据报道，韩国金融服务委员会1月12日称，韩国交易所计划于6月推出盘前和盘后交易，从而将交易时间 从目前的6.5小时延长至12小时。韩国交易所在与该金融监管机构举行的业务简报会上概述了增强资本 市场竞争力的措施，韩国交易所没有给出盘前和盘后交易的具体时间安排。 ...

今天（12月16日）的消息，纳斯达克将申请推出近乎全天候的股票交易，交易时长从每天16小时延长至 23小时。 如果纳斯达克真的这么搞，那我们不用熬更守夜看美股了。如果纳斯达克真的这么搞，是不是还意味着 其他主要交易所也要跟随？ 刚好，香港证券业界最近也在呼吁，希望能够"随大流"，港股也搞个24小时交易。而且，港交所官方好 像还回应了。但据报道，港交所的回应比较模棱两可，既不肯定，也不否定，只说"可以考虑"。 在我看来，延长交易时间，港交所还是算了吧。 先说港交所现在的交易时间，早上9点30分到12点，下午1点到4点，一共5.5小时。这个时长，在全球主 要交易所来看，确实不算长。目前，纽交所一天交易6.5小时，欧洲的伦敦和法兰克福，一天交易8.5小 时。但也不算短，至少和东京证交所一样，而且咱A股一天才交易4小时。沪深股市都没说延长时间， 港交所何必那么着急。 更重要的是，现在A股和港股互联互通了，现有的1.5小时"时间差"，已经让很多人不舒服。如果港交所 还要搞24小时交易，那么两地的"时间差"、"信息差"会进一步拉大，"偷跑""抢跑"情况会变得更加从 容。 相对而言，港股市场虽然也是高度全球化的市场，全球资 ...

Core Viewpoint - Global exchanges are extending trading hours to compete for liquidity and attract global capital, with Hong Kong Stock Exchange (HKEX) taking a cautious yet proactive approach to this trend [2][3][6]. Group 1: HKEX's Approach to Trading Hours - HKEX currently operates for 5.5 hours daily, which is longer than A-shares but shorter than major Western markets. The CEO emphasized the need for a careful and gradual approach to extending trading hours, citing significant market impacts and risk management concerns [3][7]. - Deloitte's report suggests that HKEX should gradually extend trading hours to 6 PM, eventually aiming for 24-hour trading to align with European markets and enhance liquidity [3][7]. - The CEO of HKEX highlighted the importance of stakeholder consultation and the potential risks associated with continuous trading, noting that current trading hours allow for error correction [6][7]. Group 2: A-shares Consideration - A-shares currently have the shortest trading time of 4 hours, which is less than that of major global exchanges. Experts argue that extending trading hours is essential for aligning with international standards and enhancing the attractiveness of Chinese assets [4][5][11]. - Suggestions for A-shares include a phased approach to extend trading hours, initially synchronizing with HKEX and later aligning with other major exchanges [5][11]. - The China Securities Regulatory Commission has indicated a willingness to explore extending trading hours for A-shares to better meet investor needs [10]. Group 3: Market Dynamics and Implications - The trend of extending trading hours is seen as a necessary evolution for global financial markets, with major exchanges like Nasdaq and NYSE planning significant extensions [6][8]. - Continuous trading could help smooth price fluctuations and attract more liquidity, benefiting different time zone investors and enhancing market competitiveness [8][9]. - However, there are concerns about the potential for lower trading volumes during night sessions and increased operational costs for brokers, though some believe it could lead to higher revenues for brokerage firms [9].

Group 1 - The proposal for extending trading hours in Hong Kong aims to implement 24-hour trading, which would attract more international capital and benefit the Hong Kong stock market and financing market [1] - The Hong Kong stock market has seen a significant increase, with the index breaking through 3800 points and maintaining a trading volume above 2.5 trillion, indicating a strong upward trend [1] - Retail investors are feeling anxious as the index reaches new highs while they are still recovering losses, highlighting the urgency to capitalize on the current bullish market [1] Group 2 - A-shares have reached a historic milestone, with the market capitalization surpassing 100 trillion yuan, and major indices, including the Shanghai Composite Index, hitting ten-year highs [3] - The ChiNext and Sci-Tech 50 indices have also seen substantial gains, with the Sci-Tech 50 index experiencing a single-day surge of over 8% [3] - Leading technology stocks, such as Cambrian and ZTE, have significantly contributed to this bullish sentiment, with Cambrian's market value exceeding 520 billion yuan [3] Group 3 - The potential for Cambrian's stock price to surpass that of Moutai raises questions about market leadership during bull markets, as historical trends show that each bull market is often led by a core stock [5] - The current market dynamics suggest that Cambrian could become a leading indicator similar to past leaders like Moutai and Ningde Times [5] Group 4 - The Shanghai Composite Index rose by 1.45%, the Shenzhen Component Index by 2.07%, and the ChiNext Index by 3.36%, marking a significant milestone as the Shanghai Composite Index surpassed 3800 points [7] - The technology sector, particularly in chips and AI, has been a major driver of this growth, with numerous stocks within the industry hitting their daily price limits [7] - The trading volume has increased to 2.55 trillion, indicating a healthy market environment with a potential for continued upward momentum [7]

