Core Insights - The Hong Kong stock market has achieved the highest new stock financing amount globally in the first three quarters of 2025, totaling HKD 188.3 billion, which is more than three times that of the same period last year [1] - The significant growth in new stock financing is attributed to the continuous expansion of the listing reserve, highlighting Hong Kong's strategic value as a core hub for capturing growth opportunities amid global economic uncertainties [1] Group 1: Market Dynamics - The Hong Kong stock market has optimized its listing system, creating differentiated listing rules and efficient approval mechanisms that facilitate the listing of technology companies, thereby strengthening the institutional foundation for quality asset aggregation [2] - Special listing chapters have been established to break traditional profit threshold limitations, providing a "green channel" for technology companies, which includes innovative evaluation systems that replace single profit assessment standards [2] Group 2: Capital Flow and Connectivity - The Hong Kong stock market serves as a financial hub connecting domestic and international capital, creating a diversified funding supply system that continuously injects liquidity into the market [3] - The Stock Connect mechanism exemplifies this dual-channel role, allowing foreign investors to invest in A-shares through the Northbound Stock Connect while domestic investors can allocate global assets through the Southbound Stock Connect [3] Group 3: Value Creation Ecosystem - The Hong Kong stock market is not just a financing platform but also a value creation ecosystem that empowers companies for sustainable growth, supported by top global investment banks and long-term funds [3] - Professional institutions adhere to international governance and service standards, helping companies gain global capital trust and linking them to global resources to enhance international competitiveness [3]

Group 1 - The core viewpoint of the article indicates that Hong Kong Exchanges and Clearing Limited (HKEX) is experiencing a technical rebound opportunity after a period of significant price adjustment, with multiple indicators showing it has entered an oversold zone [1] - Morgan Stanley reported that HKEX's net profit for the third quarter was HKD 4.9 billion, representing a year-on-year increase of 56% and a quarter-on-quarter rise of 10%, exceeding their estimates by 3% [1] - The divergence between the stock price performance and the fundamental drivers, such as trading volume, creates conditions for a strong price increase in the coming months, leading to a maintained "overweight" rating with a target price of HKD 530 [1] Group 2 - Technical indicators for HKEX show clear signs of overselling, with the stock price operating below multiple moving averages, indicating continued pressure on short-term trends [4] - The Relative Strength Index (RSI) has dropped to 39, suggesting a weakening of downward momentum, while key support and resistance levels are identified at HKD 411 and HKD 433, respectively [4] - Recent market data indicates that bearish derivative products related to HKEX have performed well, with UBS's bear certificate recording a 23% increase and Morgan Stanley's bear certificate rising by 18% [5] Group 3 - For investors optimistic about a technical rebound, HSBC's call option (29458) with a strike price of HKD 500 offers approximately 8.3 times leverage, making it the highest leveraged bullish product in the market [11] - Conversely, for those who believe the adjustment trend is not yet over, options such as Bank of China’s put option (18983) and UBS's put option (18808), both with a strike price of HKD 368.48, provide leverage of around 12 times [11] - In the context of structured products, various options with different strike prices and leverage ratios are available, with a focus on selecting products that align with individual risk tolerance and market outlook [10][11]

