智通财经APP获悉，12月4日，港交所(00388)发布香港交易所11月市场概况。证券市场市价总值于2025 年11月底为48.0万亿港元，较去年同期的34.0万亿港元上升41%。2025年11月的平均每日成交金额为 2,307亿港元，较去年同期的1,615亿港元上升43%。 2025年首十一个月的平均每日成交金额为2,558亿港元，较去年同期的1,309亿港元上升95%。 2025年首十一个月的衍生权证平均每日成交金额为80亿港元，较去年同期的52亿港元上升54%。 2025年首十一个月的牛熊证平均每日成交金额为106亿港元，较去年同期67亿港元上升58%。 2025年首十一个月的交易所买卖基金平均每日成交金额为341亿港元，较去年同期的158亿港元上升 116%。 2025年首十一个月的杠杆及反向产品平均每日成交金额为35亿港元，较去年同期的29亿港元上升21%。 2025年首十一个月有93家新上市公司，较去年同期的61家上升52%。 2025年首十一个月的期货及期权平均每日成交量为1,692,878张合约，较去年同期的1,571,189张上升 8%。 2025年首十一个月的股票期权平均每日成交量为895 ...

Market Overview - The Hang Seng Index increased by 175.17 points, or 0.68%, closing at 25,935.9 points with a total turnover of HKD 179.306 billion [1] - The National Enterprises Index rose by 77.93 points, or 0.86%, closing at 9,106.48 points [1] - The Hang Seng Tech Index gained 80.51 points, or 1.45%, closing at 5,615.43 points [1] Blue-Chip Stocks - Tencent Holdings rose by 0.16%, closing at HKD 612 [1] - Hong Kong Exchanges and Clearing increased by 0.54%, closing at HKD 406.4 [1] - China Mobile saw a rise of 0.17%, closing at HKD 87 [1] - HSBC Holdings increased by 0.27%, closing at HKD 111.5 [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 0.3%, closing at HKD 40.7 [1] - Sun Hung Kai Properties decreased by 0.2%, closing at HKD 98.65 [1] - Henderson Land Development rose by 0.62%, closing at HKD 29.34 [1] Chinese Financial Stocks - Bank of China increased by 0.67%, closing at HKD 4.51 [1] - China Construction Bank rose by 1.02%, closing at HKD 7.92 [1] - Industrial and Commercial Bank of China increased by 0.91%, closing at HKD 6.22 [1] - Ping An Insurance rose by 0.44%, closing at HKD 56.65 [1] - China Life Insurance increased by 1.67%, closing at HKD 26.76 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation decreased by 0.22%, closing at HKD 4.5 [1] - China National Petroleum Corporation rose by 0.23%, closing at HKD 8.8 [1] - CNOOC Limited increased by 0.92%, closing at HKD 21.9 [1]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has experienced a decline in stock price, attributed to reduced trading volume and a lack of significant IPOs, with expectations for recovery in 2026 due to favorable monetary policies and a pipeline of IPOs [2][3][6]. Group 1: Stock Performance - On December 3, HKEX's stock fell by 0.88%, closing at 406.6 HKD, marking a nearly 12% drop from its high of 460 HKD on October 9 [2]. - The trading volume has decreased significantly, with recent daily trading amounts falling below 2000 billion HKD, compared to over 4000 billion HKD earlier in the year [2][3]. Group 2: IPO Market - The IPO market remains active, with HKEX reporting a total financing amount of 188.3 billion HKD from 69 new listings in the first three quarters of 2025, which is more than three times the amount from the same period in 2024 [5][6]. - The number of IPO applications being processed stands at 297, indicating a robust pipeline despite recent market challenges [5][6]. Group 3: Future Outlook - Analysts expect that the HKEX will benefit from potential improvements in market conditions, including increased trading volume as the market stabilizes, continued interest in new listings, and sustained inflow of capital from mainland investors [6][3]. - The anticipated policies from the mainland, such as fiscal expansion and consumption stimulus, are expected to support the market and potentially enhance HKEX's performance in the coming years [3][6].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has experienced a decline in stock price due to reduced trading volume, with a significant drop from 460 HKD to 406.6 HKD, reflecting a nearly 12% decrease since October 9 [2][4]. Trading Volume as a Key Variable - Short-term stock price movements of HKEX are closely linked to the trading volume in the spot market, which has been low recently, impacting the exchange's revenue [3][4]. - The average daily trading volume has fallen below 2000 billion HKD, significantly affecting HKEX's income and contributing to the stock price decline [5][6]. IPO Market Dynamics - The IPO market remains stable, with no significant slowdown in listing fee income; however, there is a lack of high-profile companies seeking to raise funds in Hong Kong, leading to decreased investor enthusiasm [6][9]. - In 2025, HKEX achieved a record high in revenue of 77.75 billion HKD, with a 45% year-on-year increase, and a net profit of 49 billion HKD, up 56% [8]. Future Outlook - The IPO market is expected to maintain its activity, with a robust pipeline of applications; however, the growth rate may stabilize [9][10]. - Factors that could improve HKEX's outlook include potential increases in market trading volume, sustained interest in the IPO market, and continued net inflows from mainland investors [10].

