香港本地股方面，长实集团涨0.05%，收报39.66港元；新鸿基地产跌0.31%，收报97.8港元；恒基 地产跌0.13%，收报29.72港元。 中资金融股方面，中国银行涨0.64%，收报4.75港元；建设银行涨0.12%，收报8.22港元；工商银行 涨0.15%，收报6.5港元；中国平安涨1.77%，收报57.55港元；中国人寿涨2.22%，收报26.7港元。 石油石化股方面，中国石油化工股份无升跌，收报4.41港元；中国石油股份涨0.58%，收报8.69港 元；中国海洋石油涨0.09%，收报21.24港元。 新华社香港11月25日电 香港恒生指数25日涨178.05点，涨幅0.69%，收报25894.55点。全日主板成 交2311.49亿港元。 国企指数涨78.89点，收报9158.31点，涨幅0.87%。恒生科技指数涨66.47点，收报5612.03点，涨幅 1.2%。 蓝筹股方面，腾讯控股涨0.08%，收报625港元；香港交易所涨0.05%，收报415.4港元；中国移动跌 0.4%，收报87.25港元；汇丰控股跌0.47%，收报106.8港元。 ...

Core Viewpoint - The Hong Kong Independent Commission Against Corruption (ICAC) has charged a former assistant vice president of the Hong Kong Exchanges and Clearing Limited (HKEX) with corruption and bribery, involving the disclosure of confidential information related to listed companies [1][2] Group 1: Charges and Allegations - The accused, Tan Chok Yin, allegedly accepted bribes totaling HKD 150,000 from Zhou Zigang in exchange for disclosing sensitive information obtained from the HKEX email system [2] - Zhou Zigang and another individual, Deng Qingyu, are charged with obstructing justice during a criminal investigation into insider trading [2] Group 2: Investigation and Cooperation - The ICAC initiated the investigation following a corruption complaint referred by the Hong Kong Securities and Futures Commission (SFC), indicating potential insider trading [1] - The investigation revealed that Tan had unauthorized access to sensitive information, which is restricted to designated personnel for official duties only [1][2] Group 3: Response from HKEX - HKEX has stated that it adheres to the highest standards of integrity and professionalism, and is cooperating fully with the ICAC and SFC during the investigation [2] - The exchange is reviewing and strengthening its internal controls and processes to prevent similar incidents in the future [2]

Core Insights - The Singapore Exchange (SGX) and Nasdaq have announced a milestone collaboration to launch the "Global Listing Board," aimed at creating a cross-border dual listing framework connecting the US and Singapore capital markets [1][2] - The platform will allow companies to submit a single set of listing documents to achieve dual listing in both Singapore and the US, set to launch in mid-2026, targeting companies with a market capitalization of at least SGD 2 billion (approximately USD 1.5 billion) [1] - This initiative is expected to reduce friction, complexity, and costs associated with cross-border listings, facilitating easier access to global capital and liquidity for companies at various stages of development [1] Summary by Categories Collaboration and Framework - SGX and Nasdaq's partnership aims to create a new cross-border financing landscape through the Global Listing Board [1] - The platform will streamline the listing process by implementing unified document requirements and simplified review procedures [1] Benefits for Companies - Companies can achieve dual listing in both markets with a single application, saving 3-6 months in the listing process [2] - The initiative enhances investor structure by connecting North American institutional investors with high-net-worth individuals in Southeast Asia, improving stock liquidity and valuation stability [2] - It provides a mechanism for risk hedging, allowing companies to mitigate the impact of policy changes in a single market that could lead to significant stock price volatility [2]

Core Viewpoint - The Hong Kong Independent Commission Against Corruption (ICAC) has charged a former assistant vice president of the Hong Kong Stock Exchange (HKEX) with bribery and corruption, involving the disclosure of confidential information related to listed companies [1][2] Group 1: Charges and Allegations - The former assistant vice president, Tan Zhuoyan, is accused of accepting bribes totaling 150,000 HKD from Zhou Zigang in exchange for disclosing sensitive information obtained from the HKEX email system [2] - Zhou Zigang and another individual, Deng Qingyu, are charged with obstructing justice in relation to a criminal investigation into insider trading [1][2] - The ICAC's investigation was initiated following a referral from the Hong Kong Securities and Futures Commission regarding allegations of corruption linked to insider trading [1] Group 2: Investigation Details - The investigation revealed that Tan Zhuoyan had authorized access to HKEX emails containing sensitive information, which was only to be accessed by designated personnel for official duties [1] - Zhou Zigang is alleged to have instructed Deng Qingyu to conceal approximately 3.9 million HKD in cash, along with luxury watches and a mobile phone, to interfere with the investigation [2] - The ICAC is committed to maintaining the integrity of Hong Kong's financial markets and will take decisive action against any corruption or illegal activities that undermine market fairness [2]

