Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is consulting on the implementation of an investor identification code system for the derivatives market to enhance the integrity and sustainable development of Hong Kong's capital markets [1] Group 1: Investor Identification Code System - The proposed investor identification code system for the derivatives market will cover futures contracts, options contracts, and stock options traded through the Hong Kong Futures Exchange [1] - This system will follow a similar model to the one successfully implemented in the securities market since March 2023 [1] - Licensed corporations and registered institutions providing brokerage services or engaging in proprietary trading will be required to submit client names and identity information to a central database [1] Group 2: Market Integrity and Investor Protection - The SFC aims to enhance its ability to detect violations and strengthen investor protection by expanding the investor identification code system to the derivatives market [1] - The implementation of this system is seen as a significant advancement in improving cross-market surveillance capabilities, which is crucial for maintaining market integrity and boosting investor confidence [1] - These factors are essential for consolidating Hong Kong's position as a sustainable international financial center [1]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is closely monitoring the impending super typhoon "Haikui" and prioritizing the safety of employees, market participants, and the investing public [1] Group 1: HKEX's Response to Typhoon - HKEX is in constant communication with regulatory bodies and market participants regarding the situation [1] - The exchange has implemented a "no market closure during typhoons" policy since September last year, allowing trading to continue during severe weather conditions [1] - Despite the ongoing operations, listing ceremonies will be postponed during adverse weather [1] Group 2: Typhoon Characteristics and Risks - Typhoon "Haikui" is characterized by rapid movement and strong intensity, with peak strength expected to be close to Typhoon "Mojiah" [1] - The typhoon is predicted to make landfall in South China at strong or super typhoon levels, posing high disaster risks, particularly in the densely populated and industrialized Pearl River Delta region [1] - Several areas in Guangdong Province have already announced or forecasted the implementation of "five stoppages" measures [1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - Recent market activity remains high, with Q3 performance expected to continue the trend of significant growth, suggesting a focus on leading companies and high-performing stocks within the sector [2][4] - In the insurance sector, the report confirms the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and potential valuation recovery [2][4] - Recommendations include Jiangsu Jinzhong for stable profit growth and dividend rates, China Ping An for stable dividends and high yield, and China Pacific Insurance for its strong business model and market position [2][4] Market Performance - The non-bank financial index decreased by 3.7% this week, with a year-to-date increase of 4.2%, ranking low in the industry [5] - The average daily trading volume in the market increased to 25,178.46 billion, up 8.23% week-on-week, indicating a recovery in market activity [5][37] Insurance Sector Overview - In July 2025, the cumulative insurance premium income reached 42,085 billion, a year-on-year increase of 6.75%, with life insurance contributing 31,153 billion and non-life insurance 10,933 billion [21][22] - The total assets of the insurance industry as of July 2025 were 39.59 trillion, with life insurance companies holding 34.69 trillion [26][27] Brokerage and Investment Business - The report highlights a recovery in trading activity, with the average daily turnover in the two markets showing an increase, and the margin financing balance rising to 2.40 trillion, up 2.65% [38][45] - The equity market remains volatile, with the CSI 300 index down 0.44% and the ChiNext index up 2.34% [42] Recommendations - The report recommends focusing on high-performing stocks such as New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][4]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" investment rating for the industry [2][3]. Core Insights - The brokerage sector has experienced a recent adjustment, with the Shenwan Brokerage II Index declining by 3.51%, underperforming the CSI 300 Index by 3.07 percentage points. However, the sector is expected to maintain double-digit year-on-year profit growth in Q3 2025, supported by ongoing capital inflows [3][6]. - The insurance sector has seen a decline of 4.76% in the Shenwan Insurance II Index, with significant movements such as Ping An Life increasing its stake in China Pacific Insurance to over 10%. This reflects a strong positive outlook from insurance capital towards the sector [3][8]. - The report highlights the upcoming National New Conference on September 22, which is anticipated to bring new policies that could positively impact market sentiment [3][15]. Summary by Sections Market Review - The CSI 300 Index closed at 4501.92 with a slight decline of 0.44%. The non-bank index reported a drop of 3.66%, with the brokerage, insurance, and diversified financial sectors showing declines of 3.51%, 4.76%, and 0.50% respectively [6][8]. Non-Bank Industry Key Data - As of September 19, 2025, the 10-year government bond yield was 1.88%, with a slight increase of 0.65 basis points. The average daily stock trading volume reached 25,181.36 billion yuan, reflecting an increase of 8.23% week-on-week [11][14]. Non-Bank Industry News and Key Announcements - The report notes that the property insurance sector achieved a record high in underwriting profits in the first half of 2025, with premium growth of 4.2% [16]. - Ping An Life's recent acquisition of shares in China Pacific Insurance is seen as a strong signal of confidence in the insurance sector's investment value [19]. - China Pacific Insurance announced the completion of a convertible bond issuance, which is expected to enhance its capital position [20]. Investment Recommendations - For brokerages, the report recommends focusing on leading firms benefiting from improved competitive dynamics, such as GF Securities, Guotai Junan, and CITIC Securities. It also suggests considering firms with strong international business capabilities like China Galaxy and CICC [3][8]. - In the insurance sector, the report recommends China Life, China Pacific, New China Life, and Ping An, among others, due to their favorable valuation and growth prospects [3][8].

