Core Viewpoint - The Hong Kong Stock Exchange's senior advisor, Apurv Bagri, emphasizes the urgent need for the London Metal Exchange (LME) and its users to adopt "disturbing" measures for modernization to ensure long-term profitability [1] Group 1: Modernization Needs - The modernization of the LME is deemed crucial for its long-term future [1] - Users of the LME are encouraged to consider "controversial" measures to maintain profitability [1] Group 2: Strategic Recommendations - The LME should actively explore cross-listing contracts on other exchanges to enhance market liquidity and accessibility [1] - There is a need for the LME to further expand its international business footprint [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is set to launch the Hang Seng Biotechnology Index Futures on November 28, 2025, aiming to enhance its derivatives product ecosystem and provide investors with effective risk management tools in the rapidly growing biotechnology sector [1][1]. Group 1: Product Launch - The new futures contract will be based on the Hang Seng Biotechnology Index, focusing on one of the fastest-growing and most dynamic sectors [1]. - The launch is contingent upon regulatory approval, indicating a structured approach to introducing new financial products [1]. Group 2: Market Context - The biotechnology industry is currently one of the hottest sectors in the capital markets, driven by technological innovation and significant global healthcare demand [1]. - Since the introduction of the listing regime reform in 2018, the biotechnology and healthcare sectors have become the fastest-growing industries on the Hong Kong capital market, with over 260 biotechnology and healthcare companies listed, totaling a market capitalization of over HKD 4.8 trillion, which is four times the approximately HKD 1.2 trillion at the end of 2018 [1][1].

智通财经APP获悉，港交所(00388)再跌超3%，截至发稿，跌3%，报419.8港元，成交额44.54亿港元。 消息面上，上周五贸易战升级态势超出市场，投资者风险偏好下降带动港股估值回调。华泰证券表示， 短期操作方向判断的关键在于市场情绪是否已经较为极致，从资金面和港股情绪指标看还有进一步释放 空间，贸易摩擦问题未来一两周演进路径方差较大，高波动行情或仍将持续。 值得注意的是，港交所将于11月5日公布第三季度业绩。瑞银预测季度收入及纯利将同比增长43%及 53%，达到77亿及48亿元，再创新高。该行预测较市场普遍预期高出8%及11%。考虑到市场气氛情况及 南下资金参与度上升，瑞银将港交所2025至2027年日均成交额预测上调9%至16%，并将港交所每股盈 利预测上调7%至12%，目标价485港元，评级"中性"。 ...

Core Viewpoint - Hong Kong Stock Exchange plans to launch the Hang Seng Biotechnology Index futures on November 28, 2025, providing investors with precise risk management tools in a rapidly growing sector [1] Group 1: Product Launch - The new futures contract will be based on the Hang Seng Biotechnology Index, which tracks the performance of the 30 largest biotechnology, pharmaceutical, and medical device companies listed in Hong Kong that are eligible for Stock Connect trading [1] - The introduction of this futures product aims to enhance investment channels in the biotechnology sector and provide effective hedging tools [1] Group 2: Market Context - The biotechnology industry is currently one of the hottest sectors in the capital markets, driven by technological innovation and global healthcare demand [1] - Since the listing reform in 2018, the biotechnology and healthcare sectors have become some of the fastest-growing industries in Hong Kong's capital market [1] Group 3: Market Statistics - There are currently over 260 biotechnology and healthcare companies listed on the Hong Kong Stock Exchange, with a total market capitalization exceeding HKD 4.8 trillion, which is four times the approximately HKD 1.2 trillion at the end of 2018 [1]

Core Viewpoint - Hong Kong Stock Exchange plans to launch the Hang Seng Biotechnology Index Futures, set to begin trading on November 28, 2025, providing investors with precise risk management tools in the rapidly growing biotechnology sector [1] Group 1: Product Launch - The new futures contract will be based on the Hang Seng Biotechnology Index, which tracks the performance of the 30 largest biotechnology, pharmaceutical, and medical device companies listed in Hong Kong that are eligible for Stock Connect trading [1] - The introduction of this futures product aims to enhance investment channels in the biotechnology industry and provide effective hedging tools [1] Group 2: Market Context - The biotechnology sector is currently one of the hottest industries in the capital markets, driven by technological innovation and significant global healthcare demand [1] - Since the listing reform in 2018, biotechnology and healthcare have become one of the fastest-growing sectors in the Hong Kong capital market, with over 260 biotechnology and healthcare companies listed, totaling a market capitalization of over HKD 4.8 trillion, which is four times the approximately HKD 1.2 trillion at the end of 2018 [1] Group 3: Strategic Goals - The launch of the Hang Seng Biotechnology Index Futures is expected to further solidify Hong Kong's position as a leading center for derivative trading and risk management in Asia [1] - The Hong Kong Stock Exchange will continue to promote market development, increase market depth, and diversify product offerings to meet the evolving needs of global investors [1]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 格隆汇10月14日｜香港交易所宣布，计划推出恒生生物科技指数，进一步优化其不断拓展的衍生产品生 态圈。新合约将于2025年11月28日开始交易，合约以恒生生物科技指数为基准，聚焦当前发展最快、最 有活力的一大板块，为投资者提供精准的风险管理工具，并与香港交易所现有的生物科技相关产品及旗 舰股票指数衍生产品组合互补。 ...

