Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry [7] Core Insights - The brokerage sector continues to see high trading activity, with expectations for sustained high growth in future performance, suggesting active allocation [2][4] - In the insurance sector, listed insurance companies reported significant growth in value, premiums, and profits in Q3, with a notable performance in the growth/technology-dominated equity market, challenging the traditional view of insurance investment as merely dividend-based [2][4] - The report indicates a potential for continued valuation recovery in the short term, supported by the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement [2][4] Summary by Sections Brokerage Sector - Trading activity remains high, with daily average transaction volume at 20,438.27 billion, up 1.56% week-on-week, and a daily turnover rate of 2.09%, up 3.64 basis points [5][40] - The report recommends active allocation in the brokerage sector due to the expected recovery in profitability and stability in commission rates [4][40] Insurance Sector - The cumulative premium income for the insurance industry reached 52,146 billion, with a year-on-year increase of 8.76%, driven by a 10.19% increase in life insurance premiums [22][23] - The report highlights the significant growth in premium income for major insurers, with New China Insurance reporting a 17% increase in premium income for the period from January 1 to October 31, 2025 [6][27] - The insurance sector is expected to see a valuation recovery, supported by improved asset allocation towards bonds and equity [22][27] Market Performance - The non-bank financial index increased by 0.2% this week, with a year-to-date increase of 7.6%, although it ranks lower compared to the broader market [5][18] - The report notes a mixed performance in the non-bank sector, with the insurance sector up 2.6% while the brokerage sector saw a decline of 0.9% [18][20] Financing Activities - In October, equity financing increased to 501.42 billion, up 20.4% month-on-month, while bond financing decreased to 6.56 trillion, down 19.2% [50] - The report anticipates an increase in stock underwriting scale due to new refinancing regulations, while bond underwriting will be influenced by interest rate changes [50] Asset Management - The report indicates a decline in new issuance of collective asset management products, with a total of 41.83 billion units issued in October, down 37.3% from the previous month [54] - The asset management sector is entering a recovery phase as the transition period for new regulations approaches its end [54]

Market Overview - The Hang Seng Index (HSI) closed at 26,202.97, down by 181.31 points or 0.69% on November 17 [1] - The index's trading volume was 57.9075 million, with a daily average price of 26,284.82 [1] - The 52-week high for the index was 27,275.90, while the low was 18,856.77 [1] Major Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 110.738, down 1.21% from the Hong Kong close [2] - Tencent Holdings closed at HKD 629.180, down 1.15% from the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) saw a decrease of HKD 4.500, or 0.70%, with an ADR price of HKD 629.180, which is HKD 7.320 lower than its Hong Kong stock price [3] - HSBC Holdings (00005) dropped by HKD 0.800, or 0.71%, with an ADR price of HKD 110.738, which is HKD 1.362 lower than its Hong Kong stock price [3] - Other notable declines included AIA Group (01299) down by 1.28% and China Construction Bank (00939) down by 1.32% [3]

Core Viewpoint - The overall transaction volume of commercial properties in Hong Kong has shown a significant recovery in the first ten months of 2025, with a total of 3,700 contracts registered, indicating a 8.0% increase compared to the entire year of 2024, and reaching 92.5% of the total value from the previous year [1] Group 1: Overall Market Performance - In the first ten months of 2025, the total number of commercial property transactions reached 3,700, with a total value of HKD 531.88 billion, surpassing the 2024 total of 3,425 transactions [1] - The estimated total transactions for the year are projected to reach approximately 4,300, marking the highest level since 2022 [1] - The recovery is attributed to the peak of interest rates, gradual economic recovery, rising stock market, and significant price adjustments in commercial properties [1] Group 2: Office Market - The office sector, including hotels, recorded 861 transactions valued at HKD 217.43 billion in the first ten months of 2025, representing a 71.2% increase in volume and a 1.1 times increase in value compared to the same period in 2024 [2] - The number of transactions in the office sector has also increased by 32.7% and 40.3% compared to the total for the previous year [2] - Notable high-value transactions include the sale of a commercial building in Central for HKD 56.5 billion and a hotel for HKD 18.7 billion [2] Group 3: Industrial Market - The industrial sector recorded 1,939 transactions valued at HKD 134.06 billion in the first ten months of 2025, marking a 33.9% increase in volume and a 1.8% increase in value compared to the same period last year [2] - This figure also represents a 6.8% increase compared to the total transactions for the previous year [2] - A significant transaction involved the sale of warehouses in Tsuen Wan for HKD 4.76 billion [2] Group 4: Retail Market - The retail sector recorded 895 transactions valued at HKD 139.37 billion in the first ten months of 2025, reflecting an 18.7% increase in volume but a 5.1% decrease in value compared to the same period last year [3] - The total number of transactions has reached 93.7% of the previous year's total, while the value has reached 75.3% [3] - The decline in value is attributed to a high base from a significant transaction last year [3]

