《财富》亚洲最具影响力的商界女性榜单（MPW Asia）是亚洲女性商业领袖的权威排名，今年的榜单 聚焦100位善用区域与全球经济动荡创造商业机遇的领导者。入选者由《财富》编辑团队依据其可量化 的影响力、战略布局以及未来塑造力甄选而出，涵盖影响力跨国及跨行业的创始人、首席执行官以及其 他高管。逾三分之一入选者来自《财富》世界500强、中国500强及东南亚500强企业，辐射东南亚、大 中华区、印度、日本、韩国及澳大利亚的14个市场。本年度榜单还特别呈现12位非商界杰出女性——她 们以卓越的公共领导力和文化影响力正在重塑当今亚洲的权力版图。 在2025年《财富》亚洲最具影响力的商界女性榜单中，来自金融与科技领域的高管位居前列。随着人工 智能热潮的兴起和资本流向的变化，亚洲女性高管正在迎来前所未有的机遇。 今年《财富》评选出的亚洲最具影响力的商界女性当中，东南亚最大银行星展集团的首席执行官陈淑珊 位列榜首。她于今年3月正式执掌该银行。自上任以来，陈淑珊面临贸易战重燃以及加密货币等另类金 融产品卷土重来的挑战。 她在最新一期《财富》杂志中表示："我对同事们说，今年将是跌宕起伏的一年，大家最好系好安全 带。" 中国科技制 ...

Core Viewpoint - Morgan Stanley has increased its stake in Hong Kong Exchanges and Clearing Limited (00388) by purchasing 289,039 shares at a price of HKD 443.5482 per share, totaling approximately HKD 128 million, raising its total holdings to about 88,897,800 shares, which represents a 7.01% ownership [1] Summary by Category - **Share Purchase Details** - Morgan Stanley acquired 289,039 shares of Hong Kong Exchanges and Clearing Limited at HKD 443.5482 per share [1] - The total investment amounts to approximately HKD 128 million [1] - **Post-Investment Holdings** - After the purchase, Morgan Stanley's total shareholding in Hong Kong Exchanges and Clearing Limited is approximately 88,897,800 shares [1] - This acquisition results in a holding percentage of 7.01% [1]

Core Viewpoint - The London Metal Exchange (LME) plans to introduce a new mechanism to determine the premium customers are willing to pay for low-carbon metals that meet sustainability standards, addressing complaints from miners about competition with cheaper coal-produced metals [1][2]. Group 1: New Initiatives - LME will expand its existing partnership with the digital platform Metalshub, which currently facilitates low-carbon nickel trading, to include copper, aluminum, nickel, and zinc products that meet sustainability criteria [1]. - The new initiative is set to launch in the first quarter of next year, aiming to enhance trading volumes on Metalshub [1][4]. Group 2: Pricing Mechanism - The parent company of LME, Hong Kong Exchanges and Clearing, has established a new company in Dubai to independently set premium prices, which will assess buy and sell quotes if trading volumes on Metalshub are insufficient [2]. - LME has released a discussion paper outlining its proposed premium pricing methodology [4]. Group 3: Market Dynamics - LME's CEO Matthew Chamberlain noted that many end-users are reluctant to pay higher prices for sustainable products, indicating that some metals may not have any premium space [1]. - Since March of last year, Metalshub has completed 488 tons of low-carbon nickel transactions, reflecting initial market activity in this segment [3].

香港联交所最新数据显示，10月8日，摩根大通增持香港交易所(00388)28.9039万股，每股作价443.5482 港元，总金额约为1.28亿港元。增持后最新持股数目约为8889.78万股，持股比例为7.01%。 ...

Group 1 - Hong Kong Stock Exchange appointed Hu Zhiheng as Managing Director and Head of Trading Operations, effective October 20, 2025 [1] - Hu Zhiheng previously worked at HSBC as Managing Director and Chief Risk Officer of Global Operations, and has 16 years of experience at JPMorgan, where he rose to Managing Director [3] - Hong Kong Stock Exchange also appointed Guo Hanxiao as Managing Director and Head of Connectivity Business, effective January 1, 2026 [3][4] Group 2 - Guo Hanxiao will lead the newly established connectivity team, overseeing various connectivity projects across asset classes for Hong Kong Stock Exchange [4] - Guo Hanxiao has over 17 years of experience at Hong Kong Stock Exchange and previously worked at UBS, currently serving as Co-Head of Trading [6]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has established a new subsidiary, Commodity Pricing and Analysis Limited (CPAL), in Dubai to enhance its global business expansion and provide better services in the commodities market [1] Group 1: Company Expansion - CPAL will primarily operate pricing management services for the commodities market and provide independent quotes and market analysis for the metals market [1] - The establishment of CPAL is seen as a significant milestone for HKEX in its strategy to expand its global footprint, particularly in the Middle East [1] Group 2: Market Development - CPAL will manage the pricing process for the sustainable metal premium initiative announced by the London Metal Exchange (LME) in April [1] - The LME has announced a pricing plan for its recognized brands to promote sustainable metal premiums, with CPAL responsible for overseeing this pricing process [1]

