助力企业赴港上市领导者
2025年，弗若斯特沙利文（Frost & Sullivan，以下简称“沙利文”）总共协助82家企业赴港上市，以项目数量统计，沙利文占2025年港股IPO市场份额72%（不包括转版，反向收购和以介绍形式上市），是协助企业赴港上市的领导者。其中，2025年港股“A + H”上市企业共20家，沙利文服务18家；18A上市企业共16家，沙利文服务13家。
为企业领袖及其管理团队开展投融资顾问咨询服务以来，沙利文业已帮助近三千家公司成功在香港及境外上市。2014至2025年，沙利文蝉联中国企业赴香港上市行业研究顾问市场份额领导地位。
在具有重大意义的2025年，香港交易所在全球金融领域展现出卓越的表现，取得了斐然的成绩。港交所凭借超过110家新股成功上市、募资额逾2,780亿港元的优异成果，荣登全球首次公开募股（IPO）募资排行榜首。这一辉煌成就，不仅极大地增强了资本市场的信心，使全球投资者充分认识到港股市场的强大吸引力和巨大发展潜力，更标志着港股市场正经历一场意义深远的战略转型，即从过去被视为“估值洼地”的状态，逐步向“产业高地”迈进。
在此过程中，港交所的18A与18C章节发挥了关键的制度驱动作用，有力地推动生物科技与特专科技企业如潮水般加速汇聚至充满机遇的香港，充分体现了港交所对生物科技企业的支持与包容，这种包容态度进一步增强了资本市场对生物科技领域的信心，吸引了更多资金流入该领域。与此同时，恒生创新药指数在年内涨幅超过110%，这一显著涨幅印证了国际资本对中国创新药价值的重新评估与高度认可，也反映出资本市场对生物医药产业发展的积极预期。而18C章则为人工智能、机器人、具身智能等硬科技赛道开辟了高效的上市通道，诸如智谱华章、诺比侃等企业在该政策的助力下成功上市，凸显了港股市场对前沿技术企业的强大包容性与积极扶持态度，这同样增强了资本市场对硬科技产业的信心，使得更多资本愿意投入到这些具有高成长潜力的产业中。
从产业结构层面进行深入剖析，可以清晰地看到“硬科技 + 生物医药”的双轮驱动模式已取代以往金融地产主导的格局，这一新的产业结构模式紧密融入中国产业升级的宏观发展进程之中。资本市场在其中发挥了至关重要的资本支持作用。在众多产业赛道中，具身智能赛道表现尤为突出。以众多领先的人工智能等企业为例，它们将先进的人工智能（AI）技术深度应用于基建运维场景，通过实际应用充分展示了技术商业化落地的巨大潜力。资本市场通过提供资金支持，帮助这些企业进行技术研发、扩大生产规模、拓展市场渠道等，加速了技术成果的转化和产业化进程。而资本市场借助“A + H”双平台的独特优势，为这些企业的全球化发展注入了强大动力。一方面，企业可以通过在A股和港股同时上市，拓宽融资渠道，获取更多的资金支持。A股市场拥有庞大的国内投资者基础，资金量充沛，且投资者对国内企业的认知度高，能够为企业提供稳定的资金来源；港股市场则具有国际化程度高的特点，与国际资本市场的联系紧密，能够吸引国际投资者，提升企业的国际知名度和影响力，吸引更多的国际投资者关注和投资，进一步推动企业的全球化发展。另一方面，“A + H”股的上市模式有助于企业实现资源的优化配置。企业可以根据不同市场的特点和需求，合理安排融资规模和融资节奏，降低融资成本。同时，两个市场的监管环境和信息披露要求也有所不同，企业可以在遵循不同规则的过程中，提升自身的治理水平和合规能力。值得特别关注的是，该年度南向资金净流入达1.4万亿港元，这笔巨额资金与国际长线资本形成强大合力，共同致力于重塑港股市场的流动性生态，为港股市场的稳定与发展提供了坚实的资金支撑和良好的市场环境。这些资金不仅为港股市场的现有企业提供了稳定的资金来源，也为新上市的企业提供了有力的资本支持，促进了产业的持续发展。
