Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched the HKEX Technology 100 Index, marking a significant milestone in its index and data business development, aimed at enhancing the capital market ecosystem in the region [1][2] Group 1: Index Overview - The HKEX Technology 100 is a broad-based stock index that tracks the performance of the 100 largest technology companies listed on the Hong Kong Stock Exchange [1] - The index covers six major innovative themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1] - All constituent stocks of the index are eligible for the Stock Connect program, catering to the investment needs of both international and mainland Chinese investors [1] Group 2: Strategic Partnerships and Features - HKEX has signed an agreement with E Fund Management Co., Ltd. to launch an exchange-traded fund (ETF) in mainland China that tracks the HKEX Technology 100 Index [1] - The index features a rapid inclusion mechanism, allowing newly listed companies that meet specific criteria to be added to the index outside the regular review cycle after qualifying for Stock Connect trading [2]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has launched the HKEX Technology 100 Index, marking its first Hong Kong stock index and expanding its index business while promoting the development of the regional capital market ecosystem [1][2] Group 1: Index Launch and Features - The HKEX Technology 100 Index tracks the performance of the 100 largest technology companies listed on the Hong Kong Stock Exchange, covering six major innovative themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1] - All constituent stocks of the index are eligible for Hong Kong Stock Connect, catering to the investment needs of both international and mainland Chinese investors [1] Group 2: Strategic Partnerships - HKEX has signed an agreement with E Fund Management Co., Ltd. to authorize the launch of an exchange-traded fund (ETF) in mainland China that tracks the HKEX Technology 100 Index, aiming to meet the strong demand from mainland investors for technology investment opportunities in the Hong Kong market [2] - E Fund's Chairwoman expressed excitement about developing the ETF product, emphasizing the index's role in representing significant Hong Kong-listed technology enterprises and its potential to empower the real economy and support the cultivation of emerging industries [2] Group 3: Future Developments - The HKEX Technology 100 Index includes a fast-track mechanism for new listings that meet specific criteria, allowing them to be added to the index outside the regular review cycle [1] - HKEX plans to continue expanding its index business and strengthen collaborations with industry partners to launch more index-related products in the future [2]

12月9日，香港交易及结算所有限公司(香港交易所,00388)宣布推出香港交易所科技100指数(港交所科技 100)。港交所科技100是集团推出的首只港股指数，进一步拓展其指数业务，并继续推动区内资本市场 生态圈的发展。香港交易所今天还同时宣布，已与中国内地资产管理公司易方达基金管理有限公司(易 方达基金)签订协议，授权其在中国内地推出追踪港交所科技100的交易所买卖基金(ETF)。 港交所科技100是一个宽基股票指数，追踪100家在香港交易所上市的市值最大的科技公司的表现。这些 公司的行业涵盖六大创新主题，分别为：人工智能、生物科技及制药、电动汽车及智能驾驶、信息科 技、互联网和机器人。指数的成分股皆为港股通合资格股票，以满足国际和中国内地投资者的投资需 求。 根据授权协议，易方达基金计划在中国内地推出追踪港交所科技100的ETF，具体安排将取决于监管批 准及发行人的进一步公告。展望未来，香港交易所将继续拓展指数业务，并加强与业界伙伴合作，共同 推出更多指数相关的产品。 香港交易所集团政总裁陈翊庭表示："我们很高兴能推出香港交易所科技100指数，这是集团指数及数据 业务发展的一个重要里程碑。这只宽基指数涵盖 ...

Core Insights - The Hong Kong Stock Exchange (HKEX) is actively enhancing its product ecosystem to attract global investors and increase market liquidity, with a focus on innovative enterprises and diverse investment opportunities [1][3][4]. Group 1: Market Development - HKEX is experiencing a vibrant new stock activity, with expectations to become the leading market for new stock fundraising globally by 2025 [3]. - The exchange is witnessing strong growth in derivative product trading, particularly in the Hang Seng Tech Index options and leveraged products, indicating a robust demand for new investment products [3][4]. - The number of biotechnology and healthcare companies listed in Hong Kong has increased significantly, with over 260 companies and a total market capitalization exceeding HKD 4.8 trillion, reflecting the sector's attractiveness to global investors [4]. Group 2: New Product Launches - The introduction of the Hang Seng Biotechnology Index futures aims to meet the hedging needs of institutional and individual investors interested in the biotechnology sector [4]. - Weekly stock options have seen substantial growth, with over 22 million contracts traded in the first year, enhancing overall trading activity in the derivatives market [5]. - The launch of stock options for popular companies, such as Pop Mart, demonstrates HKEX's strategy to cater to diverse investor preferences and enhance market participation [6]. Group 3: Retail Investor Engagement - The increasing number of retail investors is significantly boosting overall market liquidity, prompting HKEX to develop suitable products to meet their needs [7]. - Successful products like weekly stock options and traditional retail-focused products such as warrants and structured products are attracting a growing number of retail investors [7]. Group 4: Future Initiatives - HKEX is focused on innovation and optimizing its market infrastructure to better serve issuers and investors, including potential reforms to trading units and market benchmarks [8]. - The exchange is exploring opportunities for collaboration with other exchanges in Southeast Asia and the Middle East to enhance liquidity and attract more global investors [8]. Group 5: Data Utilization - HKEX aims to leverage operational data to develop new benchmark indices, indicating a commitment to enhancing investment tools for market participants [9].

