Core Insights - The report emphasizes the importance of strengthening market stability mechanisms and highlights potential left-side opportunities in the non-bank financial sector [1][7]. Group 1: Market Performance - As of March 21, 2026, the Shanghai Composite Index was at 3957.05 points, down 3.38%, while the Shenzhen Component Index fell 2.90% to 13866.20 points. The CSI 300 Index decreased by 2.19% to 4567.02 points, and the ChiNext Index rose by 1.26% to 3352.10 points [12]. Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The report indicates that the insurance sector is guided by the two sessions to develop a high-quality growth blueprint. As of March 20, 2026, the 10-year government bond yield was 1.83%, up 2 basis points from the previous week. The insurance sector is advised to be actively monitored due to its improving fundamentals and increasing equity investment ratio, which reached 14.8% by the end of 2025, up 2.1 percentage points from 2024 [15][18]. - The solvency ratio for life insurance companies was 115%, significantly above the regulatory threshold of 50%, indicating a strong capacity to maintain equity investments despite market fluctuations [15][18]. Securities Sector - The report discusses the introduction of the first financial law draft aimed at enhancing financial governance and promoting high-quality development. This draft, released on March 20, 2026, focuses on strengthening regulation, risk prevention, and facilitating high-quality growth in the financial sector [18][19]. - The draft aims to establish a comprehensive regulatory framework, clarifying responsibilities and enhancing risk management capabilities across financial institutions [19][21]. Group 3: Investment Recommendations - The report suggests focusing on specific stocks within the insurance sector, including China Ping An (A/H), China Life (A/H), and China Pacific Insurance (A/H), due to their favorable valuation and growth potential [15][18]. - In the securities sector, recommended stocks include Guotai Junan (A/H), China Merchants Securities (A/H), and CITIC Securities (A/H), which are expected to benefit from the ongoing market reforms and stability mechanisms [7][15].

集团将继续深耕证券数据服务领域，持续提升技术与服务水平，助力香港资本市场数字化生态建设，并 为构建面向未来的金融生态圈贡献力量，致力为公司股东创造更大价值。 捷利交易宝 此乃集团第七次荣获香港交易所颁发奖项，充分体现了香港交易所及业界对集团在证券数据服务领域的 专业能力与贡献的持续认可与肯定。 分时图 日K线 周K线 月K线 1.30 -0.03 -2.26% 3.01% 2.26% 0.75% 0.00% 0.75% 2.26% 3.01% 1.29 1.30 1.32 1.33 1.34 1.36 1.37 09:30 10:30 12:00/13:00 14:00 16:10 0 5万 9万 14万 捷利交易宝(08017)发布公告，公司附属公司捷利港信(香港)有限公司于2026年3月19日举行的香港交易 所大奖颁奖礼上，荣获香港交易所颁发2025年度"杰出高端证券数据内地信息商大奖"。 ...

