Market Overview - The Hang Seng Index closed at 25,271.92, down by 252.53 points or 0.99% on July 29 [1] - The index reached a high of 25,554.41 and a low of 25,232.19 during the trading session, with a trading volume of 66.91 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 102.137, up by 1.33% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 550.482, down by 0.81% compared to the Hong Kong market close [2] ADR Performance Summary - Tencent Holdings: ADR price at HKD 550.482, down by HKD 4.518 or 0.81% [3] - Alibaba Group: ADR price at HKD 117.114, down by HKD 3.586 or 2.97% [3] - HSBC Holdings: ADR price at HKD 102.137, up by HKD 1.337 or 1.33% [3] - Xiaomi Group: ADR price at HKD 54.601, down by HKD 0.699 or 1.26% [3] - Meituan: ADR price at HKD 126.886, down by HKD 1.714 or 1.33% [3] - AIA Group: ADR price at HKD 74.746, down by HKD 0.054 or 0.07% [3] - Hong Kong Exchanges: ADR price at HKD 435.801, down by HKD 4.999 or 1.13% [3] - Industrial and Commercial Bank of China: ADR price at HKD 6.024, down by HKD 0.046 or 0.75% [3] - BYD Company: ADR price at HKD 126.396, down by HKD 1.904 or 1.48% [3] - Ping An Insurance: ADR price at HKD 56.163, down by HKD 0.237 or 0.42% [3]

Group 1 - The average daily trading volume in Hong Kong's stock market reached 240.2 billion HKD in the first half of 2025, marking a 118% increase from 110.4 billion HKD in the same period last year, the highest since 2010 [2][6] - The market capitalization of Hong Kong reached 42.7 trillion HKD by the end of June 2025, up 33% from 32.1 trillion HKD a year earlier, indicating a robust capital market [6] - The average daily trading volume of the Hong Kong Stock Connect under the Shanghai and Shenzhen Stock Connect mechanisms was 110.96 billion HKD, reflecting a 195% increase year-on-year [5] Group 2 - The daily trading volume of ETFs surged to 33.8 billion HKD, with a year-on-year increase of 184%, driven by the expansion of the ETF mutual access program and the continuous launch of new ETF products [7] - The daily trading volume of leveraged and inverse products increased by 75% year-on-year, highlighting Hong Kong's position as a leading diversified ecosystem for such products in Asia [7] - The daily trading volume of RMB currency futures rose to approximately 115,200 contracts, a 43% increase year-on-year, showcasing the growing role of RMB-denominated instruments in the active RMB product ecosystem [9]

Core Viewpoint - The Hong Kong market has shown remarkable growth in the first half of 2025, with significant increases in trading volume and market capitalization, indicating strong resilience and innovation in attracting international capital [2]. Group 1: Market Performance - The average daily trading volume on the Hong Kong Stock Exchange reached HKD 240.2 billion, a 118% increase from HKD 110.4 billion in the same period last year, marking the highest level since 2010 [4]. - The average daily trading volume under the Stock Connect mechanism for Hong Kong stocks was HKD 110.96 billion, reflecting a 195% year-on-year growth [6]. Group 2: Market Capitalization - As of the end of June 2025, the market capitalization of Hong Kong reached HKD 42.7 trillion, up 33% from HKD 32.1 trillion a year earlier, highlighting a breakthrough period for the capital market [8]. Group 3: Product Segmentation - The daily trading volume of ETFs surged to HKD 33.8 billion, with a year-on-year increase of 184%, driven by the expansion of the ETF mutual access program and the continuous launch of new ETF products [12]. - Leveraged and inverse products saw a 75% increase in daily trading volume, while the average daily trading volume of futures and options rose to approximately 1.7003 million contracts, an 11% increase from about 1.5327 million contracts last year [12]. - The daily trading volume of RMB currency futures increased to approximately 115,200 contracts, reflecting a 43% year-on-year growth, indicating the growing role of RMB-denominated instruments in the active RMB product ecosystem [12].

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported that the average daily trading volume of its subsidiary, Hong Kong Stock Exchange (HKSE), reached HKD 240.2 billion in the first half of 2025, representing a year-on-year increase of 118% [1] - As of June 30, 2023, the market capitalization of Hong Kong was HKD 42.7 trillion, up 33% from HKD 32.1 trillion in the same period last year [1] - The strong performance of the Hong Kong market highlights its resilience and vitality as a global financial center [1] Trading Performance - The secondary market of HKEX showed significant improvement, with a continuous rebound in stock market trading volume and a substantial increase in derivatives trading volume [1] - The average daily trading volume of leveraged and inverse products rose to HKD 4.2 billion in the first half of 2025, a 75% increase from HKD 2.4 billion in the same period last year [1] - Hong Kong has established itself as a leading diversified ecosystem for leveraged and inverse products in Asia, being the first to launch individual stock leveraged and inverse products this year [1] Market Dynamics - The first half of 2025 is characterized as a breakthrough period for Hong Kong's capital markets [1] - The combination of strong securities market trading volume and the growing derivatives market demonstrates the resilience and innovative momentum of Hong Kong's secondary market [1] - This environment is expected to continue attracting international capital and providing investors with a diverse range of investment tools [1]

