Core Insights - The "Suzhou Hong Kong" event aimed to enhance communication between technology innovation enterprises and the capital market through various formats such as keynote speeches, closed-door meetings, and company visits [1][4] - Suzhou and Hong Kong are key cities in the Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area, accelerating the efficient flow of capital, technology, talent, and innovation [3] - Hong Kong serves as a crucial platform for mainland enterprises to connect with global capital and achieve international development, while Suzhou attracts technology innovation companies to the Hong Kong stock market [3] Event Highlights - The Hong Kong Stock Exchange (HKEX) presented the latest policies and market conditions for Hong Kong listings, while China International Capital Corporation (CICC) discussed key aspects of the listing mechanism and financial services [4] - Experts from the Bank of China shared insights on global market trends and enterprise risk management, providing comprehensive market insights [4] - HKEX and CICC engaged in in-depth discussions with over ten prospective listing companies to address challenges in the listing process [4] Company Initiatives - Suzhou Bank, as a co-host, leveraged the global advantages of the Bank of China Group to support technology enterprises with efficient and stable funding, achieving a technology finance loan balance exceeding 100 billion [5] - Through collaboration with CICC, Suzhou Bank has successfully assisted three local companies in listing on the Hong Kong stock market and is facilitating more quality technology enterprises in sectors like healthcare and intelligent manufacturing [5] Future Outlook - Suzhou Bank plans to strengthen cooperation with CICC and enhance financial support to help more Suzhou enterprises enter the international capital market [6] - These initiatives aim to set a vivid example of financial cooperation and collaborative development between Suzhou and Hong Kong, promoting high-quality local economic development [6]

Core Viewpoint - The Hang Seng Index (HSI) showed a slight increase, closing at 25,939.89, up by 0.18% from the previous day, indicating a mixed performance among large-cap stocks in the Hong Kong market [1]. Group 1: Market Performance - The HSI closed at 25,939.89, with a daily increase of 45.34 points or 0.18% [1]. - The highest price during the day was 26,014.67, while the lowest was 25,878.31, resulting in a trading range of 0.53% [1]. - The average price for the day was 25,946.49, with a trading volume of 61.41 million shares [1]. Group 2: Individual Stock Performance - HSBC Holdings closed at 108.109 HKD, up by 1.23% compared to the previous close [2]. - Tencent Holdings closed at 622.043 HKD, down by 0.47% from the previous close [2]. - Alibaba Group's stock price increased by 2.14% to 157.800 HKD, while its ADR price was 152.624, reflecting a decrease of 3.28% [3]. - Other notable performances include Meituan, which rose by 0.10% to 98.250 HKD, and BYD, which increased by 0.95% to 95.750 HKD [3].

据香港特区廉政公署（以下简称"廉署"）官网11月24日消息，廉署于11月21日落案起诉一名香港交易及 结算所有限公司（以下简称"港交所"）时任助理副总裁，指控其涉嫌贪污受贿15万港元，以披露上市公 司的机密资料。另有两名涉案人士被控妨碍司法公正，涉及廉署与香港证券及期货事务监察委员会（以 下简称"香港证监会"）针对内幕交易的刑事调查。 涉案被告谭卓彦（38岁）为港交所上市部资讯科技组前助理副总裁，被控两项公职人员接受利益罪名， 违反《防止贿赂条例》第4（2）（a）条。同案被告周子刚（38岁）及邓庆俞（39岁）则被控一项妨碍 司法公正罪名，违反普通法。 目前，上述三人已获廉署保释，案件定于11月25日在香港东区裁判法院提讯，控方后续将申请转介区域 法院答辩。 据悉，廉署此前接获香港证监会转介的贪污投诉，指称案件牵涉内幕交易，随即展开联合调查。调查显 示，谭卓彦在任职期间因工作需要获授权取阅港交所相关的电邮，其中包含上市公司敏感消息等机密资 料及文件。按规定，有关资料仅限指定上市部人员于执行公务时取用，并且不得向未经授权人士披露。 据指控，谭卓彦涉嫌于2024年6月及12月，从周子刚方面接受两笔贿款共15万港元， ...

