衍生产品市场成交张数延续升势 2025年股本证券及金融衍生品分部收入69亿港元，同比+11%，增长主要是由于结构性产品交易及上市 活动增加，以及衍生品市场成交量创新高。衍生产品平均每日成交合约张数达166万张，同比增长7%。 联交所牛熊证及权证等日均交易额同比增长55%至183亿港元。期交所衍生品合约和联交所期权合约平 均每日成交张数分别-6%和+22%。新上市权证、牛熊证数分别+50%、+27%。 智通财经APP获悉，东吴证券发布研报称，维持香港交易所(00388)"买入"评级。香港市场交投活跃，预 计IPO发行有望延续升势，看好香港交易所α与β同步优化，进一步兑现发展前景。该行小幅调整此前盈 利预测，预计港交所2026-2027年股东应占溢利分别为189.66/205.12亿港元，估算公司2028年股东应占 溢利为224.15亿港元，对应增速分别为7%/8%/9%。当前股价对应PE估值分别为27.8x /25.7x /23.5x。 东吴证券主要观点如下： 事件 香港交易所发布2025年业绩：1)实现收入及其他收益292亿港元，同比+30%，归母净利润178亿港元， 同比+36%。全年业绩创历史新高，业绩高 ...

Group 1 - The core viewpoint of the report is that the company, Prosperity Industrial Trust (00778), is expected to announce its full-year results for 2025 in early March 2026, with a maintained buy rating and a target price of HKD 5.92 [1] - The overall occupancy rate of Prosperity is anticipated to see a slight improvement in the second half of 2025, aided by recent asset enhancement projects and the introduction of new dining options and fitness centers [2] - The retail sales market is showing signs of recovery, primarily driven by an increase in tourists, which is benefiting sales in core areas and non-essential goods [2] Group 2 - The company has slightly adjusted its revenue and distribution forecasts for 2025-2027 due to the ongoing stabilization of the Hong Kong retail market, but expects improvements in stock and real estate performance to contribute to wealth effects in the medium to long term [3] - The target price remains unchanged, and the company’s retail portfolio, focused on essential consumption, is expected to maintain resilience and high occupancy rates [4] - The potential inclusion in the Stock Connect program is viewed as a key catalyst for the next 12 months, with the impact of interest rate cuts expected to outweigh the effects of rental adjustments [4]

Core Insights - The Hong Kong stock market shows clear signs of recovery in 2025, with major indices steadily rising and IPO fundraising reaching a global peak, indicating a vibrant trading environment [2][3]. Group 1: Market Developments - The People's Bank of China is set to deepen financial market connectivity between the mainland and Hong Kong, supporting the offshore RMB market and enhancing cross-border financial services [3]. - As of December 19, 2025, 106 companies have listed on the Hong Kong Stock Exchange, raising a total of 274.6 billion HKD, leading all global exchanges [4]. - The introduction of the Hang Seng Biotechnology Index futures on November 28 enhances the financial tools available for the biotech sector, improving the financing environment for companies in this field [5]. Group 2: Policy Impact - Recent measures from the China Securities Regulatory Commission, including the expansion of eligible products for the Stock Connect program, have broadened investment opportunities for asset management firms in Hong Kong [4]. - The government's plans to launch cross-border RMB repurchase agreements are seen as a significant benefit for RMB bond projects, enhancing the attractiveness of the bond market [4]. Group 3: Industry Trends - The Hong Kong capital market is experiencing a structural upgrade, shifting from traditional sectors like finance and real estate to a focus on new economy enterprises, with a diverse range of products and funding channels [7]. - The number of new listings in Hong Kong has increased significantly, with 93 companies listed in the first 11 months of the year, a 52% rise compared to the previous year [7]. - The average daily trading volume of exchange-traded funds (ETFs) has surged by 116% year-on-year, reflecting increased investor interest and market activity [8].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has achieved record highs in trading volumes and financial performance in the third quarter of 2025, driven by increased market activity and a significant number of IPO applications [1][2][6]. Financial Performance - In Q3 2025, HKEX reported revenue and other income of HKD 77.75 billion, a year-on-year increase of 45% and a quarter-on-quarter increase of 8% [2][3]. - The net profit attributable to shareholders for Q3 2025 was HKD 49 billion, reflecting a 56% year-on-year increase and a 10% quarter-on-quarter increase [2][3]. - For the first three quarters of 2025, total revenue and other income reached HKD 218.51 billion, up 37% year-on-year, while net profit attributable to shareholders was HKD 134.19 billion, a 45% increase year-on-year [2][3]. Trading Activity - The average daily trading volume in the cash market reached HKD 2,564 billion, more than double that of the same period in 2024 [3]. - The average daily trading volume for derivatives reached 170,000 contracts, an 11% increase year-on-year [3]. - The average daily trading amounts for the Northbound and Southbound Stock Connects were HKD 206.4 billion and HKD 125.94 billion, respectively, marking increases of 67% and 229% year-on-year [4]. IPO Market - As of September 30, 2025, there were 297 IPO applications in Hong Kong, with total IPO financing amounting to HKD 1,883 billion, more than three times that of the same period in 2024 [5][6]. - The number of new listings reached 69, with total fundraising of HKD 1,883 billion, the highest in three years [6]. Institutional Investment - HKEX has seen increased holdings from major institutions such as BlackRock and Citigroup, each acquiring 63.5 million shares, reaching a 5.01% ownership stake [7]. - Other funds, including passive index funds, have also increased their stakes in HKEX, indicating strong institutional confidence [7].

