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。 ...

Group 1: Market Performance - In August, the Hong Kong stock market experienced an overall increase, with the Hang Seng Index and Hang Seng Tech rising by 25.0% and 27.0% respectively compared to the end of 2024 [1] - The monthly average daily turnover (ADT) for the Hong Kong Stock Exchange reached HKD 279.1 billion, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 192.1% [1] - Northbound trading ADT was HKD 322.8 billion, with month-on-month and year-on-year increases of 45.2% and 204.9% respectively, while southbound trading ADT was HKD 155.2 billion, with increases of 7.4% and 448.3% [1] Group 2: Derivatives Market - In August, the average daily volume (ADV) for futures was 627,000 contracts, showing month-on-month and year-on-year increases of 9.6% and 5.3% respectively [1] - The ADV for options was 962,000 contracts, with month-on-month and year-on-year increases of 2.1% and 34.5% [1] - As of the end of August, the ADT for structured products such as bull and bear certificates and derivative warrants was HKD 17.5 billion, reflecting increases of 11.9% and 58.6% year-on-year [1] Group 3: Initial Public Offerings (IPOs) - In August, there were 6 new IPOs in Hong Kong, with a total scale of HKD 5.4 billion, representing a month-on-month decrease of 73% but a year-on-year increase of 189% [2] - The number of newly listed derivative warrants and bull and bear certificates was 941 and 2,386 respectively, with year-on-year increases of 75% and 40% [2] Group 4: Investment Income and Economic Environment - As of the end of August, the HIBOR rates for 6 months, 1 month, overnight, and the US overnight bank funding rate were 3.27%, 3.30%, 4.00%, and 4.33% respectively, with month-on-month increases across the board [2] - The domestic economic environment showed signs of recovery, with the manufacturing PMI at 49.40%, indicating a slight improvement [3] - The overseas economic outlook suggests a strengthening of interest rate cut expectations, with the Federal Reserve expected to cut rates by 25 basis points in September 2025 [3] Group 5: Valuation and Future Outlook - As of the end of August, the company's price-to-earnings (PE) ratio was 37.02x, positioned at the 52nd percentile historically since 2016, indicating potential value for investors [4] - The company is expected to achieve revenues of HKD 30.3 billion, HKD 33.2 billion, and HKD 35.6 billion for the years 2025 to 2027, with corresponding net profits of HKD 19.4 billion, HKD 20.6 billion, and HKD 22.3 billion [4] - The projected PE ratios for 2025, 2026, and 2027 are 29.3x, 27.7x, and 25.4x respectively, suggesting a favorable investment opportunity [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company's PE ratio as of the end of August is 37.02x, positioned at the 52nd percentile historically since 2016, indicating a certain level of cost-effectiveness for allocation. It is expected that with the continuous enhancement of the mutual access policy in the Hong Kong capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is projected to achieve revenues and other income of 30.3 billion, 33.2 billion, and 35.6 billion HKD for 2025-2027, with net profits attributable to shareholders of 19.4 billion, 20.6 billion, and 22.3 billion HKD, corresponding to PE valuations of 29.3, 27.7, and 25.4 times respectively [2][50]. Market Environment - The Hong Kong stock market continued its upward trend in August, driven by domestic policy support and expectations of interest rate cuts by the Federal Reserve. The Hang Seng Index and Hang Seng Tech Index increased by 25.0% and 27.0% respectively compared to the end of 2024. The average daily trading (ADT) for Hong Kong stocks in August was 279.1 billion HKD, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 192.1% [10][15]. Business Segments - **Spot Market**: The overall Hong Kong stock market saw significant increases in trading activity, with the ADT for northbound trading reaching 322.8 billion HKD, up 45.2% month-on-month and 204.9% year-on-year. Southbound trading ADT was 155.2 billion HKD, reflecting increases of 7.4% month-on-month and 448.3% year-on-year [8][15]. - **Derivatives Market**: The average daily volume (ADV) for futures was 62.7 thousand contracts, with month-on-month and year-on-year increases of 9.6% and 5.3% respectively. The ADV for options was 96.2 thousand contracts, with increases of 2.1% month-on-month and 34.5% year-on-year [19]. - **Primary Market**: In August, the IPO scale in the Hong Kong stock market decreased month-on-month but increased significantly year-on-year, with a total of 6 new listings raising 5.4 billion HKD, a 73% decrease month-on-month but a 189% increase year-on-year [29][31]. Investment Income - As of the end of August, the HIBOR rates for 6 months, 1 month, overnight, and the US overnight bank funding rate were 3.27%, 3.30%, 4.00%, and 4.33% respectively, showing month-on-month increases but year-on-year declines for most rates [38].

Core Viewpoint - The Hong Kong Stock Exchange emphasizes the importance of climate financing as a crucial solution to address the challenges posed by climate change, advocating for capital allocation to drive innovative technology development and accelerate the achievement of net-zero emissions goals [1] Group 1: Climate Financing Importance - Climate financing is highlighted as a vital approach to tackle the severe challenges of climate change [1] - The allocation of capital can promote the development of innovative technologies [1] - The goal of achieving net-zero emissions can be accelerated through effective climate financing [1] Group 2: Support from Hong Kong Stock Exchange - The Hong Kong Stock Exchange will provide standards, frameworks, and diverse platforms to support the development of sustainable finance [1]

Group 1 - The Hong Kong Stock Exchange (HKEX) hosted a climate financing forum themed "Towards a Net Zero Path," highlighting the importance of climate financing in capital allocation and accelerating the transition to net zero [1][3] - HKEX CEO Charles Li emphasized that climate financing is a crucial solution to the challenges posed by climate change, aiding in the development of innovative technologies and achieving net zero emissions [3] - The Hong Kong government is committed to enhancing its position as an international green finance hub through policy guidance, market innovation, and ecosystem building to address climate challenges [3] Group 2 - HKEX's Chief Sustainability Officer, Dr. Zhou Guanying, stated that the exchange aims to lead regional green transformation by directing funds towards impactful climate solutions [3] - The release of the "Carbon Credit: Buyer’s Guide" aims to provide more information on carbon credits, offering case studies to assist companies and investors in making sustainable development strategy decisions [3] - Mary Schapiro, Vice Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), highlighted the significant potential for global carbon market development, emphasizing the need for local services to support corporate decarbonization while fostering global cooperation for sustainable development [3]

Group 1 - The core viewpoint is that the IPO market in Hong Kong remains strong, with over 200 companies queued for listing, half of which are technology firms [1] - The CEO of Hong Kong Stock Exchange, Charles Li, noted that foreign investment in Chinese assets is increasing, shifting from "not investable" to "must invest" [1] - There is a significant foreign participation in IPOs, especially in high-tech sectors, with foreign investors accounting for 70-80% of subscriptions for some large enterprises [1] Group 2 - The inclusion of REITs in the Stock Connect program is well-prepared, enhancing the interconnectivity between mainland and Hong Kong markets [2] - Future expansion of the interconnectivity mechanism aims to include commodities and derivatives, with the goal of allowing investors access to all desired products [2]