互联互通优化措施的筹备工作正在紧锣密鼓地进行。"目前，我们正与沪深交易所就沪深港通纳入REITs、引入大宗交易机 制以及人民币柜台纳入港股通等项目进行紧密合作，希望可以尽快落实，为境内外投资者提供更多便利和投资选择。"陈翊庭 介绍。 展望未来，陈翊庭表示，港交所将不遗余力地推动旗下市场与基础设施持续提升国际竞争力，精准对接包括广大内地投资 者在内的全球投资人日益多元的投资需求。同时，将继续与各方深化协作，持续优化上市制度安排，不断拓展优化互联互通机 制，丰富产品，提高市场效率，进一步推动两地资本市场的共同发展。 上海证券交易所国际合作部总监张斌在同一场合提到，2014年11月17日正式开通的沪港通机制开创了跨境证券投资的新模 式，探索出金融高水平对外开放新路径。 自开通以来，沪港通机制不断优化，交易品种逐渐丰富，交易机制日渐完善。2016年取消总额度限制；2018年双向扩大每 日额度至四倍；2019年将不同投票权架构公司股票纳入港股通股票范围；2021年将科创板股票纳入沪股通股票范围；2022年将 ETF产品纳入标的证券；2023年双向扩大可交易日历，股票范围双向扩容。 本报记者 毛艺融 田鹏 10月22日， ...

Core Insights - The Hong Kong Stock Exchange (HKEX) has seen significant growth in its connectivity mechanisms, with record-high average daily trading volumes in both the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect as of September 2023 [1][2] - The expansion of Exchange-Traded Funds (ETFs) has been successfully implemented, with notable increases in average daily trading volumes for both southbound and northbound ETFs [1] - The Bond Connect has also maintained a growth trend, with average daily trading volumes showing substantial increases [1] Connectivity Mechanisms - The Shanghai-Hong Kong Stock Connect has evolved since its launch in 2014, with various enhancements including the removal of total quota limits and the inclusion of different share structures [2][3] - As of September 2023, foreign capital through the Shanghai-Hong Kong Stock Connect has reached a cumulative trading volume of 90.1 trillion yuan, with daily trading amounts increasing significantly since its inception [3] - The collaboration between Shanghai and Hong Kong exchanges is set to continue, focusing on optimizing the Stock Connect mechanisms and enhancing the international competitiveness of both markets [3] Future Outlook - HKEX aims to enhance its market infrastructure and cater to the diverse investment needs of global investors, particularly from mainland China [2] - The Shenzhen Stock Exchange emphasizes the importance of deepening cooperation with HKEX and Shanghai Stock Exchange to promote cross-border financial innovation and support high-quality economic development [3]

[ 从交易数据看，截至今年9月底，外资通过沪股通累计成交总额达90.1万亿元人民币。 ] 自开通以来，内地与香港股票市场交易互联互通机制不断优化，交易品种逐渐丰富，交易机制日渐完 善。 10月22日，在2025HKEX中国机遇论坛上，香港交易所集团行政总裁陈翊庭表示，将持续优化上市制度 安排，不断拓展优化互联互通机制，丰富产品，提高市场效率，进一步推动两地资本市场的共同发展。 提起沪港金融合作，绕不开2014年11月17日正式开通的沪港通。这一机制开创了跨境证券投资的新模 式，探索出金融高水平对外开放新路径。 上海证券交易所国际合作部总监张斌也在论坛上表示，展望下一个十年，上证所将继续携手港交所，在 两地证监会的指导下，持续优化沪港通机制，积极服务境内外投资者，推动在岸和离岸市场协同发展， 提升沪港两地国际金融中心的竞争力、影响力。 港交所：将不断拓展优化互联互通机制 今年以来，香港交易所新股发行规模大幅增长，截至9月底，IPO融资总额达1829亿港元，较2024年同 期增长超过两倍。 "目前，新股市场的强劲势头仍在持续，上市科正在处理的公开上市申请近300宗。"陈翊庭称，港交所 近年来推出的上市政策改革，释 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has reformed the Growth Enterprise Market (GEM) to better serve high-growth potential small and medium-sized enterprises (SMEs) by focusing on business sustainability rather than just profitability [2][4]. GEM Listing Core Conditions - The core condition for GEM listing emphasizes "business sustainability," reducing the focus on mere profitability and instead prioritizing growth potential, market recognition, and operational history [2]. - GEM no longer has a single profitability threshold but offers multiple financial standards to accommodate different growth stages of companies [3]. - Companies must have a clear business model focused on high-growth industries, at least 24 months of active business records (which can be shortened to 12 months under specific conditions), and stable control and management [3]. Financial and Market Value Indicators - Financial standards include optional profitability tests, market value/income/cash flow tests, and a new market value/income test for high-growth, non-profitable companies [3]. - The public shareholding requirement is set at a minimum of 25%, with specific conditions allowing for a reduction to 15% for companies with a market value exceeding HKD 10 billion [3]. Positioning and Objectives - GEM is positioned as an "accelerator for growth-oriented enterprises," focusing on companies that have not yet met the main board's thresholds but possess operational records and market recognition [4]. Listing Process and Timeline - The listing process involves hiring intermediaries, conducting due diligence, drafting a prospectus, and submitting applications, typically taking 6-12 months depending on the company's readiness [5]. - Continuous listing responsibilities have been strengthened, requiring regular disclosures on business progress, financial health, and risk factors [5]. Advantages and Challenges - Advantages include lower listing thresholds compared to the main board, a clear pathway for transitioning to the main board, and a favorable investor base for innovative companies [5]. - Challenges involve lower liquidity, strict ongoing disclosure requirements, and higher costs associated with intermediaries [5].

