Group 1 - Hong Kong Stock Exchange announced the introduction of weekly stock option contracts starting from November 10, 2025, to complement existing monthly contracts [1] - The new weekly options are designed to provide investors with more flexibility and effective short-term risk management tools [1] Group 2 - The five stocks for which weekly options will be available include: - China National Offshore Oil Corporation (Stock Code: 883) with a contract trading unit of 1,000 shares [2] - China Mobile Limited (Stock Code: 941) with a contract trading unit of 500 shares [2] - Semiconductor Manufacturing International Corporation (Stock Code: 981) with a contract trading unit of 2,500 shares [2] - AIA Group Limited (Stock Code: 1299) with a contract trading unit of 1,000 shares [2] - Xiaomi Group-W (Stock Code: 1810) with a contract trading unit of 1,000 shares [2]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is expected to report strong earnings for the first three quarters of the year, with a significant year-on-year increase in profit [1] Group 1: Financial Performance - HKEX's profit for the first three quarters is projected to reach HKD 12.9 billion, representing a 39% year-on-year growth [1] - The average daily trading amount for the third quarter is reported at HKD 286 billion, marking a historical high [1] Group 2: Market Conditions - The net investment income of HKEX is anticipated to be affected by fluctuations in Hong Kong dollar interbank offered rates (HIBOR) during the period [1] - Although HIBOR decreased in the second quarter, the lagging impact on net investment income may only become apparent in the third quarter [1] - With HIBOR rebounding in August and September, the negative impact on net investment income is expected to dissipate by the fourth quarter [1]

Core Viewpoint - Bank of America Securities has raised the average daily trading volume forecast for Hong Kong Exchanges and Clearing (HKEX) from HKD 2,400 billion, 2,600 billion, and 2,600 billion for 2025 to 2027, to HKD 2,600 billion, 2,700 billion, and 2,700 billion respectively, while lowering net investment income forecasts by 5% to 7% due to a low interest rate environment, and raising earnings forecasts by 1% to 2%, maintaining a target price of HKD 520 and reiterating a "Buy" rating [1] Group 1 - The expected profit for HKEX in the first three quarters of this year is projected to reach HKD 12.9 billion, representing a year-on-year increase of 39% [1] - The average daily trading amount for the third quarter reached HKD 286 billion, setting a historical high [1] - Net investment income is expected to be affected by fluctuations in Hong Kong interbank offered rates (HIBOR), with a lagged impact likely to manifest in the third quarter [1] Group 2 - Profit growth for HKEX from 2026 to 2027 is expected to slow from 24% in 2025 to 8%, unless there is a significant increase in total market capitalization [1] - Relying solely on trading volume growth may not be sufficient to drive revenue [1] - Derivative products are anticipated to become a key growth engine for HKEX [1] Group 3 - Competition between Hong Kong IPOs and Shanghai and Shenzhen exchanges is expected to intensify, as mainland China places greater emphasis on new technology sectors and may implement incentive policies to retain key enterprises for domestic listings [1]

Core Viewpoint - Bank of America Securities has raised the average daily trading volume forecast for Hong Kong Exchanges and Clearing (HKEX) for 2025 to 2027, while adjusting net investment income predictions downward due to a low interest rate environment, maintaining a target price of HKD 520 and reiterating a "Buy" rating [1] Group 1: Trading Volume and Earnings Forecast - The average daily trading volume forecast for HKEX has been increased from HKD 2,400 billion, 2,600 billion, and 2,600 billion to HKD 2,600 billion, 2,700 billion, and 2,700 billion for the years 2025 to 2027 [1] - The expected profit for HKEX in the first three quarters of this year is projected to reach HKD 12.9 billion, representing a year-on-year growth of 39% [1] - The average daily trading amount for the third quarter is reported to be HKD 28.6 billion, marking a historical high [1] Group 2: Net Investment Income and Interest Rate Impact - Net investment income forecasts have been lowered by 5% to 7% due to fluctuations in Hong Kong dollar interbank offered rates (HIBOR) [1] - Although HIBOR has decreased in the second quarter, its lagging impact on net investment income may only become apparent in the third quarter, with expected recovery in the fourth quarter as HIBOR rebounds in August and September [1] Group 3: Future Growth and Competitive Landscape - Profit growth for HKEX is expected to slow from 24% in 2025 to 8% in 2026 and 2027, unless there is a significant increase in total market capitalization [1] - Reliance solely on trading volume growth may not be sufficient to drive revenue, with derivatives anticipated to be a key growth engine [1] - Competition for IPOs between Hong Kong and mainland exchanges is expected to intensify, as the mainland places greater emphasis on new technology sectors and may implement incentive policies to retain key enterprises for domestic listings [1]

Market Overview - The total market capitalization of the Hong Kong securities market reached HKD 49.9 trillion by the end of September 2025, a 35% increase from HKD 36.9 trillion in the same period last year [1] - The average daily trading amount in September was HKD 316.7 billion, up 87% from HKD 169.2 billion in the same month last year [1] - For the first nine months of 2025, the average daily trading amount was HKD 256.4 billion, a 126% increase from HKD 113.3 billion in the same period last year [1] Derivative Products Market - The average daily trading volume of futures and options for the first nine months of 2025 was 1,681,869 contracts, an 11% increase from 1,515,613 contracts in the same period last year [2] - The average daily trading volume of stock options was 886,323 contracts, up 27% from 698,817 contracts year-on-year [2] - The average daily trading volume of stock futures was 8,616 contracts, a 7% increase from 8,026 contracts in the previous year [2] New Listings and Fundraising - There were 69 new listings in the first nine months of 2025, a 53% increase from 45 new listings in the same period last year [1] - The total fundraising amount for initial public offerings (IPOs) in the first nine months was HKD 182.9 billion, a 229% increase from HKD 55.6 billion year-on-year [1] - The total fundraising amount for the first nine months reached HKD 444 billion, up 252% from HKD 126.1 billion in the same period last year [1] Historical Records - On September 17, 2025, the weekly trading volume of stock options reached a historical high of 277,589 contracts [3]

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