Core Insights - The report highlights a significant recovery in the Chinese economy, with key indicators such as industrial output and retail sales showing better-than-expected performance in early 2026, particularly in the food and beverage sector [44][45][29] - The Hong Kong Stock Exchange is undergoing major reforms to enhance its listing mechanisms, aiming to attract more high-quality innovative companies and improve market competitiveness [14][15][52] - The pharmaceutical industry is expected to see a cyclical recovery in raw material prices, driven by rising upstream costs and improved demand in the antibiotic sector [24][27] Group 1: Economic Indicators - In January-February 2026, the industrial output increased by 6.3% year-on-year, exceeding expectations of 5.2% [44] - The retail sales of consumer goods rose by 2.8% year-on-year, with significant growth in categories such as grain, oil, and alcoholic beverages, particularly benefiting from the Chinese New Year [30][29] - The food and beverage sector is experiencing a structural recovery, with high-end liquor demand remaining resilient and expected to stabilize in the first quarter of 2026 [46][48] Group 2: Hong Kong Stock Exchange Reforms - The Hong Kong Stock Exchange has proposed significant changes to its listing rules, including lowering the thresholds for companies with dual-class shares and easing requirements for overseas issuers seeking secondary listings [14][16] - The reforms aim to enhance the attractiveness of the Hong Kong market, particularly for innovative enterprises and to facilitate the return of Chinese companies listed abroad [15][52] - The proposed changes are expected to increase market liquidity and expand the range of available investment opportunities [53] Group 3: Pharmaceutical Industry Trends - The Chinese chemical raw material pharmaceutical industry is anticipated to experience a price rebound in 2026, following a prolonged period of price declines due to oversupply and weak demand [24][27] - The report notes that the prices of key antibiotics are beginning to stabilize, with specific products like 6-APA and penicillin showing signs of recovery [24] - The vitamin industry is also expected to enter a price increase cycle due to geopolitical tensions affecting supply chains and raw material costs [26]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a significant year-on-year increase in Average Daily Turnover (ADT) related business, indicating a positive outlook for valuation recovery [4] - The company's revenue and net profit for 2025 reached HKD 292 billion and HKD 178 billion, respectively, representing a year-on-year growth of +30% and +36% [4] - The report anticipates continued high performance in the company's fundamentals, driven by a favorable market environment and effective cost control [4] Financial Performance Summary - For 2025, the company achieved a revenue of HKD 292 billion and a net profit of HKD 178 billion, with quarterly figures for Q4 at HKD 73 billion and HKD 43 billion, respectively [4] - The trading fees and system usage fees amounted to HKD 103 billion, reflecting a year-on-year increase of +44%, with specific contributions from spot, derivatives, and commodities trading [5] - The company expects net profits for 2026, 2027, and 2028 to be HKD 192 billion, HKD 200 billion, and HKD 211 billion, respectively, with corresponding EPS of HKD 15, HKD 16, and HKD 17 [4][5] Market Dynamics - The report notes that Hong Kong's IPO market ranked first globally in 2025, with 119 new listings and an IPO scale of HKD 286.9 billion, a year-on-year increase of +226% [5] - The ongoing influx of quality assets from Chinese companies returning to Hong Kong is expected to further expand the market and enhance trading volumes [5] - The report emphasizes that the company's valuation is currently below the 10-year percentile, suggesting potential for valuation recovery [6]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is seeking market opinions on a series of proposals aimed at enhancing the competitiveness of its listing mechanisms, marking the first optimization since the reforms implemented in 2018 [1][2]. Group 1: Listing Mechanism Enhancements - The proposal includes optimizing the "same share, different rights" listing system by lowering the market capitalization and financial requirements for companies adopting different voting rights structures. The previous thresholds of market cap ≥ HKD 400 billion or market cap ≥ HKD 100 billion with revenue ≥ HKD 10 billion are reduced to market cap ≥ HKD 200 billion or market cap ≥ HKD 60 billion with revenue ≥ HKD 6 billion [1]. - The proposal also relaxes the ratio of different voting rights and shareholding percentages. For companies with a market cap ≥ HKD 400 billion, the different voting rights ratio can increase from 10:1 to 20:1. If the different voting rights shareholding amount is ≥ HKD 40 billion, the shareholding percentage can be relaxed from ≥ 10% to ≥ 5% [1]. Group 2: Secondary Listing Adjustments - The market capitalization requirement for secondary listings of same-share, same-right companies is set at ≥ HKD 30 billion or ≥ HKD 100 billion, with the latter threshold being lowered to HKD 60 billion. This change is expected to facilitate the return of Chinese concept stocks [2]. - The proposals also expand the applicability of U.S. accounting principles to subsidiaries of U.S.-listed parent companies and companies with significant U.S. operations, along with plans to revise dual primary listing regulations [2]. Group 3: Market Outlook and Recommendations - The HKEX aims to solidify its position as the preferred fundraising destination for growth-oriented companies and the primary market for global capital in Asia. The IPO fundraising amount in Hong Kong is projected to return to the top globally by 2025, with 2026 seeing IPO fundraising of HKD 97.2 billion, over five times the amount from the same period in the past 25 years [2]. - The company maintains a profit forecast of HKD 19.5 billion for 2026, reflecting a year-on-year increase of 9.8%, corresponding to a PE ratio of 26 times, and continues to recommend a "buy" rating [2].

Group 1 - The Hong Kong Stock Exchange (HKEX) is proposing significant reforms to its listing mechanisms to enhance market competitiveness and attractiveness, with a consultation period ending on May 8, 2026 [3] - The reforms focus on three main areas: lowering the listing thresholds for companies with different voting rights, facilitating secondary listings for overseas issuers, and expanding the scope of confidential IPO submissions to all applicants [3][4] Group 2 - The financial thresholds for "weighted voting rights" companies have been significantly lowered, with the market capitalization requirement for Class A companies reduced from HKD 40 billion to HKD 20 billion, and for Class B companies from HKD 10 billion and revenue of HKD 1 billion to HKD 6 billion [4] - The voting rights ratio for companies with a market capitalization of over HKD 40 billion has been increased from a maximum of 10:1 to 20:1, enhancing the inclusivity for innovative growth companies [4] Group 3 - The financial thresholds for secondary listings of overseas issuers have been optimized, aligning them with the main listing requirements in Hong Kong, thus lowering the barriers for Chinese concept stocks and multinational companies to return to the Hong Kong market [5] - The market capitalization requirement for weighted voting rights companies for secondary listings is now set at HKD 20 billion or HKD 6 billion with revenue, while for non-weighted voting rights companies, the threshold has been reduced from HKD 10 billion to HKD 6 billion [5] Group 4 - The proposal expands the confidential submission of IPO applications from only qualified secondary listing applicants and biotech companies to all new applicants, allowing companies to prepare for listing discreetly during unfavorable market conditions [6] - To ensure the quality of application documents, HKEX will strengthen the return mechanism, requiring disclosure of all professional institutions involved if an application is returned due to incomplete materials [6]