Group 1 - The first comprehensive ranking of global futures exchanges was released by Fudan University, filling a gap in the field with a scientific quantitative assessment [1] - The ranking evaluates 16 influential futures exchanges using a multi-dimensional indicator system that includes capacity, governance, and macro performance [1][4] - The evaluation framework consists of 11 secondary indicators and 30 quantifiable metrics, assessing aspects such as price influence, risk management, and service capabilities [1] Group 2 - The 2025 ranking results show that CME, ICE, and HKEX are the top three global futures exchanges, with CME and ICE maintaining their leading positions due to their comprehensive advantages [2] - The rapid growth of China's commodity trade has allowed domestic futures exchanges to narrow the gap with global leaders, with Shanghai Futures Exchange entering the second tier [2] - In the Asia-Pacific region, HKEX and Shanghai Futures Exchange lead in commodity business, reflecting the regional market dynamics [2] Group 3 - The global commodity futures exchange industry is experiencing significant growth, with trading volumes increasing over 60% in the past five years and an annual compound growth rate exceeding 10% [3] - Innovation is on the rise, with exchanges focusing on new technologies and renewable energy, leading to the launch of various new futures products [3] - The macroeconomic environment presents challenges for risk management, as geopolitical events have caused significant price volatility in commodity markets [3]

Dealers say that the introduction of multilateral compression for US dollar/CNH cross-currency swaps at Hong Kong Exchanges and Clearing OTC Clear will help to relieve growing regulatory capital, margin and settlement limit pressures amid a recent boom in trading of the offshore renminbi contracts.A first run, involving five financial institutions, was conducted by HKEX OTCC using post-trade ...

Core Viewpoint - The Hang Seng Index (HSI) closed at 25,912.60, up by 196.10 points or 0.76% on November 24, 2023, indicating a positive market sentiment with several large-cap stocks showing gains [1]. Group 1: Market Performance - The HSI reached a high of 25,933.69 and a low of 25,726.96 during the trading session, with a trading volume of 58.746 million shares [1]. - The index has a 52-week high of 27,275.90 and a low of 18,856.77, reflecting significant volatility over the past year [1]. Group 2: Major Stock Movements - HSBC Holdings closed at HKD 107.330, up by 0.03% compared to the previous close [2]. - Tencent Holdings closed at HKD 629.114, reflecting an increase of 0.74% from the last trading session [2]. - Alibaba Group saw a notable increase of 4.67%, closing at HKD 154.500 [3]. - Other significant gainers included NetEase, which rose by 5.87%, and Kuaishou, which increased by 7.11% [3].

谭卓彦涉嫌于2024年6月及12月，从周子刚接受两笔贿款共15万港元，以向周子刚披露他从港交所电邮 系统非法获取与股价相关的机密资料。 周子刚及邓庆俞则涉嫌于2025年3月4日，就周子刚怀疑涉及内幕交易的刑事调查中作出一系列意图妨碍 司法公正的行为，当中包括周子刚涉嫌指示邓庆俞保管共约390万港元现金、两只总值逾100万港元的手 表及一部手提电话，并干扰邓庆俞车上的行车记录仪运作，借以影响调查。 智通财经APP获悉，香港廉政公署公布，于11月21日落案起诉港交所(00388)时任助理副总裁谭卓彦，控 告他涉嫌贪污受贿15万港元，以披露上市公司的机密资料。另外两名涉案人士周子刚和邓庆俞则被控妨 碍司法公正，涉及廉署及香港证监会有关内幕交易的刑事调查。 谭卓彦，38岁，港交所上市部资讯科技组前助理副总裁，被控两项公职人员接受利益罪名，违反《防止 贿赂条例》第4(2)(a)条。 同案被告周子刚，38岁；以及邓庆俞，39岁，同被控一项妨碍司法公正罪名，违反普通法。 三人已获廉署准予保释，案件将于明日11月25日在东区裁判法院提讯，控方稍后会申请将案件转介区域 法院答辩。相关贪污调查仍在继续进行，廉署不排除采取进一步执 ...

