高盛发表报告，基于港交所9月及10月至今的成交量数据，调整2025至27年每股盈利预测，分别上调 0.8%、下调0.5%及上调0.1%，并引入2028年每股盈测为15.4港元。该行维持对其"买入"评级及目标价 544港元。 ...

Core Insights - Hong Kong's ETF market ranks third globally in liquidity, with an average daily trading volume of HKD 37.8 billion from the beginning of the year to September 30, surpassing South Korea [1] - The asset management scale of the Hong Kong ETP market has increased by 32% year-on-year to HKD 653 billion, with the number of ETPs rising by 16% to 225 [1] - Three main factors contributing to the increase in average daily trading volume of ETFs include improved market structure, enhanced connectivity, and continuous innovation [1][2] Market Structure Improvements - The Hong Kong Stock Exchange (HKEX) has implemented various measures to enhance market efficiency and promote liquidity, including the introduction of market makers for ETFs and leveraged and inverse products during pre-opening and closing auction trading sessions [1] Connectivity Enhancements - HKEX has increased its connectivity with the Middle East and some ASEAN markets, which remains crucial for the growth of the Hong Kong ETF market [2] Continuous Innovation - HKEX has introduced various new products to the ETF market, such as covered call option ETFs and recently launched single stock leveraged and inverse products, aiming to meet customer demands and bring suitable products to market [2] ETP Market Growth - As of October 16, HKEX has welcomed 41 new ETPs in 2025, exceeding the previous year's record for ETP issuances [2] - The average daily trading volume of income-generating ETFs has increased to over HKD 200 million, with an asset management scale of approximately HKD 23.4 billion [2] - Currently, there are 29 leveraged and inverse products with a total market value of about HKD 28 billion, accounting for 4.3% of the overall ETP market, and their average daily trading volume is HKD 3.6 billion, representing 9.5% of the entire ETP market [2]

Core Insights - The Shanghai Stock Exchange (SSE) aims to enhance the quality of listed companies and create a favorable environment for long-term capital inflow, aligning with national strategies and promoting high-quality development [1] Group 1: Stability in Listed Companies - SSE is focused on solidifying the long-term positive trajectory of listed companies through the "Three-Year Action Plan to Improve the Quality of Listed Companies," which aims to enhance operational conditions and strengthen collaboration with various departments [1][2] - In the first half of the year, the net profit of listed companies in Shanghai reached 2.39 trillion yuan, showing positive growth, with emerging industries like electronics and biomedicine experiencing a revenue growth rate of 7.5% [1] - Traditional consumer sectors such as food and beverage saw a revenue growth rate of 12%, contributing significantly to overall stability [1] Group 2: Governance and Value Enhancement - SSE is promoting standardized operations and governance among listed companies by revising listing rules and enhancing the protection of minority shareholders' rights [2] - Over 60% of listed companies in Shanghai are participating in a special initiative to improve quality and returns, with more than 400 companies announcing interim dividends totaling 555.2 billion yuan, a historical high [2][3] - Share buyback and increase plans from listed companies have exceeded 100 billion yuan this year, with 500 billion yuan already implemented [2] Group 3: Innovation and Transformation - SSE is supporting innovation-driven development by establishing the Sci-Tech Innovation Board and enhancing services for technological innovation and new productivity [2][3] - In the first half of the year, companies on the Sci-Tech Innovation Board invested 84.1 billion yuan in R&D, exceeding their net profits by 2.8 times, leading the A-share market in R&D investment [2] - Traditional industries like steel and machinery have seen net profit increases of 235% and 21%, respectively, driven by technological innovation [3] Group 4: Coordinated Development of Investment and Financing - SSE is focusing on diversifying products and improving the market ecosystem to support long-term capital inflow, with the ETF market growing from less than 1 trillion yuan in 2020 to over 4 trillion yuan currently [3][4] - The exchange has released 272 indices this year to provide a rich product support for long-term capital investment [4] - SSE has engaged with institutional investors over a hundred times this year to understand their needs better, enhancing the willingness and sustainability of long-term capital inflow [4]