展望港股市场的未来发展，18A/18C章节已为市场开启了“技术红利”之门，带来了新的发展机遇和动力。随着越来越多的硬科技企业排队提交上市申请，积极筹备在港交所上市，香港正从传统金融枢纽逐步转变为新质生产力的资本接口。这一转型过程，不仅是港股市场自身的成功，更是中国创新基因与全球资本深度融合的生动体现。资本市场信心的增强，使得更多全球资本愿意流入港股市场，为产业发展提供了充足的资金保障。而资本市场对产业发展的资本支持，又进一步推动了产业的升级和创新，提升了产业的竞争力，从而吸引更多的资本投入，形成了一个良性循环。它代表着中国创新力量在全球资本的助力下不断发展壮大，为全球经济发展与科技进步作出重要贡献。
01
医疗与生命科学
【生物制药】
在全球健康需求持续升级与科技进步不断加速的时代背景下，生物制药行业正迎来新一轮高质量发展的重要窗口期。围绕细胞与基因相关疗法、核酸药物以及数字化研发等前沿方向，行业不断深化技术融合与产业协同，加快推动创新成果向临床应用和商业化落地转化。政策环境亦为行业发展提供了坚实保障。在鼓励创新药研发、优化审评审批机制的政策指引下，生物制药企业在研发体系建设等方面不断夯实基础。与此同时，本土生物制药企业正积极融入全球创新体系，致力于将源自中国的突破性疗法推向国际市场，为应对全球健康挑战贡献创新力量。
随着行业不断走向成熟，市场对资本化退出的企业提出了更加清晰和具体的要求。沙利文作为行业顾问，在生物制药企业的全发展周期均有深度的参与和合作，2025年服务了包括维昇药业（2561.HK）、映恩生物（9606.HK）、江苏恒瑞医药（1276.HK）、药捷安康（2617.HK）、泰德医药（3880.HK）、拨康视云（2592.HK）、东阳光药（6887.HK）、中慧元通（2627.HK）、银诺医药（2591.HK）、劲方医药（2595.HK）、长风药业（2652.HK）、宝济药业（2659.HK）、英矽智能（3696.HK）等一系列生命科学企业的赴港上市。
在全球健康需求持续增长和科学技术快速演进的背景下，生物制药行业不断推动治疗模式与技术路径创新，加强跨领域协同与国际合作，实现从基础研究到临床转化的加速落地。不断涌现的新疗法和新产品不仅改善了重大疾病的治疗效果，也在推动创新药可及性提升和全球健康公平性进程中发挥着重要作用。
【数字医疗及医疗服务】
2025年，中国数字医疗及医疗服务行业在政策共振与技术落地的双重驱动下，步入了“全产业链数智化”的变革深水区。在国家数据局“数据要素×”行动与工信部等七部门《医药工业数智化转型实施方案（2025—2030年）》的协同指引下，行业发展主线已从早期的“互联网+医疗健康”流量模式，纵深拓展至以新质生产力为核心的工业升级。数字技术不再仅仅是优化服务体验的工具，更成为重塑医药研发、智能制造与供应链韧性的核心引擎。
在这一高质量发展的新阶段，市场主体纷纷响应《方案》号召，加速Pharma 4.0战略布局。企业不仅通过生成式AI与大模型赋能临床决策与新药研发，更致力于构建“研发-生产-营销”一体化的数智生态，以实现全流程的降本增效。与此同时，行业治理在确保数据安全与隐私保护的基础上，重点转向数据资产的价值化与标准化流通，力求在合规框架下释放医疗工业数据与临床数据的叠加倍增效应。
沙利文2025年服务了包括脑动极光（6681.HK）、觅瑞（2629.HK）、佰泽医疗集团 (2609.HK) 、云知声（9678.HK）、大众口腔（2651.HK）、维立志博（9887.HK）、健康160（2656.HK）、明基医院（2581.HK）、华芢生物（2396.HK）、翰思艾泰（3378.HK）等数字医疗及医疗服务企业的赴港上市。
展望未来，在这个数实融合的关键时期，中国数字医疗行业将摒弃单纯的规模扩张，转向深耕技术创新与产业链现代化。通过落实数智化转型长效机制，行业将携手各方力量，攻克关键核心技术，共同推动医疗健康产业实现从“数字化转型”向“智能化升级”的历史性跨越。
02
工业、汽车、双碳与新能源
【化工与材料】
化工和材料行业是新一轮科技革命和产业变革的基石与先导，对于推动中国经济高质量发展和产业升级具有不可替代的核心作用，是培育新质生产力、构建现代化产业体系的关键领域。化工和材料行业的发展水平直接关系到我国产业基础高级化和产业链现代化进程，对实现高水平科技自立自强、建设制造强国与质量强国具有重大战略意义。