Group 1 - Goldman Sachs has raised its cash ADT and earnings per share forecasts for Hong Kong Exchanges and Clearing (00388) by 3% to 4% for the years 2025 to 2027, maintaining a price-to-earnings ratio of 40 times for 2026 and increasing the 12-month target price from HKD 524 to HKD 544 [1] - The bank expects the investment income for the third quarter to be approximately half of the first half of the year, influenced by the decline in HIBOR from May to August, a reduction in external investment portfolios, and revisions to margin funding interest-sharing agreements [1] - Southbound trading is estimated to account for a 30% to 40% year-on-year increase in overall average daily turnover (ADT), which will be a key determinant of short-term stock price movements [1] Group 2 - Goldman Sachs predicts that the ADT for the period from October to December 2025 will be around HKD 260 billion, aligning closely with consensus earnings per share estimates [1] - The bank views southbound trading as a unique factor contributing significantly to the overall ADT during this upward cycle, despite market uncertainties regarding future capital flows [1] - The firm remains confident that the flow and participation in southbound trading will structurally increase due to the diverse offerings, unique stocks, and valuation discounts (higher yields) available in the southbound market [1]

Group 1 - HSBC maintains a hold rating on SenseTime (00020.HK) and raises the target price to HKD 3.1, citing the company's "1+X" strategic transformation and improved market sentiment, but warns of potential supply bottlenecks in AI chip resources [1] - Goldman Sachs maintains a buy rating on Hong Kong Exchanges and Clearing (00388.HK) and raises the target price to HKD 544, expecting structural increases in southbound capital flow and participation due to the company's diversified offerings [1] - Citic Lyon reiterates a market outperform rating on CATL (03750.HK) and raises the H-share target price to HKD 670, driven by strong demand in the electric vehicle and ESS markets, with a projected 10% increase in battery shipments from 2026 to 2027 [1] Group 2 - Morgan Stanley maintains an overweight rating on Ping An Insurance (02318.HK) and raises the target price to HKD 70, adjusting earnings forecasts for 2025 to 2027 upwards by 1.9%, 0.4%, and 0.6% respectively [2] - Morgan Stanley gives China Life Insurance (02628.HK) an overweight rating and raises the H-share target price to HKD 25.7, with earnings forecasts for 2025 to 2027 increased by 13.1%, 1%, and 1.9% respectively, benefiting from a rising stock market and stable sales growth [3] Group 3 - Goldman Sachs reiterates a buy rating on Baidu (09888.HK) and raises the target price to HKD 150, highlighting the rapid growth of non-search businesses and the acceleration of AI value release [4] - Guotai Junan maintains an overweight rating on Boss Zhipin (02076.HK) with a target price of HKD 109.66, noting a 30.9% year-on-year growth in adjusted net profit and steady progress in AI commercialization in recruitment scenarios [4] - Guotai Junan maintains an overweight rating on Super盈 International Holdings (02111.HK) with a target price of HKD 4.42, emphasizing the company's strong position in the elastic fabric sector and consistent high dividend yield [5]

