Core Viewpoints - The Hong Kong Stock Exchange (HKEX) reported a market capitalization of HKD 49.85 trillion as of September 2025, reflecting a month-on-month increase of 7.01% and a year-on-year increase of 35.03% [1] - The average daily trading (ADT) for Q3 reached HKD 286.36 billion, showing a year-on-year growth of 144.80% and a month-on-month increase of 20.48% [1] - In Q3 2025, 28 new companies were listed, raising a total of HKD 478.38 billion, which is a 33.75% increase year-on-year [2] - The derivatives market showed positive growth, with average daily trading volume for futures and options reaching 165 million contracts, up 9.28% year-on-year [3] Market Activity - Southbound capital inflow totaled HKD 399.99 billion from July to September 2025, a year-on-year increase of 230.22%, significantly boosting market activity [2] - The average daily trading volume for the Hong Kong Stock Connect southbound trading reached HKD 152.46 billion in Q3, marking a year-on-year increase of 303.85% [2] Derivatives and Commodity Market - The average daily trading volume for derivatives and commodity contracts maintained positive growth, with a year-on-year increase of 9.28% in Q3 [3] - The average daily trading volume for metal contracts on the London Metal Exchange (LME) reached 71,000 contracts in September, a 5.51% increase year-on-year [3] Interest Rates and Investment Outlook - The Hong Kong Interbank Offered Rate (HIBOR) rebounded in Q3, reaching approximately 3.5% by September 30, which is indicative of a tightening liquidity environment [4] - The sustained high trading activity is expected to continue into Q4, supported by the Federal Reserve's monetary policy shift and ongoing southbound capital inflows [6] Earnings Forecast - The company is projected to achieve Q3 revenue of HKD 7.91 billion, a year-on-year increase of 47.26%, and a net profit of HKD 4.82 billion, up 53.38% year-on-year [5] - Revenue forecasts for 2025, 2026, and 2027 are expected to grow by 27.94%, 5.93%, and 1.17% respectively, indicating a positive growth trajectory [5] Valuation and Investment Recommendation - The current price-to-earnings (PE) ratio for HKEX is 36.49x, which is within a favorable range compared to historical averages [4] - The company maintains a "buy" rating with a target price of HKD 543 per share, supported by strong market activity and valuation advantages [6]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) has announced the establishment of a new subsidiary, Commodity Pricing and Analysis Limited (CPAL), in Dubai, UAE, to enhance its commodity market services [2] Group 1: Company Developments - CPAL will primarily operate pricing management services for the commodity market and provide independent quotes and market analysis for the metals market [2] - The new subsidiary aims to promote the development of the sustainable metal premium business announced by the London Metal Exchange (LME) in April this year [2] Group 2: Strategic Expansion - HKEX intends to expand its commodity business in this strategically important region, facilitating connectivity between the rapidly growing markets of China and the Middle East [2]

香港联交所最新数据显示，10月8日，摩根大通增持香港交易所(00388)28.9039万股，每股作价443.5482 港元，总金额约为1.28亿港元。增持后最新持股数目约为8889.78万股，持股比例为7.01%。 ...

Group 1 - Hong Kong Stock Exchange appointed Hu Zhiheng as Managing Director and Head of Trading Operations, effective October 20, 2025 [1] - Hu Zhiheng previously worked at HSBC as Managing Director and Chief Risk Officer of Global Operations, and has 16 years of experience at JPMorgan, where he rose to Managing Director [3] - Hong Kong Stock Exchange also appointed Guo Hanxiao as Managing Director and Head of Connectivity Business, effective January 1, 2026 [3][4] Group 2 - Guo Hanxiao will lead the newly established connectivity team, overseeing various connectivity projects across asset classes for Hong Kong Stock Exchange [4] - Guo Hanxiao has over 17 years of experience at Hong Kong Stock Exchange and previously worked at UBS, currently serving as Co-Head of Trading [6]