面向“十五五”，化工和材料行业的核心使命是从“跟跑并跑”向“并跑领跑”转变。通过重点发展高端聚烯烃、特种工程塑料等先进化工材料，并着力攻克高端芯片制造材料、航空发动机高温合金等“卡脖子”环节，保障新一代信息技术、新能源、航空航天等战略性新兴产业的核心材料供给安全。同时，沿着供应链向上，在稀贵金属、基础材料产能等资源支撑方面，国内一批龙头企业正通过全球化发展、绿色高效的制造转型，巩固供应链端的核心优势。人工智能的时代，化工和材料行业与人工智能的深度融合也在加速研发范式的变革（如AI for Materials, AI for Science），行业创新将持续加速。
2025年，沙利文作为行业顾问，以丰富的行业经验和专业的服务助力海螺材料科技（2560.HK）、比优集团（9893.HK）、赤峰黄金（6693.HK）、南山铝业国际（2610.HK）、佳鑫国际（3858.HK）、紫金黄金国际（2259.HK）、中伟股份（2579.HK）、金岩高岭新材（2693.HK）成功赴港上市。
【汽车与交通设备】
2025年，中国汽车市场在电动化、智能化与全球化三重驱动下持续迈向高质量发展，资本市场热度活跃。奇瑞汽车、赛力斯汽车、小马智行等已成功上市，阿维塔、驭势科技、易控智驾、车联天下、沪电股份、鼎泰高科等也递交了港股上市招股书。
新能源汽车市场需求增长，电动化转型成效显著。2025年全年汽车产销量有望突破3,000万辆，同比增速维持3%–5%。其中，新能源汽车产销量预计超1500万辆，渗透率首次突破50%，正式进入电动化主导时代。增长动力来自“双碳”政策延续（购置税减免、充电基础设施补贴）、电池成本下降（半固态电池上车）与消费者绿色出行理念深化。传统燃油车加速向混动/插电混动转型，市场进入存量竞争，电动化已成为车企核心战略方向。
技术创新聚焦智能化与网联化，自动驾驶发展成果显著。萝卜快跑 Robotaxi 已扩展至超50城实现全无人商业化；小马智行获沙特追加投资，Robotaxi 订单突破200万单；新石器无人配送车在2025年实现全国200城规模化运营，订单量破千万单，推动末端物流自动化升级。AI 大模型深度赋能智能座舱，语音交互、场景化服务成为标配，用户体验向“移动生活空间”升级，智能化已成为产品差异化的核心。
全球化布局提速。中国企业依托新能源产业链优势，2025年汽车出口量有望继续引领全球。欧洲作为核心增量市场，受碳排放法规驱动，中国品牌纯电车型凭借长续航与智能配置抢占份额；比亚迪、蔚来等加速在欧洲建厂（如匈牙利基地），以适应当地贸易政策。东南亚凭借人口红利与政策开放（如泰国 EV 激励），成为中国车企出口与 KD 组装（散件组装）双枢纽，五菱、长城通过本地化供应链降低成本。2025年出口结构持续优化，中高端车型占比超40%，赛力斯等车企加快海外布局，从“产品输出”迈向“品牌+服务”全球化。
沙利文与中国汽车与交通行业知名企业保持长期合作，2025年为汇舸环保（2613.HK）、新吉奥（0805.HK）、北京赛目（2571.HK）、三花智控（2050.HK）、曹操出行（2643.HK）、奇瑞汽车（9973.HK）、挚达科技（2650.HK）、三一重工（6031.HK）、赛力斯（9927.HK）、均胜电子（0699.HK）、小马智行（2026.HK）赴港上市提供独家行业顾问服务。
【双碳与新能源】
迈入2025年，“双碳”战略已从初期的顶层设计搭建，逐步转向机制落实与红利释放阶段。双碳发展的核心特征在于从能耗双控为主向碳排放双控为核心的加速转变。随着《加快构建碳排放双控制度体系工作方案》的落地实施，国家层面正逐步建立以碳强度控制为主、碳排放总量控制为辅的评价考核机制，对碳排放数据核算精度与配额管理能力提出更高要求。在这一背景下，绿色新质生产力成为年度经济发展的核心引擎，国家大力推行《关于建立碳足迹管理体系的实施意见》，不仅在电动汽车、锂电池、光伏产品核心三大领域持续巩固产业与规模优势，更通过全生命周期的碳足迹认证，引导传统制造业开展深层次低碳重塑，将减碳压力内化为产业链升级的内生动力。
