Core Insights - The northbound capital trading has remained active since the opening of the interconnection mechanism, with cumulative trading volume exceeding 194 trillion yuan for the first time [1] Trading Activity - On November 10, the trading volume of the Shanghai-Hong Kong Stock Connect reached 243.637 billion yuan [1] - The cumulative trading volume since the opening of the interconnection mechanism has reached 194.21 trillion yuan, marking a significant milestone [1]

Core Insights - Southbound funds through the Hong Kong Stock Connect recorded a net purchase of HKD 66.54 billion on November 10, marking a year-to-date net inflow exceeding HKD 1.3 trillion, and the cumulative net inflow since the launch of the Stock Connect has surpassed HKD 5 trillion, setting a new record since the interconnection mechanism was established [1] Summary by Categories Monthly and Yearly Performance - Total net purchases for the month reached HKD 453.32 billion, with HKD 160.53 billion from the Shanghai Stock Connect and HKD 292.79 billion from the Shenzhen Stock Connect [2] - Year-to-date total net purchases stand at HKD 13,053.49 billion, with HKD 7,735.22 billion from the Shanghai Stock Connect and HKD 5,318.27 billion from the Shenzhen Stock Connect [2] Recent Trends - In the last three months, net purchases amounted to HKD 4,045.50 billion, with HKD 1,754.66 billion from the Shanghai Stock Connect and HKD 2,290.83 billion from the Shenzhen Stock Connect [2] - Over the past six months, total net purchases reached HKD 6,927.56 billion, with HKD 3,549.36 billion from the Shanghai Stock Connect and HKD 3,378.20 billion from the Shenzhen Stock Connect [2] Historical Data - Since the launch of the Stock Connect, cumulative net inflows have reached HKD 50,031.41 billion, with HKD 27,927.31 billion from the Shanghai Stock Connect and HKD 22,104.10 billion from the Shenzhen Stock Connect [2]

Core Insights - As of November 10, southbound funds net purchased Hong Kong stocks amounting to 6.654 billion HKD, pushing the year-to-date net purchase amount to over 1.3 trillion HKD [1] - Cumulative net inflow since the launch of the Stock Connect program has surpassed 5 trillion HKD, setting a new record since the inception of the mutual market access mechanism [1] Summary by Categories - **Market Activity** - Southbound funds net buying reached 6.654 billion HKD on November 10 [1] - Year-to-date net purchases exceeded 1.3 trillion HKD [1] - **Cumulative Inflows** - Total net inflow since the Stock Connect program began has crossed 5 trillion HKD [1] - This figure marks the highest level recorded since the mutual market access mechanism was established [1]

Core Insights - The Hong Kong stock market has reached a new milestone with southbound funds net buying 66.54 billion HKD on November 10, leading to a total net purchase exceeding 1.3 trillion HKD for the year [1] - Cumulative net inflow since the launch of the Stock Connect program has surpassed 5 trillion HKD, setting a new record since the inception of the mutual market access mechanism [1]

Core Insights - The Hong Kong stock market has reached a new milestone with a net inflow of 66.54 billion HKD from southbound funds on November 10, marking a significant increase in investment activity [1] - The total net inflow for the year has surpassed 1.3 trillion HKD, indicating strong investor interest and confidence in the market [1] - Cumulatively, the net inflow since the launch of the Stock Connect program has exceeded 5 trillion HKD, setting a new record since the inception of the mutual market access mechanism [1]

Core Insights - The Hong Kong stock market has reached a new milestone with southbound funds net buying 66.54 billion HKD on November 10, 2023, pushing the year-to-date net buying amount over 1.3 trillion HKD [1] - Cumulative net inflow since the launch of the Stock Connect program has surpassed 5 trillion HKD, setting a new record since the inception of the mutual market access mechanism [1] Summary by Categories - **Market Performance** - Southbound funds net buying reached 66.54 billion HKD on November 10, 2023 [1] - Year-to-date net buying amount has exceeded 1.3 trillion HKD [1] - **Cumulative Inflows** - Cumulative net inflow since the launch of the Stock Connect program has surpassed 5 trillion HKD [1] - This marks the highest record since the mutual market access mechanism was established [1]

Core Insights - The Hong Kong stock market has emerged as a global leader in new stock financing, with a total financing amount of HKD 188.3 billion in the first three quarters of 2025, more than three times that of the same period last year [1] - The significant growth in new stock financing is attributed to the continuous expansion of the listing pipeline, highlighting Hong Kong's strategic value as a "super connector" between China and the world amid global economic restructuring and increasing uncertainty [1] Group 1: Market Dynamics - The Hong Kong stock market has optimized its listing system through differentiated rules and efficient approval mechanisms, facilitating the listing of technology companies and solidifying the institutional foundation for quality asset aggregation [2] - Special listing chapters have been established to create a "green channel" for technology companies, allowing for a multi-faceted evaluation system that replaces the single profitability assessment standard [2] - The "A+H" dual listing mechanism has been optimized to enhance the predictability and operability of cross-border listings while adhering to regulatory requirements [2] Group 2: Capital Flow and Connectivity - The Hong Kong stock market serves as a financial hub connecting domestic and international capital, creating a diversified funding supply system that injects liquidity into the market [3] - The Stock Connect mechanism exemplifies this dual-channel role, allowing foreign investors to invest in A-shares while domestic investors can allocate global assets through Hong Kong stocks [3] - Average daily trading volumes for the northbound and southbound Stock Connect reached historical highs of RMB 206.4 billion and HKD 125.9 billion, respectively, in the first three quarters of 2025, reflecting the effectiveness of the connectivity mechanism [3] Group 3: Value Creation Ecosystem - The Hong Kong stock market is not just a financing platform but also a value creation ecosystem that empowers companies for sustainable growth [3] - It attracts top global investment banks and long-term funds, providing diverse value support beyond financing, including precise value discovery and strategic industry linkage [3] - Professional institutions adhere to international governance and service standards, helping companies gain global capital trust and enhancing their international competitiveness [3]

