Core Insights - Hong Kong Stock Exchange (HKEX) announced the appointment of Hu Zhiheng as Managing Director and Head of Trading Operations, effective October 20, 2025, to enhance operational efficiency and business expansion [1] - Guo Hanxiao has been appointed as Managing Director and Head of Connectivity Business, effective January 1, 2026, to lead the newly established connectivity team [1][2] Group 1 - Hu Zhiheng brings extensive operational management experience from HSBC and JPMorgan, which is expected to support the growth of the Hong Kong market [1] - Liu Bi-yin, Chief Operating Officer of HKEX, expressed confidence that Hu's strategic vision will improve the company's operational capabilities [1] - Guo Hanxiao has over 17 years of experience at HKEX and will oversee various connectivity projects across asset classes [2] Group 2 - The connectivity business is highlighted as one of the core and successful operations of HKEX, with Guo's expertise anticipated to drive its continued development [2] - Guo holds a Master's degree in Engineering and Computer Science from Oxford University, enhancing her qualifications for the new role [2]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) announced the appointment of Hu Zhiheng as Managing Director and Head of Trading Operations, effective October 20, 2025, to enhance operational efficiency and business expansion [1] - Guo Hanxiao has been appointed as Managing Director and Head of Connectivity Business, effective January 1, 2026, to lead the newly established connectivity team [1][2] Group 1 - Hu Zhiheng brings extensive operational management experience and strategic vision from his previous roles at HSBC and JPMorgan, which will support the growth of the Hong Kong market [1] - Hu holds a Master's degree in Economics from the University of Hong Kong and Bachelor's degrees in Economics and Commerce from the University of British Columbia [1] - Guo Hanxiao has over 17 years of experience at HKEX and previously worked at UBS, holding a Master's degree in Engineering and Computer Science from the University of Oxford [2] Group 2 - The connectivity business is considered one of the core and successful operations of HKEX, with expectations that Guo's expertise will drive its continued development [2] - Guo will oversee various connectivity projects across asset classes and report to the market head, Yu Xueqin [1][2]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has established a new subsidiary, Commodity Pricing and Analysis Limited (CPAL), in Dubai to enhance its commodity market pricing management services and promote sustainable metal pricing initiatives [1][2] Group 1: Company Developments - CPAL will focus on providing independent pricing and market analysis for the metals market, including the development of sustainable metal premium initiatives announced by the London Metal Exchange (LME) [1] - The establishment of CPAL is seen as a significant milestone for HKEX in expanding its global business, particularly in the rapidly growing commodity markets of China and the Middle East [2] Group 2: Market Context - Dubai has emerged as a major global commodity trading hub, ranking second in the global commodity trade index, just behind the United States [1] - The latest Global Financial Centres Index ranks Dubai as the top financial center in the Middle East and Africa, and 11th globally [1]

Core Viewpoint - Hong Kong Stock Exchange has established a new subsidiary, Commodity Pricing and Analysis Limited (CPAL), in Dubai, UAE to enhance its services in the commodity pricing management sector [1] Group 1: Company Developments - CPAL will primarily operate in the commodity market, focusing on pricing management services [1] - The subsidiary will provide independent pricing and market analysis for the metals market [1] - CPAL aims to support the development of the sustainable metal premium business announced by the London Metal Exchange (LME) in April of this year [1]

（原标题：港股异动 | 港交所(00388)午前跌超4% 灰犀牛事件导致市场波动加大 港交所下月初将发布三 季报） 瑞银发布研报称，港交所将于下月初公布今年第三季业绩，目前预测季度收入及纯利将按年增长43%及 53%，达到77亿及48亿元，再创新高。瑞银的预测较市场普遍预期高出8%及11%。该行因应市场气氛情 况及南下资金参与度上升，将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"。 智通财经APP获悉，港交所(00388)午前跌超4%，截至发稿，跌4.68%，报423.8港元，成交额36.23亿港 元。 华泰证券发布研报称，灰犀牛事件导致市场波动加大；短期资金和情绪还有释放空间，"TACO"交易需 要分批进行。银河证券发布研报称，短期内，中美贸易摩擦升级导致投资者风险偏好下降，带动港股估 值回调。但在国内稳增长政策支持下，以及中长期资金稳股市举措影响下，投资者情绪有望逐渐稳定。 当前港股估值整体处于历史中高水平，预计未来港股市场或宽幅震荡。 ...

