HKEX(HK:00388) Zheng Quan Shi Bao·2025-10-22 14:08Core Insights - The Hong Kong Stock Exchange is focusing on enhancing its fixed income and currency markets, with a series of initiatives planned for the next six months to attract issuers and investors [1][4][2] Group 1: Market Development - The Hong Kong Securities and Futures Commission (SFC) aims to promote government bond issuance to lead market development and expand the investor base, including family offices and corporate treasury centers [1][4] - The total trading volume of collective investment schemes reached a historical high, with sales surging by 76% to HKD 22.4 trillion, while the proportion of money market funds is expected to rise from 76% in 2023 to 80% in 2024 [2][4] Group 2: Liquidity and Infrastructure - The SFC has identified four pillars for the fixed income and currency market: promoting issuance, increasing liquidity, expanding offshore RMB business, and new generation infrastructure [4][6] - Plans to enhance liquidity include implementing an over-the-counter fixed income and currency derivatives system and developing a central counterparty for repurchase transactions [4][6] Group 3: Geopolitical and Economic Trends - The global economic growth model is changing, with a shift towards active management funds as investors seek alpha returns amid slowing growth and declining traditional asset yields [1][7] - Geopolitical risks have become the primary concern for sovereign wealth funds, surpassing inflation worries, with 83% of respondents expressing concern about geopolitical risks [9] Group 4: Cross-Border Cooperation - The Shanghai Stock Exchange (SSE) and Hong Kong Stock Exchange (HKEX) are working together to optimize the Stock Connect mechanism, enhancing cross-border investment opportunities [11][14] - Since its inception, the Stock Connect has seen significant growth in trading volumes, with foreign capital through the Northbound channel reaching a cumulative total of CNY 90.1 trillion by September 2025 [13][14]