Core Insights - The Hong Kong ETP market is projected to experience strong growth in 2025, becoming the third-largest market globally in terms of ETP trading volume [1] Market Performance - As of September 2025, the average daily trading volume of the Hong Kong ETP market reached HKD 37.8 billion, representing a year-on-year increase of 146% [1] - The market has surpassed South Korea and Japan in ETP trading volume [1] Sector Contributions - The surge in the ETP market is primarily driven by the popularity of technology-themed exchange-traded funds (ETFs), particularly the flagship Hang Seng Tech Index ETP [1] - The number of technology-themed ETFs listed in Hong Kong reached 14 in the first three quarters of 2025, with a total asset management scale of HKD 120.1 billion, marking a year-on-year increase of 102% [1] Biotechnology Sector - In the biotechnology sector, three biotechnology-themed ETFs were listed year-to-date, with a total asset management scale of HKD 3.4 billion, reflecting a growth of 123% compared to September 2024 [1]

Core Insights - Hong Kong has become the third largest ETP market globally, surpassing South Korea and Japan, with a total asset management scale of HKD 653.5 billion, reflecting a year-on-year growth of 34.1% [1][2] - The average daily trading volume of ETPs reached HKD 37.8 billion by the end of September, marking a significant increase of 146% year-on-year, driven primarily by the popularity of technology-focused ETFs and cross-border trading through the Stock Connect programs [1][2] Group 1 - The ETP market in Hong Kong is experiencing explosive growth, with technology-related ETFs, particularly the flagship Hang Seng Tech Index ETP, significantly contributing to overall market expansion [1] - The average daily trading volume of ETFs through the Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion respectively, with a record high of HKD 9.1 billion in August [2] - A total of 290 eligible ETFs are available for trading through the Stock Connect, with expectations for more ETFs to be included in November, indicating a sustained increase in cross-border ETF trading activity [2]

Core Insights - The Hong Kong ETP market is projected to experience strong growth by 2025, becoming the third-largest market globally as of September 2023, surpassing South Korea and Japan [1][2] Group 1: Market Performance - As of September 2023, the trading volume of ETPs in Hong Kong has significantly increased, driven by the popularity of technology-related ETFs, particularly the flagship Hang Seng Tech Index ETP [1] - The average daily trading volume of ETFs through Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion, representing year-on-year increases of 128% and 142%, respectively [1] Group 2: Trends and Innovations - Six key trends are identified for the Hong Kong ETP market: leading turnover rates globally, product innovation catering to retail investor needs, growth driven by cross-border connectivity, increasing interest in technology and biotech products, deepening global connectivity, and the rise of actively managed ETFs [1] - In the first three quarters of 2025, 14 technology-themed ETFs were launched in Hong Kong, with total assets under management reaching HKD 120.1 billion, a year-on-year increase of 102% [2] Group 3: Cash Flow and Investment - The average daily trading volume for the year-to-date reached HKD 7.4 billion, reflecting a year-on-year increase of 247%, with a total net cash inflow of HKD 29.1 billion [2]

2025年，香港ETP（交易所买卖产品，包括交易所买卖基金(ETF)和杠杆及反向产品）市场增长强劲， 迎来了突破性的一年。 放眼全球，截至2025年9月底，香港ETP市场（包括ETF和杠杆及反向产品）的换手率高居全球榜首。 换手率计算的是ETP（相对于其资产值）的成交频次倍数。香港ETP市场在2023年凭着9.0的流通比率位 列全球第二，2024年以10.2跃居第一，如今更达14.7，奠定香港全球领先地位。 二、产品创新切合散户需求 2025年3月，亚洲首批个股杠杆及反向产品上市，为投资者在亚洲交易时段买卖NVIDIA、Tesla及 Coinbase等国际股本证券提供策略投资工具。 其后不久，全球首只韩股（三星电子）杠杆及反向产品亦于2025年5月在香港上市，进一步拓展了亚洲杠 杆及反向产品市场。 截至9月底， 中国香港的ETP市场成交额已超越韩国和日本， 成为全球第三大市场；资产管理规模按年增 长34.1%，达到6535亿港元。 对此，10月21日，香港交易所交易所买卖产品主管Jean-Francois Mesnard-Sense表示，香港ETF市场今 年的表现强劲，主要受惠于其长期稳健的增长与持续发展，这 ...

