HKEX(HK:00388) 智通财经网·2026-02-05 22:45Core Insights - The year 2025 is marked by strong development in Chinese assets, with a significant increase in trading volume in the Hong Kong stock market and the Stock Connect program [1] - Daily trading volume in the Stock Connect surged from HKD 48.2 billion in 2024 to HKD 121.1 billion in 2025, representing over a 100% increase [1] - Mainland investors have become a crucial trading force in the Hong Kong market, with Stock Connect trading volume accounting for 24.2% of the total trading volume in 2025, up from 18.3% in 2024 [1] Group 1: Market Overview - By the end of 2025, 588 stocks were included in the Stock Connect, representing 24.5% of the Hong Kong main board stocks and 88% of the market capitalization, with these stocks accounting for 93% of the total trading volume [3] - The Stock Connect facilitates easier access for mainland investors to diversify their asset allocation in the Hong Kong market [3] Group 2: Sector Performance - The composition of sectors within the Stock Connect has shifted, with significant increases in materials, information technology, and healthcare, while non-essential consumer, telecommunications, and utilities saw a decrease in their share [5] - The healthcare sector, led by biopharmaceuticals, saw its market capitalization share in the Stock Connect rise from 4.4% at the end of 2024 to 5.8% at the end of 2025, with 15 new stocks added, totaling a market cap of nearly HKD 190 billion [8] - The materials sector also gained attention, with several key stocks added to the Stock Connect, resulting in over a 200% increase in total market capitalization compared to 2024 [8] - The information technology sector experienced the most significant growth in total market capitalization within the Stock Connect, driven by trends in AI, robotics, and semiconductors [8] Group 3: ETF Developments - The number of ETFs included in the Stock Connect increased to 23 by the end of 2025, enhancing investment options for investors [9] - The expansion of ETFs included more thematic indices, such as biotechnology, and introduced indices with a higher proportion of foreign stocks, broadening the investment scope from Hong Kong to global markets [11] - As of December 31, 2025, the ETFs with the highest proportion of holdings through the Stock Connect were primarily those related to the Hang Seng Technology Index [12] Group 4: Future Potential - Since the launch of the Stock Connect in 2014, it has evolved from a single stock trading channel to a comprehensive investment platform that includes ETFs, bonds, and interest rate swaps [14] - The Hong Kong Stock Exchange continues to optimize market liquidity and trading mechanisms, which is expected to positively impact Stock Connect trading [14] - Regulatory support for various reform measures has been expressed, aiming to enhance product diversity and improve trading mechanisms [14][15]