Group 1 - The average daily trading volume of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached new highs in the first half of 2025, with the Shanghai and Shenzhen Stock Connect averaging a daily trading volume of RMB 206.4 billion, a 68% increase compared to the same period in 2024 [1] - The Hong Kong Stock Connect's average daily trading volume reached HKD 126 billion, more than double the level of the same period in 2024 [1] - The strong performance of the Hong Kong market is attributed to favorable economic policies and technological innovations in China, leading to increased global investor interest [1] Group 2 - The Hong Kong Stock Exchange (HKEX) is collaborating closely with the Shanghai and Shenzhen exchanges to include REITs in the Stock Connect, introduce a block trading mechanism, and incorporate RMB counters into the Hong Kong Stock Connect [1] - HKEX aims to deepen collaboration with various parties to optimize listing arrangements, expand the connectivity mechanism, and enhance market efficiency [2] - The exchange is focused on building a competitive ecosystem for fixed income and currency products, providing diverse asset allocation and risk hedging tools for domestic and international investors [2]

Core Insights - The Hong Kong Securities and Futures Commission (SFC) is set to advance key initiatives in the next six months to promote the development of the fixed income and currency markets in Hong Kong [1][5] - The global economic growth model is changing, with a shift from beta to alpha returns, leading to increased interest in actively managed funds and alternative assets [1][9] - The Shanghai Stock Exchange (SSE) and Hong Kong Stock Exchange (HKEX) are collaborating to enhance the Shanghai-Hong Kong Stock Connect mechanism, aiming to improve the competitiveness and influence of both financial centers [1][12][16] Group 1: Fixed Income and Currency Market Development - The SFC's focus includes promoting issuance through government bonds, expanding the investor base, and enhancing liquidity in the fixed income market [1][3][5] - Collective investment schemes have reached a record trading volume of 22.4 trillion HKD, with a 76% increase, and the proportion of money market funds is expected to rise from 76% in 2023 to 80% in 2024 [3][5] - The SFC identified four pillars for the fixed income and currency market: promoting issuance, increasing liquidity, expanding offshore RMB business, and new generation infrastructure [5][7] Group 2: Global Economic Trends and Investment Strategies - The global debt levels are unsustainable, leading to a redefinition of traditional safe assets, with gold and Bitcoin prices rising due to concerns over fiat currency purchasing power [9][11] - Geopolitical risks have become the primary concern for sovereign wealth funds, surpassing inflation as the main focus for investors [11] - The shift in global economic growth from expansion to rebalancing emphasizes the importance of technology competition, particularly in artificial intelligence [11] Group 3: Shanghai-Hong Kong Stock Connect - The Shanghai-Hong Kong Stock Connect has evolved since its inception, with significant enhancements such as the removal of total quota limits and the inclusion of various stock types [12][15] - As of September 2025, the cumulative trading volume through the Stock Connect reached 90.1 trillion CNY for northbound trading and 37.5 trillion CNY for southbound trading [15][16] - The SSE aims to continue optimizing the Stock Connect mechanism to facilitate cross-border investment and enhance market collaboration [12][16]

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。 2025香港交易所中国机遇论坛10月22日在上海举行。 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岸人民币 ...

Core Insights - The Hong Kong market is experiencing a strong recovery as it approaches 2025, coinciding with the 25th anniversary of the Hong Kong Stock Exchange Group, which is enhancing capital flow between China and the world [1][3]. Market Performance - By the end of September, the new stock issuance scale on the Hong Kong Stock Exchange reached HKD 182.9 billion, more than doubling compared to the same period in 2024, with nearly 300 public listing applications currently being processed [3][4]. - The average daily trading volume in the Hong Kong securities market reached HKD 256.4 billion, a year-on-year increase of 126% [5]. IPO Market Dynamics - The Hong Kong IPO market has regained its top position globally by the end of September, with refinancing activities also growing rapidly, totaling HKD 456.1 billion, which is more than double the new stock market fundraising during the same period [4][5]. - The A+H listing model has further developed, with nearly half of the new stock total coming from A+H listed companies, indicating closer integration between mainland and Hong Kong markets [3][4]. International Investment Trends - International investors are showing strong interest in Hong Kong IPOs, with long-term funds from Europe, the Middle East, and emerging markets actively participating in the issuance of Chinese tech companies, reflecting growing confidence in China's technological innovation [3][4]. Regulatory and Market Innovations - The Hong Kong Stock Exchange has implemented various reforms to enhance market vitality, including measures to optimize the listing process for tech companies and improve market quality and transparency [4][6]. - Recent initiatives include the launch of the "Hang Seng Biotechnology Index Futures" to provide diversified risk management tools for investors, responding to the rising interest in the biotechnology sector [6][7]. Future Outlook - The Hong Kong Stock Exchange aims to enhance its international competitiveness and continue optimizing its listing system and product offerings to meet the diverse needs of global investors, particularly from mainland China [7].

