10月22日，香港交易所发布通告称，根据华夏纳斯达克100指数每日反向(-2x)产品("产品")的基金经理 所发布的基金单位合并时间表，产品的每10个现有基金单位合并为1个合并基金单位的单位合并("单位 合并")，将于2025年10月24日生效。 按照OTP-C就单位合并的既定做法，在2025年10月24日，于OTP-C内产品股份页(证券代号7522)的前收 市价栏目("PRVCLOSE")，将显示经调整的前收市价以作参考。经调整的前收市价将以产品于2025年10 月23日(即单位合并生效前一天)的收市价和根据下列适用于一般单位合并的调整公式计算。 | 單位合併前 | 单位合併後 | | --- | --- | | 未經調整的收市價 | 經調整的前收市價 | | (2025年10月23日) | (2025年10月24日) | | (HKS) | (HKS) | | 0.4992 | 4.992 | | 0.4994 | 4.994 | | 0.4996 | 4.996 | | 0.4998 | 4.998 | | 0.5000 | 5.000 | | 0.5005 | 5.005 | | 0.5010 | 5 ...

Core Insights - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO financing, reaching HKD 182.9 billion by the end of September, more than doubling compared to the same period in 2024, making it the top global market for IPOs this year [1][3] - There is a notable rise in participation from international investors in the Hong Kong IPO market, particularly from Europe, the Middle East, and emerging markets, indicating a strong global interest in Chinese technology innovation [3] - The A+H listing model has developed further, with nearly half of the new IPO financing in the first nine months coming from A+H listed companies, showcasing strong market linkage between mainland China and Hong Kong [3] - The average daily trading volume in the Hong Kong securities market reached HKD 256.4 billion by the end of September, a 126% year-on-year increase, indicating robust activity in the secondary market [3] - The Hang Seng Technology Index has risen by 40.1% year-to-date, driven by the surge in AI-related stocks, with the Hang Seng Hong Kong Stock Connect China Technology Index showing a 55.8% increase [5] Industry Trends - The global economic landscape is shifting, with diminishing returns from technological advancements and demographic dividends, leading to changes in asset allocation logic [4] - Hong Kong is positioned to attract international capital, enhancing its role in global capital allocation amidst geopolitical risks and a retreat from globalization [4] - The technology sector has surpassed the financial sector in terms of weight within the Hang Seng Index, highlighting the central role of technological innovation in economic development [4]

Core Insights - China's investment opportunities have regained global investor attention due to economic policies and technological innovations since September last year [1] - The Hong Kong market has shown strong performance, with record trading volumes in the securities and derivatives markets, and new stock market financing returning to the top globally [1] Group 1: Market Performance - As of September 30, 2023, the total IPO financing in Hong Kong reached HKD 182.9 billion, more than doubling compared to the same period in 2024 [3] - The average daily trading volume in the Hong Kong securities market reached HKD 256.4 billion, a 126% year-on-year increase [5] - The average daily trading volume for the derivatives market increased by 11% [5] Group 2: Investor Participation - There has been a notable increase in overseas investor participation in new stock subscriptions, particularly from Europe, the Middle East, and emerging markets [3] - The A+H listing model has developed further, with nearly half of the new stock financing in the first nine months coming from A+H listed companies [3] Group 3: Market Structure and Reforms - Recent listing policy reforms have enhanced the vitality of the Hong Kong capital market, attracting high-quality companies, especially in technology [4] - The "Tech Company Fast Track" launched in May aims to assist specialized technology and biotech companies in preparing for listings more efficiently [4] Group 4: Connectivity Mechanisms - The average daily trading volume for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached RMB 206.4 billion, a 68% year-on-year increase [7] - The Southbound and Northbound ETF trading volumes have also seen significant activity, with Southbound ETFs averaging HKD 4.2 billion and Northbound ETFs averaging RMB 3.2 billion in daily trading [7] Group 5: Future Outlook - The company plans to continue optimizing listing arrangements and expanding connectivity mechanisms to promote the joint development of capital markets in both regions [9]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is resisting cryptocurrency hoarding platforms disguised as listed companies, questioning the plans of at least five companies seeking to pivot to Digital Asset Treasury (DAT) as their core business [1] Group 1: Regulatory Actions - HKEX has raised concerns based on rules regarding "cash companies," which aim to limit entities primarily holding liquid assets from being listed [1] - The HKEX spokesperson stated that their framework ensures that all applicants for listing have viable, sustainable, and substantive business operations [1] - Similar resistance to DAT has been observed in India and Australia, with the Bombay Stock Exchange rejecting a listing application from a company planning to invest in cryptocurrency [1][2] Group 2: Market Impact - The regulatory actions have significantly pressured the market performance of these companies, with many digital asset treasury firms' stock prices declining and even falling below their net asset value (NAV) [2] - The recent downturn in the cryptocurrency market has exacerbated the situation, leading to increased investor skepticism regarding the sustainability of their business models [2]

