Group 1 - Goldman Sachs raised the earnings per share forecast for Hong Kong Exchanges and Clearing (HKEX) for 2025, 2026, and 2027 by approximately 4% based on better-than-expected average daily trading volume [1] - The target price for HKEX was increased by 11%, from HKD 450 to HKD 500, corresponding to a price-to-earnings ratio of 40 times for 2026 [1] - Despite the upward revision of earnings estimates, HKEX's stock price remains about 20% lower than its peak in 2021, even as average daily trading volume in cash equities has reached a historical high of over HKD 200 billion [1] Group 2 - The number of IPO applications is nearing the peak levels of 2021, but the pace of new listings is still in the mid-cycle [2] - Key market activity indicators, such as turnover rate and the ratio of small to large-cap stock trading, are above the historical 90th percentile, yet the market's valuation relative to GDP is at historical average levels [1][2] - The average year-on-year growth in earnings per share for HKEX is projected to reach 42% from Q4 2024 to Q1 2025, with a 29% growth expected in Q2 2025, which is 3 to 4 times the normal growth rate [2]

Group 1 - The core viewpoint of the meeting is the recognition of the evolving characteristics of global industrial and supply chains, which are shifting towards "nearshoring," "localization," and "diversification" [1] - It is suggested that China will develop a parallel system of high-end core industrial chains with Europe and the United States, alongside a cross-sectional system of low-value-added basic industrial chains [1] - There is a recommendation to enhance policy coordination to attract more medium- to long-term capital into supply chain-related sectors, aiming to stabilize market expectations and strengthen market confidence to support enterprise development [1] Group 2 - The meeting emphasizes the need for increased national subsidy policies to stimulate consumption scenarios [1] - It is proposed that these subsidies could help drive down actual interest rates [1]