Group 1 - Hong Kong Exchanges and Clearing (HKEX) plans to sign a transaction agreement on November 12, 2025, to implement a strategic investment in Clearstream Holdings, acquiring a 20% stake through its wholly-owned subsidiary [1] - The strategic investment will involve HKEX investing up to HKD 455 million in newly issued shares of Clearstream Holdings, with HKEX and the Hong Kong Monetary Authority (HKMA) holding 20% and 80% stakes respectively after the investment [1] - Clearstream Holdings is a newly established company that will own 100% of Clearstream, which operates the Central Moneymarkets Unit (CMU) responsible for the debt instruments central settlement system [1] Group 2 - The strategic investment is a collaboration project between HKMA and HKEX, aimed at leveraging both parties' resources, technology, talent, and market expertise to accelerate the development of post-trade securities infrastructure in Hong Kong [2] - The initiative will enhance the commercialization of CMU and expand investor CSD services, custodial asset categories, and collateral management services to improve CMU's market competitiveness [2] - The goal is to strengthen Hong Kong's CSD platform and enhance operational efficiency across various asset classes [2]

Group 1 - Hong Kong Stock Exchange (HKEX) plans to sign a transaction agreement on November 12, 2025, to implement a strategic investment in Clearstream Holdings, acquiring a 20% stake through its wholly-owned subsidiary [1] - After the strategic investment is completed, HKEX will invest up to HKD 455 million in newly issued shares of Clearstream Holdings, with the Hong Kong Monetary Authority (HKMA) and HKEX holding 80% and 20% stakes respectively [1][2] - Clearstream Holdings is a newly established company that will hold 100% of Clearstream after the transaction, which is a key player in the operation of the Central Moneymarkets Unit (CMU) under HKMA [2] Group 2 - The strategic investment is a collaboration project between HKMA and HKEX, aimed at enhancing the post-trade securities infrastructure in Hong Kong and positioning it as a major Central Securities Depository (CSD) in the region [2] - The CMU, as Hong Kong's fixed income CSD, had custodial assets amounting to approximately HKD 5 trillion as of September 30, 2025, playing a crucial role in bond trading settlement [2] - The initiative will leverage resources, technology, talent, and market expertise from both parties to accelerate the commercialization of CMU and expand investor CSD services, custodial asset categories, and collateral management services [2]

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管 香港交易及結算所有限公司有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務 監察委員會對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 對迅清結算控股有限公司進行戰略投資 香港交易所公布，計劃於 2025 年 11 月 12 日舉行簽約儀式（「簽約儀式」），期間外匯 基金、香港交易所及迅清結算控股將簽訂交易協議以落實戰略投資。 戰略投資 根據戰略投資，香港交易所將（透過其全資附屬公司）購入迅清結算控股 20%股權。作為 金融市場基礎設施的主要營運者，香港金管局及香港交易所將進一步鞏固戰略合作關係， 共同推動香港固定收益及貨幣市場生態圈的長期發展。 完成戰略投資（「交易完成」）後，香港交易所將向迅清結算控股投資最多 4.55 億港元 （將按現金結餘淨額作出調整）（「認購代價」）認購迅清結算控股新發行的股份，而 香港交易所及香港金管局旗下外匯基金將分別持有迅清結算控股的 20%及 80%股權。 認購代價乃經由香港 ...

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [2][9] Core Views - The report indicates that the Hong Kong stock market's liquidity is expected to continue to rise due to a series of connectivity policies, leading to increased market activity and valuation [2][6] - For the years 2025-2027, the company is projected to achieve revenues and other income of HKD 282.86 billion, HKD 304.18 billion, and HKD 322.14 billion, respectively, with net profit attributable to shareholders of HKD 173.74 billion, HKD 188.57 billion, and HKD 200.92 billion, corresponding to PE ratios of 30.91, 28.48, and 26.73 times [2][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues and other income of HKD 218.51 billion, a year-on-year increase of 36.63%, and a net profit attributable to shareholders of HKD 134.19 billion, up 44.8% year-on-year [6][9] - Revenue growth was driven by significant increases in trading and transaction fees, listing fees, and settlement and clearing fees, with respective year-on-year growth rates of 57.28%, 17.08%, and 65.66% [6][9] Market Activity - The report highlights a substantial increase in trading activity across the cash, derivatives, and commodities markets, with daily average trading volumes for cash securities up 132.4% year-on-year [6][9] - The report notes that the number of new listings and the amount raised in the first three quarters of 2025 saw significant growth, with new listings totaling 69 and fundraising amounts increasing by 258.5% [6][9] Investment Income - Investment income for Q3 2025 was reported at HKD 10.18 billion, reflecting a quarter-on-quarter decline of 16% and a year-on-year decrease of 34% [6][9] - The annualized investment return rate for margin and clearing house fund investments decreased by 0.15 percentage points to 1.46% [6][9] Future Projections - The report anticipates continued growth in revenues and profits for the company, driven by favorable market conditions and policy support, with projected revenues of HKD 282.86 billion in 2025, HKD 304.18 billion in 2026, and HKD 322.14 billion in 2027 [2][10]

