Group 1: Hang Seng Index (HSI) - The Hang Seng Index closed at 26,752 points, near the middle line of the Bollinger Bands at 26,500 points, indicating a "sell" signal with a short-term bearish bias [1] - Current resistance levels are at 27,284 points and 27,600 points, while support levels are at 26,200 points and 25,700 points [1] Group 2: Hong Kong Exchanges and Clearing (00388.HK) - The stock has reached a yearly high, with investors deploying call options at an exercise price of 530.5 HKD, and the stock peaked at 460 HKD during the day [6] - The technical trading signal is a "buy," with the first resistance level identified at 471 HKD, and a potential upward movement to 477 HKD if the upper Bollinger Band is successfully breached [6] Group 3: Xiaomi Group (01810.HK) - The stock price closed at 53.35 HKD, with a neutral trading signal, and investors are speculating a drop to 48 HKD [10] - Support levels are identified at 52 HKD and 49.2 HKD [10] Group 4: Zijin Mining (02899.HK) - Investors are hopeful for the stock to reach 40 HKD by the end of the month, holding call options with an exercise price of 38.99 HKD [15] - The stock reached a high of 39.62 HKD during the day, with a "sell" signal and resistance levels at 38.8 HKD and 42 HKD [16] Group 5: BYD Company (01211.HK) - The stock closed at 110.2 HKD, with a "buy" signal, and investors are looking for entry points around 120 HKD [22] - The first support level is at 106 HKD, followed by a second support level at 102 HKD [22] Group 6: HSBC Holdings (00005.HK) - The stock experienced significant volatility, reaching a low of 102.5 HKD, with a potential entry point at 103 HKD [27] - The average volatility over recent days is noted at 9%, with a "buy" signal and support levels at 99.9 HKD and 95.7 HKD [27]

Group 1 - The total market capitalization of the securities market in Hong Kong reached HKD 49.9 trillion by the end of September 2025, representing a year-on-year increase of 35% [1] - The average daily trading volume in September 2025 was HKD 316.7 billion, which is an 87% increase compared to the previous year [1]

Core Viewpoint - UBS forecasts that Hong Kong Exchanges and Clearing Limited (00388) will report record high revenues and net profits for Q3 this year, with year-on-year growth of 43% and 53%, reaching HKD 7.7 billion and HKD 4.8 billion respectively, exceeding market expectations by 8% and 11% [1] Group 1: Financial Performance - Q3 revenue and net profit are expected to reach HKD 7.7 billion and HKD 4.8 billion, marking a year-on-year increase of 43% and 53% [1] - UBS estimates that Q3 net investment income will be HKD 933 million, reflecting a year-on-year and quarter-on-quarter decline of 23% and 40% respectively, primarily due to weaker Hong Kong interbank offered rates and potential foreign exchange losses from a depreciating USD [1] Group 2: Market Activity - The average daily trading volume for Q3 is projected to reach a new high of HKD 286 billion, with southbound capital contributing approximately 27%, an increase from 23% and 24% in Q1 and Q2 respectively [1] - It is estimated that the turnover rate of southbound capital is more than twice that of local and foreign investors since 2020, indicating a structural improvement in overall turnover rates [1] Group 3: Future Projections - UBS has raised its average daily trading volume forecasts for 2025 to 2027 by 9% to 16% and adjusted its earnings per share estimates upward by 7% to 12% [1] - The target price for Hong Kong Exchanges and Clearing Limited has been increased from HKD 464 to HKD 485, maintaining a "Neutral" rating [1]

Core Viewpoint - UBS forecasts that Hong Kong Exchanges and Clearing Limited (HKEX) will report a year-on-year increase in quarterly revenue and net profit of 43% and 53%, reaching HKD 7.7 billion and HKD 4.8 billion respectively, setting new records [1] Financial Performance - The forecasted quarterly revenue and net profit are 8% and 11% higher than market expectations [1] - Estimated net investment income for Q3 is projected at HKD 933 million, reflecting a year-on-year and quarter-on-quarter decline of 23% and 40% respectively, primarily due to weaker HKD interbank rates and potential foreign exchange losses from USD depreciation [1] Trading Activity - Q3 average daily turnover is expected to reach a new high of HKD 286 billion, with southbound capital contribution increasing to approximately 27%, compared to 23% and 24% in Q1 and Q2 respectively [1] - The turnover rate of southbound capital is estimated to be more than twice that of local and foreign investors since 2020, indicating a structural improvement in overall turnover rates [1] Future Projections - UBS has raised its average daily turnover forecast for 2025 to 2027 by 9% to 16% and adjusted its earnings per share forecast for HKEX upward by 7% to 12% [1] - The target price for HKEX has been increased from HKD 464 to HKD 485, maintaining a "Neutral" rating [1]

Core Viewpoint - UBS forecasts that Hong Kong Exchanges and Clearing Limited (HKEX) will report record high revenues and net profits for Q3 this year, with year-on-year growth of 43% and 53% respectively, reaching HKD 77 billion and HKD 48 billion, exceeding market expectations by 8% and 11% [1] Revenue and Profit Forecast - The estimated net investment income is projected to be HKD 933 million, reflecting a year-on-year and quarter-on-quarter decline of 23% and 40% respectively, primarily due to weaker Hong Kong interbank offered rates and potential foreign exchange losses from a depreciating US dollar [1] Trading Volume and Market Participation - Daily average trading volume has reached a new high of HKD 286 billion, with southbound capital contribution increasing to approximately 27%, compared to 23% and 24% in Q1 and Q2 respectively [1] Adjustments to Future Projections - In response to market sentiment and increased participation from southbound capital, HKEX's daily average trading volume forecasts for 2025 to 2027 have been raised by 9% to 16%, and earnings per share forecasts have been adjusted upward by 7% to 12% [1] Target Price and Rating - The target price for HKEX has been revised from HKD 464 to HKD 485, maintaining a "Neutral" rating [1]

