Ge Long Hui·2026-03-13 06:04Group 1: Market Performance - In February, the Hong Kong stock market experienced overall fluctuations, with the average daily trading volume (ADT) for the Hong Kong Stock Exchange (HKEX) at HKD 246.8 billion, reflecting a month-on-month decrease of 9.4% and a year-on-year decrease of 17.0% [1] - The Northbound trading ADT was HKD 380.7 billion, showing a month-on-month decrease of 16.1% but a year-on-year increase of 45.2%, while the Southbound trading ADT was HKD 114.2 billion, with month-on-month and year-on-year decreases of 14.1% and 28.6%, respectively [1] - The futures average daily volume (ADV) was 684,000 contracts, with a month-on-month increase of 3.8% but a year-on-year decrease of 25.5%, while the options ADV was 1,050,000 contracts, with a month-on-month increase of 0.2% and a year-on-year decrease of 21.9% [1] Group 2: IPO and New Listings - In February, the Hong Kong IPO market saw significant growth, with 11 new stocks listed, totaling HKD 50 billion, representing a month-on-month increase of 18% and a year-on-year increase of 2364% [1] - The number of newly listed derivative warrants and callable bull/bear contracts was 924 and 2,688, respectively, with year-on-year increases of 13% and decreases of 12%, and month-on-month changes of -20% and +4% [1] Group 3: Interest Rates and Economic Indicators - As of the end of February, the Hong Kong Interbank Offered Rate (HIBOR) for 6 months, 1 month, and overnight were 2.73%, 2.41%, and 2.55%, respectively, showing month-on-month decreases of 0.16 percentage points, 0.20 percentage points, and an increase of 0.37 percentage points for the overnight rate [1] - The U.S. overnight bank funding rate was 3.63%, remaining unchanged month-on-month, with year-on-year decreases across all HIBOR rates [1] Group 4: Macroeconomic Environment - The domestic economic outlook continues to decline, with the manufacturing PMI for February at 49.00%, a month-on-month decrease of 0.30 percentage points, indicating a contraction [2] - The new orders and new export orders indices for manufacturing were 48.6% and 45.0%, respectively, both showing month-on-month declines [2] - In the U.S., non-farm payrolls decreased by 92,000, with an unemployment rate of 4.40%, reflecting a month-on-month increase of 0.1 percentage points, indicating a cooling job market [2] Group 5: Investment Outlook - As of March 9, 2026, the company's price-to-earnings (PE) ratio was 29.06x, positioned at the 12th percentile historically since 2016, suggesting a reasonable investment opportunity [3] - The company is expected to achieve revenues of HKD 365 billion, HKD 391 billion, and HKD 413 billion for 2026-2028, with net profits of HKD 226 billion, HKD 241 billion, and HKD 256 billion, corresponding to PE ratios of 22.9, 21.4, and 20.2 times, respectively [3]