机构：中信建投证券 研究员：赵然/何泾威 21.93%。1-9 月份恒生指数累计上涨33.88%，恒生科技指数累计上涨44.71%。 核心观点 港交所发布9 月港股市场概况数据，香港证券市场市值达49.85 万亿港元，环比+7.01%，同比 +35.03%。三季度ADT 实现2863.58 亿港元，同比+144.80%，环比+20.48%。IPO 方面， 25Q3新增上市 公司家数28 家，环比增加1 家，较去年同期增加6 家，募资金额达478.38 亿港元，同比增加33.75%。衍 生品市场方面，三季度衍生品和商品合约成交量同比维持正增，市场风险对冲需求旺盛，期货及期权总 数日均成交张数达165 万张，同比/环比分别增长+9.28%/+6.16%。HIBOR 利率在八月整体有所反弹并维 持高位，对冲效果凸显。展望未来，美联储货币政策转向有望缓解外部流动性压力，且南向资金持续买 入也为港股成交增添持续动力，港交所有望充分受益。 事件 近日，港交所发布9 月港股市场概况数据。 2025 年9 月底，香港证券市场市值为49.85 万亿港元，环比+7.01%，同比+35.03%。2025 年9 月的平均 每日成交金 ...

Core Viewpoint - Citigroup has increased its stake in Hong Kong Exchanges and Clearing Limited (HKEX), becoming the second-largest shareholder after the Hong Kong government, indicating strong confidence in the exchange's future performance [1][4]. Group 1: Shareholding Changes - Citigroup acquired an additional 225,000 shares of HKEX at an average price of HKD 417.24 per share, totaling approximately HKD 93.86 million, raising its total holdings to 63.49 million shares, which is 5% of the company [1][4]. - The largest shareholder remains the Hong Kong government with a 5.9% stake, while Citigroup surpasses JPMorgan Chase, which reduced its stake to 3.53% after selling 44.53 million shares last year [4]. Group 2: Market Activity and Fund Involvement - The Hong Kong stock market has seen increased activity this year, with net inflows from southbound funds exceeding the total for the previous year, and IPO financing returning to the top globally [2][4]. - Various asset management firms, including E Fund and GF Fund, hold shares in HKEX through multiple fund types, with differing strategies regarding their holdings [4]. Group 3: Analyst Upgrades and Market Outlook - Goldman Sachs has repeatedly raised its target price for HKEX, most recently increasing it by 11% to HKD 500 per share, based on better-than-expected trading volume [6]. - The average daily trading volume in the Hong Kong stock market reached HKD 240.2 billion in the first half of the year, a significant year-on-year increase of 118%, marking the highest level since 2010 [6]. - Potential catalysts for profit improvement include the surge in A+H share listings, the strengthening of Hong Kong's status as an international financial center, and continued inflows from southbound funds [7].