责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新数据显示，1月6日，摩根大通增持香港交易所（00388）122.1923万股，每股作价 431.1066港元，总金额约为5.27亿港元。增持后最新持股数目约为8970.28万股，持股比例为7.07%。 责任编辑：卢昱君 香港联交所最新数据显示，1月6日，摩根大通增持香港交易所（00388）122.1923万股，每股作价 431.1066港元，总金额约为5.27亿港元。增持后最新持股数目约为8970.28万股，持股比例为7.07%。 ...

Core Insights - Hong Kong's financial sector is undergoing a digital transformation, enhancing its role as a global finance hub and a "super connector" between international investors and mainland China [1][8] - The city is leveraging regulatory agility and technological advancements to facilitate capital flows, with programs like Stock Connect contributing to 25% of daily trading volume [2][3] Group 1: Digital Transformation and Market Position - The appointment of Bonnie Y Chan as CEO of HKEX in March 2024 marks a strategic leadership shift aimed at enhancing Hong Kong's dual function in capital flow facilitation [2] - CATL's IPO is highlighted as the world's largest this year, attracting global investors and showcasing Hong Kong's vibrant ecosystem for high-potential sectors [3] - Hong Kong is fostering innovation through tailored listing rules for pre-revenue R&D firms, particularly in biotechnology and green tech [3] Group 2: Regional Collaboration and Market Representation - Despite representing over 50% of the world's population, Asia remains underrepresented in global capital markets, prompting calls for collaboration among Asian markets to counter U.S. dominance [4] - Chan emphasizes the need for alternative investment avenues to enhance Asia's relevance on the global stage, with regulation playing a crucial role in this evolution [4] Group 3: Regulatory Framework and Digital Assets - Chan views regulators as enablers, crafting frameworks that balance development and protection, particularly in the context of digital assets like stablecoins [5] - Stablecoins are legislated under the Hong Kong Monetary Authority, primarily viewed as a medium of exchange, which could enhance stock settlements on HKEX [5][6] Group 4: Future Outlook and Market Resilience - Hong Kong's financial sector has shown resilience, with average daily turnover increasing to over 250 billion HKD from low trading volumes in late 2023 [6] - The sector's adaptability is underscored by ongoing monitoring and integration of digital assets, with a focus on enhancing efficiency in stock settlements [6][8] - Predictions indicate deeper global research into Asian innovations, potentially reshaping the financial ecosystem as Chinese companies increasingly derive revenue internationally [7][8]

Group 1 - Morgan Stanley increased its stake in Hong Kong Exchanges and Clearing Limited (00388) by purchasing 1,221,923 shares at a price of HKD 431.1066 per share, totaling approximately HKD 527 million [1] - Following the acquisition, Morgan Stanley's total shareholding in Hong Kong Exchanges and Clearing Limited reached approximately 89,702,800 shares, representing a holding percentage of 7.07% [1]

Group 1 - Morgan Stanley increased its stake in Hong Kong Exchanges and Clearing Limited (00388) by purchasing 1,221,923 shares at a price of HKD 431.1066 per share, totaling approximately HKD 527 million [1] - Following the acquisition, Morgan Stanley's total shareholding in Hong Kong Exchanges and Clearing Limited reached approximately 89,702,800 shares, representing a holding percentage of 7.07% [1]

Core Viewpoint - The Hong Kong Stock Exchange has successfully narrowed trading spreads since the implementation of the first phase of reforms in August last year, leading to reduced trading costs and improved overall liquidity [1] Group 1: Trading Spread Reforms - The first phase of the trading spread narrowing reform has significantly reduced trading spreads in the Hong Kong securities market [1] - The reduction in trading spreads has resulted in lower trading costs for market participants [1] - Overall liquidity in the market has improved as a result of these reforms [1] Group 2: Future Initiatives - The Hong Kong Stock Exchange plans to implement the second phase of the trading spread narrowing arrangement by mid-2026 to further enhance market efficiency and liquidity [1] - Other important initiatives include the implementation of a paperless securities market (USM) and reforms to trading units [1]