Core Points - The charity run organized by Hong Kong Exchanges and Clearing Limited (HKEX) marked the conclusion of the exchange's 25th anniversary celebration [1] - The event raised HK$9.7 million (approximately $1.3 million) for over 160 social welfare member agencies, focusing on six key areas [2] - Participation included over 400 officials and business leaders from various financial institutions, showcasing strong industry engagement [3] - HKEX chairman Carlson Tong emphasized the resilience of Hong Kong's capital markets and the importance of community support [4] Fund Allocation - The raised funds will be distributed among agencies focusing on children and youth, elderly care, family and child welfare, medical and health services, rehabilitation and aftercare, and community development [2] Industry Participation - The event saw participation from senior members of HKEX, Securities and Futures Commission, J.P. Morgan, DBS, Standard Chartered, among others, highlighting collaboration within the financial sector [3] Community Commitment - HKEX's commitment to community engagement was reiterated by its chairman, reflecting a shared purpose among industry leaders [4]

机构：长江证券 研究员：吴一凡/程泽宇 海内外宏观环境：1）国内方面，经济景气度有所下降，供需两端同步走弱。10 月中国制造业PMI 为 49.00%，环比下降0.80pct，处于荣枯线下方。需求端，10 月制造业PMI 新订单指数、新出口订单指数 分别为48.8%、45.9%，环比分别-0.90pct、-1.90pct。供给端，10 月制造业生产指数为49.7%，环 比-2.20pct。2）海外方面，降息预期有所降温，海外流动性边际收紧。2025 年10 月，美联储宣布再次 降息25bp 至3.75%-4.00%。根据CME group 提供的美联储降息预期数据显示，2025 年12 月预计再次降 息25bp，2025年全年预计降息75bp。8 月，失业率为4.30%，环比+0.1pct，就业市场整体降温；9 月， CPI 同比增速为3.00%，较上月上升0.1pct。 投资建议：截止10 月底，公司PE 为34.77x，处于2016 年以来历史39%的分位，具备一定的配置性价 比，预计伴随互联互通政策持续加码香港资本市场，港股市场流动性将持续抬升，市场整体活跃度及估 值有望随之提升。预计公司2025-20 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is currently at a critical technical decision point, with its stock price hovering around 417.4 HKD, showing a slight increase of 0.24%. The price remains below all major moving averages, indicating a weak medium-term trend [1][3]. Technical Analysis - The stock price is currently below key moving averages: MA10 at 427.14 HKD, MA30 at 428.29 HKD, and MA60 at 436.31 HKD, suggesting a bearish outlook [1]. - Immediate support is at 409 HKD, with the next support level at 400 HKD. Resistance is initially at 428 HKD, with a potential challenge at 435 HKD if broken [3]. - The Bollinger Bands indicate that price volatility is narrowing, which typically suggests an impending significant directional breakout. The short-term upward probability for HKEX is estimated at 56%, with a low five-day volatility of 3.9% [3]. Derivative Products Strategy - For bullish investors, HSBC call option 29458 with a strike price of 500 HKD offers a leverage of 9.7 times, while Bank of China call option 22088, with a strike price of 500.5 HKD, provides a slightly lower leverage of 9.6 times but is the highest among similar products [6]. - For bearish investors, UBS put option 19854 and Bank of China put option 19860, both with a strike price of 387.8 HKD, offer high leverage of 10.5 and 10.7 times respectively, suitable for those expecting further declines [6]. Market Sentiment - Recent performance in the derivatives market shows that bearish products have performed well, with UBS bear certificate 67346 gaining 16% and JPMorgan bear certificate 68170 returning 15% during a mild downturn of 1.37% in HKEX [3]. - Technical indicators are showing a "strong buy" signal with a strength of 12, and the bull-bear strength indicator suggests "oversold, potential bottoming," indicating a possible accumulation of momentum for a rebound [17].