Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, driven by record trading volumes in the cash market and leading global IPO fundraising [1][2]. Financial Performance - For the first three quarters of 2025, HKEX achieved revenue and net profit attributable to shareholders of HKD 21.85 billion and HKD 13.42 billion, representing year-on-year increases of 36.6% and 44.8% respectively [1]. - In Q3 2025, the company recorded revenue and net profit of HKD 7.78 billion and HKD 4.90 billion, with year-on-year growth of 44.7% and 55.8%, and quarter-on-quarter increases of 8% and 10% [1]. - Q3 net profit reached a historical high, with various segments such as trading, listing, clearing, and data services showing substantial year-on-year growth [1]. Market Activity - The average daily trading (ADT) for Hong Kong stocks in the first three quarters of 2025 was approximately HKD 256.4 billion, a year-on-year increase of 126.3%, with Q3 ADT reaching HKD 286.4 billion, up 142.3% year-on-year [2]. - The Hong Kong IPO market saw 69 new listings in the first three quarters, raising HKD 188.3 billion, a significant year-on-year increase of 238.7% [2]. - As of the end of October, HKEX's IPO fundraising exceeded USD 26 billion, ranking first globally [2]. Investment Income - Margin investment income increased by 16% due to a 47% year-on-year growth in the margin scale of the Hong Kong clearing company [2]. - The company redeemed its external portfolio in Q2 2025, which negatively impacted investment income, with external portfolio returns down 39% year-on-year [2]. Future Outlook - The company is optimistic about the deepening of mutual market access and the appreciation of the Renminbi, leading to an upward revision of the net profit forecast for 2025 to HKD 18 billion, maintaining a "buy" rating [3].

Group 1 - WeRide Inc. successfully completed a dual primary listing on the Hong Kong Stock Exchange with a stock code of 0800.HK, following its listing on NASDAQ in 2024, expanding its global capital market strategy [1] - The total number of shares offered globally before the greenshoe option was 88.25 million, with 17.65 million shares allocated for public offering and 70.60 million shares for international placement, priced at HKD 27.1 per share, raising a total of HKD 2.39 billion [1] - The completion of the Hong Kong listing allows WeRide to establish a dual financing platform of US and Hong Kong stocks, enhancing its financing flexibility and risk resilience, which is crucial for the long-term competition in autonomous driving commercialization [1] Group 2 - Founded in 2017, WeRide is a leading global autonomous driving technology company operating in over 30 cities across 11 countries, with more than 2,200 days of operational experience [2] - The company possesses one of the largest L4 autonomous vehicle fleets globally, with over 1,500 autonomous vehicles, including more than 700 Robotaxis, and has the second-largest Robotaxi fleet in the Middle East outside of China and the US [2] - WeRide is focused on developing safe and reliable autonomous driving technologies, with applications in smart mobility, smart logistics, and smart sanitation, and has entered the commercialization phase with a product matrix that includes Robotaxi, Robobus, Robovan, Robosweeper, and Advanced Driver-Assistance Systems [2]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported a 56% year-on-year increase in net profit for Q3 2025, exceeding expectations by 7% [1] - The growth was primarily driven by robust core revenue growth, record average daily trading volume, and strong initial public offering (IPO) momentum [1] - Net interest income decreased by 13.6% to HKD 1 billion, impacted by a decline in Hong Kong interbank offered rates and reduced corporate investment portfolio returns [1] - The outlook for average daily trading volume in 2026 remains optimistic due to the Federal Reserve's interest rate cuts and strong southbound capital inflows [1] - The target price for HKEX has been raised to HKD 548, maintaining a "Buy" rating [1]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenues and profits for the third quarter of 2025, marking the third consecutive quarter of historical highs [3] - The company's net profit attributable to shareholders reached HKD 4.9 billion, a year-on-year increase of 56% [3] - The growth in performance was primarily driven by record trading volumes in the spot market, leading to a 54% year-on-year increase in main business revenue [3] Financial Performance - For the first three quarters of 2025, net profit attributable to shareholders grew by 45% year-on-year to HKD 13.419 billion, also a record for the nine-month period [3] - The average daily trading volume in the spot market increased by 141% year-on-year, while the daily trading amounts for Stock Connect and Shenzhen-Hong Kong Stock Connect saw year-on-year increases of 285% and 144%, respectively [3] - The new equity market performed strongly, with total fundraising amounting to HKD 188.3 billion in the first three quarters, ranking first globally [3] Strategic Developments - The company made several strategic advancements, including the implementation of the first phase to reduce the minimum tick size and discussions on shortening the stock settlement cycle [3] - To enhance global connectivity, HKEX signed a memorandum of understanding with the Abu Dhabi Securities Exchange and officially included Hong Kong as a delivery point for the London Metal Exchange (LME) [3] - Management expressed commitment to investing in the construction of a diversified asset ecosystem, with strong trading volumes maintained in the fourth quarter to date [3]