华西证券发布研报称，首次覆盖给予香港交易所(00388)"增持"评级，港交所业绩有望受益于中国内地 资金对港股配置需求的深化，国际资本对港股科技资产关注度的回升，以及中国内地行业龙头企业赴港 上市进程显著提速。 ...

华西证券发布研报称，首次覆盖给予香港交易所(00388)"增持"评级，港交所业绩有望受益于中国内地 资金对港股配置需求的深化，国际资本对港股科技资产关注度的回升，以及中国内地行业龙头企业赴港 上市进程显著提速。 华西证券主要观点如下： 港交所通过旗下4家交易所(联交所、期交所、伦敦金属交易所LME、前海联合交易中心QME)和5家结算 公司，构建了覆盖交易、清算、结算、存管及数据服务的纵向一体化业务链条。2025年前三季度，现货 分部收入占比达50.8%，衍生品分部占比24.2%，商品分部占比10.4%，数据及连接分部占比7.6%。这种 垂直整合模式显著提升了运营效率与成本管控能力(2025年前三季度EBITDA利润率达79%)，同时通过 多元化的产品布局(涵盖股票、衍生品、商品、ETF、货币等)降低了单一市场波动对业绩的影响。完善 的生态体系使港交所能够持续受益于市场交投活跃度提升与产品创新红利，形成难以复制的竞争壁垒。 风险提示 市场活跃度不及预期;IPO节奏不及预期;政策风险 MACD金叉信号形成，这些股涨势不错！ 南向交易日均成交额占中国香港现货市场整体成交额的比重呈现持续上升趋势，从2019年的12% ...

Investment Rating - The report assigns an "Accumulate" rating to the company [4]. Core Insights - The company achieved record high performance in the first three quarters of 2025, with revenue and other income reaching HKD 21.851 billion, a year-on-year increase of 36.63%, and net profit attributable to shareholders reaching HKD 13.419 billion, up 44.8% year-on-year [1][15][24]. Summary by Sections 1. Revenue and Profit Growth - In Q3 2025, the company reported a revenue of HKD 7.775 billion, representing a year-on-year growth of 44.73%, and a net profit of HKD 4.9 billion, marking a historical high with a year-on-year increase of 55.80% [1][15]. - The growth in revenue is primarily driven by increased trading activity, with trading fees and settlement fees contributing significantly to the revenue increase [16][55]. 2. Market Dynamics - The proportion of southbound trading has been steadily increasing, accounting for 53% of the overall trading volume in the Hong Kong stock market by Q3 2025, up from 12% in 2019 [2]. - The average daily trading amount (ADT) for the Hong Kong stock market increased by 126% year-on-year to HKD 256.4 billion, with the southbound trading ADT growing by 229% to HKD 125.9 billion [16]. 3. IPO Activity - The acceleration of A-share companies listing in Hong Kong is expected to enhance the revenue elasticity of the Hong Kong Stock Exchange, with over 170 A-share companies planning to list in Hong Kong by November 2025 [3][64]. - The IPO market in Hong Kong is projected to raise HKD 280 billion (approximately USD 36 billion) in 2025, marking a 137% increase from 2024 [65]. 4. Business Model and Competitive Advantage - The company operates a vertically integrated business model with multiple exchanges and clearing companies, enhancing operational efficiency and cost control [4][42]. - The diversified product offerings, including stocks, derivatives, commodities, and data services, create a robust ecosystem that mitigates the impact of market volatility on performance [7][50]. 5. Financial Projections - Revenue projections for 2025-2027 are estimated at HKD 24.81 billion, HKD 26.97 billion, and HKD 28.95 billion, respectively, with net profits expected to be HKD 14.50 billion, HKD 15.95 billion, and HKD 17.55 billion [8][10].

