Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited is "Buy" (maintained) [1] Core Views - The report highlights a significant improvement in ADT-related businesses, indicating potential for valuation uplift. The company's revenue and net profit for the first three quarters of 2025 reached HKD 218.5 billion and HKD 134.2 billion, respectively, representing year-on-year increases of 37% and 45% [5][6] - The report anticipates continued high growth in the company's fundamentals, driven by a recovery in IPO activities and sustained inflows of southbound capital, with a forecasted increase in ADT for 2025-2027 [5][6] Summary by Sections Financial Performance - For Q1-Q3 2025, trading, settlement, listing, custody, data, and other investment income grew by 57%, 66%, 16%, 25%, 8%, 10%, and 4% year-on-year, respectively. The core driver of revenue growth is the significant increase in trading and settlement fees directly linked to ADT [5][6] - The company has revised its ADT assumptions for 2025-2027 to HKD 2,580 billion, HKD 2,620 billion, and HKD 2,700 billion, reflecting year-on-year growth of 96%, 2%, and 3% [5][6] Market Outlook - The primary market for Hong Kong stocks is experiencing high demand, with 69 new listings in Q1-Q3 2025, a 53% increase year-on-year, and total fundraising amounting to HKD 1,883 billion, more than three times that of the same period in 2024 [7] - The report notes that the trading volume is expected to remain active due to the influx of quality assets from Chinese concept stocks returning to Hong Kong and the wave of A-share listings in Hong Kong [7] Valuation and Dividend - The expected dividend yield for 2025 is 3.0%, assuming a constant payout ratio of 90%. The report suggests that a potential interest rate cut by the Federal Reserve could drive foreign capital back into the Hong Kong market, benefiting the exchange [8] - The current PE ratio is 31.2, which is at the 22nd percentile of the past ten years, indicating room for valuation improvement [8]

Core Viewpoint - The report from Kaiyuan Securities indicates that the Hong Kong stock market is experiencing long-term asset expansion driven by the AtoH wave and the return of Chinese concept stocks, alongside sustained net inflows from southbound capital, leading to increased trading volume and high growth in related revenues for Hong Kong Exchanges and Clearing Limited (HKEX) [1] Group 1: Revenue and Trading Volume Growth - The active spot ADT has driven significant increases in trading and settlement revenues, with trading fees and system usage fees reaching HKD 7.8 billion, a year-on-year increase of 57%, including spot/derivatives/commodity revenues of HKD 4.7 billion/HKD 2.0 billion/HKD 1.1 billion, reflecting increases of 116%/15%/6% respectively [2] - The trading volume for Hong Kong stocks reached new highs, with southbound ADT at HKD 1,259 billion, a year-on-year increase of 229%, and northbound ADT at RMB 2,060 billion, a year-on-year increase of 67% [2] - The primary market for Hong Kong stocks remains robust, with 69 new listings in the first three quarters of 2025, a 53% increase year-on-year, and total fundraising amounting to HKD 1,883 billion, more than three times that of the same period in 2024 [2] Group 2: Investment Returns and Dividend Expectations - The investment return rate for HKEX has decreased, with net investment income of HKD 3.89 billion in 2025, a year-on-year increase of 4%, and project investment/margin investment returns at 4.7%/2.0%, down from 5.7%/2.2% in the first half of 2025 [3] - The expected dividend yield for 2025 is 3.0%, assuming a constant payout ratio of 90%, with the current U.S. Treasury yield at 4.10% [3] - The current PE-TTM is 31.2 times, positioned at the 22nd percentile over the past decade, with a dynamic PE of 30.2 times, indicating potential for valuation improvement [3]

本次港股上市，公司全球发售股份总数（绿鞋前）为8825万股，触发回拨机制后公开发售股份为1765万 股，国际配售股份7060万股，每股定价27.1港元，募资总额（绿鞋前）达23.9亿港元。 凤凰网科技讯 11月6日，文远知行正式在香港交易所挂牌上市，股票代码0800.HK。继在纳斯达克上市 成为全球Robotaxi第一股后，文远知行成为港股Robotaxi第一股，也是全球首家在"美股+港股"双重主要 上市的自动驾驶科技企业。 据官方介绍，文远知行成立于2017年，于2024年10月25日在纳斯达克证券交易所挂牌上市，成为全球 Robotaxi第一股、全球通用自动驾驶第一股。目前，文远知行旗下产品获得中国、阿联酋、新加坡、法 国、沙特、比利时、美国七国自动驾驶牌照，L4级别自动驾驶车队规模超过1,500辆，其中Robotaxi超 过700辆。 ...