Core Insights - The Hong Kong ETP market is experiencing significant growth, becoming the third-largest market globally by trading volume as of September 2025, surpassing South Korea and Japan [1][2] - The asset management scale has increased by 34.1% year-on-year, reaching HKD 653.5 billion [1] Group 1: Trading Volume and Turnover - As of September 2025, the average daily trading volume in the Hong Kong ETP market reached HKD 37.8 billion, a 146% year-on-year increase, making it the third-highest globally [2] - The turnover rate in the Hong Kong ETP market has risen to 14.7, establishing its leading position worldwide [2] Group 2: Product Innovation - The launch of the first individual stock leveraged and inverse products in Asia in March 2025 has catered to retail investors' needs, particularly for trading high-liquidity stocks like NVIDIA and Tesla [3] - The average daily trading volume for all leveraged and inverse products listed in Hong Kong reached HKD 3.6 billion, a 51% increase year-on-year [3] Group 3: Cross-Border Trading - The average daily trading volume for ETFs traded through the Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion, reflecting year-on-year increases of 128% and 142%, respectively [5] - A total of 290 ETFs are eligible for trading through the Stock Connect, indicating a growing cross-border trading environment [5] Group 4: Sector Focus - The technology-themed ETFs have seen a total asset management scale of HKD 120.1 billion, a 102% increase year-on-year, with an average daily trading volume of HKD 7.4 billion [7] - The biotechnology ETFs have also gained traction, with a total asset management scale of HKD 3.4 billion, marking a 123% increase from the previous year [7] Group 5: Global Connectivity - The introduction of ETFs tracking the Nasdaq 100 index and the first Saudi Islamic bond ETF in Hong Kong has enhanced the market's global connectivity [8] - A memorandum of understanding signed between the Hong Kong Stock Exchange and the Abu Dhabi Securities Exchange aims to strengthen financial market ties [8] Group 6: Rise of Active ETFs - Active ETFs have gained prominence, with inflows reaching USD 183 billion in the first half of 2025, driven by strong market performance [9] - As of September 2025, there are 31 active ETFs listed in Hong Kong, with a total market value of approximately HKD 23.7 billion, a 143% increase from the previous year [9] Conclusion - The strong performance of the Hong Kong ETF market in 2025 is attributed to its robust growth and continuous development, positioning it as a leading global ETF market [10]

来源：瑞恩资本RyanbenCapital 港交所CEO陈翊庭在出席《2025全球青年力量峰会》时表示，她在两年前获委任港交所行政总裁时，香港惨遭外界冠以国际金融中心遗址，当时日均成交 少于1000亿元、新股市场低迷，带来相当的挑战；但目前已扭转了局面，背后有很多顺风助力。 她续称，香港基本面仍佳，亦向外界展示了其韧性，如今逾300家公司排队上市，反映了中国经济强劲，让香港接连迎来一家又一家叫人兴奋的公司。 陈翊庭指出，过去几年全球投资集中美国市场，特别是科技七巨头(Magnificent 7)，但在目前地缘政治局势下，全球投资者均更加倾向分散投资。 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作者、微信ID，否则瑞恩将向其追究法律责任。部分文 章推送时未能与原作者或公众号平台取得联系。若涉及版权问题，敬请原作者联系我们。 她认为，香港可以捕捉这些机会，通过向他们提供更加高效的产品，方便他们接触香港市场。 ...

中金发布研报称，考虑市场成交活跃度提振，上调香港交易所(00388)25e盈利预测3%至171亿港币、维 持26e预测基本不变。公司当前交易于31x/31x25e/26e P/E，维持跑赢行业及目标价500港币不变 (37x/37x25e/26e P/E及18%上行空间)。 保证金投资或量价阶段承压，拖累利润增速 该行预计3Q25投资收益同比-18%/环比-36%至9.9亿港币。3Q25移动平均6M/1M/隔夜拆借HIBOR分别环 比-0.74ppt/+0.04ppt/+0.19ppt，长端收益利率下滑而短端成本利率回升之下保证金息差或有所收窄，同 时三季度市场波动率相对收敛下港交所衍生品保证金要求预计将环比下降，保证金投资收益下行或拖累 投资收益表现。 基本面夯实下，关注境外资金边际宽松环境下的配置机会 10月以来港股ADT达2880亿港币、市场博弈加剧推动交易活跃度维持高位;同时高波动环境有望支撑衍 生品交易热度，港交所盈利基本面持续夯实。据中金策略组预测，4Q美联储降息节奏或较快。该行认 为边际宽松下港股流动性有望得到支撑。建议关注港交所近期受资金风险偏好回落影响、估值调整后配 置价值。 风险提示：监管 ...