Core Viewpoint - The report from China Merchants Securities International indicates that policies will continue to attract medium to long-term capital to invest in Hong Kong stocks, with an expected additional space of HKD 1.54 trillion by the end of 2026, supporting a "slow bull" market for Hong Kong stocks [1] Group 1: Market Dynamics - The significant increase in Hong Kong stocks this year is primarily due to the continuous inflow of southbound funds from the mainland, with net inflows reaching HKD 1.17 trillion by the end of the third quarter [1] - The trading volume of southbound funds accounted for 23.6% of the total trading volume, with the market value of Hong Kong Stock Connect holdings surpassing HKD 6.3 trillion, representing approximately 12.7% of the total market capitalization of Hong Kong stocks [1] Group 2: Future Outlook - Long-term capital from the mainland is becoming a key driver for the restructuring of liquidity and optimization of the valuation system in the Hong Kong stock market [1] - The report anticipates that improvements in the interconnectivity mechanism, relaxation of QDII restrictions, better tax policies, the listing of quality assets in Hong Kong, and regulatory encouragement for long-term investments will continue to attract medium to long-term capital [1]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high total revenue and net profit for the first three quarters of 2025, with total revenue reaching HKD 21.851 billion, a 37% year-on-year increase, and net profit of HKD 13.419 billion, up 45% [1][3] Revenue and Profit Growth - The significant growth in HKEX's performance is attributed to increased market trading activity and a surge in new stock listings, with major business revenue rising by 41% year-on-year [3][4] - In Q3 alone, HKEX achieved a revenue of HKD 7.775 billion, marking a 45% increase, and a net profit of HKD 4.9 billion, which is a 56% rise compared to the previous year [1][3] Trading Activity - The average daily trading volume for the first three quarters reached HKD 256.4 billion, a remarkable 126% increase year-on-year, driving significant growth in trading and settlement fees [3][4] - Stock trading fee revenue amounted to HKD 4.193 billion, more than double that of the same period last year [3] Stock Connect Performance - The Stock Connect mechanism showed strong performance, with average daily trading volumes for Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reaching RMB 206.4 billion and HKD 125.9 billion, respectively, representing year-on-year increases of 67% and 229% [3][4] - Total revenue from Stock Connect rose to HKD 3.225 billion, an 81.18% increase year-on-year [3] New Listings and Capital Raising - The new stock market has become a crucial driver of HKEX's growth, with 297 new stock listing applications processed by the end of Q3, more than triple the 84 applications at the end of 2024 [4] - HKEX led the global market in new stock fundraising, with a total of HKD 188.3 billion raised from 69 companies, over three times the amount raised in the same period last year [4] Strategic Initiatives - HKEX's CEO emphasized ongoing strategic reforms aimed at diversifying the market, enhancing liquidity, and strengthening global connectivity to solidify Hong Kong's status as an international financial center [4] - Industry experts express optimism about HKEX's future, highlighting its core trading business, Stock Connect mechanism, and strong performance in new stock fundraising as indicators of resilience and vitality in the international financial hub [4]

Core Viewpoint - The event held on October 30 aimed to enhance the understanding of the Hong Kong financial market's interconnectivity mechanisms among Shenzhen's fund industry, with 75 participants from 28 institutions attending the training session supported by the Hong Kong Stock Exchange [1][3]. Group 1: Training Session Details - The training invited representatives from the Hong Kong Stock Exchange to discuss key topics such as the Hong Kong securities market and trading mechanisms, recent optimization measures, and future planning [3]. - Important subjects covered included the optimization of the fee structure for Hong Kong securities market transactions, the inclusion of ETFs in the interconnectivity qualified securities, and trading arrangements during adverse weather conditions [3]. - A Q&A session addressed inquiries from institutional representatives regarding the scope of stocks eligible for the Hong Kong Stock Connect, the range of ETFs supported, order types allowed, and adjustments to the minimum price fluctuation [3]. Group 2: Industry Implications - The interconnectivity mechanism is a significant milestone in China's financial market opening, serving as a top-level design for national financial openness [5]. - The Shenzhen fund industry plans to leverage the Hong Kong Stock Connect and other interconnectivity channels to expand cross-border investment and actively explore overseas markets [5]. - The initiative aims to accelerate the pace of opening up and continuously enhance the internationalization level of the industry [5].