Group 1 - During the "14th Five-Year Plan" period, the cumulative transaction volume of the Shanghai-Hong Kong Stock Connect reached 99 trillion yuan, representing a 275% increase compared to the "13th Five-Year Plan" [1] - Ten companies completed global depositary receipt issuances, raising a total of 33.5 million USD [1] - The scale of cross-border index products in the Shanghai market exceeded 320 billion yuan, indicating an increase in international influence [1] Group 2 - The Shanghai Stock Exchange (SSE) has actively promoted deep exchanges between international investors and companies listed in the Shanghai market to strengthen investor confidence [2] - In August, the SSE held an online roadshow titled "Focusing on SSE - Six Years of the Sci-Tech Innovation Board," with participation from nearly 50 institutions from major markets in Europe, America, and Asia-Pacific [2] - The SSE and the Singapore Exchange co-hosted the "SSE-SGX Deepening Cooperation Exchange Conference" in September, focusing on new opportunities for capital market cooperation [2]

在港交所相關衍生產品中，法巴認購證29424提供7.9倍槓桿，行使價518元，具有槓桿最高且溢價與引伸波幅最低的特點。中銀認沽證19860提供10.6倍槓 桿，行使價387.8元，引伸波幅相對較低。瑞銀認沽證19854提供9.9倍槓桿，行使價387.8元，同樣具有引伸波幅相對較低的優勢。 | | | | | | CAL Q C | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 電表 | 輪設 | 評論 | 資訊 | | | | 間表 | | | 29424 港交法巴六五購B.C | | | | | | | 1986 | | | 交易中 11/10 13:51:22 | | | | | | 88 42 | 交易中 | | | 最 高 0.14.8+ | | | | 0.150 開 市 | | | OLO | 0.143 | | 最 低 +0.009 +6.47% | | | | 0.139 前 收 | | | -0.014 | 0.139 | | 成交量 4394.00萬股 成交額 | | | | 631.77萬 有效槓桿 | | ...

Core Insights - The new Japanese government has requested the Bank of Japan to postpone interest rate hikes until at least January 2026 to align with an upcoming large-scale economic stimulus plan aimed at supporting economic recovery [1] - U.S. investors are increasing their investments in Japanese stocks, driven by the strong performance of the Japanese stock market, particularly the Nikkei 225 index, which has risen approximately 30% [1][4] - Foreign investors purchased about 3.84 trillion yen (approximately 250 billion USD) worth of Japanese stocks in cash and futures during the latter half of October [4] Economic Policy - The Japanese government is coordinating monetary policy with fiscal measures to bolster economic recovery, emphasizing the importance of timing in interest rate decisions [1] - The anticipated economic stimulus plan is expected to play a crucial role in supporting the economy alongside the central bank's policies [1] Market Trends - The influx of foreign capital into the Japanese market suggests a potential shift where growth stocks may begin to replace value stocks as the primary market drivers [1] - Despite the positive outlook, there are indications that the Nikkei index has entered an overbought territory, which may lead to short-term market corrections [4]

Core Viewpoint - The report from DBS suggests that Chinese companies listed in the U.S. may return to Hong Kong for listing, which could further expand the Hong Kong stock market and maintain strong trading momentum [1] Group 1: Market Outlook - The strong momentum in the Hong Kong stock market is expected to continue, with the average daily trading volume forecasted to increase to HKD 258 billion and HKD 275 billion for 2025 and 2026 respectively [1] - Positive factors contributing to this outlook include improved liquidity and investment sentiment, attractive valuations of Hong Kong tech stocks compared to other markets, and supportive government policies and stimulus measures [1] Group 2: Capital Inflows and IPO Activity - From July to October this year, the proportion of southbound capital in total trading volume rose to 25%, benefiting from the rise in tech stocks and an active IPO market [1] - Over 80 new stocks have been listed in Hong Kong year-to-date, including A-share companies and well-known tech and consumer stocks, which has structurally optimized the market [1]