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) is committed to enhancing collaboration with various parties, optimizing listing arrangements, and expanding connectivity mechanisms to promote the development of capital markets in both Hong Kong and mainland China [1][2] Group 1: Market Performance - Since September of the previous year, China's investment opportunities have regained global investor attention, leading to strong performance in the Hong Kong market [1] - As of September 30, 2023, the total IPO financing amount reached HKD 182.9 billion, more than doubling compared to the same period in 2022 [1] - The average daily trading volume in the Hong Kong securities market was HKD 256.4 billion, a year-on-year increase of 126% [1] - The derivatives market saw an average daily trading volume of 1.68 million contracts, up 11% year-on-year [1] Group 2: Strategic Developments - HKEX plans to launch the Hang Seng Biotechnology Index futures to meet the growing risk management needs of investors in the biotechnology sector [2] - The company is collaborating closely with the Shanghai and Shenzhen stock exchanges to incorporate REITs into the Stock Connect, introduce block trading mechanisms, and include RMB counters in the Hong Kong Stock Connect [2] - HKEX aims to enhance the international competitiveness of the Hong Kong stock market and cater to the diverse investment needs of global investors, including those from mainland China [2] - As a leading offshore RMB center, HKEX will continue to build a competitive ecosystem for fixed income and currency products, providing various asset allocation and risk hedging tools [2]

2025香港交易所中国机遇论坛10月22日在上海举行。 香港证券及期货事务监察委员会执行董事叶志衡发表了《香港固定收益及货币市场发展最新动向》演 讲。叶志衡表示，香港证监会将在未来6个月推进一系列重点工作。在促进发行上，将通过发行政府债 券引领市场发展；向目标市场的发行人和投资者推广香港的优势；扩大投资者基础，如家族办公室、基 金和企业财资中心等。 针对全球资本市场的动向和趋势，香港交易所董事总经理、首席中国经济学家巴曙松提出了多项判断。 他预计，全球原有的经济增长模式已无法持续，资产配置基本逻辑发生改变。随着全球经济增速放缓、 传统资产收益率持续走低，单纯依靠贝塔收益已难以满足投资者的收益目标。全球主动管理型基金规模 占比正在持续上升，反映出在新的市场环境下投资者对阿尔法收益的追逐，这种趋势在另类资产领域更 为明显。 上交所国际合作部总监张斌在论坛上表示，上交所将携手港交所，在两地证监会的指导下，持续优化沪 港通机制，积极服务境内外投资者，推动在岸和离岸市场协同发展，提升沪港两地国际金融中心的竞争 力、影响力。 香港证监会叶志衡：促进在香港发展回购交易中央对手方 香港已成为亚洲领先的国际债券发行和全球最大离 ...

