Key Points - As of August 22, 108 stocks reached their 52-week highs, with Yicheng Group (08365), Shanghai Xiaonan Guo (03666), and Cybernaut International Holdings (01020) leading the high rate at 32.77%, 31.11%, and 20.16% respectively [1] - The closing prices for the top three stocks were 1.580, 0.051, and 0.155 respectively, indicating significant upward movement in their stock prices [1] - Other notable stocks that reached new highs include VALA (02051) at 18.87% and CTR Holdings (01416) at 16.52% [1] 52-Week High Rankings - The top three stocks with the highest increase rates were Yicheng Group (08365) at 32.77%, Shanghai Xiaonan Guo (03666) at 31.11%, and Cybernaut International Holdings (01020) at 20.16% [1] - The closing prices for these stocks were significantly higher than their previous values, indicating strong market performance [1] - The overall trend shows a positive sentiment in the market with many stocks achieving new highs [1] Additional Stocks Reaching New Highs - VALA (02051) reached a high of 0.630, marking an 18.87% increase, while CTR Holdings (01416) closed at 0.134, a 16.52% increase [1] - Other stocks such as Huaxing Capital Holdings (01911) and Huahong Semiconductor (01347) also showed positive performance with increases of 9.11% and 8.85% respectively [1]

Core Viewpoint - UBS has raised its average daily trading volume forecasts for Hong Kong Exchanges and Clearing (HKEX) for the years 2025 to 2027, reflecting positive market data and institutional targets for the Hang Seng Index [1] Group 1: Trading Volume and Earnings Forecast - The average daily trading volume forecast for HKEX has been increased to HKD 230 billion, HKD 193 billion, and HKD 219 billion for 2025, 2026, and 2027 respectively [1] - Earnings per share estimates have been raised by 5%, 3%, and 2% to HKD 12.5, HKD 10.9, and HKD 11.8 for the same years [1] - The target price for HKEX has been adjusted from HKD 430 to HKD 464, while maintaining a "Neutral" rating [1] Group 2: Southbound Trading and Market Participation - The contribution of southbound trading to HKEX's overall average daily trading volume is expected to nearly double from approximately 16% in Q1 of last year to nearly 28% in the current third quarter [1] - Increased participation from a broader base of domestic investors, particularly retail investors, indicates further potential for growth in southbound trading [1] Group 3: Future Developments - HKEX is exploring the possibility of zero-day options, although the complexity of execution means that a specific timeline is still unclear [1] - The exchange believes that extending trading hours requires comprehensive consideration from various perspectives [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported record-breaking revenue and net profit for the first half of 2025, with revenue reaching HKD 14.076 billion, a 33% year-on-year increase, and net profit attributable to shareholders at HKD 8.519 billion, up 39% [2] Group 1: Financial Performance - HKEX's main business revenue grew by 34% to HKD 12.954 billion, driven by record trading volumes in the spot and stock options markets, increased custody fees, and higher margin balances contributing to net investment income [2] - The average daily trading volume in the securities market surged to HKD 240.2 billion, a 118% increase year-on-year, influenced by favorable market conditions and increased participation from international and mainland investors [3] Group 2: Market Trends and Innovations - Northbound and Southbound trading under the Stock Connect programs reached historical highs, with the average daily turnover for the Stock Connect at RMB 171.3 billion, a 32% increase, and HKD 111 billion for Hong Kong Stock Connect, soaring 196% [3] - The Hong Kong ETF market also saw significant growth, with an average daily turnover of HKD 33.8 billion, up 184% from the previous year [3] Group 3: IPO Activity - The first half of the year saw 44 companies listed on the Hong Kong Stock Exchange, raising a total of HKD 109.4 billion, a staggering 716% increase year-on-year, marking the strongest performance since 2021 [6] - There are currently over 200 IPO applications being processed, more than double the 84 applications at the end of the previous year, indicating a robust pipeline for new listings [6][5] Group 4: Future Outlook - Despite global economic uncertainties, HKEX is expected to maintain its growth momentum, particularly with more innovative companies, especially in technology and biotechnology, choosing to list in Hong Kong [4] - Predictions suggest that if the Federal Reserve initiates interest rate cuts, liquidity in the Hong Kong market will improve, potentially leading to valuation recovery in sectors like technology and biomedicine [4] - HKEX has implemented reforms to attract specialized technology companies, which have already shown positive results in attracting new listings and enhancing market competitiveness [6][7]

