观点文章 | 构建丰富产品生态圈，提升市场流动性

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is building a diverse product ecosystem to enhance market liquidity and solidify Hong Kong's status as an international financial center [1] Group 1: Market Liquidity and Growth - Over the past decade, liquidity in Hong Kong's capital markets has significantly increased, with the average daily trading volume in the stock spot market rising from HKD 69.5 billion in 2014 to HKD 256.4 billion in the first nine months of 2025, reaching a record single-day high of HKD 621 billion on April 7, 2025 [3] - The establishment of a cross-asset product ecosystem is aimed at sustaining market liquidity growth, driven by global investors increasing their allocations in Asia and China's integration into the global economy [3] - Since the introduction of a new listing regime in 2018, 393 companies from the "new economy" sectors have listed in Hong Kong, raising nearly HKD 30 trillion by September 30, 2025 [3][4] Group 2: Technology Sector Development - The market has seen a surge in technology-related products, with the average daily trading volume of Hang Seng Tech Index futures increasing from 1,754 contracts in 2020 to over 156,000 contracts in the first eleven months of 2025 [7] - The number of ETFs tracking the Hang Seng Tech Index rose to 29 by June 30, 2025, with total assets under management reaching USD 26.3 billion [5] - The market capitalization of the constituents of the Hang Seng Tech Index grew from HKD 1.2 trillion in 2020 to over HKD 3.8 trillion by June 2025 [9] Group 3: Market Infrastructure and Optimization - HKEX is committed to optimizing market infrastructure, with measures including increasing position limits in December 2023 and July 2025, and implementing trading arrangements during adverse weather conditions [10] - These optimization efforts have led to increased market activity, benefiting all participants and supporting continuous growth in trading volume [10] Group 4: Flywheel Effect - The increase in trading activity attracts more investors, creating a "liquidity begets liquidity" effect, which is a result of well-designed market reforms and coordination with market participants [11] - The newly launched Hong Kong Technology 100 Index aims to track the performance of 100 large and mid-sized technology companies listed in Hong Kong, further enriching the technology product ecosystem [12] - The introduction of futures products and a diversified product ecosystem is expected to provide significant opportunities for Hong Kong, aligning with the global economic shift towards Asia [12][13]