【导读】香港交易所市场主管余学勤：力推港交所科技100指数，便利内地基金公司发行相关ETF 从落实香港《固定收益及货币市场发展路线图》（以下简称《路线图》），到推出港交所科技100指 数，再到即将推出的股票每手买卖单位改革，这一系列旨在进一步巩固香港国际金融中心地位的创新举 措，都是今年刚上任的香港交易所市场主管余学勤带领团队主推的工作。 日前，中国基金报记者专访了这位职业生涯涉及美国、中国等多个市场，以及衍生品、现货交易、投行 及研究等不同领域的"多边形战士"，他指出，多元化对香港交易所非常重要，正是这种高度的多元化， 使港交所能够更好地服务全球不同类型的机构和投资者。 便利内地机构发行ETF 据余学勤介绍，香港交易所于2018年和2023年接连推出《上市规则》18A章和18C章，为未有收入的生 物科技企业及特专科技企业开辟上市通道，并于2025年设立"科企专线"。 这一系列举措为上述两类企业上市提供了更多指导及便利，港股的科技含量与日俱增。香港交易所数据 显示，目前科技股市值占港股通股票总市值的比例约为40%；有300多家公司排队上市，当中不少是科 技企业。 余学勤告诉记者，作为香港金融基础设施的重要提供 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is actively promoting the Technology 100 Index to facilitate the issuance of related ETFs by mainland fund companies, as part of a broader strategy to enhance Hong Kong's status as an international financial center [1][4]. Group 1: Development of Technology and Innovation - HKEX has introduced Listing Rules Chapter 18A and 18C in 2018 and 2023, respectively, to create listing pathways for unprofitable biotech and specialized technology companies, with plans to establish a "Tech Company Fast Track" by 2025 [4]. - The market capitalization of technology stocks currently accounts for approximately 40% of the total market capitalization of stocks eligible for the Stock Connect program, with over 300 companies, many of which are tech firms, waiting to go public [4][5]. Group 2: ETF and Index Development - The HKEX Technology 100 Index is a broad-based index that includes large and mid-sized companies, incorporating many firms listed under Chapters 18A and 18C, making it easier for mainland funds to trade without needing QDII quotas [5]. - E Fund Management has received authorization from HKEX to develop a related ETF in mainland China based on the Technology 100 Index [5]. - HKEX plans to continue developing various index products targeting different markets and themes, expanding cooperation beyond mainland China to attract a wider range of investors [5]. Group 3: Fixed Income and Commodity Markets - HKEX is committed to implementing the "Roadmap for the Development of Fixed Income and Currency Markets," focusing on the FICC (Fixed Income, Currency, and Commodity) sector as a key area for growth [7]. - The exchange aims to optimize currency-related futures products and attract more entities to issue RMB bonds in Hong Kong, alongside launching government bond futures for risk management [7]. - HKEX is also focusing on gold-related business, leveraging its 13 LME-approved warehouses to develop various risk management products, addressing the significant demand from mainland enterprises for commodity risk management tools [7]. Group 4: Connectivity and Market Integration - The northbound capital activity through the Stock Connect has increased by 70% compared to last year, with southbound capital accounting for about 25% of daily trading volume in the Hong Kong market [9]. - The ETF southbound trading mechanism has seen innovation, with two ETFs maintaining a 65% allocation to Hong Kong stocks and 35% to U.S. stocks, achieving an average daily trading volume of 20 million HKD [9]. - HKEX is actively working with mainland exchanges to include REITs in the connectivity framework, with plans for dual-currency settlement through the establishment of RMB trading counters [9]. Group 5: Trading System Optimization - HKEX plans to consult on the reform of stock trading lot sizes by the end of the year, aiming to simplify the current system which has over 40 different lot sizes [11]. - While the exchange has extended derivative trading hours to 3 AM, it remains cautious about implementing 24-hour trading for cash equities, citing the need to understand client demands and address complex operational challenges [11].

证券时报记者 吴瞬 近日，香港交易及结算所有限公司（以下简称"港交所"）正式推出香港交易所科技100指数。作为港交 所推出的首只港股指数，这也是港交所指数及数据业务发展的一个重要里程碑。 对此，港交所市场主管余学勤近期接受证券时报记者专访时表示，港交所科技100指数是在香港市场结 构出现根本性转变之下推出的，科技已成为港股市场的新名片。他说："我们不会做市场上类似的东 西，我们更希望是把市场做大，给投资者更多选择。" 科技名片孕育新指数 据介绍，港交所科技100是一个宽基股票指数，追踪100家在港交所上市的市值最大科技公司表现，行业 涵盖六大创新主题，分别为人工智能、生物科技及制药、电动汽车及智能驾驶、信息科技、互联网和机 器人。指数的成份股皆为港股通合资格股票，以满足国际和中国内地投资者的投资需求。 "指数作为一个基本工具，很多海外交易所都有自身的指数业务，港交所如果自己做指数业务，灵活性 更大，也可以覆盖更多市场需求。更为关键的是，我们有优势，因为所有的交易数据，我们才是数据源 头。"余学勤坦言，近年来港交所一直在丰富产品生态圈，指数是不可缺少的一环，因为指数可以推动 与之挂钩的ETF、期货和期权产品的发 ...