Core Viewpoint - The Hong Kong Stock Exchange's "Special Line for Technology Companies" has significantly improved the efficiency of IPOs for tech and biotech firms, with 68 companies listed in the first six months since its launch [1] Group 1: Market Performance - As of November 5, 2023, the total amount raised through IPOs in Hong Kong reached 230.76 billion HKD, representing a year-on-year increase of 223.53% [1] - On November 6, 2023, four new stocks were listed, including two companies that submitted applications through the "Special Line for Technology Companies" [1] Group 2: Diverse Listing Entities - The current pipeline includes companies from various sectors such as robotics, biomedicine, food and beverage, and automotive parts, including unicorns and leading A-share companies [2] - Lush Comfort Ltd., the first company headquartered in the Middle East to list in Hong Kong, plans to raise 2.38 billion HKD to enhance production capacity and brand influence [2] Group 3: Market Structure and Liquidity - The gathering of diverse listing entities is expected to deepen cooperation between mainland and Hong Kong capital markets, enhancing market structure and liquidity [3] - The average daily trading volume in the Hong Kong stock market reached a record high of 286.4 billion HKD in Q3 2023, more than double that of the same period last year [5] Group 4: Policy and Future Outlook - The China Securities Regulatory Commission aims to enhance practical cooperation between mainland and Hong Kong capital markets, which will facilitate the listing process for tech companies [6] - The introduction of more reform measures is anticipated to further promote the listing of technology companies in Hong Kong [6]

Macro Economy - The 138th Canton Fair concluded on November 4, achieving a record total of $25.65 billion in intended export transactions, showcasing the vitality of China's foreign trade innovation [4] - The People's Bank of China announced a 700 billion yuan reverse repurchase operation to maintain ample liquidity in the banking system, with a term of 3 months [4] - The National Health Commission and other departments released implementation opinions to promote and regulate the application of "AI + healthcare," emphasizing the acceleration of smart therapy technology [4] Investment News - The Vice Chairman of the China Securities Regulatory Commission emphasized further deepening practical cooperation between mainland and Hong Kong capital markets, aiming to enhance the efficiency of overseas listing filings [9] - Hong Kong's stock market saw an average daily trading volume exceeding $32 billion this year, doubling year-on-year, with 80 IPOs raising over $26 billion in the first ten months, ranking first globally [9] - The Shenzhen Stock Exchange reported that companies in the Shenzhen market achieved a total revenue of 15.72 trillion yuan in the first three quarters, a year-on-year increase of 4.31%, with net profit reaching 903.02 billion yuan, up 9.69% [10] Company Movements - Ele.me's app has been rebranded to "Taobao Flash Purchase," currently in a gray testing phase for select users [13] - Fuyou Glass changed its legal representative from Cao Dewang to his son, Cao Hui [14] - Lens Technology and Yujian Technology have entered into a deep strategic cooperation agreement, with Lens committing to purchase 1,000 intelligent robots by 2025 [15] International Dynamics - On November 4, the U.S. Senate failed to pass a temporary funding bill, leading to a government shutdown that may become the longest in U.S. history [17] - The European Commission announced the annual enlargement plan, confirming progress made by potential new member states, including Montenegro, Albania, Ukraine, Moldova, Serbia, North Macedonia, Bosnia and Herzegovina, Turkey, and Georgia [17]

Core Viewpoint - The "Southbound ETF Connect" is expanding with the addition of 6 new ETFs, increasing the total from 17 to 23, effective from November 10, 2023, enhancing product diversity and including non-Hong Kong stock assets for the first time [1][2][3]. Group 1: Expansion Details - The new ETFs added include 工银南方中国, 南方恒生生科, 招商恒生科技, 南方港股通, 南方东西精选, and 南方港美科技, which will broaden the investment options available to investors [2]. - The 南方东西精选 ETF includes high-dividend stocks listed on the Hong Kong Stock Exchange and top U.S. large-cap stocks based on free cash flow yield [2]. - The 南方港美科技 ETF tracks top technology companies in both Hong Kong and the U.S., including major players like Alphabet, Amazon, and Apple [2]. Group 2: Market Impact - Since the launch of the ETF Connect in July 2022, the average daily trading volume for the Southbound ETF Connect has exceeded 4.2 billion HKD, with a year-on-year increase of 128% [3]. - The expansion is expected to enhance product selection for investors, facilitating more efficient asset diversification in Hong Kong [3][4]. - The Southbound ETF Connect offers advantages such as longer trading hours, T+0 trading, and lower premium rates due to a mature market-making system [4]. Group 3: Future Outlook - The inclusion of U.S. stock assets in the ETFs allows investors to access global core assets with lower barriers, promoting risk diversification and encouraging product innovation [5]. - The Southbound ETF Connect is anticipated to continue growing in terms of product quantity and structure as cross-border investment opportunities expand [4].