Core Viewpoint - Hong Kong Stock Exchange reported a significant year-on-year revenue growth of 45% in Q3, reaching HKD 7.775 billion, driven by active trading and robust performance in market-related businesses [1] Financial Performance - Total revenue increased by 45% year-on-year to HKD 7.775 billion [1] - Excluding investment income, core fee income rose by 62% year-on-year to HKD 6.71 billion [1] - Profit increased by 56% year-on-year to HKD 4.9 billion, exceeding market expectations [1] Market Activity - The growth in revenue and profit is attributed to heightened trading activity and rapid growth in various market-related businesses [1] - Investment income also showed relatively stable performance [1] Future Outlook - The company maintains its earnings forecast for 2025 to 2026 unchanged [1] - The rating remains "outperform" with a target price of HKD 500, corresponding to 37x and 36x price-to-earnings ratios for 2025 and 2026, respectively, indicating an 18% upside potential [1]

Core Insights - The company reported a revenue of 5.639 billion yuan for the first three quarters of 2025, a year-on-year increase of 42.57%, but the net profit attributable to shareholders decreased by 58.69% to 107 million yuan [1] - In Q3 2025, the company achieved a revenue of 1.922 billion yuan, an increase of 11.57% year-on-year, but recorded a net loss of 74 million yuan compared to a profit of 304 million yuan in Q3 2024 [1] - The company maintained high growth in pig production, with a 63.6% year-on-year increase in the number of market pigs sold, aiming to meet the annual target of 4 million pigs [1] Revenue and Profit Analysis - The company's revenue for the first three quarters of 2025 was 5.639 billion yuan, reflecting a significant increase compared to the previous year [1] - The net profit attributable to shareholders for the same period was 107 million yuan, showing a substantial decline of 58.69% year-on-year [1] - In Q3 2025, the company faced a net loss of 74 million yuan, contrasting sharply with the profit of 304 million yuan in Q3 2024 [1] Production and Efficiency Metrics - The company reported a total of 2.9342 million pigs sold in the first three quarters of 2025, with market pigs, piglets, and breeding pigs sold at 2.8802 million, 50,500, and 4,500 respectively [1] - By the end of Q3 2025, the company's biological assets amounted to 682 million yuan, representing a 12.5% increase from the end of June [1] - The company's pig breeding efficiency improved, with the PSY (Pigs Sold per Year) rising to approximately 29, while the feed-to-meat ratio slightly decreased to 2.57 [1] Market Conditions - In H1 2025, the pig farming industry was profitable due to low raw material costs and declining breeding costs [2] - However, starting in late September, pig prices began to decline, leading to losses in Q3 2025 [2] - The company is projected to achieve revenues of 7.5 billion, 9 billion, and 10.65 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 175 million, 311 million, and 242 million yuan [2]

Core Viewpoint - Bank of America reports that Hong Kong Exchanges and Clearing Limited (HKEX) achieved a net profit of HKD 13.4 billion in the first nine months of this year, representing a year-on-year increase of 45%, surpassing the bank's expectation of 39% [1] Financial Performance - In Q3, HKEX recorded a net profit of HKD 4.9 billion, which is a 56% year-on-year increase and marks a historical high [1] - The bank has raised its profit forecasts for HKEX for the fiscal years 2025 to 2027 by 3% due to expected increases in fee income [1] Target Price and Rating - Bank of America maintains its target price for HKEX at HKD 520 and reiterates a "Buy" rating [1] Growth Projections - The bank anticipates a revenue growth rate of 8% for the years 2026 to 2027, which is lower than the projected 28% growth for the fiscal year 2025 [1] - The bank notes that increasing market trading volume from the current level of 150% is likely to be challenging, suggesting that overall market capitalization must rise to drive revenue growth for HKEX [1] Growth Drivers - The primary growth driver for HKEX is expected to come from derivative products, including the expansion of weekly stock options [1] - Recently, HKEX has begun to cover more stocks and introduced zero-day options to attract new investment interest [1]