陈翊庭接受媒体访问时提到，最近黑雨有三次在交易日发生。那三天不论是交易方面、后续的结算都没 有出现问题，每日成交做到2000亿港元以上。这是一个例子，可以说明进行结构优化，必须要很仔细研 究、做得仔细。 年初《财政预算案》提出改善"手数"制，港交所计划年底咨询市场意见，陈翊庭表示，这不是一个纯粹 在技术上、系统作提升就可以做到，交收、清算等各方各面都会有影响，因此不可以掉以轻心，运作上 要作出全盘考虑。 近日有意见提议港股延长至24小时交易、取消中午休市时段，以维持竞争力。港交所(00388)行政总裁 陈翊庭表示，明白有投资者期望更便捷、更快、无间断地参与市场，但正如研究恶劣天气如常交易，任 何关系到延长交易时段的建议都必须与持份者充分沟通，慎重及仔细研究细节。 ...

Group 1 - UBS predicts that the contribution of southbound trading to the average daily trading volume of the Hong Kong Stock Exchange (HKEX) is expected to double from approximately 16% in Q1 of last year to nearly 28% in the third quarter of this year [1] - The increase in participation from domestic investors, particularly retail investors, indicates further potential for southbound trading growth [1] - HKEX is exploring the possibility of zero-day options, but the complexity of execution means that a specific timeline remains unclear [1] Group 2 - HKEX is considering the extension of trading hours, which requires comprehensive consideration from various perspectives [1] - Based on market data for Q3 and updated institutional targets for the Hang Seng Index, UBS has raised its average daily trading volume forecasts for HKEX for 2025 to 2027 to HKD 230 billion, HKD 193 billion, and HKD 219 billion respectively [1] - Earnings per share estimates have been increased by 5%, 3%, and 2% for the same years, reaching HKD 12.5, HKD 10.9, and HKD 11.8 respectively [1] Group 3 - UBS has raised its target price for HKEX from HKD 430 to HKD 464 while maintaining a "neutral" rating [1]

