Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [8] Core Insights - A total of 46 listed brokerages reported their Q3 earnings, achieving revenue and net profit attributable to shareholders of 435.65 billion and 178.95 billion yuan respectively for the first three quarters of 2025, representing year-on-year growth of 17.7% and 62.2% [2][4] - The market trading activity remains high, and it is expected that the performance of brokerages will continue to grow significantly, presenting investment opportunities [4] - The insurance sector has seen a substantial upward adjustment in profit growth expectations for the first three quarters, with notable investment returns alleviating short-term concerns [4] - The report indicates a gradual improvement in overall cost-effectiveness for investments, supported by the logic of deposit migration, increased equity allocation, and improved new policy costs [4] Summary by Sections Earnings Performance - The report highlights the strong earnings performance of brokerages, with significant revenue and profit growth in Q3 2025 [2][4] - Specific recommendations include Jiangsu Jinzu, China Ping An, and China Pacific Insurance based on their stable profit growth and dividend rates [4] Market Trends - The non-bank financial index decreased by 0.5% this week, with a year-to-date increase of 7.6%, indicating a relatively weak performance compared to the broader market [5] - The average daily trading volume in the market increased to 232.53 billion yuan, up 29.38% from the previous period, reflecting a recovery in market activity [5][42] Regulatory Developments - Recent regulatory updates include the issuance of the "Qualified Foreign Investor System Optimization Work Plan" by the CSRC, aimed at enhancing the attractiveness of the domestic market to foreign investors [6][64] Company Announcements - Notable company earnings include New China Life Insurance reporting revenue and net profit of 137.25 billion and 32.86 billion yuan respectively, with year-on-year growth of 28.3% and 58.9% [6] - Other companies such as Guotai Junan and CICC also reported significant increases in revenue and net profit for the same period [6]

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [9] Core Insights - The allocation of public funds to the non-bank sector in Hong Kong has significantly increased, with passive fund holdings surpassing those of active funds [2][12] - The insurance sector's allocation in Hong Kong has risen, with major holdings in China Pacific Insurance (H) and Ping An Insurance (H) [12] - The brokerage sector's allocation has also increased, focusing on leading institutions [12] - The multi-financial sector remains under-allocated, with holdings concentrated in the Hong Kong Stock Exchange [12] Summary by Sections Public Fund Holdings - In Q3 2025, the market value of non-bank sector holdings by active and passive funds was 153.66 billion and 2,061.14 billion respectively, with changes of -0.7% and +18.8% [12] - In Hong Kong, the market value for the non-bank sector was 113.85 billion and 496.35 billion, with increases of +34.5% and +234.6% [12] Insurance Sector - The allocation for passive funds in the insurance sector has increased, with holdings in Ping An (94.4%) and China Pacific (3.6%) [12] - Compared to the CSI 300, the insurance sector is under-allocated by 3.57 percentage points for active funds and 0.83 percentage points for passive funds [12] Brokerage Sector - The allocation for the brokerage sector has increased, with active fund holdings concentrated in CITIC Securities (22.8%) and Huatai Securities (16.0%) [12] - In Hong Kong, the market value for the brokerage sector was 0.07 billion and 1.50 billion, with changes of +0.01 percentage points and +0.95 percentage points [12] Multi-Financial Sector - The multi-financial sector's holdings are concentrated in the Hong Kong Stock Exchange, with a market value of 0.31 billion and 0.41 billion for active and passive funds respectively [12] - The sector remains under-allocated compared to the Hang Seng Index by 3.69 percentage points for active funds and 3.58 percentage points for passive funds [12] Overall Market Outlook - Since the beginning of 2025, the capital market has been recovering, and the brokerage sector's performance is expected to be resilient [12] - The insurance sector is anticipated to recover due to favorable policies and economic trends, indicating potential growth in the industry [12]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 香港交易及結算所有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 不適用 備註： 香港交易所並無法定股本，及其股本並無股份面值。 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00388 | | 說明 | 股份 | | | | | | 多櫃檯證券代號 | 80388 | RMB 說明 | | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,267,836,895 | | 0 | | 1,267, ...