年底调整后明年有望重拾升势。 李泽铭说，新股挂牌数量比较平稳，交易所上市费收入暂未放缓，不过近日缺乏知名大型企业赴港融 资，部分挂牌公司市场认知度低，投资者申购热情降温，市场担忧本轮新股热潮或已接近尾声，今年以 来大盘反弹及政策利好驱动的上升基本到位，港交所正处于调整阶段，在这个过程中逐步筑底。 IPO节奏维持 根据港交所披露，2025年三季度，该公司实现营业收入77.75亿港元，连续第三个季度创历季新高，同 比上升45%；股东应占净利润49亿港元，同比增长56%。现货市场方面，第三季平均每日成交金额2864 亿港元，较去年同期翻倍；9月日均成交首次突破3000亿港元，达3167亿港元，创单月纪录；首三季日 均成交2564亿港元，亦创同期历史高位，同比上升126%。 新股市场保持活跃，2025年首三季香港融资额居全球新股市场榜首，前三季度共有69家公司新上市，总 融资额达1883亿港元，是2024年前三季度的三倍多；截至9月30日，正在处理的上市申请达297宗。 12月3日，香港交易所（00388.HK）下跌0.88%，中午报收406.6港元，盘中一度触及405.6港元的近两个 月调整新低，相比10月9日46 ...

Group 1 - The core viewpoint of the article highlights that the Hong Kong IPO market is expected to maintain its leading position globally, driven by the surge of technology companies from mainland China going public [2][3]. - In 2025, the IPO activities in mainland China and Hong Kong accounted for 16% and 33% of the global total in terms of number and fundraising amount, respectively, with Hong Kong's fundraising amount reaching $36 billion, making it the top exchange globally [2][3]. - The report indicates that the A-share market has shifted from quantity-driven growth to a focus on high-quality development, emphasizing technological innovation and institutional inclusiveness [2][3]. Group 2 - The report notes that the A-share IPO market has transitioned to prioritize quality over quantity, with the number of IPOs remaining stable while fundraising amounts have increased, placing Chinese companies in five of the top ten global IPOs [3][4]. - The active sectors for IPOs include strategic emerging industries such as artificial intelligence, robotics, semiconductors, new energy, and biomedicine, indicating a more mature development stage for the A-share market [4][6]. - The Hong Kong IPO market is expected to remain robust, with a structural deepening characteristic, driven by the A+H model and the return of Chinese concept stocks [4][6]. Group 3 - The report highlights a significant decrease in the first-day IPO failure rate in Hong Kong, dropping to 24%, the lowest in five years, while the average return rate for new listings reached 253%, a five-year high [5][6]. - The introduction of new IPO pricing and allocation regulations in Hong Kong has led to a marked improvement in the profitability of new listings, with only 6 out of 36 new stocks experiencing a failure to list [5][6]. - The influx of international capital into the Hong Kong market has shifted the investor structure from being predominantly foreign to a dual-driven model of domestic and foreign investment [6][7]. Group 4 - The report indicates that the positive effects of mainland companies going public in Hong Kong are diminishing, with the number of mainland enterprises and their fundraising amounts constituting 88.5% and 83.5% of the total, respectively [7][8]. - The phenomenon of A-share companies announcing plans to list in Hong Kong has led to a decrease in stock prices for some firms, indicating a potential over-saturation of such announcements [7][8]. - The report emphasizes the need for companies to embrace technology and build a governance system that aligns with future trends to enhance their competitiveness in the IPO market [8][9].

