"将持续优化上市制度安排，不断拓展优化互联互通机制。" 今年以来，香港IPO市场火热出圈，新股发行规模大幅增长，二级市场表现也较为强劲，受到全球市场 高度关注。香港交易所的最新改革举措也成为市场的聚焦点。 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。 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。 ETF扩容方面，截至9月底，南向及北向交易分别有17只及273只ETF纳入。前9个月南向ETF的日均成交 额达到42亿港元，北向ETF的日均成交额达人民币32亿元。 此外，债券通方面，北向通的交投维持增长态势，截至今年8月，日均成交额为人民币440亿元。互换通 平均每日结算金额也创下人民币220亿元的新高，同比上升69%。 关于战略实施方面的进展情况，陈翊庭称，随着生物科技行业吸引了越来越多的关注，投资者对相关资 产的风险管理需求日益增强。为顺应市场需求，港交所即将推出恒生生物科技指数期货，为关注该 ...

Core Insights - Hong Kong has become the leading global market for IPO financing this year, driven by recent listing policy reforms that have revitalized the capital market and attracted numerous high-quality companies, particularly in the technology sector [1] - Nearly half of the companies that have submitted listing applications are from the technology sector, indicating a strong focus on tech-driven growth [1] - International investors are increasingly active in the Hong Kong IPO market, with significant participation from long-term funds from Europe, the Middle East, and emerging markets, reflecting a growing confidence in China's technological innovation [1] - The performance of "A+H" listed companies has been notable, accounting for nearly half of the total IPO financing in the first nine months of the year, showcasing the strong linkage between the mainland and Hong Kong markets [1]

Core Insights - The Hong Kong ETP market is experiencing significant growth, projected to be a breakthrough year in 2025, with a year-on-year asset management increase of 34.1%, reaching HKD 653.5 billion [2][3] Group 1: Market Performance - As of September 2025, the average daily trading volume in the Hong Kong ETP market reached HKD 37.8 billion, a 146% increase year-on-year, making it the third-largest ETP market globally, surpassing South Korea and Japan [2][3] - The turnover rate in the Hong Kong ETP market is leading globally, with a liquidity ratio of 14.7 as of 2025, up from 10.2 in 2024 and 9.0 in 2023 [3] Group 2: Product Innovation - The introduction of individual stock leveraged and inverse products in March 2025 has catered to retail investor needs, providing strategic investment tools for trading international equities during Asian hours [3] - The popularity of covered call option ETFs has increased since their launch in February 2024, appealing to investors seeking high-yield products in an unstable macro environment [4] Group 3: Cross-Border Trading - The average daily trading volume for ETFs through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached HKD 4.2 billion and HKD 3.2 billion respectively, with significant year-on-year increases of 128% and 142% [5] - The anticipated inclusion of more ETFs in the Stock Connect program in November 2025 is expected to further enhance cross-border trading activity [5] Group 4: Sector Focus - In the first three quarters of 2025, 14 technology-themed ETFs were launched in Hong Kong, with a total asset management size of HKD 120.1 billion, reflecting a 102% year-on-year increase [5] - The biotechnology sector has also seen growth, with three biotechnology-themed ETFs launched this year, totaling HKD 3.4 billion in assets, a 123% increase from September 2024 [5] Group 5: Active ETFs - The inflow of funds into active ETFs in Hong Kong reached USD 183 billion in the first half of 2025, driven by strong market rebounds and robust company earnings [6] - Asset management firms are accelerating the launch of more active products to meet investor demand for results-oriented and yield-focused strategies [6]

Core Insights - The global economic growth model is no longer sustainable, leading to a shift in asset allocation logic [1] - With the slowdown in global economic growth and declining traditional asset returns, relying solely on beta returns is insufficient for investors' yield targets [1] - The proportion of actively managed funds is continuously increasing, indicating a growing pursuit of alpha returns in the new market environment, particularly evident in alternative assets [1]

