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从重塑到待发：展望2026年的东南亚资本市场

2025年在人工智能、公司治理和流动性方面释放了早期信号，揭示了审慎资本的未来走向

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印度尼西亚科技驱动型连锁咖啡品牌Fore Coffee的首次公开募股（IPO），凸显了该国国内资本市场深度的不断增长，以及对海外退出渠道依赖的降低。图片来源：BT资料图

DeeperDive is a beta AI feature. Refer to full articles for the facts.

Helen Wong

Published Sat, Jan 17, 2026 · 07:00 AM

本文由AI辅助翻译

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在经历了两年的动荡后，2025年为东南亚的科技和投资市场带来了一次重塑。利率下降、美元走弱，以及香港和印度首次公开募股（IPO）市场的重启，稳定了整个区域的市场情绪。

尽管市场环境尚未完全恢复，但这一年为资本流向、风险评估方式以及哪些企业能更好地迎接下一阶段增长等问题，都带来了更清晰的信号。

人工智能投资仍占主导，但高度集中

2025年，人工智能（AI）主导了全球投资，吸引了约占总融资额一半的资金。投资活动高度集中，不到10家公司筹集了近八成的AI领域总融资，其中大部分是通过超过5亿美元的融资轮次完成。这凸显了那些业务横跨模型和应用领域的大型企业日益增强的优势。

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