Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has issued a statement regarding the impact of Typhoon Haikui, indicating that trading will continue during severe weather conditions, including the issuance of a No. 8 or higher gale/typhoon signal [1] Group 1 - HKEX announced that it expects the Hong Kong Observatory to issue a No. 8 gale/typhoon signal at 2:20 PM [1] - The securities and derivatives markets, including the Shanghai-Hong Kong Stock Connect, will operate normally during the issuance of severe weather warnings [1] - Market participants are advised to make early operational and human resource adjustments in accordance with established severe weather trading arrangements to support stable market operations [1]

香港联交所最新资料显示，9月18日，董事会主席唐家成增持香港交易所(00388)0.2万股，每股均价 452.6港元，总金额为90.52万港元。增持后最新持股数目为0.5万股。 ...

Core Viewpoint - The chairman of Hong Kong Exchanges and Clearing Limited, Tang Ka-cheng, has increased his shareholding in the company, indicating confidence in its future performance [1] Group 1 - On September 18, the chairman acquired 200 shares of Hong Kong Exchanges and Clearing at an average price of HKD 452.6 per share, totaling HKD 905,200 [1] - Following this purchase, the chairman's total shareholding in the company has risen to 500 shares [1]

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]

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 - 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 ...

Core Viewpoint - Goldman Sachs expects Hong Kong Stock Exchange's investment income for Q3 to be approximately half of the H1 level, influenced by a decline in HIBOR, a reduction in external investment portfolios, and revisions to margin funding interest-sharing agreements [1] Group 1: Market Performance - The estimated southbound trading accounts for a year-on-year growth of 30% to 40% in the average daily turnover (ADT) [1] - Southbound trading and overall ADT will determine short-term stock price movements [1] Group 2: Future Projections - Goldman Sachs forecasts the ADT for October to December to be around HKD 260 billion, aligning closely with consensus earnings per share [1] - The firm believes that southbound trading is a unique factor contributing significantly to overall ADT during this upward cycle [1] Group 3: Market Sentiment - There is uncertainty in the market regarding the future flow of funds in southbound trading, despite its advantages such as diversification, unique stocks, and valuation discounts [1] - Goldman Sachs remains confident that the flow and participation in southbound trading will structurally increase [1] Group 4: Price Target Adjustment - The 12-month price target has been raised by 4% from HKD 524 to HKD 544, predicting a price-to-earnings ratio of 40 times for the fiscal year 2026, while maintaining a "buy" rating [1]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has signed a memorandum of understanding with Abu Dhabi Securities Exchange (ADX) to explore collaboration opportunities in capital markets and enhance connections between the two exchanges [1] Group 1: Collaboration Areas - The memorandum outlines potential cooperation in market promotion, exchange-traded funds, ESG-related products, cross-listing, and other areas of mutual interest [1]

目前，禾赛科技在车载激光雷达市场摘得三项全球第一：全球车载激光雷达市占率第一、全球 ADAS 激光雷达市占率第一、全球 L4 自动驾驶激光雷达市占率第一，也成为了行业唯一一个连续四年获"多 项全球第一"殊荣的企业，持续领跑全球市场。 本次IPO绿鞋（超额配售选择权）前募资41.6亿港元（约5.33亿美元），创全球激光雷达行业规模最大 纪录，也是近四年融资额最高的中概股回港项目。 北京商报讯（记者 陶凤 实习记者 王天逸）2025年9月16日，全球激光雷达龙头禾赛科技正式在香港交 易所主板挂牌，成为业内首家"美股+港股"双重主要上市公司。 2024 年公司实现营收 20.8 亿元，年度交付量连续 4 年翻倍，成为全球首家且唯一实现全年盈利的上市 激光雷达企业，也是全球首家全年经营和净现金流为正的上市激光雷达企业。公司 2021 至 2024 年的营 收复合增长率达 42.3%，收入保持高速增长。 ...