Market Overview - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 110.541, down 0.41% from the previous close; Tencent Holdings closed at HKD 608.677, down 0.22% [2] Stock Performance Summary - Tencent Holdings: Latest price HKD 610.000, down HKD 2.000 (-0.33%); ADR price HKD 608.677, down HKD 1.323 [3] - HSBC Holdings: Latest price HKD 111.000, down HKD 0.500 (-0.45%); ADR price HKD 110.541, down HKD 0.459 [3] - Alibaba Group: Latest price HKD 155.000, up HKD 0.600 (0.39%); ADR price HKD 154.057, down HKD 0.943 [3] - AIA Group: Latest price HKD 78.300, down HKD 0.700 (-0.89%); ADR price HKD 78.371, up HKD 0.071 [3] - Meituan: Latest price HKD 99.050, up HKD 0.950 (0.97%); ADR price HKD 98.981, down HKD 0.069 [3] - Ping An Insurance: Latest price HKD 60.450, up HKD 3.800 (6.71%); ADR price HKD 60.370, down HKD 0.080 [3] - BYD Company: Latest price HKD 99.150, up HKD 0.750 (0.76%); ADR price HKD 98.086, down HKD 1.064 [3]

Core Viewpoint - The Hang Seng Stock Connect Financial R (HKD) Index (483026) closed at 10,527.47 points, up 1.15%, with a trading volume of 51.949 billion HKD and a turnover rate of 0.43% on December 5 [1] Group 1: Index Performance - The index saw 65 constituent stocks rise, with Ruida Futures leading at a 10.01% increase, while 22 stocks declined, with Electric Power Investment and Financing leading at a 3.86% decrease [1] - The top ten constituent stocks by weight include HSBC Holdings (15.53%), China Construction Bank (11.08%), and AIA Group (8.37%) [1] Group 2: Market Capitalization - The total market capitalization of the top ten stocks includes HSBC Holdings at 1,733.079 billion HKD, China Construction Bank at 1,897.727 billion HKD, and Industrial and Commercial Bank of China at 2,050.886 billion HKD [1] Group 3: Capital Flow - The net inflow of main funds into the index's constituent stocks totaled 1.556 billion HKD, while speculative funds saw a net outflow of 488 million HKD, and retail investors experienced a net outflow of 1.068 billion HKD [3] - Notable net inflows include Dongfang Wealth at 532 million HKD and Guotai Junan Securities at 132 million HKD, while significant outflows were observed in Guangfa Securities and Changjiang Securities [3]

Core Insights - The Shenzhen-Hong Kong Stock Connect Financial R Index (483025) closed at 10,743.61 points, up 1.16%, with a trading volume of 47.173 billion yuan and a turnover rate of 0.43% [1] - Among the index constituents, 65 stocks rose, with Ruida Futures leading with a 10.01% increase, while 22 stocks fell, with Electric Power Investment and Financing leading with a 3.86% decline [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Stock Connect Financial R Index include major financial institutions such as HSBC Holdings, China Construction Bank, and AIA Group, with respective weights of 15.53%, 11.08%, and 8.37% [1] - The total market capitalization of the index constituents varies significantly, with China Construction Bank at 1,897.73 billion yuan and HSBC Holdings at 1,733.08 billion yuan [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 1.556 billion yuan, while retail funds experienced a net outflow of 1.068 billion yuan [3] - Notable net inflows were observed in stocks like Dongfang Wealth and Guotai Junan Securities, with net inflows of 532 million yuan and 132 million yuan respectively [3]

