Core Viewpoint - Hong Kong Stock Exchange plans to launch the Hang Seng Biotechnology Index Futures to enhance its derivatives product ecosystem, focusing on the rapidly growing biotechnology sector [1] Group 1: Product Launch Details - The new futures contract will start trading on November 28, 2025, based on the Hang Seng Biotechnology Index, which tracks the performance of the 30 largest biotechnology, pharmaceutical, and medical device companies listed in Hong Kong that are eligible for Stock Connect trading [1] - The product aims to provide investors with precise risk management tools and complement existing biotechnology-related products and flagship stock index derivatives offered by the Hong Kong Stock Exchange [1] Group 2: Incentives and Fees - The first six months of trading for the new product will be exempt from the Securities and Futures Commission transaction fees [1] - The margin rate for the product will be announced in due course [1]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 格隆汇10月14日｜香港交易所宣布，计划推出恒生生物科技指数，进一步优化其不断拓展的衍生产品生 态圈。新合约将于2025年11月28日开始交易，合约以恒生生物科技指数为基准，聚焦当前发展最快、最 有活力的一大板块，为投资者提供精准的风险管理工具，并与香港交易所现有的生物科技相关产品及旗 舰股票指数衍生产品组合互补。 ...

Core Viewpoints - The Hong Kong Stock Exchange (HKEX) reported a market capitalization of HKD 49.85 trillion as of September 2025, reflecting a month-on-month increase of 7.01% and a year-on-year increase of 35.03% [1] - The average daily trading (ADT) for Q3 reached HKD 286.36 billion, showing a year-on-year growth of 144.80% and a month-on-month increase of 20.48% [1] - In Q3 2025, 28 new companies were listed, raising a total of HKD 478.38 billion, which is a 33.75% increase year-on-year [2] - The derivatives market showed positive growth, with average daily trading volume for futures and options reaching 165 million contracts, up 9.28% year-on-year [3] Market Activity - Southbound capital inflow totaled HKD 399.99 billion from July to September 2025, a year-on-year increase of 230.22%, significantly boosting market activity [2] - The average daily trading volume for the Hong Kong Stock Connect southbound trading reached HKD 152.46 billion in Q3, marking a year-on-year increase of 303.85% [2] Derivatives and Commodity Market - The average daily trading volume for derivatives and commodity contracts maintained positive growth, with a year-on-year increase of 9.28% in Q3 [3] - The average daily trading volume for metal contracts on the London Metal Exchange (LME) reached 71,000 contracts in September, a 5.51% increase year-on-year [3] Interest Rates and Investment Outlook - The Hong Kong Interbank Offered Rate (HIBOR) rebounded in Q3, reaching approximately 3.5% by September 30, which is indicative of a tightening liquidity environment [4] - The sustained high trading activity is expected to continue into Q4, supported by the Federal Reserve's monetary policy shift and ongoing southbound capital inflows [6] Earnings Forecast - The company is projected to achieve Q3 revenue of HKD 7.91 billion, a year-on-year increase of 47.26%, and a net profit of HKD 4.82 billion, up 53.38% year-on-year [5] - Revenue forecasts for 2025, 2026, and 2027 are expected to grow by 27.94%, 5.93%, and 1.17% respectively, indicating a positive growth trajectory [5] Valuation and Investment Recommendation - The current price-to-earnings (PE) ratio for HKEX is 36.49x, which is within a favorable range compared to historical averages [4] - The company maintains a "buy" rating with a target price of HKD 543 per share, supported by strong market activity and valuation advantages [6]

Core Insights - The article highlights the short-selling ratios and amounts for various companies, indicating significant market sentiment towards these stocks [1][2] Short-Selling Ratios - AIA Group Limited (友邦保险-R) and Anta Sports Products Limited (安踏体育-R) both have a short-selling ratio of 100.00%, indicating extreme bearish sentiment [1] - China Mobile Limited (中国移动-R) has a short-selling ratio of 84.48%, suggesting a notable level of short interest [1] Short-Selling Amounts - Alibaba Group Holding Limited (阿里巴巴-SW) leads in short-selling amount with 6.289 billion, followed by Xiaomi Corporation (小米集团-W) at 4.095 billion and Tencent Holdings Limited (腾讯控股) at 3.779 billion [2] - Other notable companies in the top short-selling amounts include Meituan (美团-W) at 1.692 billion and Semiconductor Manufacturing International Corporation (中芯国际) at 1.525 billion [2] Deviation Values - The highest deviation value is for Xinyuan Renewable Energy (协合新能源) at 40.24%, indicating a significant difference from its historical short-selling average [1][2] - Other companies with high deviation values include Jiangsu Nanjing Highway (江苏宁沪高速公路) at 26.40% and AIA Group Limited (友邦保险-R) at 26.17% [1][2]

