Group 1 - The average daily trading volume in the Hong Kong market for the first half of 2025 reached HKD 240.2 billion, a significant increase of 118% compared to HKD 110.4 billion in the same period last year [1] - As of June 30, 2025, the market capitalization of the Hong Kong market was HKD 42.7 trillion, reflecting a growth of 33% from HKD 32.1 trillion year-on-year [1] Group 2 - The average daily trading volume of Exchange-Traded Funds (ETFs) surged to HKD 33.8 billion in the first half of 2025, up 184% from HKD 11.9 billion in the same period last year, driven by the expansion of the ETF Connect program and the continuous listing of new ETF products [3] - The average daily trading volume of Hong Kong Stock Connect under the Shanghai and Shenzhen Stock Connect mechanisms reached HKD 110.96 billion, marking a 195% increase year-on-year [4] Group 3 - The daily trading volume of Renminbi currency futures rose to 115,200 contracts in the first half of 2025, representing a year-on-year growth of 43%, indicating the increasing role of Renminbi-denominated instruments in the active Renminbi product ecosystem [4] - The average daily trading volume of futures and options in the Hong Kong derivatives market increased to 1.7 million contracts, reflecting an 11% year-on-year growth [5] - The Hong Kong Stock Exchange stated that the first half of 2025 marked a breakthrough period for the capital market, with strong trading volumes in the securities market and a growing derivatives market, showcasing the resilience and innovative momentum of Hong Kong's secondary market [5]

Core Insights - The Hong Kong market's market capitalization reached HKD 42.7 trillion by the end of June 2025, representing a 33% increase from HKD 32.1 trillion in the same period last year [1] Group 1: Market Performance - The first half of 2025 is characterized as a breakthrough period for the Hong Kong capital market [1] - Strong trading volumes in the securities market, along with a growing derivatives market, demonstrate the resilience and innovative momentum of Hong Kong's secondary market [1] Group 2: Investment Opportunities - The Hong Kong market continues to attract international capital and provides investors with a diverse range of investment tools [1]

香港交易所发布香港市场2025年上半年亮点数据回顾。数据显示，联交所2025年上半年平均每日成交金 额2402亿港元（涵盖香港交易所历年十大成交交易日半数），较去年同期的1104亿港元增长118%。 2025年6月底，香港市场的市值为42.7万亿港元，较去年同期的32.1万亿港元增长33%。 ...

Group 1 - Goldman Sachs raised the earnings per share forecast for Hong Kong Exchanges and Clearing (HKEX) for 2025, 2026, and 2027 by approximately 4% based on better-than-expected average daily trading volume [1] - The target price for HKEX was increased by 11%, from HKD 450 to HKD 500, corresponding to a price-to-earnings ratio of 40 times for 2026 [1] - Despite the upward revision of earnings estimates, HKEX's stock price remains about 20% lower than its peak in 2021, even as average daily trading volume in cash equities has reached a historical high of over HKD 200 billion [1] Group 2 - The number of IPO applications is nearing the peak levels of 2021, but the pace of new listings is still in the mid-cycle [2] - Key market activity indicators, such as turnover rate and the ratio of small to large-cap stock trading, are above the historical 90th percentile, yet the market's valuation relative to GDP is at historical average levels [1][2] - The average year-on-year growth in earnings per share for HKEX is projected to reach 42% from Q4 2024 to Q1 2025, with a 29% growth expected in Q2 2025, which is 3 to 4 times the normal growth rate [2]

智通财经7月28日电，香港交易所信息显示，贝莱德对东风汽车集团H股持股比例从4.83%增至6.59%。 ...

智通财经7月28日电，香港交易所显示，腾讯在粉笔有限公司的持股比例降至4.9%。 ...

智通财经7月28日电，香港交易所信息显示，贝莱德在信达生物的持股比例于07月22日从4.63%升至 5.19%。 ...