Core Viewpoint - The Hong Kong stock market showed overall growth in October, with active trading on the Hong Kong Stock Exchange, indicating a potential continuation of performance growth [1] Group 1: Market Performance - In October, the Hang Seng Index and Hang Seng Tech increased by 29.1% and 32.2% respectively compared to the end of 2024 [1] - The monthly average daily turnover (ADT) for the Hong Kong Stock Exchange was HKD 274.9 billion, showing a month-on-month decrease of 13.2% but a year-on-year increase of 7.8% [1] - Northbound trading had a monthly ADT of HKD 300.8 billion, with a month-on-month decrease of 11.5% and a year-on-year increase of 2.1% [1] - Southbound trading recorded a monthly ADT of HKD 144.4 billion, with a month-on-month decrease of 8.5% but a year-on-year increase of 42.3% [1] Group 2: Derivatives Market - In October, the average daily volume (ADV) for futures was 694,000 contracts, reflecting a month-on-month increase of 3.4% but a year-on-year decrease of 26.7% [1] - The ADV for options was 1.144 million contracts, with a month-on-month decrease of 1.9% and a year-on-year decrease of 6.2% [1] - As of the end of October, the ADT for structured products was HKD 24.1 billion, with month-on-month and year-on-year increases of 9.0% and 21.7% respectively [1] Group 3: IPO and New Listings - In October, there were 12 new IPOs in the Hong Kong stock market, totaling HKD 28.5 billion, which represents a month-on-month decrease of 46% but a year-on-year increase of 97% [1] - The number of newly listed structured products included 1,157 derivative warrants and 3,116 bull/bear certificates, with year-on-year changes of +16% and -26% respectively [1] Group 4: Interest Rates and Economic Environment - As of the end of October, the 6-month HIBOR was 3.45%, with a month-on-month increase of 0.04 percentage points and a year-on-year decrease of 0.75 percentage points [1] - The 1-month HIBOR was 3.43%, with a month-on-month decrease of 0.11 percentage points and a year-on-year decrease of 0.81 percentage points [1] - The overnight HIBOR was 3.86%, with a month-on-month decrease of 1.16 percentage points and a year-on-year decrease of 0.84 percentage points [1] Group 5: Investment Outlook - As of the end of October, the company's PE ratio was 34.77x, positioned at the 39th percentile historically since 2016, indicating a certain level of investment value [3] - The company is expected to achieve revenues of HKD 30.4 billion, HKD 33.4 billion, and HKD 35.8 billion for the years 2025-2027, with corresponding net profits of HKD 17.6 billion, HKD 18.8 billion, and HKD 20.5 billion [3] - The projected PE ratios for 2025, 2026, and 2027 are 30.4x, 28.4x, and 26.1x respectively, suggesting a buy rating [3]

Core Viewpoint - The strategic partnership between Singapore Exchange (SGX) and Nasdaq aims to launch a "Global Listing Board" by mid-2026, facilitating cross-border listings and enhancing connectivity between US capital and Asian growth opportunities [1][3]. Group 1: Partnership Details - The collaboration focuses on regulatory standardization and process optimization to create a standardized cross-border listing solution [3]. - Companies can choose either Nasdaq or SGX as their primary listing venue, using a single prospectus to meet regulatory requirements in both jurisdictions [5]. - The new listing mechanism targets growth-oriented companies with a minimum market capitalization of SGD 2 billion (approximately USD 1.5 billion or CNY 10.9 billion) [5]. Group 2: Market Dynamics - The initiative addresses the challenges faced by SGX, including the outflow of quality listings and insufficient liquidity, as evidenced by local tech companies opting for US listings [7]. - In 2025, SGX's main board completed only 5 IPOs, while Hong Kong's stock market saw a significant increase in trading volume and IPO activity, highlighting the competitive landscape [7]. - The partnership aims to leverage SGX's position as an Asian hub to attract US capital and enhance local market liquidity, creating a "bridge" for companies targeting Southeast Asian markets [7]. Group 3: Benefits and Challenges - The new listing board is expected to reduce compliance costs for companies by 30%-50% through unified review and disclosure processes [5]. - Companies focusing on Southeast Asia may benefit from enhanced brand recognition and a regulatory environment aligned with international standards [5]. - However, companies must navigate the dual compliance requirements of maintaining standards in both markets, which could lead to increased operational burdens [5].