Core Insights - The Hong Kong Securities ETF (513090) has risen by 2.1%, leading the market in terms of growth and achieving the highest trading volume among equity ETFs [1] - Hong Kong Exchanges and Clearing Limited (HKEX), the third-largest weighted stock in the Hong Kong Securities ETF with an 11.8% weight, reported better-than-expected Q3 earnings, with revenue and net profit for the first three quarters reaching HKD 21.851 billion and HKD 13.419 billion, respectively, representing year-on-year increases of 37% and 45% [1] - The valuation of the Hong Kong securities sector is lower compared to A-shares, with the Hong Kong Securities Index PB (LF) at 1.00 as of November 5, indicating potential for valuation uplift due to improving overseas liquidity [1] - The Hong Kong Securities ETF (513090) is the only ETF that invests in the Hong Kong Securities Index, with a latest scale of HKD 32.7 billion and ample liquidity, averaging daily trading volume of HKD 18 billion over the past month [1]

Core Viewpoint - WeRide, a leading global autonomous driving technology company, officially listed on the Hong Kong Stock Exchange, becoming the first autonomous driving tech firm with a dual primary listing in both the US and Hong Kong [1][3]. Group 1: Listing Details - The total number of shares globally offered by the company (before the green shoe option) is 88.25 million, with 17.65 million shares available 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 [3]. - The founder and CEO, Han Xu, signed a voluntary lock-up agreement on October 28, committing to not sell any shares for the next three years, demonstrating the management's commitment to the company's long-term development and confidence in its future value [3]. Group 2: Company Vision and Achievements - Over the past eight years, WeRide has transitioned from technological innovation to commercial application, holding autonomous driving licenses in seven countries and operating in over 30 cities [3][4]. - The company believes that safe and reliable autonomous driving technology will bring significant economic and social benefits, and the Hong Kong listing marks a new starting point for further commercial deployment globally [3][4]. - WeRide has developed a product matrix that includes Robotaxi, Robobus, Robosweeper, Robovan, and ADAS solutions, leveraging its self-developed WeRide One autonomous driving technology platform [4]. - The company has obtained autonomous driving licenses in China, UAE, Singapore, France, Saudi Arabia, Belgium, and the US, with a fleet of over 1,500 L4 autonomous vehicles, including more than 700 Robotaxis, operating the largest commercial Robotaxi fleet outside of China and the US in partnership with Uber in the Middle East [4]. - WeRide plans to deploy tens of thousands of Robotaxis by 2030, aiming to reshape human mobility through autonomous driving technology [4].

Core Viewpoint - UBS has lowered the target price for Hong Kong Exchanges and Clearing Limited (00388) by 3% from HKD 485 to HKD 471, reflecting the latest outlook on interest rate cuts by the Federal Reserve [1] Group 1: Financial Performance - UBS has raised the average daily turnover forecast for FY2025 from HKD 250 billion to HKD 259 billion, considering market activity since Q4 [1] - The performance for Q3 2025 met expectations, with revenue increasing by 45% year-on-year, exceeding market expectations by 3% [1] - Net profit for Q3 2025 rose by 56% year-on-year, surpassing market expectations by 4% [1] Group 2: Market Challenges - As the company enters Q4, it faces tougher year-on-year comparisons due to a more challenging base [1]

Core Viewpoint - UBS has lowered the target price for Hong Kong Exchanges and Clearing (00388) by 3% from HKD 485 to HKD 471, reflecting the latest views on interest rate cuts by the Federal Reserve [1] Summary by Sections Target Price Adjustment - UBS's target price for Hong Kong Exchanges and Clearing has been reduced to HKD 471 from HKD 485, indicating a 3% decrease [1] Rating - The rating for Hong Kong Exchanges and Clearing is maintained at "Neutral" [1] Market Activity and Forecast - UBS has increased the average daily turnover forecast for FY2025 from HKD 250 billion to HKD 259 billion, considering market activities since the fourth quarter [1] Financial Performance - The performance for Q3 2025 met expectations, with revenue increasing by 45% year-on-year, surpassing market expectations by 3% - Net profit rose by 56% year-on-year, exceeding market expectations by 4% [1] Challenges Ahead - Hong Kong Exchanges and Clearing faces tougher year-on-year comparisons entering the fourth quarter [1]