Core Viewpoint - DBS believes that Chinese companies listed in the U.S. may return to Hong Kong for listing, which would further expand the Hong Kong stock market and maintain strong trading momentum [1] Group 1: Market Outlook - The strong momentum in the Hong Kong stock market is expected to continue, with DBS raising the average daily trading volume forecast for the Hong Kong Stock Exchange (HKEX) to HKD 258 billion and HKD 275 billion for 2025 and 2026 respectively [1] - Positive factors contributing to this outlook include improved liquidity and investment sentiment, attractive valuations of Hong Kong tech stocks compared to other markets, and supportive government policies and stimulus measures [1] Group 2: Market Activity - From July to October this year, the proportion of southbound funds in total trading volume increased to 25%, benefiting from the rise in tech stocks and an active IPO market [1] - Over 80 new stocks have been listed in Hong Kong year-to-date, including A-share companies and well-known tech and consumer stocks, which has optimized the market structure [1]

Group 1 - The recovery of the IPO market in 2023 is driven by multiple factors, with Asia being the primary growth engine for international business [1] - The number of Japanese IPOs on Nasdaq has nearly doubled this year, while Korean companies show a stable pipeline, indicating a shift in regional dynamics [1] - Hong Kong's IPO market has seen a significant increase, with a financing amount of HKD 182.3 billion in the first three quarters of 2023, a year-on-year increase of 228% [1] Group 2 - Competition among global exchanges is beneficial for the capital markets, as it drives improvements in service quality, liquidity, and overall market experience [2] - Nasdaq aims to be the preferred choice for companies considering international listings, emphasizing the importance of understanding client needs [2] - The travel industry remains a focus for Nasdaq, with companies like Pony.ai and WeRide having gone public, alongside emerging sectors like space exploration and fintech [2] Group 3 - Nasdaq has raised its listing standards in 2025, including increasing the minimum public float to USD 15 million and requiring a minimum IPO fundraising amount of USD 25 million [3] - The logic behind raising listing standards is to enhance liquidity in the market [3] - The TCFA, established in 1994, is the largest and most influential Chinese financial organization globally, with over 10,000 members [3]

Core Insights - U.S. investors are increasingly buying Japanese stocks focused on technology and artificial intelligence due to high returns compared to U.S. markets [1] - The influx of U.S. funds into Japan has reached its fastest pace since the implementation of "Abenomics" [1] - The Nikkei 225 index has risen approximately 30% in U.S. dollar terms this year, significantly outperforming the S&P 500's 14% increase [1] Group 1 - The participation of U.S. investors in the Japanese stock market is at its highest level since October 2022, indicating a potential shift in market dynamics from value stocks to growth stocks [1] - The strong performance of the Japanese stock market is supported by a 2.5% appreciation of the yen and optimistic sentiment from Prime Minister Kishida's stimulus policies [1] - Foreign investors net purchased 384 billion yen (approximately $2.5 billion) of Japanese stocks in the last two weeks of October [3] Group 2 - There is still room for further inflow of foreign funds into Japanese stocks, as global investors' net holdings remain lower than the peak during the "Abenomics" era [3] - The ongoing demand for diversified investment from global investors may sustain the trend of increasing participation in the Japanese market [3] - The Nikkei index entered an overbought territory in late October, suggesting potential market consolidation [3]

