Core Insights - The Hong Kong ETP market is experiencing significant growth, projected to be a breakthrough year in 2025, with a year-on-year asset management increase of 34.1%, reaching HKD 653.5 billion [2][3] Group 1: Market Performance - As of September 2025, the average daily trading volume in the Hong Kong ETP market reached HKD 37.8 billion, a 146% increase year-on-year, making it the third-largest ETP market globally, surpassing South Korea and Japan [2][3] - The turnover rate in the Hong Kong ETP market is leading globally, with a liquidity ratio of 14.7 as of 2025, up from 10.2 in 2024 and 9.0 in 2023 [3] Group 2: Product Innovation - The introduction of individual stock leveraged and inverse products in March 2025 has catered to retail investor needs, providing strategic investment tools for trading international equities during Asian hours [3] - The popularity of covered call option ETFs has increased since their launch in February 2024, appealing to investors seeking high-yield products in an unstable macro environment [4] Group 3: Cross-Border Trading - The average daily trading volume for ETFs through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached HKD 4.2 billion and HKD 3.2 billion respectively, with significant year-on-year increases of 128% and 142% [5] - The anticipated inclusion of more ETFs in the Stock Connect program in November 2025 is expected to further enhance cross-border trading activity [5] Group 4: Sector Focus - In the first three quarters of 2025, 14 technology-themed ETFs were launched in Hong Kong, with a total asset management size of HKD 120.1 billion, reflecting a 102% year-on-year increase [5] - The biotechnology sector has also seen growth, with three biotechnology-themed ETFs launched this year, totaling HKD 3.4 billion in assets, a 123% increase from September 2024 [5] Group 5: Active ETFs - The inflow of funds into active ETFs in Hong Kong reached USD 183 billion in the first half of 2025, driven by strong market rebounds and robust company earnings [6] - Asset management firms are accelerating the launch of more active products to meet investor demand for results-oriented and yield-focused strategies [6]

Core Insights - The Hong Kong IPO market is increasingly attracting international investors, with a notable participation from various institutional investors this year [1] Group 1 - The 2025 Hong Kong Stock Exchange China Opportunities Forum was held on October 22 in Shanghai [1] - The CEO of Hong Kong Exchanges and Clearing, Charles Li, highlighted the growing activity of international investors in the Hong Kong IPO market [1] - Long-term funds and sovereign wealth funds are particularly gaining attention among international investors [1]

Group 1 - The core viewpoint of the article highlights the increasing activity of international investors in the Hong Kong IPO market, with a particular focus on long-term funds and sovereign wealth funds [1] - The recent IPO projects in Hong Kong have attracted major institutional shareholders from globally recognized investment institutions, indicating a strong confidence in China's technological innovation [1] - The Hong Kong Stock Exchange has reported impressive results for the first half of the year, with new stock financing amounting to HKD 109.4 billion, reclaiming the top position among global exchanges [1] Group 2 - The average daily trading volume in the securities market reached HKD 240.2 billion, representing a year-on-year increase of 118% [1] - The trading volumes in the spot market, derivatives market, and the Shanghai-Hong Kong Stock Connect all achieved record highs for the half-year period [1] - Over 300 companies are currently queued for listing, reflecting the strength of the Chinese economy and the resilience of Hong Kong's market [1]

Core Viewpoint - The report from CICC indicates that Hong Kong Exchanges and Clearing Limited (HKEX) is expected to announce a 49% year-on-year increase in third-quarter profit, reaching HKD 4.68 billion, and a 5% quarter-on-quarter increase [1] Financial Performance - Third-quarter revenue is projected to grow by 40% year-on-year and 4% quarter-on-quarter to HKD 7.53 billion [1] - Excluding investment income, the main fee income is expected to rise by 57% year-on-year and 18% quarter-on-quarter to HKD 6.51 billion [1] - For the first three quarters, total revenue and profit are anticipated to increase by 35% and 42% year-on-year, reaching HKD 21.61 billion and HKD 13.2 billion, respectively [1] Market Activity - Since October, the average daily trading volume in the Hong Kong stock market has reached HKD 288 billion, with increased market speculation driving high trading activity [1] - The high volatility environment is expected to support the popularity of derivatives trading, reinforcing the profit fundamentals of HKEX [1] Future Outlook - CICC's strategy team predicts a faster pace of interest rate cuts by the Federal Reserve in the fourth quarter, which may support liquidity in the Hong Kong stock market [1] - Given the active market trading volume, CICC has raised its profit forecast for HKEX in 2025 by 3% to HKD 17.1 billion, while maintaining the 2026 forecast largely unchanged [1] - The firm maintains an "outperform" rating for HKEX with a target price of HKD 500 [1]