Core Insights - The Shenzhen-Hong Kong Stock Connect has been operational for 9 years, contributing significantly to the development of an open and inclusive capital market ecosystem, enhancing collaboration in the Guangdong-Hong Kong-Macao Greater Bay Area, and supporting the growth of new productive forces [1] Group 1: Mechanism Optimization and Trading Growth - The Shenzhen-Hong Kong Stock Connect has continuously improved its mechanism design, enhancing cross-border trading convenience and market attractiveness [1] - As of December 4, 2023, the total transaction amount of the Shenzhen-Hong Kong Stock Connect reached 131 trillion yuan, with the Shenzhen Stock Connect accounting for 103 trillion yuan and the Hong Kong Stock Connect for 28 trillion yuan [1] - Daily average transaction amounts since 2025 have shown significant growth, with Shenzhen Stock Connect averaging 111.1 billion yuan (73% annual growth) and Hong Kong Stock Connect averaging 46.7 billion HKD (94% annual growth) [1] Group 2: Support for New Economic Development - The Shenzhen market is characterized by a strong focus on technology innovation, with over 70% of companies being high-tech enterprises and nearly 50% being strategic emerging industries [2] - The Shenzhen-Hong Kong Stock Connect has facilitated the accumulation of cross-border funds in new economic sectors, with net purchases of high-tech and strategic emerging industry stocks reaching 630.7 billion yuan and 478.8 billion yuan, respectively [2] - Since the reform and pilot registration system of the ChiNext board, the proportion of ChiNext stocks in the Shenzhen Stock Connect trading volume has increased to 38%, indicating a clear trend of international funds flowing into innovative sectors [2] Group 3: Financial Integration in the Greater Bay Area - The Shenzhen Stock Exchange is leveraging its geographical advantage to deepen cooperation and innovate collaboration models, aiming to enhance the connectivity of capital markets in the Greater Bay Area [3] - Initiatives such as the launch of the Shenzhen-Hong Kong Stock Connect Advanced Manufacturing Index and the Green Low-Carbon Index are aimed at optimizing resource allocation in the capital market [3] - The Shenzhen Stock Exchange, in collaboration with the Hong Kong Stock Exchange and other partners, is actively promoting the development of financial technology in the Greater Bay Area, contributing to the establishment of a global financial technology center [3]

Market Overview - The total market capitalization of the Hong Kong Stock Exchange reached HKD 48.0 trillion by the end of November 2025, a 41% increase from HKD 34.0 trillion in the same period last year [1] - The average daily trading amount in November 2025 was HKD 230.7 billion, up 43% from HKD 161.5 billion in November 2024 [1] - For the first eleven months of 2025, the average daily trading amount was HKD 255.8 billion, a significant increase of 95% compared to HKD 130.9 billion in the same period last year [1] Derivative Products - The average daily trading amount for warrants in the first eleven months of 2025 was HKD 8.0 billion, a 54% increase from HKD 5.2 billion in the previous year [2] - The average daily trading amount for bull and bear certificates was HKD 10.6 billion, up 58% from HKD 6.7 billion year-on-year [2] - The average daily trading amount for exchange-traded funds (ETFs) was HKD 34.1 billion, representing a 116% increase from HKD 15.8 billion in the same period last year [2] - The average daily trading amount for leveraged and inverse products was HKD 3.5 billion, a 21% increase from HKD 2.9 billion year-on-year [2] IPO and Fundraising - There were 93 new listings in the first eleven months of 2025, a 52% increase from 61 new listings in the same period last year [2] - The total amount raised through initial public offerings (IPOs) was HKD 259.4 billion, a remarkable increase of 228% compared to HKD 79.1 billion in the previous year [2] - The total fundraising amount for the first eleven months of 2025 reached HKD 575.0 billion, a 240% increase from HKD 169.0 billion year-on-year [3] Futures and Options Market - The average daily trading volume for futures and options in the first eleven months of 2025 was 1,692,878 contracts, an 8% increase from 1,571,189 contracts in the same period last year [4] - The average daily trading volume for stock options was 895,548 contracts, up 23% from 728,430 contracts year-on-year [5] - The average daily trading volume for Renminbi currency futures was 106,121 contracts, a 15% increase from 92,280 contracts in the previous year [5] - On November 25, 2025, the trading volume for Hang Seng Tech Index futures options reached a historical high of 80,803 contracts [5]

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 ...