Core 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].

傍晚时分，牛市旗手——券商股突然迎来重磅消息！ 在港交所2025年中期业绩会议上，港交所集团行政总裁陈翊庭表示："关于交易时间延长议题，我们注 意到纳斯达克拟于2026年下半年实施每周5天24小时交易机制。港交所将秉持审慎渐进原则，在充分借 鉴国际同业经验的基础上，结合本地市场实际情况进行研究。" 分析人士认为，若每周5天24小时交易机制实施，必将给券商股和港交所带来重磅刺激。香港证券ETF 今年以来已经暴涨超64%，明显领先A股券商股表现。有非银研究认为，A股券商股仍有重估机会。 港交所突发 在港交所2025年中期业绩会议上，港交所集团行政总裁陈翊庭表示："港交所在保持全球竞争力方面始 终坚持战略性投入原则。港交所在资本开支方面不会吝啬，我们持续加大在数据平台优化、交易结算系 统升级等方面的投入力度。" 在现场，陈翊庭回答了市场热议的延长交易时间的问题。"关于交易时间延长议题，我们注意到纳斯达 克拟于2026年下半年实施每周5天24小时交易机制。港交所将秉持审慎渐进原则，在充分借鉴国际同业 经验的基础上，结合本地市场实际情况进行研究。该进程需待交易系统升级、风险管理体系完善及监管 框架配套成熟后逐步完善。" ...

傍晚时分，牛市旗手——券商股突然迎来重磅消息！ 在港交所2025年中期业绩会议上，港交所集团行政总裁陈翊庭表示："关于交易时间延长议题，我们注 意到纳斯达克拟于2026年下半年实施每周5天24小时交易机制。港交所将秉持审慎渐进原则，在充分借 鉴国际同业经验的基础上，结合本地市场实际情况进行研究。" 分析人士认为，若每周5天24小时交易机制实施，必将给券商股和港交所带来重磅刺激。香港证券ETF 今年以来已经暴涨超64%，明显领先A股券商股表现。有非银研究认为，A股券商股仍有重估机会。 港交所突发 在港交所2025年中期业绩会议上，港交所集团行政总裁陈翊庭表示："港交所在保持全球竞争力方面始 终坚持战略性投入原则。港交所在资本开支方面不会吝啬，我们持续加大在数据平台优化、交易结算系 统升级等方面的投入力度。" 中金公司表示，截至二季度末，偏股主动基金A股券商板块仍低配2.67%，港股仍低配0.52%，市场向好 叠加5月公募新规业绩比较基准逐步落地，有望推动机构资金持续提升板块配置；估值层面，市净率方 面，A股/港股券商板块当前分别交易于1.66x/1.17xP/B，分别处于2014年以来45%/70%分位，结合P ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is considering implementing a 24-hour trading mechanism five days a week, which could significantly stimulate broker stocks and the exchange itself, especially in light of the recent performance of Hong Kong securities ETFs, which have surged over 64% this year [1][6]. Group 1: Trading Mechanism and Market Changes - HKEX CEO Charles Li mentioned the cautious and gradual approach to extending trading hours, taking into account international experiences and local market conditions [3]. - The exchange is also exploring shortening the settlement cycle for the cash market, with a potential T+1 settlement system supported by its technology by the end of this year [3]. - A recent adjustment to the minimum price fluctuation for stocks in specific price ranges is expected to lower trading costs and enhance trading efficiency [4]. Group 2: Broker Stocks Outlook - The anticipated 24-hour trading mechanism could provide strong positive stimulation for both HKEX and brokerage firms in the short term [6]. - The Hong Kong securities ETF has shown impressive growth, with a 64% increase this year and over 44% last year, indicating a robust market environment for broker stocks [6]. - Analysts believe that A-share broker stocks still have revaluation opportunities, particularly as the equity market continues to improve [6]. Group 3: Valuation and Investment Potential - As of the end of Q2, the A-share brokerage sector is underweighted by 2.67%, while the Hong Kong sector is underweighted by 0.52%, suggesting potential for increased institutional investment [7]. - Current price-to-book ratios for A-share and Hong Kong brokerages are at 1.66x and 1.17x respectively, indicating they are not significantly overvalued compared to historical levels [7][8]. - The average dividend yield for major brokerages in A-share and Hong Kong is projected at 2.3% and 3.0% respectively, highlighting their relative investment value [8].