Core Insights - The company reported a revenue of 5.639 billion yuan for the first three quarters of 2025, a year-on-year increase of 42.57%, but the net profit attributable to shareholders decreased by 58.69% to 107 million yuan [1] - In Q3 2025, the company achieved a revenue of 1.922 billion yuan, an increase of 11.57% year-on-year, but recorded a net loss of 74 million yuan compared to a profit of 304 million yuan in Q3 2024 [1] - The company maintained high growth in pig production, with a 63.6% year-on-year increase in the number of market pigs sold, aiming to meet the annual target of 4 million pigs [1] Revenue and Profit Analysis - The company's revenue for the first three quarters of 2025 was 5.639 billion yuan, reflecting a significant increase compared to the previous year [1] - The net profit attributable to shareholders for the same period was 107 million yuan, showing a substantial decline of 58.69% year-on-year [1] - In Q3 2025, the company faced a net loss of 74 million yuan, contrasting sharply with the profit of 304 million yuan in Q3 2024 [1] Production and Efficiency Metrics - The company reported a total of 2.9342 million pigs sold in the first three quarters of 2025, with market pigs, piglets, and breeding pigs sold at 2.8802 million, 50,500, and 4,500 respectively [1] - By the end of Q3 2025, the company's biological assets amounted to 682 million yuan, representing a 12.5% increase from the end of June [1] - The company's pig breeding efficiency improved, with the PSY (Pigs Sold per Year) rising to approximately 29, while the feed-to-meat ratio slightly decreased to 2.57 [1] Market Conditions - In H1 2025, the pig farming industry was profitable due to low raw material costs and declining breeding costs [2] - However, starting in late September, pig prices began to decline, leading to losses in Q3 2025 [2] - The company is projected to achieve revenues of 7.5 billion, 9 billion, and 10.65 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 175 million, 311 million, and 242 million yuan [2]

格隆汇11月6日｜欧盟委员会对德意志交易所与纳斯达克可能存在的勾结行为展开反垄断调查后，纳斯 达克盘前股价下跌1.7%。 ...

Core Viewpoint - Bank of America reports that Hong Kong Exchanges and Clearing Limited (HKEX) achieved a net profit of HKD 13.4 billion in the first nine months of this year, representing a year-on-year increase of 45%, surpassing the bank's expectation of 39% [1] Financial Performance - In Q3, HKEX recorded a net profit of HKD 4.9 billion, which is a 56% year-on-year increase and marks a historical high [1] - The bank has raised its profit forecasts for HKEX for the fiscal years 2025 to 2027 by 3% due to expected increases in fee income [1] Target Price and Rating - Bank of America maintains its target price for HKEX at HKD 520 and reiterates a "Buy" rating [1] Growth Projections - The bank anticipates a revenue growth rate of 8% for the years 2026 to 2027, which is lower than the projected 28% growth for the fiscal year 2025 [1] - The bank notes that increasing market trading volume from the current level of 150% is likely to be challenging, suggesting that overall market capitalization must rise to drive revenue growth for HKEX [1] Growth Drivers - The primary growth driver for HKEX is expected to come from derivative products, including the expansion of weekly stock options [1] - Recently, HKEX has begun to cover more stocks and introduced zero-day options to attract new investment interest [1]

Core Viewpoint - Bank of America reports that Hong Kong Exchanges and Clearing Limited (00388) achieved a net profit of 13.4 billion HKD in the first nine months of the year, representing a 45% year-on-year increase, surpassing the bank's expectation of 39% [1] Financial Performance - The net profit for the third quarter reached 4.9 billion HKD, marking a 56% year-on-year growth and setting a historical record [1] - The bank has raised its profit forecasts for Hong Kong Exchanges for the fiscal years 2025 to 2027 by 3% due to anticipated increases in fee income [1] Target Price and Rating - The target price for Hong Kong Exchanges remains unchanged at 520 HKD, with a reiterated "Buy" rating [1] Growth Projections - Expected line growth for 2026 to 2027 is projected at 8%, which is lower than the 28% forecast for the fiscal year 2025 [1] - The bank notes that further increasing market trading volume from the current level of 150% is challenging, indicating that unless overall market capitalization rises, trading volume alone will not be sufficient to drive revenue for Hong Kong Exchanges [1] Growth Drivers - The primary growth driver is anticipated to come from derivatives, including the expansion of the current weekly stock options [1] - Hong Kong Exchanges has recently begun to cover more stocks and zero-day options to attract new investment interest [1]

