11月28日，深交所联合港交所、广期所共同举办的2025年大湾区交易所科技大会正式开幕，大会以"迈向人工智能+时代"为主 题。 会上，港交所行政总裁陈翊庭视频致辞表示，港交所正在探索利用人工智能推动金融监管数智化转型，比如，能否利用人工智 能来帮助提高发行审核工作的效率，辅助监测股价异动、提高监管效率等。 "比如，我们已经将人工智能技术应用于日常的办公运营，节省了很多处理文档和信息整理的时间，提升了办公效率；上市科在 审阅上市公司年报的过程中也采用了一些人工智能技术，可以更高效地识别信息披露违规的情况。"陈翊庭说道。 未来，陈翊庭表示，将继续善用大湾区的科技和人才优势加快创新、提升效率，通过科技赋能优化服务，提升香港金融市场的 国际竞争力。 陈翊庭认为，当前，我们正处在一个前所未有快速变化的市场环境中，地缘政治冲击不断、市场波动加剧，日新月异的科技正 在重塑全球金融服务业，这给所有金融市场的建设者和参与者都带来了新的挑战和机遇。 "特别是今年以来，人工智能技术取得重大突破，正在各个行业加速落地应用，改变着大家的生活。资本市场也正在迈入人工智 能+时代。"陈翊庭说道。 据其介绍，当前香港交易所越来越深刻地体会到 ...

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) plans to advance a series of key initiatives over the next six months to enhance the fixed income and currency markets in Hong Kong, focusing on four main pillars: promoting issuance, increasing liquidity, expanding offshore RMB business, and developing new generation infrastructure [1][2] Group 1: Promotion of Issuance - The SFC aims to attract more local and overseas issuers to utilize Hong Kong as a financing hub [1] - Government bonds will be issued to lead market development and promote Hong Kong's advantages to target market issuers and investors [1] Group 2: Increasing Liquidity - The SFC will implement an over-the-counter fixed income and currency derivatives system to enhance liquidity [2] - Efforts will be made to promote the development of a central counterparty for repurchase transactions in Hong Kong [2] Group 3: Expanding Offshore RMB Business - The SFC plans to expand the application of offshore RMB and improve the connectivity mechanism to enhance offshore RMB liquidity and increase the supply of RMB-related products [2] - This initiative aims to seize opportunities in the changing global market dynamics and diversification trends [1] Group 4: New Generation Infrastructure - The SFC will prepare for infrastructure development in the fixed income and currency markets to support the growth of new electronic trading platforms [2] - The application of tokenized fixed income and currency products will be implemented to strengthen Hong Kong's position as a leading international financial center [2]

Core Viewpoint - The Hong Kong Stock Exchange's senior advisor emphasizes the urgent need for the London Metal Exchange (LME) and its users to adopt "disturbing" measures for modernization to ensure long-term profitability [1] Group 1: Modernization Needs - The modernization of LME is deemed crucial for its long-term future [1] - LME and its users should consider "controversial" measures to maintain profitability [1] Group 2: Market Strategies - LME should actively explore cross-listing contracts on other exchanges to enhance market liquidity and accessibility [1] - There is a need for LME to further expand its international business footprint [1]

Core Viewpoint - Hong Kong Stock Exchange plans to launch the Hang Seng Biotechnology Index futures on November 28, 2025, providing investors with precise risk management tools in a rapidly growing sector [1] Group 1: Product Launch - The new futures contract will be based on the Hang Seng Biotechnology Index, which tracks the performance of the 30 largest biotechnology, pharmaceutical, and medical device companies listed in Hong Kong that are eligible for Stock Connect trading [1] - The introduction of this futures product aims to enhance investment channels in the biotechnology sector and provide effective hedging tools [1] Group 2: Market Context - The biotechnology industry is currently one of the hottest sectors in the capital markets, driven by technological innovation and global healthcare demand [1] - Since the listing reform in 2018, the biotechnology and healthcare sectors have become some of the fastest-growing industries in Hong Kong's capital market [1] Group 3: Market Statistics - There are currently over 260 biotechnology and healthcare companies listed on the Hong Kong Stock Exchange, with a total market capitalization exceeding HKD 4.8 trillion, which is four times the approximately HKD 1.2 trillion at the end of 2018 [1]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has established a new subsidiary, Commodity Pricing and Analysis Limited (CPAL), in Dubai to enhance its global business expansion and provide better services in the commodities market [1] Group 1: Company Expansion - CPAL will primarily operate pricing management services for the commodities market and provide independent quotes and market analysis for the metals market [1] - The establishment of CPAL is seen as a significant milestone for HKEX in its strategy to expand its global footprint, particularly in the Middle East [1] Group 2: Market Development - CPAL will manage the pricing process for the sustainable metal premium initiative announced by the London Metal Exchange (LME) in April [1] - The LME has announced a pricing plan for its recognized brands to promote sustainable metal premiums, with CPAL responsible for overseeing this pricing process [1]

