全球交易所正掀起一场无声的"加班潮" 。 从东京到纽约，从纳斯达克到伦敦，延长交易时间已成为 国际金融市场争夺流动性、吸引全球资本的新战场。 面对全球趋势，港交所采取了既积极又审慎的态度。 文/李悦 "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。"8月20日， 香港交易所集团 行政总裁 陈翊庭 在2025年中期业绩发布会上 表示 。 "延长交易时间 对市场整体影响很大，挑战不小，需要非常审慎 。 "她明确表示并直言风险管理 的 关键顾虑"万一有什么出错，现在尚有几小时空间可以修补问题，如果24小时没间断交易就没有余地 了。" 目前港股每日交易5.5小时，虽长于A股，但短于欧美主流市场。德勤在最新报告中建议，香港应分 阶段延长交易至晚间6点，甚至未来迈向24小时交易，以衔接欧洲市场、提升流动性。 德勤认为， 通过循序渐进方式改革，有助于在吸引更多国际资金的同时，确保股票市场能持续平稳运行。 如今港股 正在 迈出试探性一步， 那A股会否延长交易时间 ？ 上海社科院数字经济学者王滢波对和讯 网表示，A股目前交易时间最短，只有四个小时，随着中国 企业走向全球，中国资本项目 ...

一、延长交易时间！有机构建议，港股实现24小时交易，港股将覆盖欧美及中东时区，吸引更多国际资本，利好港股、利好港股通，也利好融资市场！那么 只要场外资金持续不断的进场，市场就不会轻易结束本次上涨行情。这个时候，指数加速上涨！下周还能涨吗？我们怎么办？ 二、A股续刷新高，创业板、科创50指数大涨均创三年新高。 这是见证历史的一周！A股市值首次突破100万亿元，沪指频频刷新十年新高站稳3800点，各大指数均创近年新高，科创50周五更是单日暴涨超8%。 创去年"924"行情以来最佳周涨幅，成交刷新连续2万亿最长纪录，对此，科技龙头助力颇多，其中，寒武纪迭创新高的同时连破多个整数关口，股价直逼茅 台，市值突破5200亿，中兴通讯、工业富联、中芯国际等龙头也纷纷暴涨，牛市氛围真的来了！ 三、如果寒武纪股价超越茅台，会给市场传递什么样的信息？ 大盘再次突破3800点，成交量维持在2.5万亿以上，主升浪特征再明显不过。很多散户又开始焦虑了—指数创新高，自己却还在回本路上。指数速度越来越 快，如果这样涨下去，4000点下周就能见到了。现在应该没有几个怀疑牛市了，开始盼着牛回头，给一个上车的机会。牛市不等人，真的到等人阶段，又 ...

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]

展望下半年，香港交易所表示，将继续提升市场活力和竞争力，满足全球客户群不断变化的需要，包括与市场参与者探讨 缩短现货市场结算周期、持续优化交易和结算服务，以及提升衍生产品市场流动性及抵押品效率。 （编辑 张昕） 本报讯 （记者毛艺融）8月20日，香港交易所公布2025中期业绩，交出了一份亮丽的成绩单。在当天下午举行的业绩发布 会上，香港交易所集团行政总裁陈翊庭率领高管团队回答了一系列媒体和市场关注的热点话题。 有市场人士建议延长交易时间，对此，陈翊庭表示："香港交易所一直致力于为投资者提供更多便利，对于所有相关的建 议都持开放态度，但是因为延长交易时间对市场整体影响很大，挑战不小，需要非常审慎，也需要征求所有市场参与者的意 见。例如，万一有什么出错，现在尚有几小时空间可以修补问题，如果24小时没间断交易就没有余地了。" 实际上，香港交易所近年来一直在优化市场基础设施、布局未来，目前旗下衍生产品市场的收市后交易时段已经延长到凌 晨三点（每周二至周六）。香港交易所也正在自主研发领航星衍生产品平台，以进一步提升衍生产品市场的交易、清算和风险 管理能力，新平台将可以支持进一步延长衍生市场交易时间。 ...

（文章来源：每日经济新闻） 在港交所2025年中期业绩会上，有市场人士建议延长交易时间，港交所行政总裁陈翊庭的回答被部分市 场人士误解为"港交所在研究24小时交易机制"。8月21日，《每日经济新闻》记者从港交所方面了解 到，陈翊庭表示，港交所一直致力于为投资者提供更多便利，对于所有相关的建议都持开放态度，但是 因为延长交易时间对市场整体影响很大，挑战不小，需要非常审慎，也需要征求所有市场参与者的意 见。例如，万一出错，现在尚有几小时可以修补问题，如果24小时不间断交易，就没有余地了。 ...

Group 1 - Hong Kong Exchanges and Clearing (HKEX) is considering implementing a five-day, 24-hour trading mechanism by mid-2026, following Nasdaq's plans [1] - HKEX is actively discussing shortening the settlement cycle for the cash market, with technology systems expected to support T+1 settlement by the end of this year [1] - The current trading hours for major global stock markets vary, with London, Frankfurt, and Paris at 8.5 hours, Singapore at 7 hours, and the US exchanges at 6.5 hours [1] Group 2 - The China Securities Regulatory Commission (CSRC) emphasized the need to enhance capital market activity and investor confidence by optimizing trading mechanisms and potentially extending trading hours for A-shares and bond markets [2] - Currently, A-share trading hours are only 4 hours, which is relatively short compared to other mature capital markets, affecting pricing efficiency and increasing overnight risk for small investors [2] - There is a suggestion to synchronize A-share trading hours with Hong Kong stocks to create overlap with European markets, which could positively impact trading volume and market activity [2] Group 3 - Changliang Technology has established partnerships with numerous overseas financial institutions [3] - Hengsheng Electronics' subsidiary, Hengyun Technology, is a leading provider of core trading systems for Hong Kong brokers [3]

陈翊庭表示，港交所正积极与市场参与者就缩短现货市场结算周期进行探讨，港交所的技术系统在今 年年底前将可以支持T+1结算周期，但市场何时实行T+1结算需要征求多方市场参与者意见。 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。"她表示。 据上证报，8月20日，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。" ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) emphasizes strategic investment to maintain global competitiveness, particularly in data platform optimization and trading settlement system upgrades [1] Group 1: Strategic Investments - HKEX's CEO, Charles Li, stated that the company will not hesitate to increase capital expenditure to enhance its competitive edge [1] - The focus areas for investment include optimizing data platforms and upgrading trading settlement systems [1] Group 2: Trading Hours and Market Practices - Regarding the extension of trading hours, HKEX is observing Nasdaq's plan to implement a 24-hour trading mechanism by the second half of 2026 [1] - HKEX will adopt a cautious and gradual approach, studying international peers' experiences while considering local market conditions [1] - The process of extending trading hours will depend on the upgrade of trading systems, improvement of risk management frameworks, and maturity of regulatory frameworks [1] Group 3: Settlement Cycle Discussions - HKEX is actively discussing the possibility of shortening the settlement cycle for the cash market [1] - The technical systems of HKEX are expected to support a T+1 settlement cycle by the end of this year, but the implementation will require feedback from various market participants [1]