在能源体系变革与市场化建设方面，2025年呈现出源网荷储深度协同与碳市场扩容并举的新格局。随着《中华人民共和国能源法》的正式实施与电力市场化改革的深化，新能源发展的重心已由单纯的规模扩张逐步转向高比例消纳与系统调节能力的提升。国家重点推动新型储能与长时储能技术的商业化应用，并加速构建适应高比例可再生能源的新型电力系统，确保绿电的稳定供给与高效利用。此外，面对全球碳关税壁垒不断强化所带来的压力，政策导向更加注重国内外碳核算标准与认证体系的衔接与互认，这标志着中国新能源发展正向全生命周期碳管理与全球绿色供应链延伸，在全球绿色低碳发展中占据关键节点位置。
沙利文为中国能源市场持续助力，为正力新能（3677.HK）、海南钧达（2865.HK）、双登集团（6960.HK）等港股上市提供独家行业顾问服务。未来，中国将步入构建现代能源体系的新阶段，能源绿色低碳转型将进一步加速，能源行业将持续受到资本市场的青睐。沙利文将持续关注行业最新发展，共同见证能源产业转型升级。
03
生活时尚消费
【消费零售】
据国家统计局数据显示，1-11月份，全国社会消费品零售总额456,067亿元，同比增长4.0%，其中全国网上零售额144,582亿元，同比增长9.1%，网上部分增长高于线下部分。
在延续2024年温和复苏态势的基础上，2025年中国消费零售行业呈现出“修复中分化、结构性升级加快”的总体特征。
整体上消费的复苏还是面临着诸多的挑战，在消费者层面，居民消费行为进一步趋于理性与审慎，价格敏感度上升，但对品质、功能与长期使用价值的要求同步提高。基础型与改善型消费保持相对韧性，可选消费内部则加速分化，“高性价比 + 确定性需求”成为主流选择逻辑。
在政策层面，“以旧换新”从阶段性刺激逐步转向常态化工具，对家电、家装、耐用消费品及新能源相关领域形成持续支撑，成为稳消费的重要手段之一。可以说国补对于全年消费零售的拉动是非常直接且有效的，但是也需要注意如果未来国补力度下降，可能出现的增速下降。
来源：国家统计局、沙利文分析
分行业来看，2024年1月至11月，限额以上单位商品零售额增速排名前五的品类依次为通讯器材类、文化办公用品类、家具类、体育娱乐用品类以及家用电器和音像器材类。其中，通讯器材类以20.9%的增速居首，这也主要是受益于5G终端换机周期深化、国产高端智能手机加速渗透，以及“以旧换新”“数码产品补贴”等政策在多地落地，消费需求集中释放；文化办公用品类、家具类和家用电器及音像器材等子行业也是受益于国家推动的“家装厨卫焕新”“以旧换新”等政策，存量住房改善型需求释放；体育娱乐用品类也保持了非常良好的增长，这体现了消费者对于提体验式消费需求的上升，也受到了国家近年来积极推行国民健身等政策推动影响。
相比之下，限额以上单位商品零售额增速排名后五的品类分别为石油及制品类、建筑及装潢材料类、汽车类、饮料类和中西药品类，这些细分行业整体表现偏弱，主要受需求结构变化和行业周期性因素影响。
展望2026年，在经历了2025年整体的结构调整分化和政策托底之后，整体的消费零售行业有望向着结构更加合理、理性化消费、产品高质量发展的方向继续演进发展。
2025年，沙利文作为行业顾问参与了布鲁可（0325.HK）、舒宝国际（2569.HK）、容大科技（9881.HK）、海天味业（3288.HK）、香江电器（2619.HK）、圣贝拉（2508.HK）、周六福（6168.HK）、颖通控股（6883.HK）、奥克斯（2580.HK）、不同集团（6090.HK）、乐舒适（2698.HK）、印象大红袍（2695.HK）等一系列消费零售企业的上市过程。沙利文未来会继续以不断积累的行业经验、客观的数据分析及洞察为消费类企业提供强大的支持。
【餐饮、食饮】