Core Viewpoints - The Hong Kong Stock Exchange (HKEX) reported a market capitalization of HKD 49.85 trillion as of September 2025, reflecting a month-on-month increase of 7.01% and a year-on-year increase of 35.03% [1] - The average daily trading (ADT) for Q3 reached HKD 286.36 billion, showing a year-on-year growth of 144.80% and a month-on-month increase of 20.48% [1] - In Q3 2025, 28 new companies were listed, raising a total of HKD 478.38 billion, which is a 33.75% increase year-on-year [2] - The derivatives market showed positive growth, with average daily trading volume for futures and options reaching 165 million contracts, up 9.28% year-on-year [3] Market Activity - Southbound capital inflow totaled HKD 399.99 billion from July to September 2025, a year-on-year increase of 230.22%, significantly boosting market activity [2] - The average daily trading volume for the Hong Kong Stock Connect southbound trading reached HKD 152.46 billion in Q3, marking a year-on-year increase of 303.85% [2] Derivatives and Commodity Market - The average daily trading volume for derivatives and commodity contracts maintained positive growth, with a year-on-year increase of 9.28% in Q3 [3] - The average daily trading volume for metal contracts on the London Metal Exchange (LME) reached 71,000 contracts in September, a 5.51% increase year-on-year [3] Interest Rates and Investment Outlook - The Hong Kong Interbank Offered Rate (HIBOR) rebounded in Q3, reaching approximately 3.5% by September 30, which is indicative of a tightening liquidity environment [4] - The sustained high trading activity is expected to continue into Q4, supported by the Federal Reserve's monetary policy shift and ongoing southbound capital inflows [6] Earnings Forecast - The company is projected to achieve Q3 revenue of HKD 7.91 billion, a year-on-year increase of 47.26%, and a net profit of HKD 4.82 billion, up 53.38% year-on-year [5] - Revenue forecasts for 2025, 2026, and 2027 are expected to grow by 27.94%, 5.93%, and 1.17% respectively, indicating a positive growth trajectory [5] Valuation and Investment Recommendation - The current price-to-earnings (PE) ratio for HKEX is 36.49x, which is within a favorable range compared to historical averages [4] - The company maintains a "buy" rating with a target price of HKD 543 per share, supported by strong market activity and valuation advantages [6]

格隆汇10月14日丨根据联交所最新权益披露资料显示，2025年10月8日，香港交易所(00388.HK)获JPMorgan Chase & Co.以每股均价443.5482港元增持好仓 28.9万股，涉资约1.28亿港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为88,897,753股，持好仓比例由6.98%上升至7.01%。 | 股份代號: | 00388 | | --- | --- | | 上市法國名稱: | 香港交易及結算所有限公司 | | 日期 (日 / 月 / 年): | 14/09/2025 - 14/10/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | --- | --- | --- | --- | --- | --- | | | | | 份數目 | | (請參閱上述 * 註解) 有投票權股 (日 / 月 / 年 | | | | | | | 份自分比 | | | | | | | 96 | | CS20251013E00026 | JPM ...

Core Viewpoint - Morgan Stanley has increased its stake in Hong Kong Exchanges and Clearing Limited (00388) by purchasing 289,039 shares at a price of HKD 443.5482 per share, totaling approximately HKD 128 million, raising its total holdings to about 88,897,800 shares, which represents a 7.01% ownership [1] Summary by Category - **Share Purchase Details** - Morgan Stanley acquired 289,039 shares of Hong Kong Exchanges and Clearing Limited at HKD 443.5482 per share [1] - The total investment amounts to approximately HKD 128 million [1] - **Post-Investment Holdings** - After the purchase, Morgan Stanley's total shareholding in Hong Kong Exchanges and Clearing Limited is approximately 88,897,800 shares [1] - This acquisition results in a holding percentage of 7.01% [1]

香港联交所最新数据显示，10月8日，摩根大通增持香港交易所(00388)28.9039万股，每股作价443.5482 港元，总金额约为1.28亿港元。增持后最新持股数目约为8889.78万股，持股比例为7.01%。 ...