Core Viewpoint - Hong Kong Exchanges and Clearing (HKEX) reported a significant increase in revenue and net profit for the second quarter, exceeding market expectations, indicating strong performance in the stock market [1] Financial Performance - HKEX's revenue for the second quarter rose by 33% year-on-year to HKD 7.22 billion [1] - Net profit increased by 41% year-on-year to HKD 4.44 billion, outperforming market forecasts [1] - The average daily turnover (ADT) for Hong Kong stocks was HKD 237.7 billion, a 95% year-on-year increase, showing robust trading activity [1] Market Liquidity - As of August 20, the liquidity in the third quarter has improved compared to the first half of the year, with ADT reaching HKD 258.5 billion [1] - The recent actions by the Hong Kong Monetary Authority have reduced the necessity for further liquidity contraction, contributing to a favorable market environment [1] Future Outlook - The expectation of lower HIBOR rates due to rising prospects of Federal Reserve interest rate cuts is anticipated to support market liquidity [1] - Increased participation from mainland investors and a strong IPO market are expected to maintain a relatively loose liquidity environment for Hong Kong stocks [1] Earnings Forecast - The company's net profit forecasts for this year, next year, and 2027 have been raised to HKD 16.8 billion, HKD 16.4 billion, and HKD 16.4 billion, respectively [1] - The target price for HKEX has been increased from HKD 434 to HKD 542, maintaining a "buy" rating [1]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high revenue and net profit for the first half of 2025, with revenue reaching HKD 14.076 billion, a year-on-year increase of 32.53% [1] - The average daily trading volume in the Hong Kong stock market surged to HKD 240.2 billion, up 118% from the previous year, driven significantly by southbound capital [1][2] - Southbound capital's average daily trading volume reached HKD 111.04 billion, a remarkable increase of 196% year-on-year, indicating its growing influence in the market [1][2] Financial Performance - Main business revenue was HKD 12.954 billion, reflecting a 33.68% year-on-year growth, with net investment income rising due to increased deposit fees and margin scale [1] - EBITDA margin improved to 79%, up 6% year-on-year, while net profit attributable to shareholders was HKD 8.519 billion, a 39.09% increase [1] - Basic earnings per share were HKD 6.74, with an interim dividend of HKD 6 per share, marking a 37.61% increase from the previous year [1] Market Dynamics - The trading volume in the derivatives market contributed HKD 17.4 billion to the daily average, while the average daily trading volume for equity securities was HKD 222.8 billion after excluding derivatives [2] - Cumulative net inflow of southbound capital exceeded HKD 4.6 trillion, enhancing its pricing power in the Hong Kong stock market [2] - Northbound capital also saw significant growth, with average daily trading volume for stocks reaching RMB 173.14 billion, a 32% increase year-on-year [2] IPO Activity - IPO financing in the Hong Kong stock market reached HKD 106.713 billion, a staggering increase of 688% year-on-year, reclaiming the top position among global exchanges [3] - The number of new stock listing applications surged to 207, more than double the 84 applications in 2024 [3] - HKEX plans to implement several reforms to enhance market competitiveness, including shortening settlement cycles and optimizing IPO pricing regulations [3] Future Outlook - The explosive growth of southbound capital signifies a restructuring of the Hong Kong stock market, positioning it as a crucial force in market dynamics [4] - If macroeconomic conditions remain stable, southbound capital is expected to further support the Hong Kong stock market [4]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) reported strong mid-year results for 2025, with a significant increase in revenue and profit driven by heightened market activity and investor interest in non-USD assets [1][5]. Financial Performance - For the first half of 2025, HKEX's revenue and other income reached HKD 14.076 billion, a year-on-year increase of 33% [1]. - Shareholder profit attributable to the company was HKD 8.519 billion, reflecting a 39% year-on-year growth [1]. - The board declared an interim dividend of HKD 6 per share, up 36% from the previous year, totaling HKD 7.608 billion, which is 90% of the distributable profit [1]. Market Activity - The average daily trading volume in the Hong Kong securities market was HKD 240.2 billion, a remarkable increase of 118% year-on-year [1][5]. - The average daily trading volume for futures and options exceeded 1.7 million contracts, marking an 11% increase [1]. - The Hong Kong ETF market saw an average daily trading volume of HKD 33.8 billion, up 184% compared to the same period last year [1]. New Listings and Fundraising - In the first half of 2025, HKEX welcomed 44 new listings, raising a total of HKD 109.4 billion, which is more than eight times the amount raised in the same period of 2024 [5][6]. - The average daily trading volume for the Shanghai-Hong Kong Stock Connect reached RMB 171.3 billion, a 32% increase year-on-year, while the Hong Kong Stock Connect averaged HKD 111 billion, nearly three times the volume from the previous year [5]. Strategic Initiatives - HKEX is focused on enhancing market liquidity and supporting technology companies in their listings [7]. - The exchange has implemented several market reforms, including the launch of a new trading platform for the London Metal Exchange and the introduction of a "Tech Company Fast Track" for listing applications [7][8]. - Plans are underway to shorten the settlement cycle for the cash market and optimize the pricing rules for initial public offerings [8]. Future Outlook - HKEX aims to continue attracting global long-term funds and enhance its market competitiveness through various initiatives [7][8]. - The exchange is exploring the possibility of implementing a T+1 settlement cycle, pending feedback from market participants [8][9].

Group 1 - The Hong Kong Stock Exchange (HKEX) is considering a 24-hour trading mechanism in response to Nasdaq's plans to implement it in the second half of 2026 [1][2] - HKEX's CEO, Charles Li, emphasized the importance of strategic investments to maintain global competitiveness, particularly in data platform optimization and trading settlement system upgrades [1] - The Hang Seng Index has increased by 25.1% this year, ranking second among major global indices, only behind the South Korean Composite Index, which rose by 30.45% [1] Group 2 - Currently, the trading hours for Hong Kong stocks are 5.5 hours, while other major exchanges have longer trading hours, with Nasdaq at 6.5 hours [2] - If HKEX successfully implements the 24-hour trading mechanism, it will enhance its flexibility in trading hours and strengthen its position as an international financial center [2]

Market Overview - The Hang Seng Index (HSI) closed at 25,129.15, up by 24.54 points or 0.10% from the previous close [1] - The index reached a high of 25,167.65 and a low of 25,039.93 during the trading session [1] - The average trading price was 25,103.79, with a trading volume of 32.99 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 101.987, an increase of 1.08% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 597.451, up by 0.75% from the Hong Kong close [2] ADR Performance - Tencent Holdings (ADR) increased by 0.42% to USD 593.000, with an ADR conversion price of HKD 597.451, reflecting a gain of HKD 4.451 compared to the Hong Kong stock [3] - HSBC Holdings (ADR) rose by 1.41% to USD 100.900, with an ADR conversion price of HKD 101.987, showing an increase of HKD 1.087 compared to the Hong Kong stock [3] - Alibaba (ADR) decreased by 1.53% to USD 115.700, with an ADR conversion price of HKD 115.343, down by HKD 0.357 compared to the Hong Kong stock [3]