Core Viewpoint - The Hang Seng Index (HSI) experienced a slight decline, closing at 26,678.91, down 0.07% from the previous day, indicating a mixed performance in the Hong Kong stock market with some large-cap stocks showing gains while others faced losses [1][2]. Group 1: Market Performance - The Hang Seng Index closed at 26,678.91, down 17.50 points or 0.07% [1]. - The index reached a high of 26,780.49 and a low of 26,590.87 during the trading session, with a trading volume of 39.788 million shares [1]. - The average price for the day was 26,685.68, with a 52-week high of 27,275.90 and a low of 18,856.77 [1]. Group 2: Major Stock Movements - HSBC Holdings closed at 112.744 HKD, up 0.31% from the previous close [2]. - Tencent Holdings closed at 651.079 HKD, reflecting a 0.17% increase [2]. - Alibaba Group saw a decline, closing at 160.400 HKD, down 1.84% [3]. - Other notable movements included AIA Group up 1.29% and Meituan down 1.26% [3].

Core Insights - The article provides a technical analysis and recommendations for 10 stocks, highlighting their short-term trends and key support and resistance levels. Group 1: Tencent (Code: 00700) - Tencent shows a continuous upward trend, being a leader in the domestic internet industry with a strong user base and monetization capabilities across various sectors including social media, gaming, fintech, and cloud computing [1] - Support level is at 617, resistance level at 682, with corresponding call option code 18981 and put option code 20518 [1] Group 2: Alibaba (Code: 09988) - Alibaba is also on an upward trajectory, recognized as a global e-commerce and technology giant with a robust ecosystem and supply chain capabilities [1] - Support level is at 150.5, resistance level at 176.8, with call option code 15432 and put option code 20870 [1] Group 3: Meituan (Code: 03690) - Meituan's short-term trend is positive, being a leading local service platform in China with high market penetration and user engagement [2] - Support level is at 95.2, resistance level at 111.4, with call option code 20964 and put option code 21520 [2] Group 4: JD.com (Code: 09618) - JD.com continues to rise, leveraging its high-quality supply chain and efficient logistics, particularly in the 3C electronics and fresh retail sectors [2] - Support level is at 115.5, resistance level at 133.9, with call option code 18979 and put option code 19822 [2] Group 5: Xiaomi Group (Code: 01810) - Xiaomi is experiencing an upward trend, having established a comprehensive ecosystem of smartphones, smart hardware, and IoT platforms [2] - Support level is at 38.4, resistance level at 50.5, with call option code 13204 and put option code 18546 [2] Group 6: Kuaishou (Code: 01024) - Kuaishou shows a positive short-term trend, being a leading short video and live streaming platform with high user activity and a rich content ecosystem [3] - Support level is at 63.1, resistance level at 82.4, with call option code 18961 and put option code 19035 [3] Group 7: BYD (Code: 01211) - BYD is on a favorable trend as a leader in the electric vehicle industry, benefiting from high growth in the sector [3] - Support level is at 93.7, resistance level at 109.9, with call option code 17318 and put option code 19297 [3] Group 8: Hong Kong Stock Exchange (Code: 00388) - The Hong Kong Stock Exchange continues to rise, serving as a key hub connecting mainland and global capital markets [3] - Support level is at 420, resistance level at 452, with call option code 13855 and put option code 19860 [3] Group 9: AIA Group (Code: 01299) - AIA Group is experiencing an upward trend, being a leading life insurance company in the Asia-Pacific region with strong demand for insurance products [4] - Support level is at 73.7, resistance level at 88.3, with call option code 17948 and put option code 18984 [4] Group 10: SMIC (Code: 00981) - SMIC shows a positive trend as the largest integrated circuit foundry in mainland China, benefiting from domestic semiconductor industry growth [4] - Support level is at 64.7, resistance level at 88.3, with call option code 18977 and put option code 21385 [4]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (388) with a target price raised to HKD 550.0, indicating a potential upside of 28% from the previous closing price [5]. Core Insights - The company reported a significant increase in revenue and net profit for the first nine months of 2025, with revenue reaching HKD 21.9 billion (up 37% year-on-year) and net profit at HKD 13.4 billion (up 45% year-on-year) [3][4]. - The report highlights strong market activity, particularly in the cash market, with average daily trading volume doubling to HKD 256.4 billion (up 126% year-on-year) [3][4]. - The IPO market remains robust, with HKD 188.3 billion raised from 69 new listings, marking a threefold increase compared to the same period in 2024 [4]. Financial Performance Summary - For the first nine months of 2025, the company achieved an EBITDA of HKD 17.2 billion, reflecting a 48% year-on-year increase, with an EBITDA margin of 79% (up 5 percentage points) [3]. - The report projects total revenue of HKD 28.1 billion for 2025, representing a 25.4% increase, and net profit of HKD 16.4 billion, a 26% increase [7]. - The diluted earnings per share are expected to rise to HKD 13.0 in 2025, with a projected dividend of HKD 11.6, resulting in a dividend yield of 2.7% [7]. Market and Strategic Developments - The report notes the successful diversification strategy of the company, with average daily contracts in the derivatives market increasing by 11% to 1.7 million contracts [4]. - The company continues to enhance its market structure, including lowering minimum tick sizes and exploring shorter settlement cycles, which are expected to improve market efficiency and product diversity [5]. - The report emphasizes the strong correlation between the company's performance and market trading volumes, suggesting that the company is well-positioned to benefit from ongoing market trends [5].