Group 1 - Hong Kong Stock Exchange announced the introduction of weekly stock option contracts starting from November 10, 2025, to complement existing monthly contracts [1] - The new weekly options are designed to provide investors with more flexibility and effective short-term risk management tools [1] Group 2 - The five stocks for which weekly options will be available include: - China National Offshore Oil Corporation (Stock Code: 883) with a contract trading unit of 1,000 shares [2] - China Mobile Limited (Stock Code: 941) with a contract trading unit of 500 shares [2] - Semiconductor Manufacturing International Corporation (Stock Code: 981) with a contract trading unit of 2,500 shares [2] - AIA Group Limited (Stock Code: 1299) with a contract trading unit of 1,000 shares [2] - Xiaomi Group-W (Stock Code: 1810) with a contract trading unit of 1,000 shares [2]

Core Viewpoint - The Hong Kong government is actively working to enhance its capital markets by attracting more overseas issuers and facilitating the return of mainland companies to the Hong Kong stock exchange, while ensuring the robustness and quality of the regulatory framework [1] Group 1: Market Performance - In the first nine months of this year, the average daily trading volume of Hong Kong stocks increased by 126% year-on-year [1] - Approximately 69 new stocks have been listed in the first nine months [1] Group 2: Regulatory Developments - The government is collaborating with the Hong Kong Stock Exchange and the Securities and Futures Commission to improve the main board listing mechanism [1] - There is an ongoing review of the specific requirements for secondary and dual listings to optimize them in line with market developments [1] - The government is considering further adjustments to the "same share, different rights" structure, including potential enhancements to market capitalization and innovation industry regulations [1] Group 3: Public Holding Requirements - The current public holding requirement for listed companies is at least 25%, which is essential for price discovery and maintaining market depth [1] - Large companies seeking to list in Hong Kong may obtain exemptions based on their offering size and past approval practices, although there is no explicit market capitalization threshold [1]

Group 1 - Hong Kong Exchanges and Clearing Limited announced the launch of stock options for Pop Mart International Group Limited on October 13, 2025 [1] - The derivatives market in Hong Kong has seen significant activity, with an average daily trading volume of 1.66 million contracts in the first eight months of the year, representing a 13% increase year-on-year [2] - Stock options have become one of the most popular product categories in the derivatives market, with an average daily trading volume of 836,627 contracts, marking a 29% year-on-year increase [2]

Group 1 - The current global financial landscape is undergoing a transformation driven by technology, particularly artificial intelligence and blockchain, creating new opportunities for financial markets [1] - Hong Kong's financial market has shown remarkable performance this year, with IPO fundraising totaling nearly HKD 150 billion, ranking first globally, and a significant increase in international long-term capital participation [1] - The Hang Seng Index has risen over 30% this year, with daily trading volumes reaching historical highs, averaging over HKD 250 billion [1] Group 2 - The active IPO market and influx of capital have positively impacted the A-share market, with H-shares listed in Hong Kong seeing an average daily trading volume increase of 28% and an average stock price rise of 15% since last September [1] - Hong Kong's unique value in connecting domestic and global capital is reflected in its ranking as the third global financial center, with a narrowing score gap with New York and London [2] - Hong Kong aims to solidify its financial market's advantages while diversifying into emerging sectors such as fixed income, currency markets, commodities, and digital assets [2] Group 3 - The fixed income and currency markets are crucial for risk management and investment, with the region's international bond issuance growing at an annual rate of 16%, significantly outpacing the global average of 4% [3] - Hong Kong has established itself as a leading international bond issuance hub in Asia, accounting for nearly 30% of the region's total issuance, with green and sustainable bonds making up about 45% [3] Group 4 - The development of the fixed income market aligns with Hong Kong's goal of enhancing its offshore RMB business, with the issuance of RMB-denominated "dim sum bonds" reaching CNY 1 trillion last year, doubling from 2021 [4] - Initiatives are underway to improve the offshore RMB ecosystem, including enhancing liquidity, product supply, and introducing risk management tools like offshore government bond futures [4][5] Group 5 - The implementation of these measures will help create a more effective offshore RMB yield curve, providing issuers with precise pricing benchmarks and better meeting global investors' demand for RMB assets [5]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has introduced a new interest rate swap contract based on the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" to meet the diverse needs of overseas investors [1][2][3] Group 1: New Financial Instruments - The introduction of LPR1Y-based interest rate swaps aims to enhance the risk management tools available to overseas investors, addressing previous concerns about the lack of liquidity and risk management options in Chinese government bonds [2][3] - On the launch day, 31 domestic and foreign institutions participated, executing 53 trades with a total nominal principal amount of RMB 6.46 billion [2] Group 2: Operational Stability - Since its launch on May 15, 2023, the "Swap Connect" has been operating smoothly, becoming an important channel for overseas institutions to manage RMB interest rate risks [4] - As of August 2025, 82 overseas financial institutions from 15 countries and regions have conducted over 15,000 RMB interest rate swap transactions, totaling approximately RMB 8.15 trillion in nominal principal [4] Group 3: Future Developments - HKEX plans to continue collaborating with regulatory bodies and market participants to enrich the "Swap Connect" product offerings and improve the risk management framework [4] - The maximum term for the existing CNY Non-Deliverable Interest Rate Swap (CNY NDIRS) contracts has been extended from 5.5 years to 11 years to better assist overseas investors in managing interest rate risks [4]