Core Viewpoint - Goldman Sachs maintains a "Buy" rating on Hong Kong Exchanges and Clearing Limited (00388) and raises the target price from HKD 544 to HKD 562, indicating a positive outlook for the stock [1] Financial Performance - The stock is currently trading at approximately 30 times forward P/E, which is below the mid-cycle P/E level of around 35 times [1] - For Q3 2025, the earnings exceeded Goldman Sachs' expectations, primarily due to better-than-expected investment income performance [1] - Core profit, excluding investment income, met expectations, growing by 101% driven by a 141% year-on-year increase in average daily turnover [1] Earnings Forecast - Following the inclusion of Q3 performance and recent trading volume trends, Goldman Sachs has raised its earnings per share estimates for the fiscal years 2025 to 2028 by 5%, 4%, 4%, and 5% respectively [1] Valuation Drivers - Three key factors are expected to further drive the revaluation of Hong Kong Exchanges: 1. Market consensus has raised average daily turnover forecasts [1] 2. The P/E ratio of Hong Kong Exchanges has expanded relative to the Hang Seng Index and Hang Seng Tech Index [1] 3. The growth momentum of listed companies in Hong Kong is recovering [1]

Core Viewpoint - Goldman Sachs maintains a "Buy" rating on Hong Kong Exchanges and Clearing Limited (00388) and raises the target price from HKD 544 to HKD 562, indicating a positive outlook for the stock [1] Financial Performance - The stock is currently trading at approximately 30 times forward P/E, which is below the mid-cycle P/E level of around 35 times [1] - For Q3 2025, the earnings exceeded Goldman Sachs' expectations, primarily due to better-than-expected investment income performance [1] - Core profit, excluding investment income, met expectations, growing by 101% driven by a 141% year-on-year increase in average daily turnover [1] Earnings Forecast Adjustments - Following the inclusion of Q3 performance and recent trading volume trends, Goldman Sachs has raised its earnings per share estimates for fiscal years 2025 to 2028 by 5%, 4%, 4%, and 5% respectively [1] Valuation Drivers - Three key factors are expected to further drive the revaluation of Hong Kong Exchanges and Clearing Limited: 1. Market consensus has raised average daily turnover forecasts [1] 2. The P/E ratio of Hong Kong Exchanges is expanding its premium relative to the Hang Seng Index and Hang Seng Tech Index [1] 3. The growth momentum of listed companies in Hong Kong is recovering [1]

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited is "Buy" (maintained) [1] Core Views - The report highlights a significant improvement in ADT-related businesses, indicating potential for valuation uplift. The company's revenue and profit attributable to shareholders for the first three quarters of 2025 reached HKD 218.5 billion and HKD 134.2 billion, respectively, representing year-on-year increases of 37% and 45% [5][6] - The report anticipates continued high growth in the company's fundamentals, driven by increased trading volumes and a favorable market environment, including the return of Chinese concept stocks and sustained net inflows from southbound capital [5][6] Financial Performance Summary - For Q1-Q3 2025, trading, settlement, listing, custody, data, and other investment net income grew by 57%, 66%, 16%, 25%, 8%, 10%, and 4% year-on-year, respectively. The core driver of revenue growth is the significant increase in trading and settlement fees directly linked to ADT [5][6] - The report revises the ADT assumptions for Hong Kong stocks for 2025-2027 to HKD 2,580 billion, HKD 2,620 billion, and HKD 2,700 billion, reflecting year-on-year growth of 96%, 2%, and 3%, respectively. The forecast for net profit attributable to shareholders is adjusted to HKD 179 billion, HKD 192 billion, and HKD 202 billion for the same period, with corresponding EPS of HKD 14, HKD 15, and HKD 16 [5][6] Market Trends and Drivers - The report notes a robust primary market for Hong Kong stocks, with 69 new listings in Q1-Q3 2025, a 53% increase year-on-year, and total fundraising amounting to HKD 1,883 billion, more than three times that of the same period in 2024. The number of new stock applications being processed reached 297, over three times the 84 applications at the end of 2024 [7] - The report emphasizes that the high trading volume indirectly boosts income from custody, trustee, and agent services, as well as market data fees, which grew by 25% and 8% year-on-year, respectively [7] Valuation and Dividend Outlook - The investment income for Q1-Q3 2025 was HKD 38.9 billion, a 4% year-on-year increase. The expected dividend yield for 2025 is projected at 3.0%, assuming a constant payout ratio of 90%. The report suggests that a potential interest rate cut by the Federal Reserve could drive foreign capital back to the Hong Kong market, benefiting the exchange [8] - The current PE ratio is 31.2, positioned at the 22nd percentile over the past decade, with a dynamic PE of 30.2, indicating potential for valuation improvement [8]