Core Insights - The "Southbound ETF Connect" has announced an expansion, increasing the number of ETFs from 17 to 23, effective from November 10, 2025 [1] Group 1: Expansion Details - The latest expansion includes the addition of 6 new ETFs [1] - The asset categories under the Southbound ETF Connect will become more diverse, including ETFs that contain non-Hong Kong assets for the first time [1] Group 2: Product Offerings - New ETFs include the Southern Eastern FTSE East-West Stock Selection ETF and the Southern Eastern Hang Seng Hong Kong-US Technology ETF, enhancing product choices for investors [1] - This expansion allows investors to diversify their assets in Hong Kong more efficiently [1]

Core Insights - The article highlights the continuous optimization of the Hong Kong and Shanghai stock market connectivity mechanisms, particularly through the Stock Connect programs, which have significantly increased cross-border trading volumes and investor participation [1][5]. Group 1: Stock Connect Mechanism - As of September 2023, foreign capital through the Shanghai Stock Connect has reached a cumulative trading volume of 90.1 trillion RMB, with daily trading volume increasing from 4.7 billion RMB in the first month of operation to 145.6 billion RMB by September 2025 [1][5]. - The Shanghai Stock Exchange plans to further enhance the Stock Connect mechanism in collaboration with the Hong Kong Stock Exchange, aiming to improve market efficiency and attract more international investors [1][7]. Group 2: IPO and Market Performance - The Hong Kong Stock Exchange has seen a significant increase in IPO activity, with total financing reaching 182.9 billion HKD by September 2023, more than doubling compared to the same period in 2024 [2]. - Nearly half of the companies currently applying for listing are technology firms, reflecting a shift in market dynamics and investor interest [2][3]. Group 3: Trading Volume and Market Growth - The average daily trading volume in the Hong Kong securities market reached 256.4 billion HKD by September 2023, a 126% year-on-year increase [3]. - The average daily trading volume for the Shanghai and Shenzhen Stock Connects also hit record highs, with the Shanghai Stock Connect reaching 206.4 billion RMB, a 68% increase year-on-year [3][6]. Group 4: Future Developments - The Hong Kong Stock Exchange is preparing to introduce new measures for the Stock Connect, including the inclusion of REITs and a block trading mechanism, to provide more investment options for domestic and international investors [4][5]. - The exchange aims to enhance its international competitiveness and expand the offshore RMB product ecosystem, supporting the internationalization of the RMB [5][7].

Core Insights - The Hong Kong ETP market is experiencing significant growth, becoming the third-largest market globally by trading volume as of September 2025, surpassing South Korea and Japan [1][2] - The asset management scale has increased by 34.1% year-on-year, reaching HKD 653.5 billion [1] Group 1: Trading Volume and Turnover - As of September 2025, the average daily trading volume in the Hong Kong ETP market reached HKD 37.8 billion, a 146% year-on-year increase, making it the third-highest globally [2] - The turnover rate in the Hong Kong ETP market has risen to 14.7, establishing its leading position worldwide [2] Group 2: Product Innovation - The launch of the first individual stock leveraged and inverse products in Asia in March 2025 has catered to retail investors' needs, particularly for trading high-liquidity stocks like NVIDIA and Tesla [3] - The average daily trading volume for all leveraged and inverse products listed in Hong Kong reached HKD 3.6 billion, a 51% increase year-on-year [3] Group 3: Cross-Border Trading - The average daily trading volume for ETFs traded through the Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion, reflecting year-on-year increases of 128% and 142%, respectively [5] - A total of 290 ETFs are eligible for trading through the Stock Connect, indicating a growing cross-border trading environment [5] Group 4: Sector Focus - The technology-themed ETFs have seen a total asset management scale of HKD 120.1 billion, a 102% increase year-on-year, with an average daily trading volume of HKD 7.4 billion [7] - The biotechnology ETFs have also gained traction, with a total asset management scale of HKD 3.4 billion, marking a 123% increase from the previous year [7] Group 5: Global Connectivity - The introduction of ETFs tracking the Nasdaq 100 index and the first Saudi Islamic bond ETF in Hong Kong has enhanced the market's global connectivity [8] - A memorandum of understanding signed between the Hong Kong Stock Exchange and the Abu Dhabi Securities Exchange aims to strengthen financial market ties [8] Group 6: Rise of Active ETFs - Active ETFs have gained prominence, with inflows reaching USD 183 billion in the first half of 2025, driven by strong market performance [9] - As of September 2025, there are 31 active ETFs listed in Hong Kong, with a total market value of approximately HKD 23.7 billion, a 143% increase from the previous year [9] Conclusion - The strong performance of the Hong Kong ETF market in 2025 is attributed to its robust growth and continuous development, positioning it as a leading global ETF market [10]