Group 1 - The Hang Seng Index Company and Hong Kong Exchanges and Clearing Limited announced the quarterly index review results for the Hang Seng Stock Connect China Enterprises Index as of September 30, 2025 [1] - The number of constituent stocks remains at 80, with four new additions: China Hongqiao Group (01378), Innovent Biologics (01801), Yum China (09987), and North Huachuang (002371) [1] - Four stocks were removed from the index: New Energy (02688), Huaneng Lancang River Hydropower (600025), and Inner Mongolia Yili Industrial Group (600887) [1] Group 2 - The changes will take effect on December 8, 2025 [1]

Group 1 - The Hang Seng Index Company and Hong Kong Exchanges and Clearing Limited announced the quarterly index review results for the Hang Seng Stock Connect China Enterprises Index as of September 30, 2025 [1] - The number of constituent stocks remains at 80, with four new additions: China Hongqiao Group (01378), Innovent Biologics (01801), Yum China Holdings (09987), and North Huachuang (002371.SZ) [1][2] - Four stocks were removed from the index: New Energy (02688), Huaneng Lancang River Hydropower (600025.SH), and Inner Mongolia Yili Industrial Group (600887.SH) [1][3] Group 2 - The changes will take effect on December 8, 2025 [1]

来源：睿见Economy 徐经纬回顾了互联互通机制11年来的发展，该机制已从股票扩展至债券、ETF及衍生产品，覆盖超4400 家中国内地相关股票，成为外资配置中国资产的主要渠道。 他特别提到，港交所过去十年IPO集资总额达3000亿美元，持续保持全球领先地位。未来，港交所将通 过特专科技上市机制（18C章）重点支持AI、芯片等硬科技企业，并依托CoreClimate平台推动低碳经济 与ESG发展，不断提升香港国际金融中心的活力与竞争力。 由中国人民大学主办的2025深圳国际金融大会于11月19日至21日在深圳举行。香港交易所董事总经理徐 经纬发表主题演讲，强调港交所作为"超级联系人"，致力于"立足中国，连接世界"。 他指出，港交所不仅是监管者和运营者，更通过伦敦、纽约、利雅得等全球8个办公地，构建起连接中 国与中东及全球市场的网络。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - As of the end of October, the company's PE ratio stands at 34.77x, which is in the 39th percentile historically since 2016, indicating a certain level of value for allocation. It is expected that with the continuous enhancement of the mutual access policy in the Hong Kong capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is projected to achieve revenues and other income of 30.4 billion, 33.4 billion, and 35.8 billion HKD for 2025-2027, with net profits attributable to shareholders of 17.6 billion, 18.8 billion, and 20.5 billion HKD, corresponding to PE valuations of 30.4, 28.4, and 26.1 times respectively [2][52]. Market Environment - The Hong Kong stock market has shown a continued upward trend, with the Hang Seng Index and Hang Seng Tech Index increasing by 29.1% and 32.2% respectively compared to the end of 2024. The average daily trading (ADT) for the Hong Kong Stock Exchange in October was 274.9 billion HKD, reflecting a year-on-year increase of 7.8% but a month-on-month decrease of 13.2% [8][11][16]. - The overall market capitalization of Hong Kong stocks reached 48.14 trillion HKD by the end of October, with a year-on-year increase of 36.8% [9][11]. Business Segments - In the cash market, the average daily trading volume for northbound trading was 300.8 billion HKD, showing a year-on-year increase of 2.1% but a month-on-month decrease of 11.5%. Southbound trading reached 144.4 billion HKD, with a year-on-year increase of 42.3% and a month-on-month decrease of 8.5% [8][16]. - In the derivatives market, the average daily volume for futures was 694,000 contracts, reflecting a month-on-month increase of 3.4% but a year-on-year decrease of 26.7% [20]. - The LME daily trading volume increased to 792,000 contracts in October, with a year-on-year increase of 23.6% [26]. IPO Market - The IPO scale in the Hong Kong stock market maintained high growth, with 80 new companies listed from January to October 2025, raising a total of 2,162 billion HKD, which is a year-on-year increase of 208%. In October alone, 12 new stocks were listed, raising a total of 285 billion HKD, reflecting a year-on-year increase of 97% [31][30].