Group 1 - Hong Kong Stock Exchange announced the appointment of Hu Zhiheng as Managing Director and Head of Trading Operations, effective October 20, 2025 [1] - Hu Zhiheng will lead the trading operations team for both cash and derivatives markets [1] - The exchange also appointed Guo Hanxiao as Managing Director and Head of Connectivity Business, effective January 1, 2026 [1]

Core Insights - Hong Kong Stock Exchange (HKEX) announced the appointment of Hu Zhiheng as Managing Director and Head of Trading Operations, effective October 20, 2025, to enhance operational efficiency and business expansion [1] - Guo Hanxiao has been appointed as Managing Director and Head of Connectivity Business, effective January 1, 2026, to lead the newly established connectivity team [1][2] Group 1 - Hu Zhiheng brings extensive operational management experience from HSBC and JPMorgan, which is expected to support the growth of the Hong Kong market [1] - Liu Bi-yin, Chief Operating Officer of HKEX, expressed confidence that Hu's strategic vision will improve the company's operational capabilities [1] - Guo Hanxiao has over 17 years of experience at HKEX and will oversee various connectivity projects across asset classes [2] Group 2 - The connectivity business is highlighted as one of the core and successful operations of HKEX, with Guo's expertise anticipated to drive its continued development [2] - Guo holds a Master's degree in Engineering and Computer Science from Oxford University, enhancing her qualifications for the new role [2]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) announced the appointment of Hu Zhiheng as Managing Director and Head of Trading Operations, effective October 20, 2025, to enhance operational efficiency and business expansion [1] - Guo Hanxiao has been appointed as Managing Director and Head of Connectivity Business, effective January 1, 2026, to lead the newly established connectivity team [1][2] Group 1 - Hu Zhiheng brings extensive operational management experience and strategic vision from his previous roles at HSBC and JPMorgan, which will support the growth of the Hong Kong market [1] - Hu holds a Master's degree in Economics from the University of Hong Kong and Bachelor's degrees in Economics and Commerce from the University of British Columbia [1] - Guo Hanxiao has over 17 years of experience at HKEX and previously worked at UBS, holding a Master's degree in Engineering and Computer Science from the University of Oxford [2] Group 2 - The connectivity business is considered one of the core and successful operations of HKEX, with expectations that Guo's expertise will drive its continued development [2] - Guo will oversee various connectivity projects across asset classes and report to the market head, Yu Xueqin [1][2]

Core Viewpoint - CITIC Securities maintains a "Buy" rating for Hong Kong Exchanges and Clearing (HKEX) with a target price of 543 HKD, supported by expectations of liquidity from the Federal Reserve's interest rate cuts, continuous inflow of southbound funds, and valuation advantages [1] Group 1: Market Conditions - The Hong Kong stock market is expected to maintain high activity levels in Q4 due to three main factors: the Federal Reserve's shift in monetary policy providing liquidity support, continuous inflow of southbound funds, and significant valuation advantages [2][3] - Since April, HKEX has shown a recovery in overall valuation after a significant decline, driven by high average daily trading volume and sustained buying from southbound funds [1] Group 2: Financial Projections - For Q3 2025, the company is projected to achieve revenue and other income of 79.11 billion HKD, a year-on-year increase of 47.26%, and a net profit attributable to shareholders of 48.24 billion HKD, up 53.38% year-on-year [2] - Revenue forecasts for 2025, 2026, and 2027 are expected to grow by 27.94%, 5.93%, and 1.17% respectively, reaching 286.25 billion HKD, 303.21 billion HKD, and 306.75 billion HKD [2] Group 3: Valuation and Investment Appeal - As of October 10, the PE (TTM) ratio for HKEX is 36.49x, which is at the 72.15%, 71.85%, and 47.43% percentiles for the past 1, 3, and 5 years respectively, indicating a potential for further valuation recovery [1] - The Hang Seng Index's PE-TTM is approximately 11.95x, placing it at the 64th percentile over the past 20 years, highlighting the relative valuation advantage of Hong Kong stocks compared to the CSI 300's 14.24x [3]