来源：睿见Economy 徐经纬回顾了互联互通机制11年来的发展，该机制已从股票扩展至债券、ETF及衍生产品，覆盖超4400 家中国内地相关股票，成为外资配置中国资产的主要渠道。 他特别提到，港交所过去十年IPO集资总额达3000亿美元，持续保持全球领先地位。未来，港交所将通 过特专科技上市机制（18C章）重点支持AI、芯片等硬科技企业，并依托CoreClimate平台推动低碳经济 与ESG发展，不断提升香港国际金融中心的活力与竞争力。 由中国人民大学主办的2025深圳国际金融大会于11月19日至21日在深圳举行。香港交易所董事总经理徐 经纬发表主题演讲，强调港交所作为"超级联系人"，致力于"立足中国，连接世界"。 他指出，港交所不仅是监管者和运营者，更通过伦敦、纽约、利雅得等全球8个办公地，构建起连接中 国与中东及全球市场的网络。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - As of the end of October, the company's PE ratio stands at 34.77x, which is in the 39th percentile historically since 2016, indicating a certain level of value for allocation. It is expected that with the continuous enhancement of the mutual access policy in the Hong Kong capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is projected to achieve revenues and other income of 30.4 billion, 33.4 billion, and 35.8 billion HKD for 2025-2027, with net profits attributable to shareholders of 17.6 billion, 18.8 billion, and 20.5 billion HKD, corresponding to PE valuations of 30.4, 28.4, and 26.1 times respectively [2][52]. Market Environment - The Hong Kong stock market has shown a continued upward trend, with the Hang Seng Index and Hang Seng Tech Index increasing by 29.1% and 32.2% respectively compared to the end of 2024. The average daily trading (ADT) for the Hong Kong Stock Exchange in October was 274.9 billion HKD, reflecting a year-on-year increase of 7.8% but a month-on-month decrease of 13.2% [8][11][16]. - The overall market capitalization of Hong Kong stocks reached 48.14 trillion HKD by the end of October, with a year-on-year increase of 36.8% [9][11]. Business Segments - In the cash market, the average daily trading volume for northbound trading was 300.8 billion HKD, showing a year-on-year increase of 2.1% but a month-on-month decrease of 11.5%. Southbound trading reached 144.4 billion HKD, with a year-on-year increase of 42.3% and a month-on-month decrease of 8.5% [8][16]. - In the derivatives market, the average daily volume for futures was 694,000 contracts, reflecting a month-on-month increase of 3.4% but a year-on-year decrease of 26.7% [20]. - The LME daily trading volume increased to 792,000 contracts in October, with a year-on-year increase of 23.6% [26]. IPO Market - The IPO scale in the Hong Kong stock market maintained high growth, with 80 new companies listed from January to October 2025, raising a total of 2,162 billion HKD, which is a year-on-year increase of 208%. In October alone, 12 new stocks were listed, raising a total of 285 billion HKD, reflecting a year-on-year increase of 97% [31][30].

Core Insights - The Monetary Authority of Singapore (MAS) announced significant measures to enhance the competitiveness of the Singapore stock market, including the establishment of a dual listing bridge between the Singapore Exchange (SGX) and Nasdaq [1][2] - A "Value Unlock" support package worth SGD 30 million was introduced, along with the appointment of a second batch of asset management companies under the Equity Market Development Plan (EQDP) [1] Group 1 - One of the core initiatives proposed in the report is to facilitate a dual listing mechanism between SGX and Nasdaq, aimed at providing quality growth companies with Asian backgrounds and global ambitions the ability to raise funds and liquidity simultaneously in both markets [2] - The plan targets companies with a market capitalization of SGD 2 billion and above, with the new framework expected to launch by mid-2026 [2] - The backdrop for this initiative is the challenges faced by Singapore's securities market, which has seen local companies like Grab and Sea Limited opting for direct listings in the US due to insufficient liquidity [2] Group 2 - As of early November, the SGX mainboard recorded only five IPOs this year, marking the best performance in recent years but still falling short compared to competitors like the Hong Kong Stock Exchange [2] - In contrast, Hong Kong's stock market has seen an average daily trading volume exceeding USD 32 billion this year, doubling from the previous year, with 80 IPOs raising over USD 26 billion in the first ten months, ranking first globally in IPO fundraising [2] - The average daily trading volume of the local stock market in Singapore reached SGD 1.53 billion in Q3 this year, the highest level since Q1 2021 [3]

Core Insights - The new cross-border listing framework aims to attract tech growth companies from Asia to the IPO market, enhancing access to global capital [2][4] - The initiative is expected to launch by mid-next year, pending regulatory approval, and is designed to streamline the IPO process for issuers [3][4] - There is a growing pipeline of over 30 companies preparing for IPOs on SGX, indicating a robust market environment [13] Group 1: IPO Market Dynamics - The IPO market has seen a turnaround recently, with $2.4 billion raised in the third quarter across various companies, including SaaS firms [8] - The framework will provide a single set of documents for issuers, simplifying the regulatory obligations [3] - Companies like Grab and Sea, which previously listed overseas, may consider returning to the local market due to this new mechanism [4] Group 2: Market Opportunities - There is significant interest from unicorns and tech companies in Southeast Asia looking to list, supported by venture capital and private equity [5][10] - The SGX is positioned to attract Chinese companies seeking to expand their footprint outside of China, leveraging multiple listing pathways [9] - The introduction of the Next 50 Index aims to enhance the representation of tech and AI companies within the market [11] Group 3: Future Growth Projections - The company anticipates revenue growth of 6 to 8% over the medium term, with plans to expand its FX business and launch new financial products [14][15] - The ongoing consultations with the ecosystem indicate a positive sentiment among companies looking to IPO, which is expected to bolster the market further [6][7] - The company is exploring acquisitions to strengthen its multi-asset platform, focusing on commodities and risk management tools [16][17]