Core Viewpoint - The Shanghai Stock Exchange (SSE) aims to enhance the quality of listed companies and create a favorable environment for long-term capital investment, driven by the rapid development of technologies such as artificial intelligence and biomedicine [1][2]. Group 1: Stability - SSE focuses on consolidating the long-term positive trend of listed companies through the "Three-Year Action Plan to Improve the Quality of Listed Companies," which aims to enhance operational conditions and strengthen collaboration with various departments [1][2]. - In the first half of the year, the net profit of listed companies in Shanghai reached 2.39 trillion yuan, showing positive growth, with emerging industries like electronics and biomedicine experiencing a revenue growth rate of 7.5% [1][2]. - Traditional consumer sectors such as food and beverage saw a revenue growth rate of 12%, contributing significantly to overall stability [1][2]. Group 2: Progress - SSE promotes innovation-driven development by leveraging major reforms like the establishment of the Sci-Tech Innovation Board, enhancing services for technological innovation and new productivity [2][3]. - In the first half of the year, companies on the Sci-Tech Innovation Board invested 84.1 billion yuan in R&D, exceeding 2.8 times their net profits, indicating a strong commitment to innovation [2][3]. - Traditional industries such as steel and machinery have seen net profit increases of 235% and 21%, respectively, driven by technological innovation [3]. Group 3: Investment and Financing Coordination - SSE is focused on diversifying products and improving the market ecosystem to support long-term capital inflow, enhancing the investment landscape [3][4]. - The ETF market has grown significantly, with the scale increasing from less than 1 trillion yuan in 2020 to over 4 trillion yuan currently, reflecting a rise in institutional investor participation [3][4]. - SSE has released 272 indices this year to provide a rich product support for long-term capital investment, aiming to create a comprehensive ecosystem for index-based investments [4].

Group 1 - The Hong Kong Stock Exchange (HKEX) currently has approximately 280 companies that have submitted A1 listing applications, with about half being technology companies and around 30 being chip-related companies [1] - In recent years, there has been a significant increase in hardware and hard technology companies listing in Hong Kong, compared to earlier years when most were software companies [4] - In 2023, HKEX introduced Chapter 18C to support specialized technology companies in sectors such as semiconductors, robotics and automation, and artificial intelligence to list in Hong Kong [4] Group 2 - In May 2023, the Hong Kong Securities and Futures Commission and HKEX jointly launched the "Tech Company Fast Track," establishing a dedicated team to provide listing guidance for specialized technology companies under Chapter 18C, allowing them to submit materials confidentially [5] - The dedicated consultation service channel enables quality chip companies to seek expert advice before listing [5] - HKEX will regularly update the themes covered under Chapter 18C based on the latest technological trends [5]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is set to launch the Hang Seng Biotechnology Index Futures on November 28, 2025, aiming to enhance its derivatives product ecosystem and provide investors with effective risk management tools in the rapidly growing biotechnology sector [1][1]. Group 1: Product Launch - The new futures contract will be based on the Hang Seng Biotechnology Index, focusing on one of the fastest-growing and most dynamic sectors [1]. - The launch is contingent upon regulatory approval, indicating a structured approach to introducing new financial products [1]. Group 2: Market Context - The biotechnology industry is currently one of the hottest sectors in the capital markets, driven by technological innovation and significant global healthcare demand [1]. - Since the introduction of the listing regime reform in 2018, the biotechnology and healthcare sectors have become the fastest-growing industries on the Hong Kong capital market, with over 260 biotechnology and healthcare companies listed, totaling a market capitalization of over HKD 4.8 trillion, which is four times the approximately HKD 1.2 trillion at the end of 2018 [1][1].

