客户网络形成稳固壁垒。\n\n      大摩IPO再融资双赛道均衡发力 中大型项目密集布局 稳居总榜第三外资第一\n      摩根士丹利在 2025 年港股市场呈现出鲜明的双赛道均衡布局特征，全年合计承销规模达629 亿港元，其中 IPO 保荐规模 308 亿港元、再融资承销规模 322 亿港元，两者体量近乎持平，是头部投行中少数能在两大领域同步发力的机构。在 IPO 赛道，其保荐规模位列全市场第三，参与保荐了恒瑞医药、海天味业、中伟新材三单A to H 项目，此外还保荐了紫金黄金国际分拆IPO上市项目。考虑到 A to H 项目本是中资券商的传统优势领域，摩根士丹利能够获得这类项目的保荐角色，体现了其在项目承揽和执行上的过硬实力。\n       在再融资领域，尽管摩根士丹利未参与比亚迪、小米集团这两单超大型项目，但凭借在中大型再融资项目上的密集布局，依然展现出强劲的竞争力。其参与了蔚来（两笔）、药明康德、地平线机器人（两笔）、信达生物等项目，在全年前十大再融资中占据五单。这种高频次参与中大型再融资的能力，既依托其成熟的全球机构客户网络，也得益于对市场情绪和发行窗口的精准把握，使其在再融资赛道的竞争力突出。\n\n      高盛全年仅保荐8单IPO 凭承销比亚迪小米两单超大再融资夺回总榜第四\n       高盛在2025年港股市场的核心竞争力高度聚焦于再融资赛道，以430亿港元的承销规模登顶再融资细分赛道，成为全年再融资领域的绝对主导者。高盛参与承销了比亚迪、小米集团两宗超400亿港元的超大型再融资项目，同时参与药明康德、地平线机器人（两笔）、信达生物等前十大再融资中的6席，这些项目贡献了其再融资规模的90%以上。依托成熟的全球机构投资者网络和对隔夜簿记增发模式的精准把控，高盛通过参与核心大型项目，确立了在再融资赛道的稳固主导地位。\n       然而在IPO方面，高盛的表现则相对平淡，全年仅参与了海天味业、小马智行两单前十大IPO项目，港股IPO项目总数也仅有8单。这一现象背后存在多重原因：一方面，2025年港股IPO市场以A to H项目为主，而外资券商在A股上市公司的资源覆盖上相对薄弱，难以深度介入这类项目；另一方面，高盛此前曾多次退出保荐项目，例如药师帮、第四范式等，且其对市场化发行有着较高要求，这些因素或在一定程度上影响了新客户的拓展与合作。\n\n（港股IPO数据来源为Wind，港股再融资数据来源为Dealogic）\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：公司观察","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}