Core Viewpoint - Morgan Stanley has reduced its stake in Hong Kong Exchanges and Clearing Limited (00388) by selling 228,812 shares at a price of HKD 450.0918 per share, totaling approximately HKD 103 million, resulting in a new holding of about 88.52 million shares, representing 6.98% of the company [1] Summary by Category - **Share Reduction Details** - Morgan Stanley sold 228,812 shares of Hong Kong Exchanges and Clearing Limited [1] - The sale price was HKD 450.0918 per share, amounting to a total of approximately HKD 103 million [1] - **Post-Transaction Holdings** - After the reduction, Morgan Stanley's remaining shares in Hong Kong Exchanges and Clearing Limited are approximately 88.52 million [1] - The new holding represents a 6.98% ownership stake in the company [1]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is expected to report strong earnings for the first three quarters of the year, with a significant year-on-year growth in profit, despite potential impacts from interest rate fluctuations [1] Group 1: Financial Performance - HKEX's profit for the first three quarters is projected to reach HKD 12.9 billion, representing a 39% year-on-year increase [1] - The average daily trading amount for the third quarter reached HKD 286 billion, marking a historical high [1] Group 2: Market Conditions - The net investment income of HKEX is anticipated to be affected by fluctuations in Hong Kong dollar interbank offered rates (HIBOR) during the reporting period [1] - Although HIBOR decreased in the second quarter, its delayed impact on net investment income may only become apparent in the third quarter [1] - The rebound of HIBOR in August and September is expected to mitigate the negative effects on net investment income by the fourth quarter [1]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is expected to report strong earnings for the first three quarters of the year, with a significant year-on-year increase in profit [1] Group 1: Financial Performance - HKEX's profit for the first three quarters is projected to reach HKD 12.9 billion, representing a 39% year-on-year growth [1] - The average daily trading amount for the third quarter is reported at HKD 286 billion, marking a historical high [1] Group 2: Market Conditions - The net investment income of HKEX is anticipated to be affected by fluctuations in Hong Kong dollar interbank offered rates (HIBOR) during the period [1] - Although HIBOR decreased in the second quarter, the lagging impact on net investment income may only become apparent in the third quarter [1] - With HIBOR rebounding in August and September, the negative impact on net investment income is expected to dissipate by the fourth quarter [1]

Core Viewpoint - Bank of America Securities has raised the average daily trading volume forecast for Hong Kong Exchanges and Clearing (HKEX) from HKD 2,400 billion, 2,600 billion, and 2,600 billion for 2025 to 2027, to HKD 2,600 billion, 2,700 billion, and 2,700 billion respectively, while lowering net investment income forecasts by 5% to 7% due to a low interest rate environment, and raising earnings forecasts by 1% to 2%, maintaining a target price of HKD 520 and reiterating a "Buy" rating [1] Group 1 - The expected profit for HKEX in the first three quarters of this year is projected to reach HKD 12.9 billion, representing a year-on-year increase of 39% [1] - The average daily trading amount for the third quarter reached HKD 286 billion, setting a historical high [1] - Net investment income is expected to be affected by fluctuations in Hong Kong interbank offered rates (HIBOR), with a lagged impact likely to manifest in the third quarter [1] Group 2 - Profit growth for HKEX from 2026 to 2027 is expected to slow from 24% in 2025 to 8%, unless there is a significant increase in total market capitalization [1] - Relying solely on trading volume growth may not be sufficient to drive revenue [1] - Derivative products are anticipated to become a key growth engine for HKEX [1] Group 3 - Competition between Hong Kong IPOs and Shanghai and Shenzhen exchanges is expected to intensify, as mainland China places greater emphasis on new technology sectors and may implement incentive policies to retain key enterprises for domestic listings [1]

Core Viewpoint - Bank of America Securities has raised the average daily trading volume forecast for Hong Kong Exchanges and Clearing (HKEX) for 2025 to 2027, while adjusting net investment income predictions downward due to a low interest rate environment, maintaining a target price of HKD 520 and reiterating a "Buy" rating [1] Group 1: Trading Volume and Earnings Forecast - The average daily trading volume forecast for HKEX has been increased from HKD 2,400 billion, 2,600 billion, and 2,600 billion to HKD 2,600 billion, 2,700 billion, and 2,700 billion for the years 2025 to 2027 [1] - The expected profit for HKEX in the first three quarters of this year is projected to reach HKD 12.9 billion, representing a year-on-year growth of 39% [1] - The average daily trading amount for the third quarter is reported to be HKD 28.6 billion, marking a historical high [1] Group 2: Net Investment Income and Interest Rate Impact - Net investment income forecasts have been lowered by 5% to 7% due to fluctuations in Hong Kong dollar interbank offered rates (HIBOR) [1] - Although HIBOR has decreased in the second quarter, its lagging impact on net investment income may only become apparent in the third quarter, with expected recovery in the fourth quarter as HIBOR rebounds in August and September [1] Group 3: Future Growth and Competitive Landscape - Profit growth for HKEX is expected to slow from 24% in 2025 to 8% in 2026 and 2027, unless there is a significant increase in total market capitalization [1] - Reliance solely on trading volume growth may not be sufficient to drive revenue, with derivatives anticipated to be a key growth engine [1] - Competition for IPOs between Hong Kong and mainland exchanges is expected to intensify, as the mainland places greater emphasis on new technology sectors and may implement incentive policies to retain key enterprises for domestic listings [1]