Core Insights - The Digital Asset Treasury (DAT) trend is gaining global traction, but major Asian financial hubs are beginning to impose restrictions on companies attempting to adopt this model [1][7] - Regulatory concerns have emerged regarding the volatility and potential manipulation associated with companies holding cryptocurrencies on their balance sheets [2][4] Group 1: Regulatory Actions - Hong Kong Exchanges & Clearing Ltd. (HKEX) has rejected at least five applications for listings under the DAT model, citing rules against "cash companies" that hold excessive liquid assets, including cryptocurrencies [3] - Australia and India's exchanges have similarly instructed their listing committees to reject or delay approvals for firms primarily deriving value from volatile crypto assets [4] - The caution from these exchanges follows the collapse of QMMM Holdings, which experienced a dramatic stock increase of over 1,400% after announcing a $100 million crypto treasury, only to vanish shortly thereafter [4] Group 2: Investor Impact - A report from Singapore's 10X Research indicates that retail investors have collectively lost $17 billion in DAT-related trades, contributing to skepticism in the region [5] Group 3: Japan's Unique Position - Japan stands out as the only Asian market that is openly embracing the DAT model, with 14 listed companies holding Bitcoin, including Metaplanet, which possesses over $3.3 billion in BTC [6][8] - Japanese regulators require full transparency but encourage innovation, contrasting with the stricter approaches of Hong Kong and India [8]

Market Overview - The Hang Seng Index fell by 245.78 points, a decrease of 0.94%, closing at 25,781.77 points [1] - The total turnover for the day was 227.536 billion HKD [1] - The Hang Seng China Enterprises Index dropped by 78.88 points, closing at 9,223.78 points, a decline of 0.85% [1] - The Hang Seng Tech Index decreased by 84.85 points, closing at 5,923.09 points, a drop of 1.41% [1] Blue-Chip Stocks - Tencent Holdings decreased by 1.11%, closing at 623.5 HKD [1] - Hong Kong Exchanges and Clearing fell by 1.58%, closing at 422.4 HKD [1] - China Mobile declined by 0.88%, closing at 84.45 HKD [1] - HSBC Holdings increased by 0.1%, closing at 102.5 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.26%, closing at 37.86 HKD [1] - Sun Hung Kai Properties decreased by 1.44%, closing at 92.35 HKD [1] - Henderson Land Development dropped by 0.87%, closing at 27.3 HKD [1] Chinese Financial Stocks - Bank of China decreased by 0.23%, closing at 4.36 HKD [1] - China Construction Bank fell by 0.13%, closing at 7.81 HKD [1] - Industrial and Commercial Bank of China increased by 0.17%, closing at 5.96 HKD [1] - Ping An Insurance dropped by 0.72%, closing at 55.5 HKD [1] - China Life Insurance decreased by 2.33%, closing at 24.36 HKD [1] Oil and Petrochemical Stocks - Sinopec increased by 0.24%, closing at 4.13 HKD [1] - PetroChina rose by 1.15%, closing at 7.89 HKD [1] - CNOOC increased by 0.93%, closing at 19.5 HKD [1]