Core Insights - The Hong Kong market experienced significant growth in the first half of 2025, with average daily trading volume reaching 240.2 billion HKD, a 118% increase from 110.4 billion HKD in the same period last year, marking the highest level since 2010 [3] - The market capitalization of Hong Kong increased to 42.7 trillion HKD by the end of June 2025, up 33% from 32.1 trillion HKD a year earlier, indicating a robust capital market [8] - The trading volume of ETFs surged to 33.8 billion HKD daily, reflecting a 184% year-on-year increase, driven by the expansion of the ETF mutual access program and the continuous launch of new ETF products [11] Trading Volume Highlights - The average daily trading volume under the Stock Connect mechanism reached 110.96 billion HKD, a 195% increase compared to the previous year [6] - The derivatives market also showed growth, with average daily trading volume for futures and options rising to approximately 1.7003 million contracts, an 11% increase from about 1.5327 million contracts last year [11] - The daily trading volume of RMB currency futures increased to approximately 115,200 contracts, reflecting a 43% year-on-year growth, highlighting the active role of RMB-denominated instruments [13] Product Category Performance - The Hong Kong market has established itself as a leading diversified ecosystem for leveraged and inverse products, with the launch of Asia's first individual stock leveraged and inverse products this year [10] - The trading volume of leveraged and inverse products saw a year-on-year increase of 75%, indicating strong investor interest in these financial instruments [11]

Core Insights - The Hong Kong market's market capitalization increased to HKD 42.7 trillion in the first half of 2025, representing a 33% growth compared to the previous year [1] Trading Volume - The average daily trading volume on the Hong Kong Stock Exchange reached HKD 240.2 billion, a year-on-year increase of 118% [1] - The average daily trading volume of Exchange-Traded Funds (ETFs) rose to HKD 33.8 billion, marking a 184% increase year-on-year [1] - The derivatives market saw an average daily trading volume of approximately 1.7 million contracts, reflecting an 11% year-on-year growth [1] - The average daily trading volume of the Stock Connect program exceeded HKD 110 billion, with a significant year-on-year increase of 195% [1] - Daily trading volume of RMB futures surpassed 115,000 contracts, showing a 43% year-on-year growth [1] Market Outlook - The Hong Kong Stock Exchange views the first half of 2025 as a breakthrough period for the capital market, characterized by strong trading volumes and a growing derivatives market [1] - The resilience and innovative momentum of Hong Kong's secondary market are highlighted, indicating its ability to continuously attract international capital and provide diverse investment tools for investors [1]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) announced a reduction in the minimum price fluctuation for stocks, effective from August 4, aimed at lowering trading costs and enhancing market efficiency [1][3]. Group 1: Implementation Details - The first phase of the adjustment will apply to stocks priced between HKD 10 to HKD 20 and HKD 20 to HKD 50, with minimum price fluctuations set to HKD 0.01 and HKD 0.02 respectively [1][3]. - A non-mandatory pre-launch test will be conducted on August 2 to ensure that market participants are prepared for the changes [3][5]. - The second phase of the adjustment is expected to be implemented around mid-2026, following a review of the first phase's effectiveness [5][6]. Group 2: Market Impact - The adjustments are expected to lower overall trading costs, improve order execution at expected prices, and enhance price discovery, aligning trading prices more closely with the actual value of stocks [3][7]. - The initiative reflects HKEX's commitment to improving market microstructure, aiming to increase liquidity and global competitiveness of the Hong Kong market [6][7].

Group 1 - The average daily trading volume in the Hong Kong market for the first half of 2025 reached HKD 240.2 billion, a significant increase of 118% compared to HKD 110.4 billion in the same period last year [1] - As of June 30, 2025, the market capitalization of the Hong Kong market was HKD 42.7 trillion, reflecting a growth of 33% from HKD 32.1 trillion year-on-year [1] Group 2 - The average daily trading volume of Exchange-Traded Funds (ETFs) surged to HKD 33.8 billion in the first half of 2025, up 184% from HKD 11.9 billion in the same period last year, driven by the expansion of the ETF Connect program and the continuous listing of new ETF products [3] - The average daily trading volume of Hong Kong Stock Connect under the Shanghai and Shenzhen Stock Connect mechanisms reached HKD 110.96 billion, marking a 195% increase year-on-year [4] Group 3 - The daily trading volume of Renminbi currency futures rose to 115,200 contracts in the first half of 2025, representing a year-on-year growth of 43%, indicating the increasing role of Renminbi-denominated instruments in the active Renminbi product ecosystem [4] - The average daily trading volume of futures and options in the Hong Kong derivatives market increased to 1.7 million contracts, reflecting an 11% year-on-year growth [5] - The Hong Kong Stock Exchange stated that the first half of 2025 marked a breakthrough period for the capital market, with strong trading volumes in the securities market and a growing derivatives market, showcasing the resilience and innovative momentum of Hong Kong's secondary market [5]

Core Insights - The Hong Kong Stock Exchange (HKEX) reported significant performance in the first half of 2025, with the secondary market reaching new highs [1] Market Performance - The average daily trading volume in the Hong Kong market for the first half of 2025 was HKD 240.2 billion, which includes half of the top ten trading days in HKEX history [1] - This represents a substantial increase of 118% compared to the average daily trading volume of HKD 110.4 billion in the same period last year [1] Trading Activity - There was a notable recovery in stock market trading volumes, alongside a significant rise in derivatives trading volumes [1]

Core Insights - The Hong Kong market's market capitalization reached HKD 42.7 trillion by the end of June 2025, representing a 33% increase from HKD 32.1 trillion in the same period last year [1] Group 1: Market Performance - The first half of 2025 is characterized as a breakthrough period for the Hong Kong capital market [1] - Strong trading volumes in the securities market, along with a growing derivatives market, demonstrate the resilience and innovative momentum of Hong Kong's secondary market [1] Group 2: Investment Opportunities - The Hong Kong market continues to attract international capital and provides investors with a diverse range of investment tools [1]