Core Viewpoint - The Hang Seng Index (HSI) experienced a decline, closing at 25,425.45, down 410.12 points or 1.59% from the previous close, indicating a bearish trend in the market [1]. Group 1: Market Performance - The Hang Seng Index (HSI) closed at 25,425.45, reflecting a decrease of 410.12 points or 1.59% [1]. - The index opened at 25,760.04 and reached a high of 25,922.90 during the trading session, with a trading volume of 56.137 million shares [1]. - The 52-week high for the index is 27,275.90, while the 52-week low is 18,856.77, showing significant volatility [1]. Group 2: Major Stock Movements - Major blue-chip stocks, including HSBC Holdings and Tencent Holdings, saw declines, with HSBC closing at 105.18 HKD, down 2.25%, and Tencent at 605.843 HKD, down 2.44% [2]. - Tencent Holdings reported a slight decrease of 1.5 HKD or 0.24%, while Alibaba fell by 1.6 HKD or 1.02% [3]. - Other notable declines included Xiaomi Group, which dropped 1.12 HKD or 2.89%, and Ctrip Group, which fell 20.5 HKD or 3.57% [3].

香港联交所最新数据显示，11月17日，小摩减持香港交易所(00388)23.6736万股，每股作价421.3938港 元，总金额约为9975.91万港元。减持后最新持股数目约为8851.66万股，持股比例为6.98%。 ...

智通财经APP获悉，香港联交所最新数据显示，11月17日，小摩减持香港交易所(00388)23.6736万股， 每股作价421.3938港元，总金额约为9975.91万港元。减持后最新持股数目约为8851.66万股，持股比例 为6.98%。 ...

Market Overview - The Hang Seng Index (HSI) closed at 25,824.00, down by 6.65 points or 0.03% as of November 19, 16:00 Eastern Time [1] - The index's highest price during the day was 25,935.21, while the lowest was 25,751.31, with a trading volume of 43.34 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 107.800, down by HKD 1.800 or 1.64% compared to the previous close [2][3] - Tencent Holdings closed at HKD 622.500, down by HKD 1.000 or 0.16% [3] - Alibaba Group (ADR) saw an increase, closing at HKD 156.400, up by HKD 1.800 or 1.16% [3] - Xiaomi Group closed at HKD 38.820, down by HKD 1.960 or 4.81% [3] - AIA Group closed at HKD 77.950, down by HKD 0.600 or 0.76% [3] Stock Price Changes - The stock prices of major companies showed mixed results, with some experiencing declines while others saw slight increases [2][3] - Notable declines included Kuaishou Technology, which closed at HKD 63.500, down by HKD 1.150 or 1.78% [3] - Ctrip Group saw an increase, closing at HKD 574.500, up by HKD 10.000 or 1.77% [3]

港交所(00388)公布去年11月至今年10月的参与者市场占有率报告。过去12个月，总成交额达约45.99万亿港元，平均每月成交额约为3.83万亿港 元。今年10月份，A组(按市场成交额计算排名首14位的经纪行)的市占率为由9月的71.31%，跌至10月的70.62%；B组(排名第15至65位的经纪行)的 市占率由9月的24.95%，升至10月的25.67%，而C组(其余经纪行)的市占率亦由9月的3.74%，跌至10月的3.71%。 | | | 细別A | | 细別B | | 組別C | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | (第1至14名) | | (第15至65名) | | (第65名以後) | | | | | 月/年 | | 製園 | 佔總數百 | 蔵国 | 佔總數百 | 範圍 | 佔總數百 | 總成交額 | 平均每日成交額 | | | | (%) | 分比(%) | (%) | 分比(%) | (%) | 分比(%) | (以十億元計)* | (以百萬元計) | | 11月 | 24 | 11 ...

Core Viewpoint - The Hong Kong Futures Exchange has received approval from the Securities and Futures Commission to launch the Hang Seng Biotechnology Index futures on November 28, 2025 [1] Group 1 - The approval marks a significant development for the Hong Kong Futures Exchange, expanding its product offerings in the biotechnology sector [1] - The introduction of the Hang Seng Biotechnology Index futures is expected to attract more investors and enhance market liquidity [1]