Core Viewpoint - The company shows significant revenue growth driven by trading and settlement fees, with a positive outlook for future performance and valuation improvement [1][2][3][4] Group 1: Financial Performance - For the first three quarters of 2025, the company's revenue and profit attributable to shareholders reached HKD 218.5 billion and HKD 134.2 billion, respectively, representing year-on-year increases of 37% and 45% [1] - In Q3 alone, the revenue and profit were HKD 78 billion and HKD 49 billion, showing year-on-year growth of 45% and 56%, and quarter-on-quarter growth of 8% and 10% [1] - The trading, settlement, listing, custody, data, and other net investment income saw year-on-year increases of 57%, 66%, 16%, 25%, 8%, 10%, and 4%, respectively [1] Group 2: Market Dynamics - The trading fees and system usage fees for the first three quarters of 2025 amounted to HKD 78 billion, up 57% year-on-year, with spot, derivatives, and commodity trading contributing HKD 47 billion, HKD 20 billion, and HKD 11 billion, respectively [2] - The settlement and clearing fees reached HKD 53 billion, reflecting a 66% year-on-year increase, driven by record trading volumes in the Hong Kong spot market [2] - The number of new listings in the Hong Kong market increased to 69, a 53% year-on-year rise, with total fundraising amounting to HKD 1,883 billion, more than three times that of the same period in 2024 [3] Group 3: Investment Returns and Valuation - The net investment income for the first three quarters of 2025 was HKD 38.9 billion, a 4% year-on-year increase, although the investment yield decreased due to lower returns from external investment portfolios [4] - The expected dividend yield for 2025 is 3.0%, assuming a constant payout ratio of 90%, with potential benefits from foreign capital inflow due to anticipated interest rate cuts by the Federal Reserve [4] - The current price-to-earnings ratio (PE) is 31.2 times, positioned at the 22nd percentile over the past decade, indicating potential for valuation improvement [4]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported better-than-expected performance for the first three quarters of 2025, with significant growth in both revenue and net profit driven by increased market trading activity [1][5] Financial Performance - For Q3 2025, HKEX achieved revenue and other income of HKD 7.775 billion, a year-on-year increase of 44.73% and a quarter-on-quarter increase of 7.70% [1] - The net profit attributable to shareholders for Q3 was HKD 4.900 billion, reflecting a year-on-year growth of 55.80% and a quarter-on-quarter growth of 10.31% [1] - Total revenue and other income for the first three quarters reached HKD 21.851 billion, up 36.63% year-on-year, marking a record high [1] Revenue Breakdown - In Q3 2025, trading fees and system usage fees, along with settlement and custody fees, accounted for HKD 5.484 billion, representing 70.53% of total revenue, with a year-on-year increase of 77.30% [1] - For the first three quarters, these fees totaled HKD 14.213 billion, making up 65.05% of total revenue, with a year-on-year increase of 57.05% [1] Market Activity - The trading activity in the Hong Kong stock market reached historical highs, with average daily trading (ADT) for Q3 2025 increasing by 144.80% year-on-year to HKD 2,863.58 billion [1] - Southbound capital inflows from mainland China totaled HKD 1,084.172 billion from January to September 2025, a year-on-year increase of 135.01% [1] IPO Activity - In the first three quarters of 2025, HKEX saw 68 new listings, raising HKD 187.745 billion, a year-on-year increase of 262.51% [2] - Q3 2025 alone had 25 new listings, with a fundraising amount of HKD 78.865 billion, up 86.79% year-on-year [2] Investment Income - Despite a decline in HIBOR rates due to the Federal Reserve's actions, investment income remained positive, with net investment income for the first three quarters reaching HKD 3.893 billion, a year-on-year increase of 4.43% [3] - The annualized net investment return for margin and clearing funds was 1.98% and 1.85%, respectively, showing a decline compared to the previous year [3] Future Outlook - The company expects continued high performance in 2025, supported by the Federal Reserve's interest rate cuts, ongoing southbound capital inflows, and the relative valuation advantage of Hong Kong stocks [4][6] - The projected target price for HKEX is HKD 543 per share, maintaining a "buy" rating based on historical valuation levels and market conditions [5][6]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, driven by record trading volumes in the cash market and leading global IPO fundraising [1][2]. Financial Performance - For the first three quarters of 2025, HKEX achieved revenue and net profit attributable to shareholders of HKD 21.85 billion and HKD 13.42 billion, representing year-on-year increases of 36.6% and 44.8% respectively [1]. - In Q3 2025, the company recorded revenue and net profit of HKD 7.78 billion and HKD 4.90 billion, with year-on-year growth of 44.7% and 55.8%, and quarter-on-quarter increases of 8% and 10% [1]. - Q3 net profit reached a historical high, with various segments such as trading, listing, clearing, and data services showing substantial year-on-year growth [1]. Market Activity - The average daily trading (ADT) for Hong Kong stocks in the first three quarters of 2025 was approximately HKD 256.4 billion, a year-on-year increase of 126.3%, with Q3 ADT reaching HKD 286.4 billion, up 142.3% year-on-year [2]. - The Hong Kong IPO market saw 69 new listings in the first three quarters, raising HKD 188.3 billion, a significant year-on-year increase of 238.7% [2]. - As of the end of October, HKEX's IPO fundraising exceeded USD 26 billion, ranking first globally [2]. Investment Income - Margin investment income increased by 16% due to a 47% year-on-year growth in the margin scale of the Hong Kong clearing company [2]. - The company redeemed its external portfolio in Q2 2025, which negatively impacted investment income, with external portfolio returns down 39% year-on-year [2]. Future Outlook - The company is optimistic about the deepening of mutual market access and the appreciation of the Renminbi, leading to an upward revision of the net profit forecast for 2025 to HKD 18 billion, maintaining a "buy" rating [3].