Market Overview - The Hang Seng Index (HSI) closed at 26,662.27, up by 13.21 points or 0.05% from the previous close [1] - The index reached a high of 26,664.74 and a low of 26,496.53 during the trading session, with a trading volume of 43.5445 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 112.005, an increase of 1.36% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 649.659, up by 0.02% from the Hong Kong market close [2] ADR Performance - Tencent Holdings (ADR) was priced at 649.659, reflecting a slight increase of 0.02% compared to its Hong Kong counterpart [3] - Alibaba Group (ADR) was priced at 161.200, down by 1.35% compared to its Hong Kong price of HKD 163.400 [3] - HSBC (ADR) was priced at 112.005, showing an increase of 1.36% compared to its Hong Kong price [3]

Core Viewpoint - The report from DBS suggests that Chinese companies listed in the U.S. may return to Hong Kong for listing, which could further expand the Hong Kong stock market and maintain strong trading momentum [1] Group 1: Market Outlook - The strong momentum in the Hong Kong stock market is expected to continue, with the average daily trading volume forecasted to increase to HKD 258 billion and HKD 275 billion for 2025 and 2026 respectively [1] - Positive factors contributing to this outlook include improved liquidity and investment sentiment, attractive valuations of Hong Kong tech stocks compared to other markets, and supportive government policies and stimulus measures [1] Group 2: Capital Inflows and IPO Activity - From July to October this year, the proportion of southbound capital in total trading volume rose to 25%, benefiting from the rise in tech stocks and an active IPO market [1] - Over 80 new stocks have been listed in Hong Kong year-to-date, including A-share companies and well-known tech and consumer stocks, which has structurally optimized the market [1]

Core Viewpoint - DBS believes that Chinese companies listed in the U.S. may return to Hong Kong for listing, which would further expand the Hong Kong stock market and maintain strong trading momentum [1] Group 1: Market Outlook - The strong momentum in the Hong Kong stock market is expected to continue, with DBS raising the average daily trading volume forecast for the Hong Kong Stock Exchange (HKEX) to HKD 258 billion and HKD 275 billion for 2025 and 2026 respectively [1] - Positive factors contributing to this outlook include improved liquidity and investment sentiment, attractive valuations of Hong Kong tech stocks compared to other markets, and supportive government policies and stimulus measures [1] Group 2: Market Activity - From July to October this year, the proportion of southbound funds in total trading volume increased to 25%, benefiting from the rise in tech stocks and an active IPO market [1] - Over 80 new stocks have been listed in Hong Kong year-to-date, including A-share companies and well-known tech and consumer stocks, which has optimized the market structure [1]