Market Overview - The total market capitalization of the Hong Kong Stock Exchange reached HKD 48.1 trillion by the end of October 2025, a 37% increase from HKD 35.2 trillion in the same period last year [1] - The average daily trading amount in October 2025 was HKD 274.9 billion, up 8% from HKD 255 billion in October 2024 [1] - The average daily trading amount for the first ten months of 2025 was HKD 258.2 billion, a significant increase of 102% compared to HKD 127.8 billion in the same period last year [1] Derivative Products Market - The average daily trading volume of futures and options for the first ten months of 2025 was 1,696,752 contracts, a 7% increase from 1,582,570 contracts in the same period last year [2] - The average daily trading volume of stock index futures was 568,701 contracts during the first ten months of 2025 [2] Stock Options and Futures - The average daily trading volume of stock index options was 115,461 contracts for the first ten months of 2025 [3] - The average daily trading volume of stock options increased by 22% to 896,891 contracts compared to 733,117 contracts in the same period last year [3] - The average daily trading volume of stock futures was 8,538 contracts for the first ten months of 2025 [4] Currency Futures - The average daily trading volume of Renminbi currency futures increased by 20% to 107,126 contracts compared to 89,600 contracts in the same period last year [4] Historical Records - On October 2, 2025, the weekly stock options trading volume reached a historical high of 312,545 contracts [4] - On October 27, 2025, the trading volume of Hang Seng Tech Index futures options hit a historical high of 64,982 contracts [5] IPO and Fundraising - There were 81 new listings in the first ten months of 2025, a 50% increase from 54 new listings in the same period last year [1] - The total amount raised through initial public offerings (IPOs) in the first ten months of 2025 was HKD 216 billion, a 209% increase from HKD 70 billion in the same period last year [1] - The total fundraising amount for the first ten months of 2025 reached HKD 507 billion, up 228% from HKD 154.8 billion in the same period last year [1]

Core Insights - The total market capitalization of the Hong Kong Stock Exchange (HKEX) reached HKD 48.1 trillion by the end of October 2025, representing a 37% increase compared to HKD 35.2 trillion in the same period last year [1] - The average daily trading volume for October 2025 was HKD 2,749 billion, an 8% increase from HKD 2,550 billion in October 2024 [1] - The average daily trading volume for the first ten months of 2025 was HKD 2,582 billion, a significant 102% increase from HKD 1,278 billion in the same period last year [2] Trading Activity - The average daily trading volume for derivative warrants in the first ten months of 2025 was HKD 80 billion, up 60% from HKD 50 billion in the previous year [2] - The average daily trading volume for bull and bear certificates was HKD 104 billion, a 60% increase from HKD 65 billion year-on-year [2] - The average daily trading volume for exchange-traded funds (ETFs) was HKD 343 billion, reflecting a 127% increase from HKD 151 billion in the same period last year [2] New Listings and Fundraising - There were 81 new listings in the first ten months of 2025, a 50% increase compared to 54 new listings in the same period last year [2] - The total amount raised through initial public offerings (IPOs) was HKD 2,160 billion, a remarkable 209% increase from HKD 700 billion year-on-year [2] - The total fundraising amount for the first ten months of 2025 reached HKD 5,070 billion, up 228% from HKD 1,548 billion in the previous year [3] Derivative Market Performance - The average daily trading volume for futures and options in the first ten months of 2025 was 1,696,752 contracts, a 7% increase from 1,582,570 contracts in the same period last year [4] - The average daily trading volume for stock index futures was 568,701 contracts [5] - The average daily trading volume for stock options was 896,891 contracts, up 22% from 733,117 contracts year-on-year [6] Historical Records - On October 2, 2025, the weekly trading volume for stock options reached a historical high of 312,545 contracts [7] - On October 27, 2025, the trading volume for Hang Seng Tech Index futures options hit a record high of 64,982 contracts [8]