Group 1 - The core viewpoint of the article highlights the positive trends in the A-share and Hong Kong IPO markets, with a significant emphasis on technology-driven listings and a strong recovery in Hong Kong's IPO activities [2][3][4]. - In 2025, the A-share IPO market experienced moderate growth, with the average fundraising amount increasing by over 50% to 1 billion yuan, driven by large IPOs [3][4]. - The Hong Kong IPO market saw a robust recovery, with total fundraising exceeding 200 billion HKD, marking the second-highest level in five years, largely due to large IPOs from mainland companies [4][5]. Group 2 - The report indicates that the A-share market has shifted from a focus on quantity to a quality-driven approach, with technology innovation becoming a core characteristic of new listings [3][6]. - The Hong Kong market is characterized by a dual engine of new consumption and hard technology, with policies like the "Special Technology Line" facilitating faster listings for high-potential tech companies [6][7]. - The ongoing mutual opening of capital markets between mainland China and Hong Kong is expected to deepen cooperation and enhance market efficiency, with a focus on strategic emerging industries such as AI, robotics, and renewable energy [7][8].

Market Overview - The Hang Seng Index (HSI) closed at 26,076.46, down by 18.59 points or 0.07% on March 10 [1] - The index reached a high of 26,088.08 and a low of 25,955.53 during the trading session, with a trading volume of 33.66 million [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 112.111, up by 1% compared to the previous close [2] - Tencent Holdings closed at HKD 616.297, down by 0.11% compared to the previous close [2] Individual Stock Movements - Tencent Holdings: Latest price HKD 617.000, down by HKD 2.500 or 0.40% [3] - Alibaba Group: Latest price HKD 157.000, up by HKD 2.100 or 1.36% [3] - China Construction Bank: Latest price HKD 8.160, up by HKD 0.010 or 0.12% [3] - HSBC Holdings: Latest price HKD 111.000, up by HKD 0.500 or 0.45% [3] - Xiaomi Group: Latest price HKD 40.700, up by HKD 0.400 or 0.99% [3] - AIA Group: Latest price HKD 80.800, up by HKD 0.300 or 0.37% [3] - NetEase: Latest price HKD 224.400, up by HKD 2.000 or 0.90% [3] - BYD Company: Latest price HKD 100.100, up by HKD 2.150 or 2.19% [3] - Ctrip Group: Latest price HKD 543.000, down by HKD 1.000 or 0.18% [3] - JD Group: Latest price HKD 116.000, down by HKD 1.100 or 0.94% [3]

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11月30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12月2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 ...

Core Viewpoint - The Shenzhen-Hong Kong Stock Connect Non-Bank Index (983053) closed at 7020.28 points on December 1, experiencing a decline of 0.35% with a trading volume of 20.159 billion yuan and a turnover rate of 0.54% [1] Group 1: Index Performance - On the same day, 34 constituent stocks rose, with Changjiang Securities leading with a 2.27% increase, while 20 stocks fell, with Haide Shares leading the decline at 9.97% [1] - The top ten constituent stocks of the Shenzhen-Hong Kong Stock Connect Non-Bank Index are detailed, with AIA Group holding the highest weight at 15.43% and a latest price of 73.16 yuan, despite a slight decrease of 0.12% [1] Group 2: Market Capitalization - The total market capitalization of the top ten stocks ranges from 1.609 billion yuan for Guangfa Securities to 7,684.63 billion yuan for AIA Group, indicating significant variations in company sizes within the index [1] Group 3: Capital Flow - The net outflow of main funds from the index's constituent stocks totaled 1.288 billion yuan, while retail investors saw a net inflow of 1.046 billion yuan, indicating differing investor behaviors [1] - Detailed capital flow data shows that Bohai Leasing had a net inflow of 36.79 million yuan from main funds, while Changjiang Securities experienced a net outflow of 13.50 million yuan [2]