2025年，餐饮行业在消费结构转型、市场竞争深化与政策引导支持的多重影响下，展现出更趋复杂且动态平衡的发展格局。一方面，行业整体规模虽增速放缓但持续扩容，消费市场基础依然稳固；另一方面，增长动力结构性分化得愈发显著，行业整体进入从“规模扩张”向“质量与效率并重”转型的关键阶段。
根据国家统计局数据，2025年1-11月餐饮收入达52,245亿元，同比增长3.3%；其中，限额以上单位餐饮收入达到14,933亿元，同比增长2.3%。虽然各项数据均保持温和增长，但同比增速较前两年进一步趋缓。行业内普遍出现销售乏力的情况，单店运营效益面临挑战。在此背景下，头部餐饮企业如百胜中国、达势股份等凭借品牌效应、供应链能力与数字化运营优势，保持了相对稳健的经营表现，行业集中度呈现缓慢提升的态势。
面对市场环境的变化，餐饮企业的外延扩张策略普遍趋于审慎，开店速度明显放缓，一些企业选择战略性地关停部分经营表现不及预期、增长潜力不足的餐厅。更多连锁品牌转向精细化与差异化的运营模式，在巩固直营与加盟体系的同时，深化合作联营、跨界联名等创新模式，并积极推进多品牌发展。一些领先企业如九毛九、海底捞等，在适度控制主品牌扩张节奏的同时，孵化了面向细分市场或下沉市场的新品牌。通过多品牌、集团化运营整合资源、分摊成本，打造第二乃至第三增长曲线。
此外，2025年由主要外卖平台发起的“外卖大战”显著加速了餐饮行业线上化的进程。平台通过高额补贴和流量转化，在刺激消费的同时，也促使连锁餐饮企业进一步调整经营结构，加大对外卖业务的战略性投入。截至2025年第三季度，多家头部连锁餐饮品牌的外卖业务普遍大幅提升，部分以快餐、茶饮为主的品牌，线上业务占比一度逼近50%。这场“大战”不仅短期内提振了销售，更长远地推动了企业数字化中台及“前置仓+中央厨房”混合供应链模式的深化建设，标志着外卖已从渠道补充演变为餐饮企业不可或缺的核心增长引擎。
At the policy level, China's first departmental regulation specifically targeting catering chain enterprises, namely the 'Regulations on the Supervision and Administration of Catering Service Chain Enterprises Implementing the Main Responsibility for Food Safety', came into effect on December 1st. Its aim is to solve the long-standing problem of 'strong franchising with weak management' in the catering chain industry, opening a new chapter of 'brand and responsibility must be equal'. This is not only a regulation to ensure food safety but also a cornerstone document that profoundly reshapes the business model and growth logic of the catering chain industry. In the future, only chain enterprises that can truly build a food safety control system covering the entire network, with real-time traceability and implementation at the end point, can navigate the market steadily and far into the future.
