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]

北交所表示，新旧代码对应关系可通过北交所官网"服务—新旧代码对照表"栏目查询。记者注意到，该 栏目一共公布了248只股票的新旧代码对应情况。 资深新三板投资人周运南表示，920号段标志着北交所脱钩新三板号码，43、83、87三个号段将正式退 出北交所舞台。 同时，多家券商发布公告称，公司已就此对交易终端进行了优化，建议投资者使用最新版本交易终端。 投资者对北交所存量股票的交易委托、行情查询等均使用切换后的新代码。投资者使用新旧代码均可查 询股票自上市以来（含原精选层挂牌期间）的完整交易记录。新旧代码切换不涉及交易规则调整，买卖 方式、涨跌幅限制、交易时间等均不变。 【深圳商报讯】（记者 钟国斌）自2025年10月9日起，北交所将为存量股票启用新证券代码。这意味 着，北交所股票将全部切换为"920新代码"。 据悉，2023年证监会提出，启用北交所独立代码号段，2024年4月，北交所开始在新上市企业启用920代 码。 ...

Core Points - Starting from October 9, 2025, the Beijing Stock Exchange (BSE) will implement new securities codes for existing stocks, transitioning all to a new independent code segment beginning with "920," affecting a total of 248 stocks [1] - Previously, BSE-listed companies often retained their securities codes from their time on the New Third Board, which posed issues with recognition compared to codes used by companies listed on the Shanghai and Shenzhen exchanges [1] - In 2023, the China Securities Regulatory Commission (CSRC) proposed the use of independent code segments, and the BSE began using "920" codes for newly listed companies starting in April 2024 [1] Summary by Category Code Transition - The adjustment for existing stocks has been clearly outlined in the notice issued by the BSE in September 2024 regarding the switch of stock codes [1] - Multiple brokerage firms have issued announcements advising investors to use the new codes for trading orders and market inquiries related to existing stocks [1] Investor Impact - Investors can still query the complete trading history of stocks since their listing, including the period when they were listed on the selected layer, using both the old and new codes, ensuring continuity in holding periods and investor rights [1] - The switch from old to new codes does not involve any changes to trading rules, including trading methods, price fluctuation limits, and trading hours [1]

Market Overview - The total market capitalization of the Hong Kong securities market reached HKD 49.9 trillion by the end of September 2025, a 35% increase from HKD 36.9 trillion in the same period last year [1] - The average daily trading amount in September was HKD 316.7 billion, up 87% from HKD 169.2 billion in the same month last year [1] - For the first nine months of 2025, the average daily trading amount was HKD 256.4 billion, a 126% increase from HKD 113.3 billion in the same period last year [1] Derivative Products Market - The average daily trading volume of futures and options for the first nine months of 2025 was 1,681,869 contracts, an 11% increase from 1,515,613 contracts in the same period last year [2] - The average daily trading volume of stock options was 886,323 contracts, up 27% from 698,817 contracts year-on-year [2] - The average daily trading volume of stock futures was 8,616 contracts, a 7% increase from 8,026 contracts in the previous year [2] New Listings and Fundraising - There were 69 new listings in the first nine months of 2025, a 53% increase from 45 new listings in the same period last year [1] - The total fundraising amount for initial public offerings (IPOs) in the first nine months was HKD 182.9 billion, a 229% increase from HKD 55.6 billion year-on-year [1] - The total fundraising amount for the first nine months reached HKD 444 billion, up 252% from HKD 126.1 billion in the same period last year [1] Historical Records - On September 17, 2025, the weekly trading volume of stock options reached a historical high of 277,589 contracts [3]

Group 1 - The core concept of asset tokenization is evolving from a theoretical idea to a fundamental component of the next generation of financial market infrastructure, as evidenced by ICE's $2 billion strategic investment in Polymarket, which values the company at approximately $8 billion [1] - ICE will not only acquire financial stakes in Polymarket but will also become the global distributor of its event-driven data, indicating a significant collaboration aimed at developing new tokenization projects [1][3] - The partnership between ICE and Polymarket aims to address a critical gap in the tokenization ecosystem: the need for reliable data, which is essential for the value of digital twins of assets [3] Group 2 - Nasdaq, a major competitor to the NYSE, is also accelerating its transformation by planning to integrate tokenization and around-the-clock trading directly into its core stock market operations [5] - Nasdaq's CEO has expressed a cautious approach to embracing digital assets, emphasizing the need for regulatory clarity before fully committing to tokenized securities and crypto asset services [6] - The trend towards regulatory convergence is seen as a way to create conditions for institutional participation in the market, which aligns with the broader movement towards asset tokenization [6] Group 3 - The collaboration between established market leaders like ICE and innovative platforms like Polymarket is viewed as essential for unlocking the potential of new technologies such as tokenization [4] - The simplicity and accessibility of prediction markets, as noted by Nasdaq's CEO, highlight their potential to engage a broader audience in market price discovery, reinforcing the market potential behind ICE's investment in Polymarket [7]

Group 1 - US stock indices opened slightly higher, with the Dow Jones up 0.01%, S&P 500 up 0.09%, and Nasdaq up 0.07% [1] - AMD continued its upward trend, opening over 6% higher, driven by a significant computing power partnership with OpenAI [2] - Dell's stock rose over 5%, with the company projecting sales growth of 7% to 9% by fiscal year 2030 [2] - IBM's stock increased by over 2% following its enterprise-level AI software collaboration with Anthropic [2] Group 2 - Tesla is expected to launch a more affordable version of the Model Y to adapt to the new market conditions after the US eliminated electric vehicle tax credits [2] - Several Wall Street firms raised AMD's target stock price, with Morgan Stanley increasing it to $246, Bernstein to $200, and Jefferies to $300 [2] - Intercontinental Exchange, owner of the New York Stock Exchange, saw its stock rise over 4% on news of a potential investment in the cryptocurrency-based prediction platform Polymarket, valued at approximately $2 billion [2] - Airbus A320 has surpassed Boeing 737 to become the historical delivery champion, with a total of 12,260 aircraft delivered since its service began in 1988 [2] Group 3 - AstraZeneca's investigational hypertension drug baxdrostat achieved its primary clinical endpoint, significantly lowering blood pressure in treatment-resistant hypertension patients, with expected annual sales exceeding $5 billion [3] - Anthropic's AI model will be integrated into IBM's software ecosystem, aimed at automating development tasks for software engineers [3]