Core Viewpoint - UBS has raised its average daily trading volume forecasts for Hong Kong Exchanges and Clearing (HKEX) for the years 2025 to 2027, reflecting positive market data and institutional targets for the Hang Seng Index [1] Group 1: Trading Volume and Earnings Forecast - The average daily trading volume forecast for HKEX has been increased to HKD 230 billion, HKD 193 billion, and HKD 219 billion for 2025, 2026, and 2027 respectively [1] - Earnings per share estimates have been raised by 5%, 3%, and 2% to HKD 12.5, HKD 10.9, and HKD 11.8 for the same years [1] - The target price for HKEX has been adjusted from HKD 430 to HKD 464, while maintaining a "Neutral" rating [1] Group 2: Southbound Trading and Market Participation - The contribution of southbound trading to HKEX's overall average daily trading volume is expected to nearly double from approximately 16% in Q1 of last year to nearly 28% in the current third quarter [1] - Increased participation from a broader base of domestic investors, particularly retail investors, indicates further potential for growth in southbound trading [1] Group 3: Future Developments - HKEX is exploring the possibility of zero-day options, although the complexity of execution means that a specific timeline is still unclear [1] - The exchange believes that extending trading hours requires comprehensive consideration from various perspectives [1]

Group 1 - The Hong Kong Stock Exchange (HKEX) is open to suggestions regarding extending trading hours, but emphasizes the need for careful consideration due to the significant impact on the overall market [2] - HKEX CEO Charles Li indicated that while the exchange is committed to providing more convenience for investors, any changes to trading hours would require input from all market participants [2] - The potential risks associated with a 24-hour trading mechanism were highlighted, including the lack of time to rectify errors that could occur during continuous trading [2]

Group 1 - The CEO of Hong Kong Stock Exchange Group, Charles Li, emphasized the significant impact of extending trading hours on the overall market and the need for caution [1] - The exchange is open to suggestions regarding extended trading hours but acknowledges the challenges and the necessity to consult all market participants [1] - Currently, the exchange has extended the trading hours for its derivatives market until 3 AM from Tuesday to Saturday, and is developing a new platform to enhance trading, clearing, and risk management capabilities [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong mid-term results for 2025, highlighting ongoing efforts to enhance market infrastructure and adapt to changing global client needs [1] Group 1: Market Initiatives - HKEX is open to suggestions for extending trading hours but emphasizes the need for careful consideration due to potential market impacts and the necessity of consulting all market participants [1] - The exchange has already extended the trading hours for its derivatives market until 3 AM from Tuesday to Saturday [1] Group 2: Future Developments - HKEX is developing the "Navigator" derivatives platform to improve trading, clearing, and risk management capabilities in the derivatives market [1] - The company plans to continue enhancing market vitality and competitiveness in the second half of the year, including discussions on shortening the settlement cycle for the cash market and optimizing trading and settlement services [1]

Core Viewpoint - Market participants have suggested that Hong Kong Exchanges and Clearing Limited (HKEX) should extend trading hours, similar to Nasdaq's proposed 24-hour trading mechanism starting in the second half of 2026. However, HKEX emphasizes the need for careful consideration before making such changes [1] Group 1 - HKEX's CEO, Charles Li, stated that the exchange is open to suggestions for providing more convenience to investors [1] - The extension of trading hours is seen as having a significant overall impact on the market, presenting considerable challenges that require thorough examination [1] - HKEX highlighted the importance of consulting all market participants regarding any potential changes to trading hours [1] Group 2 - The current trading structure allows for several hours of buffer time to address any issues that may arise, which would be lost in a continuous 24-hour trading model [1] - The need for a cautious approach is underscored by the potential risks associated with a non-stop trading environment [1]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is open to suggestions regarding extended trading hours but emphasizes the need for careful consideration due to the significant impact on the market [1] Group 1: Trading Hours Discussion - Market participants suggested extending trading hours during the HKEX mid-year performance meeting [1] - HKEX CEO Charles Li clarified that while the exchange is open to ideas, extending trading hours poses substantial challenges and requires thorough consultation with all market participants [1] - The potential risks of a 24-hour trading mechanism were highlighted, including the lack of time to rectify errors that could occur without a break [1]