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]

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]

Core Insights - Hong Kong has become the third largest ETP market globally, surpassing South Korea and Japan, with a total asset management scale of HKD 653.5 billion, reflecting a year-on-year growth of 34.1% [1][2] - The average daily trading volume of ETPs reached HKD 37.8 billion by the end of September, marking a significant increase of 146% year-on-year, driven primarily by the popularity of technology-focused ETFs and cross-border trading through the Stock Connect programs [1][2] Group 1 - The ETP market in Hong Kong is experiencing explosive growth, with technology-related ETFs, particularly the flagship Hang Seng Tech Index ETP, significantly contributing to overall market expansion [1] - The average daily trading volume of ETFs through the Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion respectively, with a record high of HKD 9.1 billion in August [2] - A total of 290 eligible ETFs are available for trading through the Stock Connect, with expectations for more ETFs to be included in November, indicating a sustained increase in cross-border ETF trading activity [2]

Core Viewpoint - CICC has raised its profit forecast for Hong Kong Exchanges and Clearing (HKEX) for 2025 by 3% to HKD 17.1 billion, while maintaining the 2026 forecast largely unchanged. The current trading multiples are at 31x for both 2025 and 2026 P/E, with a target price of HKD 500, indicating an 18% upside potential [1]. Group 1 - The forecast for Q3 2025 indicates a year-on-year profit increase of 49% and a quarter-on-quarter increase of 5% [2]. - CICC expects Q3 revenue to rise by 40% year-on-year and 4% quarter-on-quarter to HKD 75.3 billion, with core fee income projected to increase by 57% year-on-year and 18% quarter-on-quarter to HKD 65.1 billion [2]. - CICC anticipates total revenue and profit for the first three quarters of 2025 to increase by 35% and 42% year-on-year, reaching HKD 216.1 billion and HKD 132.0 billion, respectively [2]. Group 2 - Trading activity remains robust, with Q3 average daily turnover (ADT) expected to rise by 141% year-on-year and 20% quarter-on-quarter to HKD 286.4 billion [2]. - Southbound ADT is projected to increase by 285% year-on-year and 36% quarter-on-quarter to HKD 152.5 billion, accounting for 26.6% of Hong Kong stocks [2]. - The number of IPOs in Q3 is expected to reach 25, raising HKD 73.5 billion, which is a 74% year-on-year increase but a 19% quarter-on-quarter decrease [2]. Group 3 - Investment income is expected to decline by 18% year-on-year and 36% quarter-on-quarter to HKD 9.9 billion in Q3 2025 [3]. - The narrowing of margin interest spreads is anticipated due to a decline in long-term yields and a rise in short-term borrowing costs, which may negatively impact investment income [3]. - Market volatility is expected to decrease, leading to a reduction in margin requirements for derivatives trading, further affecting investment income performance [3]. Group 4 - The fundamental outlook for HKEX remains strong, with high trading activity supported by a favorable liquidity environment for foreign capital [4]. - The average daily turnover for Hong Kong stocks reached HKD 288 billion in October, indicating sustained high trading activity [4]. - CICC suggests that the anticipated easing of monetary policy by the Federal Reserve could support liquidity in the Hong Kong market, presenting potential investment opportunities [4].

智通财经APP获悉，中金发布研报称，考虑市场成交活跃度提振，上调香港交易所(00388)25e盈利预测 3%至171亿港币、维持26e预测基本不变。公司当前交易于31x/31x 25e/26e P/E，维持跑赢行业及目标价 500港币不变(37x/37x 25e/26e P/E及18%上行空间)。 中金主要观点如下： 预测3Q25盈利同比+49%/环比+5% 1)现货：3Q ADT同比+141%/环比+20%至2,864亿港币，其中南下ADT同比+285%/环比+36%至1,525亿 港币、占港股26.6%，北上ADT同比+144%/环比+77%至2,687亿元、占A股7.1%;2)衍生品：衍生品ADV 整体同比+12%/环比+7%至165万张，其中股指ADV同比-7%/环比-6%至72.9万张，个股期权ADV同比 +33%/环比+19%至92.0万张;3)商品：LME ADV同比+3%/环比-9%至70.5万张;4)上市：3Q完成IPO 25 家、融资额735亿港币(同比+74%/环比-19%)。 港交所计划于11月5日披露3Q25业绩：该行预计3Q收入同比+40%/环比+4%至75.3亿港币，剔除投资收 ...

高盛发布研报称，基于香港交易所(00388)9月及10月至今的成交量数据，调整2025至27年每股盈利预 测，分别上调0.8%、下调0.5%及上调0.1%，并引入2028年每股盈测为15.4港元;维持"买入"评级及目标 价544港元。 ...