Core Insights - The Hong Kong Stock Connect, which began operations on November 17, 2014, has successfully established a new model for capital market connectivity, expanding from stocks to bonds, ETFs, and interest rate swaps over the past 11 years [1][2]. Expansion and Activity - The Stock Connect has significantly increased trading activity, with southbound net purchases reaching approximately 1.3 trillion HKD in 2025, and cumulative net purchases exceeding 5 trillion HKD since inception [2]. - In the third quarter of 2025, the average daily trading volume for the Shanghai-Hong Kong Stock Connect and the Hong Kong Stock Connect reached record highs, with respective amounts of 206.4 billion RMB and 125.9 billion HKD, reflecting year-on-year increases of 67% and 229% [2]. ETF and Bond Market Developments - The number of eligible ETFs under the Stock Connect has grown from 83 to 273 since July 2022, catering to diverse investment needs [3]. - The Bond Connect has facilitated over half of international investments in the mainland bond market, with the "Northbound" and "Southbound" channels enhancing accessibility for foreign investors [3]. Internationalization and Index Inclusion - The establishment and optimization of the Stock Connect and Bond Connect have significantly enhanced the investability and internationalization of China's capital markets, contributing to the inclusion of Chinese A-shares and government bonds in major global indices [4]. Future Optimizations - Recent discussions indicate ongoing efforts to optimize the connectivity mechanisms, including expanding the scope of eligible products and improving the efficiency of foreign investment participation [5][6]. - The introduction of new features such as REITs and block trading mechanisms is being actively pursued to provide more investment options for both domestic and international investors [6]. Market Accessibility - The current foreign investment access framework is considered mature, with a focus on enhancing risk management tools and expanding the range of eligible products to further attract international capital [7].

Core Points - The Ministry of Finance of the People's Republic of China has successfully listed sovereign bonds in Hong Kong, totaling $4 billion [2] - The issuance includes $2 billion in three-year bonds and $2 billion in five-year bonds [2] - The Hong Kong bond market has performed well this year, with 268 bonds listed and total financing exceeding HKD 800 billion by the end of October [2] - The bonds issued by the Ministry of Finance account for 8 of the total listings, raising over HKD 20 billion [2] - The Hong Kong Stock Exchange aims to continue collaborating with the industry to support the ongoing development of the bond market and reinforce Hong Kong's position as a leading international bond market [2]

Core Insights - The Hong Kong Stock Exchange (HKEX) has experienced significant growth in revenue and net profit, achieving record highs for both metrics in the third quarter and the first three quarters of 2025 [1][2][3] Financial Performance - Total revenue for HKEX in the first three quarters reached HKD 21.9 billion, a year-on-year increase of 37%, while net profit was HKD 13.4 billion, up 45% [2] - In the third quarter alone, revenue was HKD 7.775 billion, reflecting a 45% year-on-year growth, and net profit was HKD 4.9 billion, a 56% increase [2] Market Activity - The growth in HKEX's performance is attributed to heightened market trading activity and a surge in new listings [3] - Average daily trading volume for the first three quarters was HKD 256.4 billion, a 126% increase year-on-year, driving significant growth in trading and settlement fees [3] - The Stock Connect program saw record average daily trading amounts, with northbound and southbound trading reaching RMB 206.4 billion and HKD 125.9 billion respectively, marking increases of 67% and 229% [3] IPO Performance - HKEX led the global IPO market in the first three quarters of 2025, with 69 new listings raising a total of HKD 188.3 billion, more than three times the amount from the same period last year [5] - In the third quarter, 25 new companies were listed, raising a total of HKD 78.9 billion, with increases of 67% and 87% in the number of new listings and capital raised compared to the same quarter in 2024 [5][6] - The number of IPO applications in process reached 297 by September 30, 2025, significantly up from 84 at the end of 2024 [5] Strategic Initiatives - HKEX has introduced new pricing regulations for IPOs to enhance the pricing mechanism, aiming to attract more institutional investors and companies to participate [6]

（来源：MBMC美顺） 来源：市场资讯 港交所(00388.HK)公告，委任毕马威会计师事务所为集团2026年度(截至2026年12月31日)的外聘核数师 (审计师)，有关委任须待香港交易所股东于2026年股东周年大会批准后方可作实。 普华永道在于2025年4月30日举行的2025年股东周年大会上获续聘为审计师，为集团进行2025年度的审 核工作。 普华永道将于2026年股东周年大会完结时退任审计师职务。 香港交易所(00388.HK)于2000年6月27日在联交所上市，当时IPO的审计师便是普华永道。 | | 參與介紹各方 | | --- | --- | | 介紹的保薦人 | 滙豐投資銀行亞洲有限公司 | | | 香港 | | | 皇后大道中1號 | | | 15樓 | | | Merrill Lynch Far East Limited | | | 香港 | | | 中環 | | | 花園道3號 | | | 亞太金融中心17樓 | | | 摩根士丹利添惠亞洲有限公司 | | | 香港 | | | 中環 | | | 交易廣場第三座 | | | 30樓 | | 本公司的法律顧問 | 安理國際律師事務所 | | ...