Core Insights - The collaboration between Shenzhen and Hong Kong stock exchanges has significantly enhanced financial connectivity, information sharing, and technological integration, reinforcing Hong Kong's status as an international financial center [1] Group 1: Deepening Interconnectivity - Since the launch of the Shenzhen-Hong Kong Stock Connect in 2016, the trading volume has rapidly increased, with a cumulative transaction amount reaching 125 trillion yuan by the end of September [1] - The Shenzhen Stock Connect accounted for 98 trillion yuan of this total, with an average daily trading volume of 47.7 billion yuan, making it the primary channel for foreign investment in A-shares [1] - The Hong Kong Stock Connect contributed 27 trillion yuan, with an average daily trading volume of 13.3 billion yuan, injecting liquidity into the Hong Kong market [1] Group 2: Bond Market Cooperation - The establishment of the Greater Bay Area Bond Platform in 2022 has enhanced cross-border bond trading cooperation, improving transparency in cross-border financing information disclosure [2] - As of September, the platform has showcased 46 products, including 35 offshore local government bonds and 10 cross-border bonds from policy financial institutions [2] - The platform aims to leverage the "dual zone" policy for innovative practices in capital market connectivity [2] Group 3: Financial Infrastructure Development - The Shenzhen and Hong Kong exchanges have initiated a collaboration project to provide stable and low-latency market data services, with a communication forwarding system for Hong Kong stock market data set to launch in 2024 [3] - A comprehensive fund platform has been established to enhance the efficiency of the Hong Kong fund market, with 42 financial institutions already participating [3] - Future plans include further reforms and expansions to enhance market attractiveness and support high-quality economic development [3]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is expected to report strong earnings growth for Q3 2025, driven by high trading activity and increased revenue from main fee categories, despite a decline in investment income due to margin pressures [1][2]. Group 1: Earnings Forecast - Q3 2025 earnings are projected to increase by 49% year-on-year and 5% quarter-on-quarter, reaching HKD 46.8 billion [1]. - Total revenue for Q3 2025 is expected to rise by 40% year-on-year and 4% quarter-on-quarter to HKD 75.3 billion, with main fee income increasing by 57% year-on-year and 18% quarter-on-quarter to HKD 65.1 billion [1]. Group 2: Trading Activity - Trading activity remains robust, with Q3 average daily turnover (ADT) expected to rise by 141% year-on-year and 20% quarter-on-quarter to HKD 2,864 billion [1]. - Southbound ADT is anticipated to increase by 285% year-on-year and 36% quarter-on-quarter to HKD 1,525 billion, accounting for 26.6% of Hong Kong stocks [1]. - Northbound ADT is projected to grow by 144% year-on-year and 77% quarter-on-quarter to HKD 2,687 billion, representing 7.1% of A-shares [1]. Group 3: Investment Income and Margin Pressure - Investment income for Q3 2025 is expected to decline by 18% year-on-year and 36% quarter-on-quarter to HKD 9.9 billion due to margin pressures [2]. - The narrowing of margin interest spreads is anticipated as long-term yields decline while short-term costs rise, alongside a decrease in derivative margin requirements due to lower market volatility [2]. Group 4: Market Conditions and Future Outlook - The basic fundamentals of the market remain solid, with October ADT reaching HKD 2,880 billion, indicating sustained high trading activity [2]. - The potential for a rapid interest rate cut by the Federal Reserve in Q4 could support liquidity in the Hong Kong stock market [2]. - The company is advised to focus on the valuation adjustments following changes in risk appetite among investors [2]. Group 5: Profit Forecast and Valuation - The profit forecast for 2025 has been raised by 3% to HKD 171 billion, while the 2026 forecast remains unchanged [2]. - The current trading multiples are at 31x for both 2025 and 2026 earnings, with a target price maintained at HKD 500, indicating an 18% upside potential [2].