Group 1 - The core viewpoint presented by the Hong Kong Stock Exchange's Chief China Economist, Ba Shusong, is that the traditional economic growth model is no longer sustainable, leading to a shift in asset allocation logic [1] - Ba Shusong anticipates a slowdown in global economic growth and a continuous decline in traditional asset returns, making it increasingly difficult for investors to achieve their return objectives solely through beta returns [1] - There is a rising trend in the proportion of actively managed funds globally, indicating that investors are increasingly pursuing alpha returns in the new market environment, particularly evident in the alternative asset sector [1]

格隆汇10月22日｜2025香港交易所中国机遇论坛10月22日在上海举行。香港交易所董事总经理、首席中 国经济学家巴曙松表示，全球债务高速增长难以为继，传统安全资产面临重新定义。黄金价格和比特币 价格上涨的背后，是对法定货币购买力下降的深层担忧，与去美元化进程密切相关。美元在全球储备中 的占比已从2000年的60%降至2025年的41%。目前，黄金全球总市值已突破27万亿美元，成为全球第二 大储备资产。 ...

格隆汇10月22日｜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，国际投资人日益活跃于香港IPO市场。今年香港IPO市场吸引了广泛的机构投资者参 与，各类型投资者均有良好代表。国际投资者成为焦点，其中长线基金及主权财富基金尤为受到关注。 ...

今年上半年，港交所交出靓丽"成绩单"：新股融资额达1094亿港元，重回全球交易所榜首；证券市场日 均成交额为2402亿港元，同比上升118%；现货市场、衍生产品市场及沪深港通成交量均创半年新高。 此前她在全球青年力量峰会提到，香港基本面仍佳，亦向外界展示了其韧性，如今逾300家公司排队上 市，反映了中国经济强劲，让香港接连迎来一家又一家叫人兴奋的公司。 智通财经APP获悉，10月22日，2025香港交易所中国机遇论坛在上海举行。香港交易所集团行政总裁陈 翊庭在致辞时表示，国际投资人日益活跃于香港IPO市场。今年香港IPO市场吸引了广泛的机构投资者 参与，各类型投资者均有良好代表。国际投资者成为焦点，其中长线基金及主权财富基金尤为受到关 注。 近期的香港IPO项目中，主要机构股东来自全球知名投资机构。国际市场对中国科技创新展现出高度的 信心和关注，全球资产配置逻辑正发生深刻转变。 ...

中金发表报告指，港交所计划于11月5日披露第三季业绩，预计第三季盈利按年增长49%、按季增长5% 至46.8亿港元；收入按年增长40%、按季增长4%至75.3亿港元，剔除投资收益后主营费类收入按年增长 57%、按季增长18%至65.1亿港元。该行预计首三季港交所总收入同盈利分别按年增长35%和42%至 216.1亿和132亿港元。 报告指，10月以来港股日均成交达2880亿港元、市场博弈加剧推动交易活跃度维持高位；同时高波动环 境有望支撑衍生品交易热度，港交所盈利基本面持续夯实。据中金策略组预测，第四季美联储降息节奏 或较快。该行认为边际宽松下港股流动性有望得到支撑。考虑市场成交活跃度提振，该行上调港交所 2025年盈利预测3%至171亿港元，维持2026年预测基本不变，维持"跑赢行业"评级及目标价500港元。 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is actively advancing initiatives to enhance connectivity with mainland exchanges, including integrating block trading into the mutual market access mechanism and allowing RMB counter trading in Hong Kong stocks [1] Group 1 - The 2025 HKEX China Opportunities Forum was held in Shanghai on October 22 [1] - HKEX Group CEO Charles Li emphasized ongoing efforts to improve trading mechanisms and connectivity with mainland exchanges [1] - Initiatives include the inclusion of block trading in the mutual access framework and the introduction of RMB counter trading for Hong Kong stocks [1]