Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - Recent market enthusiasm remains high, with Q3 brokerage performance expected to continue its growth trend. The long-term ROE central tendency is anticipated to rise. In the insurance sector, the logic of deposit migration, increased equity allocation, and improved new policy costs is confirmed, leading to greater certainty in long-term ROE improvement and accelerated valuation recovery. Overall, the cost-performance ratio for investment is gradually increasing [2][4] Summary by Sections Industry Performance - The non-bank financial index increased by 2.7% last week, with an excess return of 0.7% relative to the CSI 300. Year-to-date, the non-bank financial index is up 6.9%, but underperforms the CSI 300 by 11.0% [5][17] Market Activity - Market activity has slightly declined, with an average daily trading volume of 21,876.96 billion yuan, down 5.43% week-on-week. The average turnover rate is 2.28%, a decrease of 17.11 basis points [5][39] Insurance Sector - In August 2025, cumulative insurance premium income reached 479.99 billion yuan, a year-on-year increase of 9.63%. Life insurance premiums grew by 14.05%, while property insurance premiums increased by 4.67% [21][25] Brokerage Recommendations - The report recommends stable dividend-paying stocks such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, along with companies like New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Wealth, and Tonghuashun based on performance elasticity and valuation [4][6] Financing Activities - In September 2025, equity financing reached 41.634 billion yuan, a month-on-month increase of 86.6%, while bond financing totaled 8.11 trillion yuan, up 8.3% [50]

Core Viewpoint - UBS forecasts that Hong Kong Exchanges and Clearing Limited (00388) will report record high revenues and net profits for Q3 this year, with year-on-year growth of 43% and 53%, reaching HKD 7.7 billion and HKD 4.8 billion respectively, exceeding market expectations by 8% and 11% [1] Group 1: Financial Performance - Q3 revenue and net profit are expected to reach HKD 7.7 billion and HKD 4.8 billion, marking a year-on-year increase of 43% and 53% [1] - UBS estimates that Q3 net investment income will be HKD 933 million, reflecting a year-on-year and quarter-on-quarter decline of 23% and 40% respectively, primarily due to weaker Hong Kong interbank offered rates and potential foreign exchange losses from a depreciating USD [1] Group 2: Market Activity - The average daily trading volume for Q3 is projected to reach a new high of HKD 286 billion, with southbound capital contributing approximately 27%, an increase from 23% and 24% in Q1 and Q2 respectively [1] - It is estimated that the turnover rate of southbound capital is more than twice that of local and foreign investors since 2020, indicating a structural improvement in overall turnover rates [1] Group 3: Future Projections - UBS has raised its average daily trading volume forecasts for 2025 to 2027 by 9% to 16% and adjusted its earnings per share estimates upward by 7% to 12% [1] - The target price for Hong Kong Exchanges and Clearing Limited has been increased from HKD 464 to HKD 485, maintaining a "Neutral" rating [1]

Core Viewpoint - UBS forecasts that Hong Kong Exchanges and Clearing Limited (HKEX) will report a year-on-year increase in quarterly revenue and net profit of 43% and 53%, reaching HKD 7.7 billion and HKD 4.8 billion respectively, setting new records [1] Financial Performance - The forecasted quarterly revenue and net profit are 8% and 11% higher than market expectations [1] - Estimated net investment income for Q3 is projected at HKD 933 million, reflecting a year-on-year and quarter-on-quarter decline of 23% and 40% respectively, primarily due to weaker HKD interbank rates and potential foreign exchange losses from USD depreciation [1] Trading Activity - Q3 average daily turnover is expected to reach a new high of HKD 286 billion, with southbound capital contribution increasing to approximately 27%, compared to 23% and 24% in Q1 and Q2 respectively [1] - The turnover rate of southbound capital is estimated to be more than twice that of local and foreign investors since 2020, indicating a structural improvement in overall turnover rates [1] Future Projections - UBS has raised its average daily turnover forecast for 2025 to 2027 by 9% to 16% and adjusted its earnings per share forecast for HKEX upward by 7% to 12% [1] - The target price for HKEX has been increased from HKD 464 to HKD 485, maintaining a "Neutral" rating [1]

Core Viewpoint - UBS forecasts that Hong Kong Exchanges and Clearing Limited (HKEX) will report record high revenues and net profits for Q3 this year, with year-on-year growth of 43% and 53% respectively, reaching HKD 77 billion and HKD 48 billion, exceeding market expectations by 8% and 11% [1] Revenue and Profit Forecast - The estimated net investment income is projected to be HKD 933 million, reflecting a year-on-year and quarter-on-quarter decline of 23% and 40% respectively, primarily due to weaker Hong Kong interbank offered rates and potential foreign exchange losses from a depreciating US dollar [1] Trading Volume and Market Participation - Daily average trading volume has reached a new high of HKD 286 billion, with southbound capital contribution increasing to approximately 27%, compared to 23% and 24% in Q1 and Q2 respectively [1] Adjustments to Future Projections - In response to market sentiment and increased participation from southbound capital, HKEX's daily average trading volume forecasts for 2025 to 2027 have been raised by 9% to 16%, and earnings per share forecasts have been adjusted upward by 7% to 12% [1] Target Price and Rating - The target price for HKEX has been revised from HKD 464 to HKD 485, maintaining a "Neutral" rating [1]

