本报告回顾了2024年并展望了2025年美国、中国和日本等主要资产类别的市场表现。2024年美国经济展现出强劲的韧性，尽管处于高利率环境中，依然保持了稳健的增长和低失业率。市场预计2025年，中国将继续推行宽松的财政和货币政策来刺激经济，而日本则在加息政策的推动下保持稳定增长。

This report analyses 2020-2024 share price performance and IPO capital raising trends for large-cap and small-cap companies in Hong Kong, China ADRs and Japan, noting large caps generally outperformed small caps due to better fundamentals and resilience in current volatile markets.

This report examines Polygon's evolution from its launch as Matic Network in 2017 to becoming a leading multi-layer blockchain platform with advanced scaling solutions like zkEVM, while addressing challenges such as competition.

易峯与香港多家私人银行合作，为高净值和机构投资者提供定制化的低成本融资解决方案，允许客户利用股票作为担保，保留投资上涨潜力的同时，采用无追索贷款结构，增强客户的财务灵活性和市场逆境的保护。

自2024年9月以来，由于中国人民银行的货币宽松政策、中国领导层的支持以及房地产市场政策的放宽，恒生指数强劲反弹，这些因素共同促进了投资者对中国的信心恢复和改善市场情绪。

FirstNews marks the release of its 50th edition. This landmark edition of EquitiesFirst’s newsletter comes at an important time as professional investors consider the risks and opportunities posed by geopolitical uncertainty and market volatility around the world. Market insights have never been more valuable than they are today. In previous editions, we covered key market trends, including global reactions to recession concerns, the rise of altcoins, and a mid-year review of 2024 markets. In this edition, we are focusing on the key drivers of Japan’s 2024 Market Performance following a series of key developments in Asia’s second-largest economy.