HKEX(HK:00388) 证券时报·2025-10-21 10:27Core Insights - The Hong Kong ETP market is experiencing significant growth in 2025, becoming the third-largest globally, surpassing South Korea and Japan, with an asset management scale of HKD 653.5 billion, reflecting a year-on-year increase of 34.1% [2] Group 1: Market Performance - As of September 2025, the average daily trading volume in the Hong Kong ETP market reached HKD 37.8 billion, a year-on-year increase of 146%, making it the third-highest globally [3] - The turnover rate of the Hong Kong ETP market is the highest in the world, achieving a turnover ratio of 14.7, up from 10.2 in 2024 [4] Group 2: Product Innovation - The launch of the first individual stock leveraged and inverse products in Asia in March 2025 has attracted retail investors, with an average daily trading volume of HKD 3.6 billion for these products, a 51% increase year-on-year [5] - The introduction of covered call ETFs has gained popularity, with total assets reaching HKD 8.6 billion, a year-on-year increase of over 32 times, and average daily trading volume rising nearly 77 times to HKD 132.2 million [5][6] Group 3: Cross-Border Trading - The average daily trading volume of ETFs through the Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion, reflecting year-on-year increases of 128% and 142%, respectively [7] - The number of eligible ETFs for trading through Stock Connect has reached 290, indicating a growing trend in cross-border ETF trading [7][8] Group 4: Sector Focus - The technology-themed ETFs have seen a total asset management scale of HKD 120.1 billion, a year-on-year increase of 102%, with average daily trading volume of HKD 7.4 billion, up 247% [9] - The biotechnology ETFs have also shown growth, with total assets reaching HKD 3.4 billion, a 123% increase year-on-year [9] Group 5: Global Connectivity - The listing of ETFs tracking the Nasdaq 100 index and the first Saudi Islamic bond ETF in Hong Kong has enhanced investment opportunities and strengthened financial ties with the Middle East [10] Group 6: Active ETFs - Active ETFs have gained traction, with inflows reaching USD 183 billion in the first half of 2025, and the number of active ETFs in Hong Kong has increased to 31, with a total market value of HKD 23.7 billion, a 143% year-on-year growth [11]