香港交易及結算所有限公司（「香港交易所」）本次公司通訊及《2025 年可持續發展報告》的英文及中文版本已載於香港 交易所集團網站「投資者關係（監管披露）」一欄（www.hkexgroup.com）及「披露易」網站（www.hkexnews.hk）。如 閣下自香港交易所於 2025 年 3 月刊發的《2024 年年報》後提交收取公司通訊（註 2）印刷本的要求，現隨本函附上本次公司 通訊印刷本（按閣下所選擇之語言版本）。 (2) 2026 年香港交易所股東周年大會（「股東周年大會」） 股東周年大會將於 2026 年 4 月 29 日（星期三）下午 4 時 30 分假座香港中環交易廣場一及二座 1 樓香港金融大會堂舉行，並 以混合會議形式舉行，股東可選擇親身出席又或透過網上平台參與股東周年大會並於會上投票。 （股份代號：388（港幣櫃台）及 80388（人民幣櫃台）) 各位非登記股東（註 1）： (1) 《2025 年年報》、於 2026 年 3 月 18 日刊發的通函連同股東周年大會通告及代表委任表格（統稱「本次公司通訊」）以及 《2025 年可持續發展報告》 若股東擬於香港交易所在香港交易所集團網站刊發公司通訊 ...

（股份代號：388（港幣櫃台）及 80388（人民幣櫃台）) 各位登記股東： (1) 《2025 年年報》、於 2026 年 3 月 18 日刊發的通函連同股東周年大會通告及代表委任表格（統稱「本次公司通訊」） 以及 《2025 年可持續發展報告》 香港交易及結算所有限公司（「香港交易所」）本次公司通訊及《2025年可持續發展報告》的英文及中文版本已載於香港交 易所集團網站「投資者關係（監管披露）」一欄（www.hkexgroup.com）及「披露易」網站（www.hkexnews.hk）。如閣 下自香港交易所於 2025 年 3 月刊發的《2024 年年報》後提交收取公司通訊（註 1）印刷本的要求，現隨本函附上本次公司通訊 印刷本（按閣下所選擇之語言版本）。 (2) 2026 年香港交易所股東周年大會（「股東周年大會」） 股東周年大會將於 2026 年 4 月 29 日（星期三）下午 4 時 30 分假座香港中環交易廣場一及二座 1 樓香港金融大會堂舉行，並 以混合會議形式舉行，股東可選擇親身出席又或透過網上平台參與股東周年大會並於會上投票。 股東透過網上平台參與股東周年大會，可透過網上平台觀看股東周年大會 ...

股東周年大會將於 2026 年 4 月 29 日（星期三）下午 4 時 30 分假座香港中環交易廣場一及二座 1 樓香港金融大會堂舉 行，並以混合會議形式舉行。股東可選擇親身出席又或透過網上平台參與股東周年大會並於會上投票。 股東透過網上平台參與股東周年大會，可透過網上平台觀看股東周年大會的網上直播、提問以及近實時投票表決。 網上平台將於 2026 年 4 月 29 日下午 3 時 30 分開放 予 股 東 登 入 ，股東可透過 https://meetings.computershare.com/HKEX2026AGM 或掃描下方相關二維碼登入網上平台。 閣下的網上平台登入資料如下： （股份代號：388（港幣櫃台）及 80388（人民幣櫃台）) 各位登記股東： (1) 《2025 年年報》、於 2026 年 3 月 18 日刊發的通函連同股東周年大會通告及代表委任表格（統稱「本次公司通訊」） 以及《2025 年可持續發展報告》 香港交易及結算所有限公司（「香港交易所」）本次公司通訊及《2025年可持續發展報告》的英文及中文版本現已 載於香港交易所集團網站「投資者關係（監管披露）」一欄（www.hkexgro ...

香港交易及結算所有限公司 2026年股東周年大會代表委任表格 本人╱吾等 2 登記地址為 為 香 港 交 易 及 結 算 所 有 限 公 司（「 香 港 交 易 所 」或「 本 公 司 」）股 份 之 登 記 持 有 人 ， 茲委任 3 （姓名） HONG KONG EXCHANGES AND CLEARING LIMITED Ƌ㖣榀㸖娢ⅱㇷ䪲䙫㛰昷⅓⏟ƌ 傈ỤỊ噆ƝƋ㸖⹊㪪⏗ƌ⎱Ƌạ㯸⹊㪪⏗ƌ 與本代表委任表格 有關的股份數目 1 地址為 及電郵地址為 或如其未克出席，則委任 大會主席 為本人╱ 吾等之受委代表，代表本人╱吾等出席於 2026 年 4 月 2 9 日（星 期 三）下 午 4 時 3 0 分以混合會議形式假座 香港中環交易廣場一及二座 1 樓香港金融大會堂及透過網上平台於線上舉行之香港交易所股東周年大會 （「 股 東 周 年 大 會 」）及 其 任 何 續 會 或 延 會 ， 於 會 上 按 本 人 ╱ 吾 等 在 適 當 空 格 內 以「 ✔ 」標 示 的 指 示 就 下 列 決議案投票。若未有給予指示，則本人╱吾等之受委代表可酌情就該決議案投票。 | 普通決議案 | | 贊成 4 | 反對 ...