In summary, the Chinese catering industry in 2025 is entering a new development cycle that is more structured and relies on operational innovation and brand resilience. Against the backdrop of rational consumption returns, the industry is expected to achieve more diversified, high-quality, and sustainable growth through multi-dimensional quality improvement and efficiency enhancement.
As an industry advisor, Frost & Sullivan has been deeply involved in the listing projects of leading enterprises, serving includingNewman's (2530.HK)Anjing Food (2648.HK), Bama Tea Industry (6980.HK),Encountering Noodles (2408.HK)A series of industry-leading enterprises waiting to emerge.
04
Communications, Media and Technology
[Internet Technology]
In 2025, China's internet technology industry, at the beginning of the 15th Five-Year Plan period, is steadily advancing along the trajectory of technology integration, data empowerment, and security control, with the comprehensive deepening application of artificial intelligence as its core driving force. The government continues to improve top-level design, strengthens legal protection through measures such as the revision of the Cybersecurity Law, and provides policy guidance for fields such as artificial intelligence and computing infrastructure. The synergistic effects of technologies such as the internet, artificial intelligence, big data, the Internet of Things, and blockchain are further unleashed, promoting the deep integration of the digital economy with the real economy and injecting new momentum into economic and social development.
Internet infrastructure has achieved a simultaneous improvement in both quantity and quality by 2025. By the end of 2025, China's internet penetration rate was nearly 80%, making the foundation of the online society more solid. The construction of 5G networks continues to advance, showing potential in scenarios such as low-altitude economy and telemedicine. The national integrated computing power network is accelerating its construction, improving the interconnection level of computing resources, and providing a solid foundation for the development of industries such as artificial intelligence.
Generative artificial intelligence has entered the stage of large-scale application from a conceptual boom in 2025. As of December 1, 2025, a total of 663 large model services in China have completed registration. At the same time, user scale has shown explosive growth, indicating that this technology is shifting from 'usable' to 'user-friendly' and 'commonly used'. The focus of technological development has shifted from 'heavy training' to 'heavy reasoning', significantly improving efficiency. The integration of artificial intelligence with enterprise production, social management, and people's livelihood services is becoming closer, with applications such as industrial intelligent agents and AI doctors moving from demonstration to practical use.
As a key production factor, the value of big data will be further unleashed through institutional innovation and market construction by 2025. The establishment of the National Data Administration and related policies have accelerated the marketization process of data elements, aiming to transform data resources into a new engine for economic growth. The management mechanism for cross-border data flows has been explored and improved in practice. For example, a negative list for data outbound has been attempted in free trade pilot zones to facilitate international economic and trade cooperation. The application of data technology in fields such as public services, traffic scheduling, and financial risk control continues to deepen, supporting more precise decision analysis.
Blockchain technology is focusing on solving trust issues in real economic activities by 2025, forming large-scale application cases in specific fields such as supply chain finance and cross-border payments. Its integration with artificial intelligence and the Internet of Things has explored innovative models such as digital asset management. Technical standardization work has been advanced, laying the foundation for the healthy development of the industry.
The maturity of IoT technology is mainly reflected in the popularization of low-power wide-area networks (LPWAN) and 5G IoT, which support efficient access and collaborative management of massive devices. Application scenarios continue to expand, achieving deeper layouts in areas such as smart homes, industrial Internet, and smart cities, becoming an important engine driving the digital transformation of the economy and society.
The internet technology sector will continue to be one of the more popular sub-markets in the IPO market in 2025. As an industry advisor, Frost & Sullivan has been deeply involved with companies such as Lens Technology (6613.HK), Fengying Technology (1304.HK), Xunzhong Shares (2597.HK), Yunji (2670.HK), Guanghetong (0638.HK), Cambridge Technology (6166.HK), Dipo Technology (1384.HK), Minglue Technology (2718.HK), Quantitative Pie (2685.HK), Lemuo Technology (2539.HK), Excellence Ruixin (2687.HK), Wuyi Vision (6651.HK), Xunce Technology (3317.HK), and Wa'an Robotics (6600.HK).and many other Chinese internet technology companies' IPO projects.