香港本地股方面，长实集团跌2.13%，收报36.78港元；新鸿基地产跌1.45%，收报95.35港元；恒基 地产涨0.22%，收报27.46港元。 中资金融股方面，中国银行涨0.48%，收报4.2港元；建设银行涨2.32%，收报7.49港元；工商银行 涨1.77%，收报5.76港元；中国平安涨1.05%，收报53港元；中国人寿涨1.58%，收报21.92港元。 石油石化股方面，中国石油化工股份跌1.46%，收报4.04港元；中国石油股份跌1.23%，收报7.21港 元；中国海洋石油跌1.11%，收报18.63港元。 责任编辑：袁浩 新华社香港10月14日电 香港恒生指数14日跌448.13点，跌幅1.73%，收报25441.35点。全日主板成 交3989.1亿港元。 国企指数跌143.38点，收报9079.16点，跌幅1.55%。恒生科技指数跌222.25点，收报5923.26点，跌 幅3.62%。 蓝筹股方面，腾讯控股跌2.82%，收报621港元；香港交易所跌2.96%，收报420港元；中国移动跌 0.24%，收报84.7港元；汇丰控股跌0.68%，收报101.9港元。 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) shares have dropped over 3%, currently trading at HKD 419.8, with a trading volume of HKD 4.454 billion, amid escalating trade tensions impacting market sentiment [1] Market Sentiment and Trading Environment - The recent escalation in trade tensions has led to a decline in investor risk appetite, resulting in a valuation correction for Hong Kong stocks [1] - Huatai Securities indicates that the key to short-term trading direction lies in whether market sentiment has reached an extreme point, suggesting there is still room for further release in market sentiment indicators [1] - The evolution of trade friction issues is expected to have significant variance over the next one to two weeks, indicating that high volatility may persist [1] Upcoming Earnings and Forecasts - HKEX is set to announce its third-quarter results on November 5, with UBS predicting a year-on-year revenue and net profit growth of 43% and 53%, respectively, reaching HKD 7.7 billion and HKD 4.8 billion, marking new highs [1] - UBS's forecasts exceed general market expectations by 8% and 11% [1] - Given the current market atmosphere and increased participation from southbound capital, UBS has raised its average daily trading volume forecast for HKEX from 9% to 16% for 2025 to 2027, and adjusted its earnings per share forecast upward by 7% to 12%, setting a target price of HKD 485 with a "neutral" rating [1]

智通财经APP获悉，港交所(00388)再跌超3%，截至发稿，跌3%，报419.8港元，成交额44.54亿港元。 消息面上，上周五贸易战升级态势超出市场，投资者风险偏好下降带动港股估值回调。华泰证券表示， 短期操作方向判断的关键在于市场情绪是否已经较为极致，从资金面和港股情绪指标看还有进一步释放 空间，贸易摩擦问题未来一两周演进路径方差较大，高波动行情或仍将持续。 值得注意的是，港交所将于11月5日公布第三季度业绩。瑞银预测季度收入及纯利将同比增长43%及 53%，达到77亿及48亿元，再创新高。该行预测较市场普遍预期高出8%及11%。考虑到市场气氛情况及 南下资金参与度上升，瑞银将港交所2025至2027年日均成交额预测上调9%至16%，并将港交所每股盈 利预测上调7%至12%，目标价485港元，评级"中性"。 ...

Core Viewpoint - Hong Kong Stock Exchange plans to launch the Hang Seng Biotechnology Index Futures, set to begin trading on November 28, 2025, providing investors with precise risk management tools in the rapidly growing biotechnology 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 industry and provide effective hedging tools [1] Group 2: Market Context - The biotechnology sector is currently one of the hottest industries in the capital markets, driven by technological innovation and significant global healthcare demand [1] - Since the listing reform in 2018, biotechnology and healthcare have become one of the fastest-growing sectors in the Hong Kong capital market, with over 260 biotechnology and healthcare companies listed, totaling a market capitalization of over HKD 4.8 trillion, which is four times the approximately HKD 1.2 trillion at the end of 2018 [1] Group 3: Strategic Goals - The launch of the Hang Seng Biotechnology Index Futures is expected to further solidify Hong Kong's position as a leading center for derivative trading and risk management in Asia [1] - The Hong Kong Stock Exchange will continue to promote market development, increase market depth, and diversify product offerings to meet the evolving needs of global investors [1]