智通财经APP获悉，中金发布研报称，考虑市场成交活跃度提振，上调香港交易所(00388)25e盈利预测 3%至171亿港币、维持26e预测基本不变。公司当前交易于31x/31x 25e/26e P/E，维持跑赢行业及目标价 500港币不变(37x/37x 25e/26e P/E及18%上行空间)。 中金主要观点如下： 预测3Q25盈利同比+49%/环比+5% 1)现货：3Q ADT同比+141%/环比+20%至2,864亿港币，其中南下ADT同比+285%/环比+36%至1,525亿 港币、占港股26.6%，北上ADT同比+144%/环比+77%至2,687亿元、占A股7.1%;2)衍生品：衍生品ADV 整体同比+12%/环比+7%至165万张，其中股指ADV同比-7%/环比-6%至72.9万张，个股期权ADV同比 +33%/环比+19%至92.0万张;3)商品：LME ADV同比+3%/环比-9%至70.5万张;4)上市：3Q完成IPO 25 家、融资额735亿港币(同比+74%/环比-19%)。 港交所计划于11月5日披露3Q25业绩：该行预计3Q收入同比+40%/环比+4%至75.3亿港币，剔除投资收 ...

Core Insights - Major blue-chip stocks mostly rose, with HSBC Holdings closing at 102.033 HKD, down 0.07% from the previous close, while Tencent Holdings closed at 634.928 HKD, up 1.18% [2] Stock Performance Summary - Tencent Holdings: Latest price at 627.500 HKD, increased by 19.500 HKD, representing a 3.21% rise; ADR price at 634.928 HKD, up by 7.428 HKD compared to the Hong Kong stock [3] - Alibaba Group: Latest price at 161.900 HKD, increased by 7.500 HKD, representing a 4.86% rise; ADR price at 168.452 HKD, up by 6.552 HKD compared to the Hong Kong stock [3] - HSBC Holdings: Latest price at 102.100 HKD, increased by 1.200 HKD, representing a 1.19% rise; ADR price at 102.033 HKD, down by 0.067 HKD compared to the Hong Kong stock [3] - AIA Group: Latest price at 72.100 HKD, increased by 3.050 HKD, representing a 4.42% rise; ADR price at 72.889 HKD, up by 0.789 HKD compared to the Hong Kong stock [3] - BYD Company: Latest price at 104.800 HKD, increased by 1.600 HKD, representing a 1.55% rise; ADR price at 106.041 HKD, up by 1.241 HKD compared to the Hong Kong stock [3]

Core Insights - Hong Kong Exchanges and Clearing (HKEX) anticipates continued growth in its ETF market following record turnover and new listings this year [1] - The average daily turnover in ETFs reached a record HK$37.8 billion (US$4.8 billion) in the first nine months, with 225 ETFs attracting more investors from various regions [1][5] - Hong Kong is now the world's third-largest ETF market, with a market size of HK$315.8 billion, trailing mainland China and the US [3] Market Performance - The benchmark Hang Seng Index increased by 35% in the first nine months, making it one of the best-performing major indices globally [5] - Mainland investors traded an average of HK$4.2 billion in ETFs per day in Hong Kong, marking a 128% increase year-on-year [7] - International investors' trading in mainland ETFs grew by 142% to 3.2 billion yuan (US$449 million) per day [7] Connectivity and Growth Factors - Connectivity is deemed critical for the growth of the Hong Kong ETF market, as highlighted by HKEX's head of exchange-traded products [4] - The cross-border ETF Connect mechanism has facilitated international investors' access to 273 ETFs listed in Shanghai and Shenzhen, while allowing mainland investors to access 17 ETFs in Hong Kong [5]