Overall, in 2025, China's network technology industry, based on a solid network foundation, led by artificial intelligence, driven by data elements, and secured by a security system, has entered a new stage of comprehensive leapfrogging towards digitization, networking, and intelligence. The strategic planning of the government and the innovative vitality of the market work together to empower various industries with technology, providing a core driving force for high-quality economic development and inclusive social progress.
Semiconductor
Against the backdrop of continuous deepening global technological competition and accelerating release of computing power demand, the semiconductor industry has seen a new round of structural development opportunities in 2025. Technological evolution centered around AI computing chips, interconnect chips, advanced packaging, and storage technologies is driving the semiconductor industry from single-point performance improvement to system-level collaborative acceleration. Thanks to large model training and inference, data center and computing power infrastructure construction, as well as the continuous expansion of automotive electronics and edge AI applications, semiconductor market demand has maintained resilient growth, further increasing capital attention and investment activity in related sub-sectors.
In 2025, Frost & Sullivan, as an industry advisor, will assist with its rich industry experience and professional servicesTianyue Advanced (2631.HK)Tianyu Semiconductor (2658.HK), Naxin Microelectronics (2676.HK)Successfully listed on the Hong Kong stock market.
05
Finance and Business Services
[Financial Services]
In 2025, under the combined influence of deepening services to the real economy, improving the efficiency of financial resource allocation, and continuous empowerment by technological innovation, China's financial services industry as a whole showed a steady progress with ongoing structural optimization. With the gradual stabilization of macroeconomic operations, enhanced resilience in financial system operations, and accelerated implementation and application of fintech, the support capacity of financial services for the real economy has been continuously strengthened, and the quality and efficiency of industry development have been improved simultaneously.
In terms of serving the real economy, by 2025, the financial service structure will continue to be optimized, with financial resource allocation focusing more on efficiency and quality. Medium- and long-term financing instruments play an increasingly important role in corporate investment and industrial upgrading. Bank loans, bond financing, and a multi-level capital market have formed a more coordinated funding supply system, providing diversified financing support for the real economy. The coverage of inclusive finance and financial services for small and micro enterprises continues to expand. Financial institutions, through differentiated product design and digital risk control methods, continuously enhance their financial service capabilities for small, medium, micro enterprises, technology innovation enterprises, and emerging business forms. At the same time, the scale of financing related to green finance continues to grow. Tools such as green credit and green bonds are increasingly highlighting their role in supporting industrial structure optimization and low-carbon transformation, further strengthening the structural support function of financial services.
In 2025, digital transformation remains one of the most important development threads in China's financial services industry. The penetration of fintech into core business areas such as payments, credit, wealth management, and risk management continues to deepen, becoming a key infrastructure for improving financial service efficiency and customer experience. In the credit sector, financial institutions have generally restructured their credit approval and post-loan management processes by introducing artificial intelligence, big data analysis, and cloud computing technologies. Risk identification models based on machine learning algorithms and customer profiling systems have significantly improved loan approval efficiency, while enhancing the dynamic identification and management capabilities of credit risks, effectively supporting the financing needs of small and micro enterprises and individual customers.
In the fields of wealth management and asset management, intelligent investment advisor systems and algorithm-driven asset allocation models are gradually maturing. By providing data-driven investment advice, they offer more personalized and refined investment recommendations to clients, driving the upgrade of wealth management services towards digitization and intelligence.
Artificial intelligence (AI) technology will play an increasingly critical role in the development of fintech by 2025. Financial institutions are continuously increasing their investment in AI technology around scenarios such as intelligent customer service, intelligent risk control, automated operations, and intelligent investment research. The application of large model technology in financial text analysis, risk identification, customer interaction, and internal operational support is gradually deepening, providing new technical pathways for financial institutions to improve operational efficiency and decision-making capabilities. At the same time, the application of blockchain and distributed ledger technology in payment clearing, supply chain finance, and cross-institutional collaboration is continuously expanding, promoting more transparent, efficient, and traceable financial transaction processes, and providing important technical support for financial service innovation.
