HKEX(HK:00388) 天天基金网·2025-08-21 05:09Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is considering extending trading hours to a five-day, 24-hour trading mechanism, which could significantly stimulate broker stocks and the exchange itself [2][5]. Group 1: Trading Hours Extension - HKEX CEO Charles Li mentioned that the exchange is studying the implementation of a 24-hour trading system, taking into account international experiences and local market conditions [3]. - The process of extending trading hours will depend on system upgrades, risk management improvements, and regulatory framework maturity [3]. Group 2: Market Performance and Broker Stocks - The Hong Kong Securities ETF has surged over 64% this year, outperforming A-share broker stocks, indicating strong market momentum [2][5]. - Analysts believe that A-share broker stocks still have revaluation opportunities, especially in light of the positive market conditions and increasing trading volumes [5][6]. Group 3: Capital Expenditure and Market Competitiveness - HKEX is committed to strategic investments to maintain global competitiveness, focusing on optimizing data platforms and upgrading trading and settlement systems [3]. - The exchange has recently implemented a reduction in minimum price fluctuation for certain stocks, aimed at lowering trading costs and enhancing efficiency [4]. Group 4: Institutional Investment Trends - As of the second quarter, active equity funds are underweight in both A-share and Hong Kong broker sectors, suggesting potential for increased institutional investment as market conditions improve [6]. - Current valuations for A-share and Hong Kong broker sectors are relatively low, with price-to-book ratios at 1.66x and 1.17x respectively, indicating potential for value reallocation [6].