格隆汇10月14日丨根据联交所最新权益披露资料显示，2025年10月8日，香港交易所(00388.HK)获JPMorgan Chase & Co.以每股均价443.5482港元增持好仓 28.9万股，涉资约1.28亿港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为88,897,753股，持好仓比例由6.98%上升至7.01%。 | 股份代號: | 00388 | | --- | --- | | 上市法國名稱: | 香港交易及結算所有限公司 | | 日期 (日 / 月 / 年): | 14/09/2025 - 14/10/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | --- | --- | --- | --- | --- | --- | | | | | 份數目 | | (請參閱上述 * 註解) 有投票權股 (日 / 月 / 年 | | | | | | | 份自分比 | | | | | | | 96 | | CS20251013E00026 | JPM ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) has announced the establishment of a new subsidiary, Commodity Pricing and Analysis Limited (CPAL), in Dubai, UAE, to enhance its commodity market services [2] Group 1: Company Developments - CPAL will primarily operate pricing management services for the commodity market and provide independent quotes and market analysis for the metals market [2] - The new subsidiary aims to promote the development of the sustainable metal premium business announced by the London Metal Exchange (LME) in April this year [2] Group 2: Strategic Expansion - HKEX intends to expand its commodity business in this strategically important region, facilitating connectivity between the rapidly growing markets of China and the Middle East [2]

《财富》亚洲最具影响力的商界女性榜单（MPW Asia）是亚洲女性商业领袖的权威排名，今年的榜单 聚焦100位善用区域与全球经济动荡创造商业机遇的领导者。入选者由《财富》编辑团队依据其可量化 的影响力、战略布局以及未来塑造力甄选而出，涵盖影响力跨国及跨行业的创始人、首席执行官以及其 他高管。逾三分之一入选者来自《财富》世界500强、中国500强及东南亚500强企业，辐射东南亚、大 中华区、印度、日本、韩国及澳大利亚的14个市场。本年度榜单还特别呈现12位非商界杰出女性——她 们以卓越的公共领导力和文化影响力正在重塑当今亚洲的权力版图。 在2025年《财富》亚洲最具影响力的商界女性榜单中，来自金融与科技领域的高管位居前列。随着人工 智能热潮的兴起和资本流向的变化，亚洲女性高管正在迎来前所未有的机遇。 今年《财富》评选出的亚洲最具影响力的商界女性当中，东南亚最大银行星展集团的首席执行官陈淑珊 位列榜首。她于今年3月正式执掌该银行。自上任以来，陈淑珊面临贸易战重燃以及加密货币等另类金 融产品卷土重来的挑战。 她在最新一期《财富》杂志中表示："我对同事们说，今年将是跌宕起伏的一年，大家最好系好安全 带。" 中国科技制 ...

Core Viewpoint - Morgan Stanley has increased its stake in Hong Kong Exchanges and Clearing Limited (00388) by purchasing 289,039 shares at a price of HKD 443.5482 per share, totaling approximately HKD 128 million, raising its total holdings to about 88,897,800 shares, which represents a 7.01% ownership [1] Summary by Category - **Share Purchase Details** - Morgan Stanley acquired 289,039 shares of Hong Kong Exchanges and Clearing Limited at HKD 443.5482 per share [1] - The total investment amounts to approximately HKD 128 million [1] - **Post-Investment Holdings** - After the purchase, Morgan Stanley's total shareholding in Hong Kong Exchanges and Clearing Limited is approximately 88,897,800 shares [1] - This acquisition results in a holding percentage of 7.01% [1]

Core Viewpoint - The London Metal Exchange (LME) plans to introduce a new mechanism to determine the premium customers are willing to pay for low-carbon metals that meet sustainability standards, addressing complaints from miners about competition with cheaper coal-produced metals [1][2]. Group 1: New Initiatives - LME will expand its existing partnership with the digital platform Metalshub, which currently facilitates low-carbon nickel trading, to include copper, aluminum, nickel, and zinc products that meet sustainability criteria [1]. - The new initiative is set to launch in the first quarter of next year, aiming to enhance trading volumes on Metalshub [1][4]. Group 2: Pricing Mechanism - The parent company of LME, Hong Kong Exchanges and Clearing, has established a new company in Dubai to independently set premium prices, which will assess buy and sell quotes if trading volumes on Metalshub are insufficient [2]. - LME has released a discussion paper outlining its proposed premium pricing methodology [4]. Group 3: Market Dynamics - LME's CEO Matthew Chamberlain noted that many end-users are reluctant to pay higher prices for sustainable products, indicating that some metals may not have any premium space [1]. - Since March of last year, Metalshub has completed 488 tons of low-carbon nickel transactions, reflecting initial market activity in this segment [3].

香港联交所最新数据显示，10月8日，摩根大通增持香港交易所(00388)28.9039万股，每股作价443.5482 港元，总金额约为1.28亿港元。增持后最新持股数目约为8889.78万股，持股比例为7.01%。 ...