香港联交所最新数据显示，10月3日，摩根大通减持香港交易所(00388)22.8812万股，每股作价450.0918 港元，总金额约为1.03亿港元。减持后最新持股数目约为8852.21万股，持股比例为6.98%。 ...

Core Viewpoint - Morgan Stanley has reduced its stake in Hong Kong Exchanges and Clearing Limited (00388) by selling 228,812 shares at a price of HKD 450.0918 per share, totaling approximately HKD 103 million, resulting in a new holding of about 88.52 million shares, representing 6.98% of the company [1] Summary by Category - **Share Reduction Details** - Morgan Stanley sold 228,812 shares of Hong Kong Exchanges and Clearing Limited [1] - The sale price was HKD 450.0918 per share, amounting to a total of approximately HKD 103 million [1] - **Post-Transaction Holdings** - After the reduction, Morgan Stanley's remaining shares in Hong Kong Exchanges and Clearing Limited are approximately 88.52 million [1] - The new holding represents a 6.98% ownership stake in the company [1]

Group 1 - Hong Kong Stock Exchange announced the introduction of weekly stock option contracts starting from November 10, 2025, to complement existing monthly contracts [1] - The new weekly options are designed to provide investors with more flexibility and effective short-term risk management tools [1] Group 2 - The five stocks for which weekly options will be available include: - China National Offshore Oil Corporation (Stock Code: 883) with a contract trading unit of 1,000 shares [2] - China Mobile Limited (Stock Code: 941) with a contract trading unit of 500 shares [2] - Semiconductor Manufacturing International Corporation (Stock Code: 981) with a contract trading unit of 2,500 shares [2] - AIA Group Limited (Stock Code: 1299) with a contract trading unit of 1,000 shares [2] - Xiaomi Group-W (Stock Code: 1810) with a contract trading unit of 1,000 shares [2]

Core Insights - As of October 9, 178 stocks reached their 52-week highs, indicating a strong market performance [1] Group 1: Top Performers - The top three stocks with the highest increase rates are: - Xin Mining Resources (01231) with a high rate of 53.85%, closing at 0.530 and peaking at 0.600 [1] - Hang Seng Bank (00011) with a high rate of 35.70%, closing at 149.800 and peaking at 168.000 [1] - Hang Seng Bank - R (80011) with a high rate of 25.15%, closing at 137.000 and peaking at 141.800 [1] Group 2: Notable Stocks - Other notable stocks that reached new highs include: - DeLi Machinery (02102) with a high rate of 19.61% [1] - OuHua (01711) with a high rate of 18.72% [1] - Ai Century Group (08507) with a high rate of 17.19% [1] Group 3: Market Trends - The data reflects a positive trend in the market, with a significant number of stocks achieving new highs, suggesting investor confidence and potential growth opportunities [1][2]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is expected to report strong earnings for the first three quarters of the year, with a significant year-on-year growth in profit, despite potential impacts from interest rate fluctuations [1] Group 1: Financial Performance - HKEX's profit for the first three quarters is projected to reach HKD 12.9 billion, representing a 39% year-on-year increase [1] - The average daily trading amount for the third quarter reached HKD 286 billion, marking a historical high [1] Group 2: Market Conditions - The net investment income of HKEX is anticipated to be affected by fluctuations in Hong Kong dollar interbank offered rates (HIBOR) during the reporting period [1] - Although HIBOR decreased in the second quarter, its delayed impact on net investment income may only become apparent in the third quarter [1] - The rebound of HIBOR in August and September is expected to mitigate the negative effects on net investment income by the fourth quarter [1]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is expected to report strong earnings for the first three quarters of the year, with a significant year-on-year increase in profit [1] Group 1: Financial Performance - HKEX's profit for the first three quarters is projected to reach HKD 12.9 billion, representing a 39% year-on-year growth [1] - The average daily trading amount for the third quarter is reported at HKD 286 billion, marking a historical high [1] Group 2: Market Conditions - The net investment income of HKEX is anticipated to be affected by fluctuations in Hong Kong dollar interbank offered rates (HIBOR) during the period [1] - Although HIBOR decreased in the second quarter, the lagging impact on net investment income may only become apparent in the third quarter [1] - With HIBOR rebounding in August and September, the negative impact on net investment income is expected to dissipate by the fourth quarter [1]