Overall, in 2025, while the financial services industry in China continued to expand steadily in scale, the quality of services for the real economy and the depth of integration of fintech have significantly improved. Fintech, especially artificial intelligence and data-driven technologies, has evolved from an auxiliary tool to an important component of the core competitiveness of financial institutions.
The development of China's financial services industry complements the prosperity of the capital market. In 2025, as an industry consultant, Frost & Sullivan was deeply involved in the listing process of companies in the industry, serving financial services enterprises such as Handui Group (2621.HK), HashKey (3887.HK), Nanhua Futures (2691.HK), and Relaxing Health Group (2661.HK).
Looking ahead, the financial services industry is expected to further enhance its intelligent risk control, refined operations, and full lifecycle customer service capabilities on the basis of continuous deepening digital transformation. By empowering itself with technology, it will continuously strengthen the financial system's support for the high-quality development of the real economy, providing a more solid financial support for the optimization of China's economic structure and long-term sustainable development.
06
Environment and Building Technology
[Construction Engineering]
In 2025, the construction industry in China will show a low growth trend under complex economic circumstances, with residential buildings, commercial buildings, and infrastructure construction still being the main areas of activity. Despite pressures such as real estate adjustments and divergence in infrastructure investment, the overall resilience of the industry has been evident. In the first half of the year, the added value of the construction industry reached 3821.1 billion yuan, a year-on-year increase of 0.7%, accounting for 5.78% of GDP. In the first half of 2025, the total output value of construction enterprises nationwide was about 13.67 trillion yuan, slightly declining year-on-year, but orders from large central state-owned enterprises remained stable, and overseas business growth was significant.
Large state-owned enterprises continue to dominate complex large-scale projects with their capital, technology, and brand advantages; private enterprises maintain development through flexible innovation; foreign-funded enterprises have made outstanding contributions in the field of high-end intelligent buildings. The industry concentration continues to rise, and through mergers, reorganizations, and strategic cooperation, the market share of leading enterprises has further expanded.
In 2025, the construction engineering industry faces challenges such as fierce market competition, increased pressure on enterprise resource allocation, and rising compliance costs due to stricter environmental and safety regulations. At the same time, opportunities also exist: deepening urbanization, steady growth in infrastructure demand, especially rapid development in areas such as green buildings, intelligent construction, and urban renewal. Driven by the 'dual carbon' goal, carbon emission constraints are strengthened, and efforts to improve environmental governance and dual control of energy consumption are intensified. The integration of informatization and industrialization is accelerating, with low-carbon technology innovation, energy conservation and emission reduction, and prefabricated buildings becoming mainstream directions. This poses higher requirements for technological and service innovation and injects new vitality into market expansion.
In 2025, Frost & Sullivan forJinye International Group (8549.HK)Mellanet Holdings (2671.HK)Frost & Sullivan provides exclusive industry advisory services for leading construction engineering companies seeking to list in Hong Kong, comprehensively presenting the company's and industry's growth rates, drivers, and future development potential to investors and the Hong Kong Exchange. Frost & Sullivan continues to accumulate industry experience and provides growth consulting services to more construction engineering companies.
Looking ahead to the next five years, the construction industry is accelerating into an era of circular economy, with the large-scale application of renewable building materials. According to the "Guiding Opinions on the Comprehensive Utilization of Bulk Solid Waste during the 14th Five-Year Plan Period," by 2025, the comprehensive utilization rate of new bulk solid waste will reach 60%. The proportion of green and renewable building materials will continue to increase, the markets for digital buildings and intelligent construction will expand rapidly, with the scale of digital buildings expected to exceed one trillion yuan. The industry will deepen its green and low-carbon transformation, further increase the proportion of prefabricated buildings, significantly improve the level of intelligence, and promote China's construction industry from "big" to "strong."
