Ge Long Hui·2025-11-23 04:41Core Viewpoint - The Hong Kong stock market showed overall growth in October, with active trading on the Hong Kong Stock Exchange, indicating a potential continuation of performance growth [1] Group 1: Market Performance - In October, the Hang Seng Index and Hang Seng Tech increased by 29.1% and 32.2% respectively compared to the end of 2024 [1] - The monthly average daily turnover (ADT) for the Hong Kong Stock Exchange was HKD 274.9 billion, showing a month-on-month decrease of 13.2% but a year-on-year increase of 7.8% [1] - Northbound trading had a monthly ADT of HKD 300.8 billion, with a month-on-month decrease of 11.5% and a year-on-year increase of 2.1% [1] - Southbound trading recorded a monthly ADT of HKD 144.4 billion, with a month-on-month decrease of 8.5% but a year-on-year increase of 42.3% [1] Group 2: Derivatives Market - In October, the average daily volume (ADV) for futures was 694,000 contracts, reflecting a month-on-month increase of 3.4% but a year-on-year decrease of 26.7% [1] - The ADV for options was 1.144 million contracts, with a month-on-month decrease of 1.9% and a year-on-year decrease of 6.2% [1] - As of the end of October, the ADT for structured products was HKD 24.1 billion, with month-on-month and year-on-year increases of 9.0% and 21.7% respectively [1] Group 3: IPO and New Listings - In October, there were 12 new IPOs in the Hong Kong stock market, totaling HKD 28.5 billion, which represents a month-on-month decrease of 46% but a year-on-year increase of 97% [1] - The number of newly listed structured products included 1,157 derivative warrants and 3,116 bull/bear certificates, with year-on-year changes of +16% and -26% respectively [1] Group 4: Interest Rates and Economic Environment - As of the end of October, the 6-month HIBOR was 3.45%, with a month-on-month increase of 0.04 percentage points and a year-on-year decrease of 0.75 percentage points [1] - The 1-month HIBOR was 3.43%, with a month-on-month decrease of 0.11 percentage points and a year-on-year decrease of 0.81 percentage points [1] - The overnight HIBOR was 3.86%, with a month-on-month decrease of 1.16 percentage points and a year-on-year decrease of 0.84 percentage points [1] Group 5: Investment Outlook - As of the end of October, the company's PE ratio was 34.77x, positioned at the 39th percentile historically since 2016, indicating a certain level of investment value [3] - The company is expected to achieve revenues of HKD 30.4 billion, HKD 33.4 billion, and HKD 35.8 billion for the years 2025-2027, with corresponding net profits of HKD 17.6 billion, HKD 18.8 billion, and HKD 20.5 billion [3] - The projected PE ratios for 2025, 2026, and 2027 are 30.4x, 28.4x, and 26.1x respectively, suggesting a buy rating [3]