近日，香港交易及结算所有限公司（以下简称"港交所"）正式推出香港交易所科技100指数。作为港交 所推出的首只港股指数，这也是港交所指数及数据业务发展的一个重要里程碑。 与恒生科技差异化发展 目前，有关港股市场科技板块最为知名的指数莫过于恒生科技指数，也是当前港股科技板块的风向标。 不过，恒生科技指数成份股仅有30只，且均是港股科技龙头股，而与恒生科技不同的是，港交所科技 100指数覆盖的成份股则多达100只，其中既有腾讯、小米、阿里等万亿级市值的龙头，也有市值仅200 多亿港元的中小型公司。 "其实也是看到市场有不同的需求，港交所科技100指数正好填补不同投资者的需要。"余学勤说。 在余学勤看来，更多元化的指数会让整个市场更具吸引力。"与我们合作的指数公司也不单只是恒生指 数公司，还有MSCI。这些指数都是针对不同类型的客户，综合他们的需求，我们再与不同的指数公司 合作，然后再做相关的产品。" 对此，港交所市场主管余学勤近期接受证券时报记者专访时表示，港交所科技100指数是在香港市场结 构出现根本性转变之下推出的，科技已成为港股市场的新名片。他说："我们不会做市场上类似的东 西，我们更希望是把市场做大，给投资 ...

近日，香港交易及结算所有限公司（以下简称"港交所"）正式推出香港交易所科技100指数。作为港交 所推出的首只港股指数，这也是港交所指数及数据业务发展的一个重要里程碑。 对此，港交所市场主管余学勤近期接受证券时报记者专访时表示，港交所科技100指数是在香港市场结 构出现根本性转变之下推出的，科技已成为港股市场的新名片。他说："我们不会做市场上类似的东 西，我们更希望是把市场做大，给投资者更多选择。" 科技名片孕育新指数 据介绍，港交所科技100是一个宽基股票指数，追踪100家在港交所上市的市值最大科技公司表现，行业 涵盖六大创新主题，分别为人工智能、生物科技及制药、电动汽车及智能驾驶、信息科技、互联网和机 器人。指数的成份股皆为港股通合资格股票，以满足国际和中国内地投资者的投资需求。 "指数作为一个基本工具，很多海外交易所都有自身的指数业务，港交所如果自己做指数业务，灵活性 更大，也可以覆盖更多市场需求。更为关键的是，我们有优势，因为所有的交易数据，我们才是数据源 头。"余学勤坦言，近年来港交所一直在丰富产品生态圈，指数是不可缺少的一环，因为指数可以推动 与之挂钩的ETF、期货和期权产品的发展。 对于为什么会推 ...