Core Insights - The Hong Kong ETP market is projected to experience strong growth in 2025, becoming the third-largest market globally in terms of ETP trading volume [1] Market Performance - As of September 2025, the average daily trading volume of the Hong Kong ETP market reached HKD 37.8 billion, representing a year-on-year increase of 146% [1] - The market has surpassed South Korea and Japan in ETP trading volume [1] Sector Contributions - The surge in the ETP market is primarily driven by the popularity of technology-themed exchange-traded funds (ETFs), particularly the flagship Hang Seng Tech Index ETP [1] - The number of technology-themed ETFs listed in Hong Kong reached 14 in the first three quarters of 2025, with a total asset management scale of HKD 120.1 billion, marking a year-on-year increase of 102% [1] Biotechnology Sector - In the biotechnology sector, three biotechnology-themed ETFs were listed year-to-date, with a total asset management scale of HKD 3.4 billion, reflecting a growth of 123% compared to September 2024 [1]

Core Insights - Hong Kong has become the third largest ETP market globally, surpassing South Korea and Japan, with a total asset management scale of HKD 653.5 billion, reflecting a year-on-year growth of 34.1% [1][2] - The average daily trading volume of ETPs reached HKD 37.8 billion by the end of September, marking a significant increase of 146% year-on-year, driven primarily by the popularity of technology-focused ETFs and cross-border trading through the Stock Connect programs [1][2] Group 1 - The ETP market in Hong Kong is experiencing explosive growth, with technology-related ETFs, particularly the flagship Hang Seng Tech Index ETP, significantly contributing to overall market expansion [1] - The average daily trading volume of ETFs through the Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion respectively, with a record high of HKD 9.1 billion in August [2] - A total of 290 eligible ETFs are available for trading through the Stock Connect, with expectations for more ETFs to be included in November, indicating a sustained increase in cross-border ETF trading activity [2]

Core Insights - The Hong Kong ETP market is projected to experience strong growth by 2025, becoming the third-largest market globally as of September 2023, surpassing South Korea and Japan [1][2] Group 1: Market Performance - As of September 2023, the trading volume of ETPs in Hong Kong has significantly increased, driven by the popularity of technology-related ETFs, particularly the flagship Hang Seng Tech Index ETP [1] - The average daily trading volume of ETFs through Stock Connect programs reached HKD 4.2 billion and RMB 3.2 billion, representing year-on-year increases of 128% and 142%, respectively [1] Group 2: Trends and Innovations - Six key trends are identified for the Hong Kong ETP market: leading turnover rates globally, product innovation catering to retail investor needs, growth driven by cross-border connectivity, increasing interest in technology and biotech products, deepening global connectivity, and the rise of actively managed ETFs [1] - In the first three quarters of 2025, 14 technology-themed ETFs were launched in Hong Kong, with total assets under management reaching HKD 120.1 billion, a year-on-year increase of 102% [2] Group 3: Cash Flow and Investment - The average daily trading volume for the year-to-date reached HKD 7.4 billion, reflecting a year-on-year increase of 247%, with a total net cash inflow of HKD 29.1 billion [2]