Group 1 - The total market capitalization of the securities market in Hong Kong reached HKD 49.9 trillion by the end of September 2025, representing a year-on-year increase of 35% [1] - The average daily trading volume in September 2025 was HKD 316.7 billion, which is an 87% increase compared to the previous year [1]

Core Viewpoint - UBS forecasts that Hong Kong Exchanges and Clearing Limited (00388) will report record high revenues and net profits for Q3 this year, with year-on-year growth of 43% and 53%, reaching HKD 7.7 billion and HKD 4.8 billion respectively, exceeding market expectations by 8% and 11% [1] Group 1: Financial Performance - Q3 revenue and net profit are expected to reach HKD 7.7 billion and HKD 4.8 billion, marking a year-on-year increase of 43% and 53% [1] - UBS estimates that Q3 net investment income will be HKD 933 million, reflecting a year-on-year and quarter-on-quarter decline of 23% and 40% respectively, primarily due to weaker Hong Kong interbank offered rates and potential foreign exchange losses from a depreciating USD [1] Group 2: Market Activity - The average daily trading volume for Q3 is projected to reach a new high of HKD 286 billion, with southbound capital contributing approximately 27%, an increase from 23% and 24% in Q1 and Q2 respectively [1] - It is estimated that the turnover rate of southbound capital is more than twice that of local and foreign investors since 2020, indicating a structural improvement in overall turnover rates [1] Group 3: Future Projections - UBS has raised its average daily trading volume forecasts for 2025 to 2027 by 9% to 16% and adjusted its earnings per share estimates upward by 7% to 12% [1] - The target price for Hong Kong Exchanges and Clearing Limited has been increased from HKD 464 to HKD 485, maintaining a "Neutral" rating [1]

Core Viewpoint - UBS forecasts that Hong Kong Exchanges and Clearing Limited (HKEX) will report a year-on-year increase in quarterly revenue and net profit of 43% and 53%, reaching HKD 7.7 billion and HKD 4.8 billion respectively, setting new records [1] Financial Performance - The forecasted quarterly revenue and net profit are 8% and 11% higher than market expectations [1] - Estimated net investment income for Q3 is projected at HKD 933 million, reflecting a year-on-year and quarter-on-quarter decline of 23% and 40% respectively, primarily due to weaker HKD interbank rates and potential foreign exchange losses from USD depreciation [1] Trading Activity - Q3 average daily turnover is expected to reach a new high of HKD 286 billion, with southbound capital contribution increasing to approximately 27%, compared to 23% and 24% in Q1 and Q2 respectively [1] - The turnover rate of southbound capital is estimated to be more than twice that of local and foreign investors since 2020, indicating a structural improvement in overall turnover rates [1] Future Projections - UBS has raised its average daily turnover forecast for 2025 to 2027 by 9% to 16% and adjusted its earnings per share forecast for HKEX upward by 7% to 12% [1] - The target price for HKEX has been increased from HKD 464 to HKD 485, maintaining a "Neutral" rating [1]

香港联交所最新数据显示，10月3日，摩根大通减持香港交易所(00388)22.8812万股，每股作价450.0918 港元，总金额约为1.03亿港元。减持后最新持股数目约为8852.21万股，持股比例为6.98%。 ...

Core Viewpoint - Morgan Stanley has reduced its stake in Hong Kong Exchanges and Clearing Limited (00388) by selling 228,812 shares at a price of HKD 450.0918 per share, totaling approximately HKD 103 million, resulting in a new holding of about 88.52 million shares, representing 6.98% of the company [1] Summary by Category - **Share Reduction Details** - Morgan Stanley sold 228,812 shares of Hong Kong Exchanges and Clearing Limited [1] - The sale price was HKD 450.0918 per share, amounting to a total of approximately HKD 103 million [1] - **Post-Transaction Holdings** - After the reduction, Morgan Stanley's remaining shares in Hong Kong Exchanges and Clearing Limited are approximately 88.52 million [1] - The new holding represents a 6.98% ownership stake in the company [1]