Core Viewpoint - The valuation of Hong Kong Stock Exchange (HKEX) is projected to have a lower limit of 30 times PE and an upper limit approaching 70 times, driven by fundamentals and liquidity [1] Valuation History - Historical PE ranges for HKEX: 2014-2015 PE ranged from 29 to 67, benefiting from the launch of Stock Connect and easing investment restrictions; 2017-2018 PE ranged from 28 to 54, influenced by the opening of Shenzhen-Hong Kong Stock Connect and tightening liquidity due to U.S.-China tensions; 2020-2021 PE ranged from 29 to 68, with reforms attracting new economy and Chinese concept stocks [1] - Current PE for HKEX is at 38 times, with a favorable outlook due to the Federal Reserve's interest rate cuts and support from mainland China [1] Market Dynamics - The core factor for HKEX's profitability is Average Daily Turnover (ADT), calculated as total market capitalization multiplied by turnover rate [1] - Recent reforms at HKEX aim to attract A/H listed companies and facilitate the return of Chinese concept stocks, increasing the market capitalization of new economy sectors from 17% in 2018 to 35% in 2025 YTD [1] - Southbound capital inflows are enhancing ADT and turnover rates, driven by low interest rates and asset scarcity in mainland China, leading to increased participation from long-term institutional investors and individual investors [1] Financial Projections - The company is rated as a buy, with a projected upside of 24% based on relative PE valuation, targeting a PE of 42 times and a market value of HKD 692 billion [2] - Expected net profits for the company from 2025 to 2027 are estimated at HKD 165 billion, 179 billion, and 188 billion, reflecting year-on-year growth of 26%, 9%, and 5% respectively [2]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is set to launch a new communication platform called "HKEX Connect" to enhance interaction between listed issuers and the exchange, aiming to modernize market infrastructure and improve efficiency and transparency in the Hong Kong financial market [1][2]. Group 1 - The trial version of "HKEX Connect" will be available in the second half of 2025, with official phased usage starting in the second quarter of 2026 [2]. - The platform will serve as the primary communication channel for issuers and HKEX, allowing for the submission and publication of regulatory announcements and confidential communications regarding regulatory matters [1]. - The interface of "HKEX Connect" is designed to be user-friendly, featuring smart compliance tools such as information alerts, workflow tracking, guidelines, and automatic reminders to assist issuers in meeting daily compliance and reporting requirements [1]. Group 2 - Following the launch of "HKEX Connect," HKEX will redesign its market information page on its website to integrate and display issuer information, including management profiles, company events, and other important dates [1]. - Issuers will be able to update or upload content on "HKEX Connect," allowing investors to access real-time information, thereby enhancing market transparency [1].

Core Viewpoint - The article discusses the successful IPO of Nanjing Weilizhibo Biotechnology Co., Ltd. on the Hong Kong Stock Exchange, highlighting the strong interest from both retail and institutional investors, which reflects confidence in the company's innovative drug pipeline and commercialization potential [3][5][30]. Company Overview - Weilizhibo officially listed on the Hong Kong Stock Exchange with the stock code 9887.HK, offering approximately 36.86 million shares at a price of HKD 35 per share [3]. - The company achieved a retail subscription rate of 3,494.8 times, setting a record for the Hong Kong 18A medical innovation sector, while institutional subscriptions reached 40.8 times, also a historical high [3][5]. Institutional Support - The IPO was sponsored by Morgan Stanley and CITIC Securities (Hong Kong), with nine cornerstone investors committing a total of USD 69 million (approximately HKD 542 million), including notable firms like OrbiMed, Tencent, and E Fund [5][7]. - The presence of leading medical investment funds among cornerstone investors indicates strong confidence in Weilizhibo's innovative drug pipeline and its potential for commercialization [5][9]. Product Pipeline and Technology - Weilizhibo's core product, LBL-024, is a unique targeted therapy that has reached critical clinical stages, demonstrating significant safety and efficacy in treating advanced neuroendocrine carcinoma [9][14]. - The company’s product pipeline includes one core product (LBL-024), three main products (LBL-034, LBL-033, LBL-007), and ten high-potential innovative candidates, showcasing a diverse approach to cancer treatment [11][19]. Clinical Development and Market Strategy - LBL-024 has received breakthrough therapy designation from the Chinese National Medical Products Administration and orphan drug designation from the U.S. FDA, validating its global development potential [10][15]. - The company plans to adopt a "self-research + cooperation" model for commercialization, targeting niche indications like EP-NEC before expanding to larger markets [20][23]. Financial Outlook - The funds raised from the IPO will primarily support the clinical development of LBL-024, with a focus on expanding its indications [23][24]. - The company’s R&D expenditure is projected to be CNY 1.857 billion in 2024, with a significant portion allocated to core product development, ensuring alignment with clinical timelines [23][24]. Market Potential - The global oncology immunotherapy market is expected to exceed USD 500 billion by 2025, positioning Weilizhibo strategically within a high-growth sector [25][30]. - The successful commercialization of LBL-024 could lead to a significant revaluation of the company's market potential, transforming it from a niche player to a key competitor in the global immunotherapy landscape [25][30].