Core Viewpoint - Bank of America reports that Hong Kong Exchanges and Clearing Limited (00388) achieved a net profit of 13.4 billion HKD in the first nine months of the year, representing a 45% year-on-year increase, surpassing the bank's expectation of 39% [1] Financial Performance - The net profit for the third quarter reached 4.9 billion HKD, marking a 56% year-on-year growth and setting a historical record [1] - The bank has raised its profit forecasts for Hong Kong Exchanges for the fiscal years 2025 to 2027 by 3% due to anticipated increases in fee income [1] Target Price and Rating - The target price for Hong Kong Exchanges remains unchanged at 520 HKD, with a reiterated "Buy" rating [1] Growth Projections - Expected line growth for 2026 to 2027 is projected at 8%, which is lower than the 28% forecast for the fiscal year 2025 [1] - The bank notes that further increasing market trading volume from the current level of 150% is challenging, indicating that unless overall market capitalization rises, trading volume alone will not be sufficient to drive revenue for Hong Kong Exchanges [1] Growth Drivers - The primary growth driver is anticipated to come from derivatives, including the expansion of the current weekly stock options [1] - Hong Kong Exchanges has recently begun to cover more stocks and zero-day options to attract new investment interest [1]

Core Insights - The total market capitalization of the Hong Kong Stock Exchange (HKEX) reached HKD 48.1 trillion by the end of October 2025, representing a 37% increase compared to HKD 35.2 trillion in the same period last year [1] - The average daily trading volume for October 2025 was HKD 2,749 billion, an 8% increase from HKD 2,550 billion in October 2024 [1] - The average daily trading volume for the first ten months of 2025 was HKD 2,582 billion, a significant 102% increase from HKD 1,278 billion in the same period last year [2] Trading Activity - The average daily trading volume for derivative warrants in the first ten months of 2025 was HKD 80 billion, up 60% from HKD 50 billion in the previous year [2] - The average daily trading volume for bull and bear certificates was HKD 104 billion, a 60% increase from HKD 65 billion year-on-year [2] - The average daily trading volume for exchange-traded funds (ETFs) was HKD 343 billion, reflecting a 127% increase from HKD 151 billion in the same period last year [2] New Listings and Fundraising - There were 81 new listings in the first ten months of 2025, a 50% increase compared to 54 new listings in the same period last year [2] - The total amount raised through initial public offerings (IPOs) was HKD 2,160 billion, a remarkable 209% increase from HKD 700 billion year-on-year [2] - The total fundraising amount for the first ten months of 2025 reached HKD 5,070 billion, up 228% from HKD 1,548 billion in the previous year [3] Derivative Market Performance - The average daily trading volume for futures and options in the first ten months of 2025 was 1,696,752 contracts, a 7% increase from 1,582,570 contracts in the same period last year [4] - The average daily trading volume for stock index futures was 568,701 contracts [5] - The average daily trading volume for stock options was 896,891 contracts, up 22% from 733,117 contracts year-on-year [6] Historical Records - On October 2, 2025, the weekly trading volume for stock options reached a historical high of 312,545 contracts [7] - On October 27, 2025, the trading volume for Hang Seng Tech Index futures options hit a record high of 64,982 contracts [8]

Investment Rating - The report maintains a "Buy" rating for the company [6][3] Core Insights - The Hong Kong Stock Exchange (HKEX) reported record high profits driven by high trading activity, with revenue and net profit for the first three quarters of 2025 reaching HKD 218.5 billion and HKD 134.2 billion, respectively, representing year-on-year increases of 36.6% and 44.8% [1][6] - In Q3 2025 alone, the company achieved revenues and net profits of HKD 77.8 billion and HKD 49.0 billion, marking year-on-year increases of 44.7% and 55.8%, and quarter-on-quarter increases of 8% and 10% [1][6] - The report highlights significant growth in various segments, including trading, listing, clearing, custody, data, and investment income, with year-on-year increases of 57.3%, 17.1%, 65.7%, 24.9%, 8.1%, 10.3%, and 4.4%, respectively [1] Summary by Sections Financial Performance - For the first three quarters of 2025, the average daily trading (ADT) in the Hong Kong stock market was approximately HKD 2,564 billion, a year-on-year increase of 126.3%, with Q3 ADT reaching HKD 2,864 billion, up 142.3% year-on-year and 20% quarter-on-quarter [2] - The number of IPOs in the Hong Kong market reached 69 in the first three quarters of 2025, raising HKD 1,883 billion, a year-on-year increase of 238.7% [2] - The report notes that the average daily trading volume for derivatives and LME continued to grow, with contract numbers and commodity ADV increasing by 11% and 4% year-on-year, respectively [2] Investment Income - Margin investment income was a key support for overall investment income, with a 16% increase in margin investment income driven by a 47% year-on-year increase in margin size [3] - The report indicates that external portfolio returns were down 39% year-on-year due to the redemption of external portfolios, which may impact overall investment income for the year [3] Future Outlook - The report expresses optimism regarding the deepening of mutual market access and the appreciation of the Renminbi, leading to an increase in the company's valuation [3] - The forecast for net profit for 2025 has been raised to HKD 180 billion [3]