Core Viewpoint - The CEO of Hong Kong Stock Exchange, Charles Li, highlighted the significant recovery of Hong Kong's financial market since his appointment two years ago, overcoming challenges such as low daily trading volumes and a sluggish IPO market [2] Group 1: Market Recovery - When Charles Li took office, the average daily trading volume was less than 100 billion HKD, and the IPO market was weak, presenting considerable challenges [2] - Currently, over 300 companies are queued for listing, indicating a strong Chinese economy and the resilience of Hong Kong's market [2] Group 2: Investment Trends - Global investment has recently concentrated on the US market, particularly on the "Magnificent 7" tech giants, but geopolitical tensions are prompting investors to diversify their portfolios [2] - Hong Kong is positioned to capture these investment opportunities by offering more efficient products to facilitate access to its market [2]

Core Viewpoint - CICC has raised its profit forecast for Hong Kong Exchanges and Clearing (HKEX) for 2025 by 3% to HKD 17.1 billion, while maintaining the 2026 forecast largely unchanged. The current trading multiples are at 31x for both 2025 and 2026 P/E, with a target price of HKD 500, indicating an 18% upside potential [1]. Group 1 - The forecast for Q3 2025 indicates a year-on-year profit increase of 49% and a quarter-on-quarter increase of 5% [2]. - CICC expects Q3 revenue to rise by 40% year-on-year and 4% quarter-on-quarter to HKD 75.3 billion, with core fee income projected to increase by 57% year-on-year and 18% quarter-on-quarter to HKD 65.1 billion [2]. - CICC anticipates total revenue and profit for the first three quarters of 2025 to increase by 35% and 42% year-on-year, reaching HKD 216.1 billion and HKD 132.0 billion, respectively [2]. Group 2 - Trading activity remains robust, with Q3 average daily turnover (ADT) expected to rise by 141% year-on-year and 20% quarter-on-quarter to HKD 286.4 billion [2]. - Southbound ADT is projected to increase by 285% year-on-year and 36% quarter-on-quarter to HKD 152.5 billion, accounting for 26.6% of Hong Kong stocks [2]. - The number of IPOs in Q3 is expected to reach 25, raising HKD 73.5 billion, which is a 74% year-on-year increase but a 19% quarter-on-quarter decrease [2]. Group 3 - Investment income is expected to decline by 18% year-on-year and 36% quarter-on-quarter to HKD 9.9 billion in Q3 2025 [3]. - The narrowing of margin interest spreads is anticipated due to a decline in long-term yields and a rise in short-term borrowing costs, which may negatively impact investment income [3]. - Market volatility is expected to decrease, leading to a reduction in margin requirements for derivatives trading, further affecting investment income performance [3]. Group 4 - The fundamental outlook for HKEX remains strong, with high trading activity supported by a favorable liquidity environment for foreign capital [4]. - The average daily turnover for Hong Kong stocks reached HKD 288 billion in October, indicating sustained high trading activity [4]. - CICC suggests that the anticipated easing of monetary policy by the Federal Reserve could support liquidity in the Hong Kong market, presenting potential investment opportunities [4].

智通财经APP获悉，中金发布研报称，考虑市场成交活跃度提振，上调香港交易所(00388)25e盈利预测 3%至171亿港币、维持26e预测基本不变。公司当前交易于31x/31x 25e/26e P/E，维持跑赢行业及目标价 500港币不变(37x/37x 25e/26e P/E及18%上行空间)。 中金主要观点如下： 预测3Q25盈利同比+49%/环比+5% 1)现货：3Q ADT同比+141%/环比+20%至2,864亿港币，其中南下ADT同比+285%/环比+36%至1,525亿 港币、占港股26.6%，北上ADT同比+144%/环比+77%至2,687亿元、占A股7.1%;2)衍生品：衍生品ADV 整体同比+12%/环比+7%至165万张，其中股指ADV同比-7%/环比-6%至72.9万张，个股期权ADV同比 +33%/环比+19%至92.0万张;3)商品：LME ADV同比+3%/环比-9%至70.5万张;4)上市：3Q完成IPO 25 家、融资额735亿港币(同比+74%/环比-19%)。 港交所计划于11月5日披露3Q25业绩：该行预计3Q收入同比+40%/环比+4%至75.3亿港币，剔除投资收 ...