Core Viewpoint - Western Securities maintains a "Buy" rating for Hong Kong Stock Exchange (HKEX) and is optimistic about the deepening of mutual market access and the appreciation of the Renminbi, raising the forecast for 2025 net profit to HKD 18 billion [1] Group 1: Financial Performance - For the first three quarters of 2025, HKEX reported 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, HKEX achieved revenue and net profit of HKD 7.78 billion and HKD 4.90 billion, with year-on-year increases of 44.7% and 55.8%, and quarter-on-quarter increases of 8% and 10% [1] - Q3 net profit reached a historical high, slightly exceeding previous expectations [1] Group 2: Market Activity - The Hong Kong cash market achieved record trading volumes, with an average daily turnover (ADT) of approximately HKD 256.4 billion for the first three quarters of 2025, a year-on-year increase of 126.3% [2] - In Q3 2025, the ADT reached approximately HKD 286.4 billion, reflecting a year-on-year increase of 142.3% and a quarter-on-quarter increase of 20% [2] - The Southbound and Northbound ADT reached HKD 125.9 billion and RMB 206.4 billion respectively, with year-on-year increases of 284.9% and 143.5% [2] Group 3: IPO and Derivatives Market - In the first three quarters of 2025, the Hong Kong market saw 69 new IPOs, raising a total of HKD 188.3 billion, which is a year-on-year increase of 238.7% [2] - As of the end of October, the total IPO fundraising amount exceeded USD 26 billion, ranking first globally [2] - The average daily trading volume of derivatives and LME continued to grow, with average daily contract numbers and commodity ADV increasing by 11% and 4% year-on-year respectively [2] Group 4: Investment Income - Margin investment income growth is a key support for investment income, with margin scale increasing by 47% year-on-year in the first three quarters of 2025 [2] - The company fully redeemed its external portfolio in Q2 2025 to raise funds for headquarters property, leading to a 39% year-on-year decline in external portfolio income for Q1-Q3 2025 [2] - The average overnight HIBOR in October has rebounded to 2.8% from a low of 0.02% at the end of June, but may still show volatility due to potential Fed rate cuts and the impact of external portfolio redemption on annual investment income [2]

Core Viewpoint - The report from Shenwan Hongyuan raises the profit forecast for Hong Kong Exchanges and Clearing Limited (00388) and maintains a "buy" rating, citing strong trading activity in the Hong Kong stock market and expectations for continued market engagement due to the return of quality Chinese assets and the extension of cross-border connectivity to IPOs [1][2]. Financial Performance - For the first nine months of 2025 (9M25), Hong Kong Exchanges reported total revenue of HKD 21.85 billion, a year-on-year increase of 37%, with main revenue at HKD 20.44 billion, up 41% [2]. - Net profit for 9M25 reached HKD 13.42 billion, reflecting a year-on-year growth of 45% [2]. - In the third quarter of 2025 (3Q25), main revenue was HKD 7.48 billion, up 54% year-on-year and 13% quarter-on-quarter, while net profit was HKD 4.90 billion, increasing by 56% year-on-year and 10% quarter-on-quarter [2]. Revenue Breakdown - Revenue sources for 9M25 include: trading fees at HKD 7.83 billion (39%), clearing and settlement fees at HKD 5.27 billion (26%), investment income at HKD 3.89 billion (19%), listing fees at HKD 1.27 billion (6%), and market data fees at HKD 0.87 billion (4%) [3]. - Year-on-year growth rates for various fees include: trading fees +57%, clearing and settlement fees +66%, listing fees +17%, and market data fees +8% [3]. Trading Activity - The average daily turnover (ADT) for Hong Kong stocks in 9M25 was HKD 238.7 billion, a year-on-year increase of 132%, with 3Q25 ADT reaching a record high of HKD 267.9 billion, up 150% year-on-year [3]. - Southbound ADT for 9M25 was HKD 125.9 billion, up 229%, while northbound ADT was RMB 206.4 billion, up 67% [3]. IPO Market - In 9M25, the Hong Kong IPO market raised HKD 188.3 billion, three times the amount raised in the same period last year, with 69 new IPOs [5]. - As of the end of 3Q25, there were 297 IPO applications in process, compared to 84 at the end of 2024 [5]. Investment Income - Investment income for 3Q25 was HKD 1.02 billion, down 16% year-on-year and 34% quarter-on-quarter, contributing 21% to net profit [6]. - The decline in investment income was attributed to reduced external fund composition and narrowed exchange rate gains [6].