股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 香港交易及結算所有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 不適用 備註： 香港交易所並無法定股本，及其股本並無股份面值。 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00388 | | 說明 | 股份 | | | | | | 多櫃檯證券代號 | 80388 | RMB 說明 | | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,267,836,895 | | 0 | | 1,267, ...

Core Insights - The article highlights the top short-selling stocks in the market, with Tencent Holdings, China Resources Beer, and BYD leading in short-selling ratios [1][2] - Alibaba, Xiaomi, and AIA Group have the highest short-selling amounts, indicating significant market interest in these stocks [1][2] Short-Selling Ratios - Tencent Holdings-R (80700) has a short-selling ratio of 100.00%, followed by China Resources Beer-R (80291) at 93.08% and BYD Company-R (81211) at 90.31% [2] - Other notable companies include JD Group-SWR (89618) with a ratio of 79.37% and Li Ning-R (82331) at 77.16% [2] Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 1.747 billion, followed by Xiaomi Group-W (01810) at 1.549 billion and AIA Group (01299) at 1.283 billion [2] - Tencent Holdings (00700) has a short-selling amount of 903 million, indicating a significant level of market activity [2] Deviation Values - Tencent Holdings-R (80700) has the highest deviation value at 48.36%, indicating a significant difference from its average short-selling ratio over the past 30 days [2] - BYD Company-R (81211) follows with a deviation value of 36.44%, and Beijing Holdings (00392) at 32.35% [2]

Core Points - The Hang Seng Index (HSI) closed at 26,167.41, reflecting a slight increase of 0.03% on November 3, 2023 [1] - Major blue-chip stocks showed mixed performance, with HSBC Holdings rising by 1.13% while Tencent Holdings fell by 0.21% [2] Stock Performance Summary - Tencent Holdings: Latest price at 628.00 HKD, down by 1.00 HKD (-0.16%), ADR price at 626.678 HKD, a decrease of 1.322 HKD compared to the Hong Kong market [3] - Alibaba Group: Latest price at 163.20 HKD, down by 1.90 HKD (-1.15%), ADR price at 162.916 HKD, a decrease of 0.284 HKD compared to the Hong Kong market [3] - HSBC Holdings: Latest price at 108.30 HKD, up by 0.20 HKD (+0.19%), ADR price at 109.527 HKD, an increase of 1.227 HKD compared to the Hong Kong market [3] - AIA Group: Latest price at 79.95 HKD, up by 4.50 HKD (+5.96%), ADR price at 79.996 HKD, a slight increase of 0.046 HKD compared to the Hong Kong market [3] - BYD Company: Latest price at 99.10 HKD, down by 1.50 HKD (-1.49%), ADR price at 98.008 HKD, a decrease of 1.092 HKD compared to the Hong Kong market [3]

Investment Rating - The report maintains a "Buy" recommendation for the securities and diversified financial industry, highlighting a significant increase in holdings by public funds in the sector [3][16]. Core Insights - The report emphasizes a strong performance in the securities sector, with a 62% year-on-year increase in net profit for listed brokerages in the first nine months of 2025, while the price-to-book (PB) ratio remains at 1.55x, indicating a significant valuation gap compared to earnings growth [3][16]. - The non-bank financial sector is currently experiencing a deep underweight status of -4.749%, suggesting a long-term structural underallocation, but there are signs of marginal improvement since late 2024 [13][16]. - The report identifies a shift in fund allocation from traditional value sectors like banking and consumer goods to high-growth sectors such as TMT (Technology, Media, and Telecommunications) and new energy [8][16]. Summary by Sections Holdings Overview - As of Q3 2025, public funds (excluding index funds) have a 2.10% allocation to the non-bank financial sector, with securities holdings rising to 0.67% and diversified financials to 0.32% [4][10]. - The concentration of holdings in the securities sector remains high, with the top five brokerages accounting for 77.8% of total holdings, indicating a preference for leading firms [10][12]. Sector Performance - The report notes that the securities sector has shown a significant increase in holdings, particularly in emerging beta stocks like Jiufang Zhitu, which saw its holding ratio rise to 0.111% [10][12]. - The diversified financial sector has shown notable differentiation in stock performance, with funds reducing exposure to traditional beta stocks while increasing allocations to those with higher growth potential [10][12]. Market Trends - The report highlights a trend of funds flowing out of traditional blue-chip sectors into high-growth areas, with the top three sectors for increased holdings being electronics (+5.04%), telecommunications (+2.66%), and power equipment (+2.05%) [8][16]. - The non-bank financial sector's underweight status is the second largest after banking, reflecting a long-term preference for other sectors despite recent improvements [13][16].