Core Insights - Hong Kong Exchanges and Clearing (HKEX) has emerged as the largest IPO market globally, with over 300 companies in the listing pipeline, indicating strong fundraising momentum in the city [1][2] - International investors, particularly from Europe, the US, the Middle East, and emerging markets, are actively participating in new listings, showing confidence in the mainland's technology sector [2][3] - Total funds raised from new share sales in Hong Kong surged by 220% year-on-year in the first nine months of 2025, amounting to US$23.27 billion raised by 66 companies on the main board [3][4] Fundraising and Market Performance - HKEX outperformed the New York Stock Exchange and Nasdaq, which raised US$16.53 billion and US$15.32 billion respectively, marking the first time HKEX ranked first in the first three quarters since 2018 [4] - The Hang Seng Index increased by 35% this year, making it one of the best-performing major indices globally [5] - Funds raised by existing Hong Kong-listed companies through share placements and other offerings reached HK$456.1 billion (US$58.47 billion) in the first nine months of this year, which is double the amount raised in IPOs during the same period [6]

10月22日，香港交易所发布通告称，根据华夏纳斯达克100指数每日反向(-2x)产品("产品")的基金经理 所发布的基金单位合并时间表，产品的每10个现有基金单位合并为1个合并基金单位的单位合并("单位 合并")，将于2025年10月24日生效。 | 單位合併前 | 單位合併後 | | --- | --- | | 未經調整的收市價 | 經調整的前收市價 | | (2025年10月23日) | (2025年10月24日) | | (HK$) | (HKS) | | 0.4992 | 4.992 | | 0.4994 | 4.994 | | 0.4996 | 4.996 | | 0.4998 | 4.998 | | 0.5000 | 5.000 | | 0.5005 | 5.005 | | 0.5010 | 5.010 | | 0.5015 | 5.015 | | 0.5020 | 5.020 | | 0.5025 | 5.025 | | 0.5030 | 5.030 | | 0.5035 | 5.035 | | 0.5040 | 5.040 | | 0.5045 | 5.045 | | 0.5050 | 5.0 ...

10月22日，香港交易所发布通告称，根据华夏纳斯达克100指数每日反向(-2x)产品("产品")的基金经理 所发布的基金单位合并时间表，产品的每10个现有基金单位合并为1个合并基金单位的单位合并("单位 合并")，将于2025年10月24日生效。 按照OTP-C就单位合并的既定做法，在2025年10月24日，于OTP-C内产品股份页(证券代号7522)的前收 市价栏目("PRVCLOSE")，将显示经调整的前收市价以作参考。经调整的前收市价将以产品于2025年10 月23日(即单位合并生效前一天)的收市价和根据下列适用于一般单位合并的调整公式计算。 | 單位合併前 | 单位合併後 | | --- | --- | | 未經調整的收市價 | 經調整的前收市價 | | (2025年10月23日) | (2025年10月24日) | | (HKS) | (HKS) | | 0.4992 | 4.992 | | 0.4994 | 4.994 | | 0.4996 | 4.996 | | 0.4998 | 4.998 | | 0.5000 | 5.000 | | 0.5005 | 5.005 | | 0.5010 | 5 ...

以下文章来源于国际金融报 ，作者王哲希 国际金融报 . 人民日报旗下权威金融媒体，全球视野，深度专业。 最新发声。 2025香港交易所中国机遇论坛10月22日在上海举行。香港交易所集团行政总裁陈翊庭在致辞时表示，今年以来，海外投资者参与新股认购的热情明显上涨。 近期，来自欧美、中东和新兴市场的国际长线资金积极参与科创企业的新股发行，反映出国际市场对中国科技创新的高度关注与信心。外资回流的背后，反 映出全球资产配置逻辑正在发生深刻转变。 陈翊庭表示，互联互通优化措施的筹备工作正在紧锣密鼓地进行。目前，香港交易所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。 香港位居全球IPO市场首位 香港资本市场在2025年显著回暖。数据显示，香港交易所新股发行规模大幅增长，截至9月底的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。今年香港IPO融资额居全球第一。 与此同时，企业上市后的再融资发行活动也呈现强劲增长态势。数据显 ...