Core Viewpoint - The Hong Kong stock market is expected to see significant trading activity in 2025, driven by macroeconomic recovery, favorable policies, industrial upgrades, and improved global liquidity, leading to high growth in Hong Kong Stock Exchange's performance [1] Market Overview - As of December 2025, the market capitalization of the Hong Kong securities market was HKD 47.39 trillion, a decrease of 1.26% quarter-on-quarter but an increase of 34.18% year-on-year [1] - The average daily trading amount (ADT) for 2025 reached HKD 249.82 billion, up 90.28% year-on-year, with Q4 ADT at HKD 229.81 billion, reflecting a 22.97% increase year-on-year but a 19.75% decrease quarter-on-quarter [1][2] Southbound Capital Inflow - In 2025, southbound capital saw a net inflow of HKD 1.301455 trillion, a year-on-year increase of 74.92%, with quarterly inflows of HKD 411.33 billion, HKD 272.86 billion, HKD 399.99 billion, and HKD 217.28 billion respectively [2] - The influx of southbound capital has significantly boosted trading activity in the Hong Kong stock market [2] IPO Market - In 2025, there were 117 new listings, an increase of 47 compared to the previous year, with total IPO fundraising amounting to HKD 285.81 billion, a year-on-year increase of 224.24% [2] - The increase in IPO fundraising was largely driven by major A-share companies listing in Hong Kong, contributing to 49.02% of the total IPO fundraising [2] Derivatives and Commodity Market - In 2025, the average daily trading volume of futures and options reached 1.663 million contracts, a year-on-year increase of 7.1% [3] - The average daily trading volume of metal contracts on the LME was 757,000 lots, reflecting a 14.0% year-on-year increase [3] Interest Rate Impact - Following the Federal Reserve's interest rate cuts, the HIBOR rate has seen a slight decline, with the 6-month HIBOR dropping from 4.17% at the beginning of 2025 to 2.99% [4] - The decline in interest rates is expected to enhance trading activity in the Hong Kong stock market, which may offset some negative impacts on investment income [4] Earnings Forecast - Revenue forecasts for 2025, 2026, and 2027 are projected to increase by 26.53%, 2.70%, and 3.84% respectively, reaching HKD 28.31 billion, HKD 29.07 billion, and HKD 30.19 billion [5] - Net profit forecasts for the same years are expected to rise by 38.49%, 6.22%, and 4.01% respectively, reaching HKD 17.60 billion, HKD 18.69 billion, and HKD 19.44 billion [5] Market Dynamics - The ongoing liquidity support from the Federal Reserve's monetary policy shift is expected to benefit the Hong Kong stock market [6] - The continuous inflow of southbound capital is anticipated to maintain high trading activity levels [6] - The valuation advantage of the Hong Kong stock market remains, with the Hang Seng Index's PE-TTM at approximately 11.96 times, compared to the 17.00 times of the CSI 300 [6] Long-term Outlook - The Hong Kong Stock Exchange is expected to benefit from increased trading activity and valuation uplift, with a target price of HKD 520 per share, maintaining a "buy" rating [7]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 香港交易及結算所有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 不適用 備註： 香港交易所並無法定股本，及其股本並無股份面值。 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00388 | | 說明 | 股份 | | | | | | 多櫃檯證券代號 | 80388 | RMB 說明 | | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,267,836,895 | | 0 | | 1,267,8 ...

Core Insights - Wallan Technology, a leading domestic GPU company, successfully listed on the Hong Kong Stock Exchange, becoming the first listed company in Hong Kong in 2026 with an issue price of HKD 19.6 per share and an opening price of HKD 35.7 per share, resulting in a market capitalization of HKD 85.542 billion [2] Group 1: Company Overview - Wallan Technology was founded in 2019 and is recognized as a leading provider of general intelligent computing solutions in China [4] - The company focuses on original core architecture and has pioneered the Chiplet high-performance chip, aiming to build a technology system that integrates software and hardware innovation [4] - Wallan Technology has developed its first-generation GPGPU architecture and a series of hardware based on GPGPU, including the Walli™ 106, Walli™ 110, and the higher-performance Walli™ 166 chip products, which are applied in key industries such as AI data centers, telecommunications, AI solutions, energy and utilities, fintech, and the internet [4] Group 2: Investment and Support - Qiming Venture Partners has been a steadfast supporter of Wallan Technology since its inception, leading the company's first round of financing and continuing to support its development [2] - Qiming Venture Partners is the largest external institutional investor in Wallan Technology and plays a significant role as a senior independent investor [2] Group 3: Future Outlook - Wallan Technology's CEO, Zhang Wen, emphasized that becoming a public company brings greater responsibility and that the company will continue to increase R&D investment to advance the development of fully autonomous and controllable products [4] - The company aims to enhance the safety, stability, and resilience of China's intelligent computing industry and lead the high-quality development of the AI industry [4] - Qiming Venture Partners' managing partner, Zhou Zhifeng, expressed optimism about Wallan Technology's future, highlighting the importance of continuous technological innovation and the company's role in contributing to the AI ecosystem both in China and globally [4]

元旦次日，中国香港交易所正常开市，南、北向交易关闭；今日日本东京证券交易所因元旦假期继续休 市。 本文源自：金融界AI电报 ...

来源：滚动播报 百度建议分拆昆仑芯在香港交易所独立上市。 ...