新华社香港11月3日电 香港恒生指数3日涨251.71点，涨幅0.97%，收报26158.36点。全日主板成交 2286.76亿港元。 国企指数涨90.15点，收报9258.73点，涨幅0.98%。恒生科技指数涨14.4点，收报5922.48点，涨幅 0.24%。 中资金融股方面，中国银行涨2.5%，收报4.51港元；建设银行涨3.12%，收报7.94港元；工商银行 涨2.49%，收报6.17港元；中国平安涨0.71%，收报56.55港元；中国人寿涨0.24%，收报24.58港元。 石油石化股方面，中国石油化工股份涨1.94%，收报4.21港元；中国石油股份涨3.37%，收报8.29港 元；中国海洋石油涨3.49%，收报20.46港元。 【纠错】 【责任编辑:王雪】 蓝筹股方面，腾讯控股跌0.16%，收报628港元；香港交易所涨1.23%，收报428.8港元；中国移动涨 1.11%，收报86.2港元；汇丰控股涨0.19%，收报108.3港元。 香港本地股方面，长实集团涨1.72%，收报39.1港元；新鸿基地产涨2.22%，收报96.55港元；恒基 地产涨1.39%，收报27.66港元。 ...

Group 1 - The core investment logic indicates that the non-bank financial sector has strong allocation value, supported by policies, improving industry fundamentals, and attractive valuations, particularly in the Hong Kong market compared to A-shares [11][12][27] - Policy support for the financial market includes measures such as liquidity support tools and encouraging long-term capital to enter the market, which aims to enhance market confidence and promote high-quality development in the financial sector [12][14] - The insurance sector is expected to see an improvement in industry conditions due to increased premium income and a higher allocation of equity assets, which will enhance investment returns [21][24] Group 2 - The Hong Kong Stock Connect Non-Bank Index is characterized by a significant concentration in the insurance sector, large-cap style, and strong profitability, with 64.66% of its weight in insurance [43][44] - The index has a relatively low valuation, with a price-to-earnings ratio of 8.01, indicating substantial room for valuation recovery [29][53] - The index also exhibits a high dividend yield of 3.07%, which is notably higher than the 2.11% yield of the CSI 300 Non-Bank Index, highlighting its attractive income potential [33][56] Group 3 - The Guangfa CSI Hong Kong Stock Connect Non-Bank Financial Theme ETF is the only ETF tracking the Hong Kong Non-Bank Index, showcasing its unique investment opportunity [3][59] - As of October 30, 2025, the ETF has a market size of 21.91 billion, reflecting strong investor interest and growth since its launch [62] - The fund is managed by experienced professionals with a solid track record in managing index funds, enhancing investor confidence in its management [65][68]