Group 1 - The Hong Kong Stock Exchange (HKEX) Board meeting is scheduled for November 5, 2025, to approve the publication of the unaudited consolidated performance announcement for HKEX and its subsidiaries for the nine months ending September 30, 2025 [1]

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。 香港，2025 年 9 月 19 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。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及 80388（人民幣櫃台） 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 2025 年 11 月 5 日（星期三）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 9 月 30 日止九個月的未經審核綜合業績公 ...

Group 1: Hang Seng Index - The Hang Seng Index opened high but closed lower, with investors taking profits and waiting for a buying opportunity around 26,300-26,400 [1] - The index reached a high of 27,058 points but closed at 26,544 points, signaling a "sell" [1] - Support levels are identified at 25,859 points and 25,300 points, while resistance is at 27,300 points [1] Group 2: HSBC Holdings - Investors view interest rate cuts as beneficial for HSBC, with expectations for the stock to rise to 110 HKD [3] - Some investors anticipate a decline to the range of 96-100 HKD, opting for put options [3] Group 3: Hong Kong Exchanges and Clearing - The stock experienced a significant drop, closing at 444 HKD, which is within the Bollinger Band's middle line [5] - Short-term technical signals suggest a "buy" with resistance levels at 459 HKD and 470 HKD [5] - For those considering entry at lower levels, support is noted at 436 HKD and 428 HKD [5] Group 4: Ping An Insurance - The stock is trading within a sideways range, with a closing price of 54.25 HKD, near the lower boundary of the Bollinger Band [8] - Technical signals are neutral, suggesting a wait-and-see approach [8] - Support levels are at 52.7 HKD and 51 HKD, with options available at a strike price of 43.83 HKD [8] Group 5: Baidu Group - Baidu's stock closed at 132.8 HKD, above the upper boundary of the Bollinger Band, with a high of 38.4 HKD during the day [11] - The data signal indicates a "sell," with support levels at 114.2 HKD and 103.2 HKD [11] - Investors holding bear certificates have a safe recovery price of 150 HKD, with resistance levels at 140 HKD and 162 HKD [11]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is experiencing fluctuations in trading volume, leading to mixed short-term performance expectations, but long-term prospects remain positive due to the anticipated listing of new economy companies [1] Group 1: Market Performance - Recent trading data indicates a significant drop in HKEX stock price, returning to the middle of the Bollinger Bands [1] - Short-term technical signals suggest a "buy" recommendation, with resistance levels at HKD 459 and HKD 470, while support levels are at HKD 436 and HKD 428 [1] - The probability of HKEX stock price increasing is assessed at 55%, with a recent volatility of 3.9% over the past five days, indicating potential speculative opportunities [1] Group 2: Technical Analysis - Multiple technical indicators collectively signal a "buy" with a strength rating of 8; however, several oscillators are in a "neutral" position [1] - The Relative Strength Index (RSI) is at 52, also indicating a neutral market sentiment towards HKEX's short-term direction [1] Group 3: Derivative Products - Historical performance of HKEX-related warrants and certificates shows significant leverage effects, with products like the Morgan Stanley bear certificate (66719) rising by 20% and UBS bear certificate (60541) by 24% following a 1.73% drop in HKEX [3] - Current warrants available for HKEX include high-leverage options such as the Societe Generale call warrant (16900) with a leverage of 15.6 times and a strike price of HKD 484.08, suitable for investors seeking high potential returns [5][6] - For bearish positions, UBS put warrant (18808) offers a leverage of 9.6 times with a strike price of HKD 368.48, providing options for investors anticipating further price adjustments [5][6] Group 4: Future Outlook - The market is currently at a crossroads, with HKEX needing to stabilize above the support level of HKD 436 or risk further declines to HKD 427 [7] - Investors are encouraged to consider their trading strategies, whether opting for warrants or bull/bear certificates, based on their market outlook [7]