Core Insights - The Hong Kong Stock Exchange (HKEX) reported significant growth in revenue and net profit for the first nine months of 2025, with total revenue and other income reaching HKD 21.9 billion, a year-on-year increase of 37% [1] - The exchange's EBITDA was HKD 17.2 billion, reflecting a 48% year-on-year growth, with an EBITDA margin of 79%, up 5 percentage points from the previous year [1] - The IPO market in Hong Kong showed remarkable strength, with total fundraising amounting to HKD 188.3 billion, more than three times the amount raised in the same period of 2024, marking the strongest performance in nine months since 2021 [2] Financial Performance - For 9M25, the breakdown of revenue from various business segments included trading fees and system usage fees at HKD 7.8 billion (+57%), clearing and settlement fees at HKD 5.3 billion (+66%), and listing fees at HKD 1.3 billion (+17%) [1] - The average daily trading volume in the cash market reached HKD 256.4 billion, a 126% increase year-on-year, with southbound trading (Hong Kong Stock Connect) averaging HKD 125.9 billion (+229%) [1] Market Activity - The derivatives market also saw growth, with an average daily contract volume of 1.7 million contracts, up 11% year-on-year, and the LME's average daily trading volume reaching 700,000 lots (+3%) [2] - The northbound trading of bonds recorded an average daily trading volume of RMB 41.7 billion, a decrease of 5% year-on-year, while the average daily settlement amount for the swap connect reached RMB 21.7 billion, an increase of 61% [1][2] Investment Income - The net investment income for 9M25 was HKD 3.9 billion, a 4% increase year-on-year, with the company's own investment income declining by 8% to HKD 1.3 billion due to external investment performance [2] Strategic Outlook - The company has raised its target price to HKD 550, maintaining a "buy" rating, citing strong fundamental support for its current valuation and the ongoing growth in core business areas [3] - The exchange is expected to benefit from strategic initiatives aimed at optimizing market structure and enhancing product diversity, which will strengthen its long-term competitiveness [3]

Group 1 - Hong Kong Exchanges and Clearing Limited (HKEX) has announced an agreement to acquire a 20% stake in Clearstream Settlement Limited, reinforcing their strategic partnership to promote the long-term development of Hong Kong's fixed income and currency (FIC) market ecosystem [2] - HKEX will invest up to HKD 455 million to subscribe for newly issued shares of Clearstream Settlement Holdings Limited, resulting in HKEX and the Hong Kong Monetary Authority (HKMA) holding 20% and 80% stakes respectively after the transaction [2] - This strategic investment is based on a memorandum of understanding signed in March 2025, highlighting HKEX's commitment to solidifying Hong Kong as a leading center for fixed income and currency, as well as an offshore RMB business hub [2] Group 2 - The collaboration between HKEX and HKMA aims to leverage their resources, technology, talent, and market expertise to accelerate the development of post-trade securities infrastructure in Hong Kong, positioning it as a major Central Securities Depository (CSD) in the region [3] - Specific measures will include further commercial development of the Central Moneymarkets Unit (CMU) and expanding investor CSD services, custodial asset categories, and collateral management services to enhance CMU's market competitiveness [3] - The initiative is expected to improve operational efficiency across asset classes for Hong Kong's CSD platform [3]

通过这次合作，香港交易所及香港金管局将结合双方的资源、科技、人才及市场专业知识，加快推动香 港交易后证券基础设施的发展，迈向成为区内的主要中央证券存管平台(CSD)。具体措施将包括进一步 推动CMU的商业化发展，以及扩大投资者CSD服务、托管资产类别及抵押品管理服务等业务，以提升 CMU的市场竞争力，并加强香港的CSD平台于跨资产类别上的运作效率。 据介绍，香港交易所将投资最多4.55亿港元认购迅清结算控股有限公司(迅清结算控股)新发行的股份。 交易完成后，香港交易所与香港金融管理局(香港金管局)旗下外汇基金将分别持有迅清结算控股的20% 及80%股权。香港交易所、外汇基金及迅清结算控股的代表已于当天就新股认购完成签约仪式。 这项战略性投资建基于香港交易所与迅清结算于2025年3月签订的合作备忘录，彰显香港交易所致力巩 固香港作为领先固定收益及货币中心及离岸人民币业务枢纽的决心。迅清结算是香港金管局旗下公司， 负责营运债务工具中央结算系统(CMU)。 11月12日，香港交易及结算所有限公司(香港交易所)宣布与迅清结算有限公司(迅清结算)达成协议，购 入其控股公司的20%股权。作为金融市场基础设施的主要营运者， ...