Core Viewpoint - Ant Group has launched a Layer 2 network called "Jovay" based on Ethereum, aimed at tokenizing real-world assets (RWA) and establishing a bridge between traditional finance and blockchain technology [1][3]. Group 1: Technology and Infrastructure - Jovay utilizes Ethereum's Layer 2 and ZK-Rollup technology to enhance cost efficiency and scalability, allowing for the movement of significant assets onto the blockchain without incurring high gas fees [3]. - The platform features a modular architecture that includes compliance plugins for KYC and AML, enabling legal issuance of stocks, bonds, and commodities on-chain [3]. - Ant Group plans to leverage its credit rating system from Alipay as a trust mechanism to address concerns about asset tokenization [3]. Group 2: Market Opportunities - The current high U.S. Treasury yields present an opportunity for Ant Group to tokenize traditional assets like government bonds and gold, connecting Alipay's user base with crypto users [3][5]. - Ant Group has already initiated pilot projects for tokenizing government bonds and gold in Southeast Asia, indicating practical steps towards integrating traditional finance with blockchain [3]. Group 3: Market Reactions - The announcement has prompted immediate responses from market players, with the Hong Kong Stock Exchange and cross-border payment companies reassessing their strategies in light of this development [5]. - Concerns have been raised by executives from Visa regarding the potential impact of Jovay on traditional financial systems [5]. Group 4: Regulatory Challenges - The adaptation of regulatory frameworks for on-chain securities remains a significant challenge, particularly with the scrutiny from the U.S. SEC and EU regulators [7]. - Ant Group faces the centralization paradox, where despite the technology enabling trustless transactions, the control over fiat on-ramps remains with a few institutions [7]. Group 5: Future Prospects - If Jovay successfully manages to handle assets in the range of tens to hundreds of billions of dollars by 2024, it could fundamentally alter financial liquidity and transaction efficiency [9]. - The transition from a payment company to a financial infrastructure provider marks a strategic shift for Ant Group, with the potential for significant rewards or risks depending on regulatory acceptance and operational execution [9][10].

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is open to reviewing the "Weighted Voting Rights (WVR)" listing rules, indicating a willingness to adapt to market feedback and improve the listing system [1] Group 1: Listing Rules and Governance - HKEX has revised its listing rules, which now require boards to have a non-single gender composition and to include at least one director of a different gender [1] - The next step for HKEX is to establish a talent pool for female directors to ensure a steady supply of qualified candidates [1] Group 2: Market Position and Applications - HKEX is viewed as a stable and reliable market for US-listed Chinese companies considering a listing in Hong Kong, particularly due to its attractive interconnectivity trading mechanisms with mainland China [1] - Currently, HKEX is processing over 300 listing applications, with the actual number expected to be higher when including confidential submissions [1]

国金证券主要观点如下： 证券板块 单季利润同比、环比均高增，龙头券商年化ROE突破两位数。25Q1-3上市券商实现营业收入4196亿 元，同比增长43%；实现归母净利润1690亿元，同比增长62%。单季度来看，25Q3实现归母净利润650 亿元，同比增长58%，环比增长25%，在高基数下实现强劲增长。盈利能力方面，25Q1-3上市券商加权 平均ROE(年化)为7.5%，同比提高2.67pct，盈利能力大幅提升。杠杆水平方面，25Q3末平均杠杆倍数为 3.47倍(剔除客户资金口径)，较上年末提升0.11倍。 分业务条线来看，在市场交投活跃、两融规模高增以及核心指数上涨背景下，经纪、自营投资收入提升 是今年以来券商业绩改善的核心原因，利息净收入同比实现大幅提升，投行业务有所回暖。2025Q1-3 上市券商经纪、投行、资管、利息、投资业务净收入同比增速分别为+75%/+23%/+3%/+55%/+44%，占 营业总收入的比重分别为27%/6%/8%/8%/45%；25Q3经纪、投行、资管、利息、投资业务净收入同比增 速分别为+142%/+33%/+14%/+107%/+33%，占营业总收入的比重分别为29%/6%/ ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is open to reviewing the "Weighted Voting Rights (WVR)" listing rules following the recent amendments to its listing regulations, which now require boards to include at least one director of a different gender [1] Group 1: Listing Rules and Gender Diversity - The newly revised listing rules require boards to have non-single gender representation and mandate the inclusion of at least one director of a different gender [1] - HKEX plans to establish a talent pool for female directors to ensure a steady supply of qualified candidates [1] Group 2: Market Feedback and Future Improvements - HKEX has received market feedback indicating that certain areas of the listing system may benefit from further review and improvement [1] - The exchange emphasizes that shareholders can determine the company structure and have a more equitable voice in companies with WVR [1] Group 3: Attractiveness for US-listed Chinese Companies - HKEX is positioned as a stable and reliable market for US-listed Chinese companies considering a listing in Hong Kong, particularly due to its attractive interconnectivity trading mechanisms with mainland China [1] - Currently, HKEX is processing over 300 listing applications, with the number expected to increase when including confidential submissions [1]