Investment Rating - The report indicates a positive outlook for the insurance sector, recommending specific companies such as China Pacific Insurance, China Ping An, China Life (H), and China Taiping, while also recommending New China Life Insurance [4][17]. Core Insights - The financial industry experienced a mixed performance, with the non-bank financial index rising by 0.81%, outperforming the CSI 300 index by 0.89 percentage points. The insurance sector showed a notable increase of 2.36%, while the banking sector declined by 1.77% [2][11]. - The central economic work conference emphasized a proactive fiscal policy, which is expected to benefit the insurance sector by increasing infrastructure asset supply and improving credit risk perceptions [14][15]. - The report highlights the potential for valuation recovery in the brokerage sector, driven by regulatory changes that align public fund interests with long-term investor returns [18][19]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index rose by 0.81%, with the insurance sector outperforming the CSI 300 index by 2.44 percentage points [2][11]. - The banking sector underperformed, with a decline of 1.77%, attributed to macroeconomic policy expectations [3][21]. 2. Insurance Sector Data Tracking - The insurance sector's premium income showed steady growth, with life insurance and property insurance premiums increasing by 9.6% and 4.0% year-on-year, respectively [17][26]. - The report notes that the 10-year government bond yield decreased to 1.84%, which is favorable for the insurance sector's investment strategies [31]. 3. Brokerage Sector Data Tracking - The brokerage sector's PB valuation stands at 1.37x, indicating potential for valuation recovery as earnings improve [19][42]. - Regulatory changes in public fund sales are expected to enhance the industry's focus on long-term investor interests [18][19]. 4. Banking Sector Data Tracking - The banking sector's PB valuation is at 0.54x, suggesting it remains undervalued [21][25]. - The central economic work conference's focus on domestic demand and flexible monetary policy is expected to support the banking sector's growth [22][23].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The non-bank financial index increased by 0.81%, outperforming the CSI 300 index which decreased by 0.08%. The brokerage and insurance sectors continue to show good trends, with valuations at low levels and relatively stagnant performance throughout the year. The Federal Reserve's interest rate cuts are beneficial for the equity market, directly favoring the profitability of securities firms' overseas businesses due to lower liability costs and asset expansion [4][5] - The average daily trading volume of stock funds reached 2.39 trillion, a 15.1% increase month-on-month, indicating a recovery in trading activity. The cumulative average daily trading volume for the year is 2.05 trillion, a 69.5% year-on-year increase [5] - The China Securities Regulatory Commission's recent positive stance signals a potential "policy easing period" for the industry, which may lead to an increase in leverage limits and support for the profitability of the securities industry. The report recommends focusing on strategic opportunities in undervalued leading companies in the brokerage and insurance sectors [5][6] Summary by Sections Brokerage Sector - The Federal Reserve's interest rate cuts are favorable for the overseas business of brokerages, and new regulations are set to standardize fund sales practices. The report highlights three main lines of recommended stocks: Huatai Securities, Guotai Junan, and CICC for their advantages in overseas and institutional business; GF Securities and Dongfang Securities for their wealth management strengths; and Guosen Securities for its retail advantages [5][6][7] Insurance Sector - The liability side is expected to achieve a "good start," with the transformation of dividend insurance continuing to progress. The demand for "savings" from residents is likely to persist, and the insurance distribution channel is expected to maintain high growth. On the asset side, stable long-term interest rates and a favorable equity market are expected to boost investment returns in the medium to long term [6][7]

来源：市场资讯 （来源：香港交易所脈搏/HKEx Pulse） 构建丰富产品生态圈，提升市场流动性 罗博仁 | 香港交易所证券产品发展主管 香港交易所正建构多元丰富的产品生态圈，提升市场流动性及建构飞轮效应，持续巩固香港作为国际金 融中心的地位。 过去十年来，香港资本市场的流动性显着提升。股票现货市场平均每日成交金额由2014年的695亿港元 大幅增至2025年首九个月的2,564亿港元，更于2025年4月7日创下6,210亿港元的单日纪录。 除ETF外，香港交易所亦推出了一系列与科技行业相关的期货及期权产品，为投资者提供对冲及风险管 理工具。 当中，恒生科技指数期货产品的日均成交量由2020年的1,754张增至2025年年初至11月12日的逾156,000 张，而该指数的期权产品的日均成交量则由2021年的719张增至2025年年初至11月12日的4,282张；其中 在8月（9,874张）、9月（15,499张）及10月（26,098张）的日均成交量较年初有明显的增长。 香港交易所致力构建联动的跨资产产品生态圈，推动市场流动性的持续增长。随着全球投资者增加在亚 洲的配置，加上中国增长及融入全球经济的步伐加快 ...

格隆汇12月12日丨香港交易所(00388.HK)宣布，香港交易所董事会会议将于2026年2月26日(星期四)举 行，藉以(其中包括)批准刊发香港交易所及其附属公司截至2025年12月31日止年度的全年业绩公告，以 及考虑派发股息。 ...

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。 承董事會命 香港交易及結算所有限公司 集團公司秘書 曾志燿 香港，2025 年 12 月 12 日 於本公告日期，香港交易所董事會包括 12 名獨立非執行董事，分別是唐家成先生（主席）、 聶雅倫先生、白禮仁先生、陳健波先生、謝清海先生、張明明女士、車品覺先生、周胡慕芳女士、 丁晨女士、梁柏瀚先生、任志剛先生及張懿宸先生，以及一名身兼香港交易所集團行政總裁的 執行董事陳翊庭女士。 董事會召開日期 香港交易及結算所有限公司（「香港交易所」）宣布，香港交易所董事會會議將 於 2026 年 2 月26 日（星期四）舉行，藉以（其中包括）批准刊發香港交易所及其 附屬公司截至 2025 年 12 月 31 日止年度的全年業績公告，以及考慮派發股息。 （於香港註冊成立的有限公司） 股份代號 ...