Group 1: Alibaba (Code: 00988) - Technical analysis indicates a support level at 144.6 and a resistance level at 185.6, with strong rebound momentum from the support level, suggesting a short-term upward trend [1] - Recommended call warrants are 21370, 20017, and 15432, while bull warrants are 57383, 57470, and 57384 [1] Group 2: Meituan (Code: 03690) - Support level is at 88 and resistance level at 107.1, with a high probability of breaking through the resistance level, indicating an upward trend [1] - Recommended call warrants are 19971, 20069, and 20116, with bull warrants being 58005, 53778, and 53780 [1] Group 3: Xiaomi (Code: 01810) - Technical indicators show a support level at 39.8 and a resistance level at 56.4, with the price at the lower end of an upward channel, indicating a high safety margin and short-term upward trend [1] - Recommended call warrants are 16253, 13630, and 13979, while bull warrants are 67393, 67394, and 67402 [1] Group 4: AIA (Code: 01299) - Support level is at 68.6 and resistance level at 77.2, characterized by low volatility as a blue-chip stock, with a stable short-term upward trend [1] - Recommended call warrants are 18410, 17948, and 18411, with bull warrants being 61825, 53008, and 61274 [1] Group 5: Hong Kong Exchanges and Clearing (Code: 00388) - Technical analysis shows a support level at 399 and a resistance level at 460, with strong performance driven by active market trading, indicating a short-term upward trend [1] - Recommended call warrants are 27741, 15562, and 23503, while bull warrants are 62570, 56665, and 68548 [1] Group 6: BYD (Code: 01211) - Support level is at 95.8 and resistance level at 113.8, with the stock benefiting from the popularity of the new energy sector, indicating a short-term upward trend [1] - Recommended call warrants are 20458, 20495, and 20219, while bull warrants are 56780, 64027, and 63130 [1] Group 7: HSBC (Code: 00005) - Support level is at 94.3 and resistance level at 110.5, with a stable trend influenced by the valuation recovery in the banking sector, indicating a short-term upward trend [1] - Recommended call warrants are 19105, 18901, and 19104, while bull warrants are 65343, 66095, and 68629 [1] Group 8: China Construction Bank (Code: 00939) - Technical indicators show a support level at 7.38 and a resistance level at 8.26, characterized as a low valuation high dividend stock with strong safety attributes, indicating a short-term upward trend [1] - Recommended call warrants are 17265, 19572, and 20261, while bull warrants are 62134, 62178, and 57112 [1] Group 9: Industrial and Commercial Bank of China (Code: 01398) - Support level is at 5.55 and resistance level at 6.35, characterized by low volatility as a large-cap bank stock, indicating a clear short-term upward trend [1] - Recommended call warrants are 20585, 20618, and 16703, while bull warrants are 65682, 57199, and 58321 [1] Group 10: China Mobile (Code: 00941) - Technical analysis indicates a support level at 78.7 and a resistance level at 91.7, with strong earnings supporting the stock price as a leader in the telecommunications industry, indicating a short-term upward trend [1] - Recommended call warrants are 21277, 21344, and 28920, while bull warrants are 57975, 56130, and 63412 [1] Group 11: SMIC (Code: 00981) - Support level is at 58.5 and resistance level at 89.6, benefiting from favorable policies in the semiconductor sector, indicating high elasticity and a short-term upward trend [1] - Recommended call warrants are 13923, 20790, and 20292, while bull warrants are 61294, 61093, and 60800 [1] Group 12: Kuaishou (Code: 01024) - Support level is at 63.1 and resistance level at 88, with strong rebound momentum driven by stable demand in the short video sector, indicating a short-term upward trend [1] - Recommended call warrants are 17442, 17594, and 15122, while bull warrants are 59046, 59410, and 61399 [1] Group 13: JD.com (Code: 09618) - Technical indicators show a support level at 115.9 and a resistance level at 141.3, benefiting from the recovery in the e-commerce sector and positive earnings expectations, indicating a short-term upward trend [1] - Recommended call warrants are 19677, 19641, and 19529, while bull warrants are 56434, 55794, and 56562 [1] Group 14: Anta (Code: 02020) - Support level is at 81 and resistance level at 95.6, characterized as a leader in sports apparel, benefiting from consumer recovery, indicating a short-term upward trend [1] - Recommended call warrants are 13440, 13921, and 15902, while bull warrants are 54515, 54416, and 65820 [1] Group 15: Tencent (Code: 00700) - Technical indicators show a support level at 581 and a resistance level at 680, indicating a short-term upward trend with ample room for growth [1] - Recommended call warrants are 18949, 18902, and 13713, while bull warrants are 55125, 67093, and 55772 [1]

Core Insights - The number of listing applications in Hong Kong is rapidly increasing, with nearly 300 applications being processed by the Hong Kong Stock Exchange as of the end of September 2023 [1] - In the first three quarters of 2025, Hong Kong's new stock market welcomed 69 new listed companies, raising over HKD 180 billion, which is more than double the amount from the same period last year, making it the top globally [1] - More overseas issuers are choosing to list in Hong Kong, with over half of the companies listed this year having international business operations, averaging about 50% of their revenue from overseas markets [1] Market Developments - The GEM (Growth Enterprise Market) has seen 4 companies listed since its reform in 2024, raising HKD 280 million, with 11 applications from small and medium-sized enterprises received this year [1] - The Hong Kong Stock Exchange and the Securities and Futures Commission are working on further optimizing the system to enhance market vitality and competitiveness [1] Revenue Projections - The stock stamp duty revenue for the fiscal year 2024-2025 is projected to be approximately HKD 52 billion, an increase of about 43% compared to the previous year [1] - For the first two quarters of 2025-2026, the stock stamp duty revenue is expected to be around HKD 44 billion, reflecting a 143% increase compared to the same period last year [1]