Core Insights - Hong Kong Stock Exchange (HKEX) announced the appointment of Hu Zhiheng as Managing Director and Head of Trading Operations, effective October 20, 2025, to enhance operational efficiency and business expansion [1] - Guo Hanxiao has been appointed as Managing Director and Head of Connectivity Business, effective January 1, 2026, to lead the newly established connectivity team [1][2] Group 1 - Hu Zhiheng brings extensive operational management experience from HSBC and JPMorgan, which is expected to support the growth of the Hong Kong market [1] - Liu Bi-yin, Chief Operating Officer of HKEX, expressed confidence that Hu's strategic vision will improve the company's operational capabilities [1] - Guo Hanxiao has over 17 years of experience at HKEX and will oversee various connectivity projects across asset classes [2] Group 2 - The connectivity business is highlighted as one of the core and successful operations of HKEX, with Guo's expertise anticipated to drive its continued development [2] - Guo holds a Master's degree in Engineering and Computer Science from Oxford University, enhancing her qualifications for the new role [2]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) announced the appointment of Hu Zhiheng as Managing Director and Head of Trading Operations, effective October 20, 2025, to enhance operational efficiency and business expansion [1] - Guo Hanxiao has been appointed as Managing Director and Head of Connectivity Business, effective January 1, 2026, to lead the newly established connectivity team [1][2] Group 1 - Hu Zhiheng brings extensive operational management experience and strategic vision from his previous roles at HSBC and JPMorgan, which will support the growth of the Hong Kong market [1] - Hu holds a Master's degree in Economics from the University of Hong Kong and Bachelor's degrees in Economics and Commerce from the University of British Columbia [1] - Guo Hanxiao has over 17 years of experience at HKEX and previously worked at UBS, holding a Master's degree in Engineering and Computer Science from the University of Oxford [2] Group 2 - The connectivity business is considered one of the core and successful operations of HKEX, with expectations that Guo's expertise will drive its continued development [2] - Guo will oversee various connectivity projects across asset classes and report to the market head, Yu Xueqin [1][2]

Group 1 - Hong Kong Stock Exchange has announced the establishment of a new subsidiary in Dubai, UAE, named Commodity Pricing and Analysis Limited (CPAL) [1] - CPAL will primarily operate pricing management services for the commodities market and provide independent quotes and market analysis for the metals market [1] - The subsidiary will also support the development of the sustainable metal premium business announced by the London Metal Exchange (LME) in April of this year [1]

Core Viewpoint - Citigroup's report indicates that Hong Kong Exchanges and Clearing Limited (HKEX) is expected to announce its Q3 2025 results on November 5, forecasting a net profit of HKD 4.8 billion, representing a quarter-on-quarter increase of 8% and a year-on-year increase of 52% driven by strong performance in the Hong Kong market and northbound trading volumes [1] Financial Performance - Total revenue is projected to increase by 6% quarter-on-quarter and 43% year-on-year to HKD 7.7 billion, benefiting from growth in trading and clearing fees [1] - Investment income is expected to decline by 37% quarter-on-quarter due to high base effects, a reduction in Hong Kong margin trading scale, and a decrease in investment yield [1] Market Activity - The number of active IPO applications has risen from 207 in June to 297 in September, indicating a robust IPO pipeline [1] Earnings Forecast - Based on revised daily average transaction value forecasts for the Hong Kong market of HKD 250 billion, HKD 245 billion, and HKD 264 billion for 2025 to 2027, Citigroup has raised its earnings per share forecasts for HKEX by 2% to 5% for the same period [1] - The target price for HKEX has been increased from HKD 500 to HKD 510, reflecting strong trading activity and a solid IPO pipeline [1]

（原标题：港股异动 | 港交所(00388)午前跌超4% 灰犀牛事件导致市场波动加大 港交所下月初将发布三 季报） 瑞银发布研报称，港交所将于下月初公布今年第三季业绩，目前预测季度收入及纯利将按年增长43%及 53%，达到77亿及48亿元，再创新高。瑞银的预测较市场普遍预期高出8%及11%。该行因应市场气氛情 况及南下资金参与度上升，将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"。 智通财经APP获悉，港交所(00388)午前跌超4%，截至发稿，跌4.68%，报423.8港元，成交额36.23亿港 元。 华泰证券发布研报称，灰犀牛事件导致市场波动加大；短期资金和情绪还有释放空间，"TACO"交易需 要分批进行。银河证券发布研报称，短期内，中美贸易摩擦升级导致投资者风险偏好下降，带动港股估 值回调。但在国内稳增长政策支持下，以及中长期资金稳股市举措影响下，投资者情绪有望逐渐稳定。 当前港股估值整体处于历史中高水平，预计未来港股市场或宽幅震荡。 ...

瑞银发布研报称，港交所将于下月初公布今年第三季业绩，目前预测季度收入及纯利将按年增长43%及 53%，达到77亿及48亿元，再创新高。瑞银的预测较市场普遍预期高出8%及11%。该行因应市场气氛情 况及南下资金参与度上升，将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"。 港交所(00388)午前跌超4%，截至发稿，跌4.68%，报423.8港元，成交额36.23亿港元。 华泰证券发布研报称，灰犀牛事件导致市场波动加大；短期资金和情绪还有释放空间，"TACO"交易需 要分批进行。银河证券发布研报称，短期内，中美贸易摩擦升级导致投资者风险偏好下降，带动港股估 值回调。但在国内稳增长政策支持下，以及中长期资金稳股市举措影响下，投资者情绪有望逐渐稳定。 当前港股估值整体处于历史中高水平，预计未来港股市场或宽幅震荡。 ...