A股交易时间全球最短，专家建议先同步港股再对标欧美

Core Viewpoint - Global exchanges are extending trading hours to compete for liquidity and attract global capital, with Hong Kong Stock Exchange (HKEX) taking a cautious yet proactive approach to this trend [2][3][6]. Group 1: HKEX's Approach to Trading Hours - HKEX currently operates for 5.5 hours daily, which is longer than A-shares but shorter than major Western markets. The CEO emphasized the need for a careful and gradual approach to extending trading hours, citing significant market impacts and risk management concerns [3][7]. - Deloitte's report suggests that HKEX should gradually extend trading hours to 6 PM, eventually aiming for 24-hour trading to align with European markets and enhance liquidity [3][7]. - The CEO of HKEX highlighted the importance of stakeholder consultation and the potential risks associated with continuous trading, noting that current trading hours allow for error correction [6][7]. Group 2: A-shares Consideration - A-shares currently have the shortest trading time of 4 hours, which is less than that of major global exchanges. Experts argue that extending trading hours is essential for aligning with international standards and enhancing the attractiveness of Chinese assets [4][5][11]. - Suggestions for A-shares include a phased approach to extend trading hours, initially synchronizing with HKEX and later aligning with other major exchanges [5][11]. - The China Securities Regulatory Commission has indicated a willingness to explore extending trading hours for A-shares to better meet investor needs [10]. Group 3: Market Dynamics and Implications - The trend of extending trading hours is seen as a necessary evolution for global financial markets, with major exchanges like Nasdaq and NYSE planning significant extensions [6][8]. - Continuous trading could help smooth price fluctuations and attract more liquidity, benefiting different time zone investors and enhancing market competitiveness [8][9]. - However, there are concerns about the potential for lower trading volumes during night sessions and increased operational costs for brokers, though some believe it could lead to higher revenues for brokerage firms [9].