Core Points - The Hang Seng Index (HSI) closed at 26,167.41, reflecting a slight increase of 0.03% on November 3, 2023 [1] - Major blue-chip stocks showed mixed performance, with HSBC Holdings rising by 1.13% while Tencent Holdings fell by 0.21% [2] Stock Performance Summary - Tencent Holdings: Latest price at 628.00 HKD, down by 1.00 HKD (-0.16%), ADR price at 626.678 HKD, a decrease of 1.322 HKD compared to the Hong Kong market [3] - Alibaba Group: Latest price at 163.20 HKD, down by 1.90 HKD (-1.15%), ADR price at 162.916 HKD, a decrease of 0.284 HKD compared to the Hong Kong market [3] - HSBC Holdings: Latest price at 108.30 HKD, up by 0.20 HKD (+0.19%), ADR price at 109.527 HKD, an increase of 1.227 HKD compared to the Hong Kong market [3] - AIA Group: Latest price at 79.95 HKD, up by 4.50 HKD (+5.96%), ADR price at 79.996 HKD, a slight increase of 0.046 HKD compared to the Hong Kong market [3] - BYD Company: Latest price at 99.10 HKD, down by 1.50 HKD (-1.49%), ADR price at 98.008 HKD, a decrease of 1.092 HKD compared to the Hong Kong market [3]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is open to reviewing the "Weighted Voting Rights (WVR)" listing rules, indicating a willingness to adapt to market feedback and improve the listing system [1] Group 1: Listing Rules and Governance - HKEX has revised its listing rules, which now require boards to have a non-single gender composition and to include at least one director of a different gender [1] - The next step for HKEX is to establish a talent pool for female directors to ensure a steady supply of qualified candidates [1] Group 2: Market Position and Applications - HKEX is viewed as a stable and reliable market for US-listed Chinese companies considering a listing in Hong Kong, particularly due to its attractive interconnectivity trading mechanisms with mainland China [1] - Currently, HKEX is processing over 300 listing applications, with the actual number expected to be higher when including confidential submissions [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is open to reviewing the "Weighted Voting Rights (WVR)" listing rules following the recent amendments to its listing regulations, which now require boards to include at least one director of a different gender [1] Group 1: Listing Rules and Gender Diversity - The newly revised listing rules require boards to have non-single gender representation and mandate the inclusion of at least one director of a different gender [1] - HKEX plans to establish a talent pool for female directors to ensure a steady supply of qualified candidates [1] Group 2: Market Feedback and Future Improvements - HKEX has received market feedback indicating that certain areas of the listing system may benefit from further review and improvement [1] - The exchange emphasizes that shareholders can determine the company structure and have a more equitable voice in companies with WVR [1] Group 3: Attractiveness for US-listed Chinese Companies - HKEX is positioned as a stable and reliable market for US-listed Chinese companies considering a listing in Hong Kong, particularly due to its attractive interconnectivity trading mechanisms with mainland China [1] - Currently, HKEX is processing over 300 listing applications, with the number expected to increase when including confidential submissions [1]

Core Viewpoint - Hong Kong is actively expanding its international connections and market space while consolidating ties with traditional markets, showing positive economic momentum with a projected annual growth target achievable this year [1][7]. Economic Performance - Hong Kong's economy grew by 3.8% in the third quarter, with resilient exports and accelerating local consumption. The number of visitors to Hong Kong continues to show double-digit growth [1][7]. International Cooperation - The Hong Kong government is preparing its second economic and trade office in the Middle East, located in Riyadh, with the Hong Kong Stock Exchange's office in Riyadh now operational. Financial regulatory bodies from both regions have signed a cooperation memorandum [1][5]. Technology and Innovation Collaboration - A delegation from Hong Kong signed multiple agreements in Saudi Arabia covering areas such as artificial intelligence, spatial awareness technology, robotics, and environmental technology, enhancing collaboration in tech applications and business expansion [2][3]. Financial Cooperation Opportunities - There is significant potential for financial cooperation, as Saudi Arabia and other Middle Eastern regions are accelerating large infrastructure projects that require diverse funding sources and innovative financing models. Hong Kong offers a robust financial market, including the largest IPO market globally and Asia's largest green finance market [4][6]. Startup Ecosystem Development - Hong Kong's Science Park has already seen Saudi startups come to Hong Kong following previous cooperation agreements, indicating a growing interest from Saudi partners in Hong Kong's tech and startup ecosystem [6]. Market Expansion Strategies - The delegation emphasized the importance of collaboration between local and mainland enterprises to explore new market opportunities, particularly in the context of Hong Kong's unique position as a dual-platform for mainland and Middle Eastern businesses [6][4].

Group 1 - JPMorgan Chase & Co. increased its stake in Hong Kong Exchanges and Clearing Limited (00388.HK) by acquiring 681,221 shares at an average price of HKD 433.4691 per share, totaling approximately HKD 295 million [1] - Following this acquisition, JPMorgan's total holdings in Hong Kong Exchanges rose to 89,210,163 shares, increasing its ownership percentage from 6.98% to 7.03% [1]

Group 1 - JPMorgan Chase increased its stake in Hong Kong Exchanges and Clearing Limited (00388) by approximately 681,221 shares at a price of about HKD 433.47 per share, totaling around HKD 295 million [1] - Following the increase, JPMorgan's total shareholding in the company is approximately 89,210,200 shares, representing a holding percentage of 7.03% [1]

Group 1 - Morgan Stanley increased its stake in Hong Kong Exchanges and Clearing Limited (00388) by 681,221 shares at a price of HKD 433.4691 per share, totaling approximately HKD 295 million [1] - Following the increase, Morgan Stanley's total shareholding in Hong Kong Exchanges and Clearing Limited reached approximately 89,210,200 shares, representing a holding percentage of 7.03% [1]