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) is actively engaging with listed companies to enhance their development and address challenges, establishing a regular communication mechanism to support high-quality growth in the capital market [2][4]. Group 1: Engagement and Support Initiatives - SZSE has conducted over 500 visits to listed companies, with a coverage rate of 30% in regions such as Guangdong, Shenzhen, Zhejiang, Jiangsu, Beijing, and Shanghai [2]. - The exchange has implemented a specialized work plan for these visits, focusing on understanding the real situations, listening to demands, and solving problems faced by companies [2][3]. - Companies have reported improved communication channels with regulatory bodies, which aids in understanding policy directions and enhances internal management [2]. Group 2: Problem-Solving and Feedback Mechanism - SZSE has addressed over 400 requests and suggestions from companies, covering areas such as information disclosure, mergers and acquisitions, refinancing, and training [3]. - The exchange emphasizes a feedback loop through on-site responses, written replies, and follow-up visits to ensure every request is addressed [3]. Group 3: Focus on Innovation and Competitiveness - The current outreach activities are problem-oriented, aiming to support companies in innovation and enhancing their international competitiveness [4]. - SZSE collaborates with local regulatory bodies and government departments to create a multi-level communication platform for collecting and reflecting company demands [4]. - Future initiatives will continue to promote the implementation of policies that encourage companies to leverage capital market tools for innovation and transformation [4].

深交所将服务新质生产力培育作为重要落脚点。 在走访过程中，深交所积极联动地方证监局、地方政府相关部门等多方力量，搭建起多层次、跨领域的 沟通交流平台，不仅高效归集企业诉求，还积极建言献策，推动形成政策协同合力，为激发企业创新活 力、释放市场发展潜能营造了良好环境。 记者获悉，深交所将结合贯彻党的二十届四中全会精神，继续常态化走访上市公司，持续推动新"国九 条"、资本市场"1+N"政策体系以及更多务实举措落地见效，支持鼓励上市公司用好资本市场工具，加 大创新力度，更好转型升级，持续提升上市公司质量和内在价值。 "这次走访让我们和监管部门的沟通更直接、更高效。"多家受访上市公司负责人表示，走访不仅为企业 搭建起与监管机构的常态化沟通渠道，助力企业及时精准把握政策导向、优化内部治理体系，也让监管 部门得以零距离掌握企业真实运营状况，为提升上市公司治理水平、维护资本市场健康生态筑牢根基。 一家运输行业上市公司负责人表示，针对企业在优化资本结构、拓展海内外业务、提升服务能级等方面 遇到的问题，深交所了解相关诉求后，研究提出具体举措，通过强化日常沟通、细化规则解读、培训交 流等方式做好支持服务，为企业应对风险挑战、实现稳 ...

Market Overview - The total market capitalization of the Hong Kong Stock Exchange reached HKD 48.0 trillion by the end of November 2025, a 41% increase from HKD 34.0 trillion in the same period last year [1] - The average daily trading amount in November 2025 was HKD 230.7 billion, up 43% from HKD 161.5 billion in November 2024 [1] - For the first eleven months of 2025, the average daily trading amount was HKD 255.8 billion, a significant increase of 95% compared to HKD 130.9 billion in the same period last year [1] Derivative Products - The average daily trading amount for warrants in the first eleven months of 2025 was HKD 8.0 billion, a 54% increase from HKD 5.2 billion in the previous year [2] - The average daily trading amount for bull and bear certificates was HKD 10.6 billion, up 58% from HKD 6.7 billion year-on-year [2] - The average daily trading amount for exchange-traded funds (ETFs) was HKD 34.1 billion, representing a 116% increase from HKD 15.8 billion in the same period last year [2] - The average daily trading amount for leveraged and inverse products was HKD 3.5 billion, a 21% increase from HKD 2.9 billion year-on-year [2] IPO and Fundraising - There were 93 new listings in the first eleven months of 2025, a 52% increase from 61 new listings in the same period last year [2] - The total amount raised through initial public offerings (IPOs) was HKD 259.4 billion, a remarkable increase of 228% compared to HKD 79.1 billion in the previous year [2] - The total fundraising amount for the first eleven months of 2025 reached HKD 575.0 billion, a 240% increase from HKD 169.0 billion year-on-year [3] Futures and Options Market - The average daily trading volume for futures and options in the first eleven months of 2025 was 1,692,878 contracts, an 8% increase from 1,571,189 contracts in the same period last year [4] - The average daily trading volume for stock options was 895,548 contracts, up 23% from 728,430 contracts year-on-year [5] - The average daily trading volume for Renminbi currency futures was 106,121 contracts, a 15% increase from 92,280 contracts in the previous year [5] - On November 25, 2025, the trading volume for Hang Seng Tech Index futures options reached a historical high of 80,803 contracts [5]