Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has issued a statement regarding the impact of Typhoon Haikui, indicating that trading will continue during severe weather conditions, including the issuance of a No. 8 or higher gale/typhoon signal [1] Group 1 - HKEX announced that it expects the Hong Kong Observatory to issue a No. 8 gale/typhoon signal at 2:20 PM [1] - The securities and derivatives markets, including the Shanghai-Hong Kong Stock Connect, will operate normally during the issuance of severe weather warnings [1] - Market participants are advised to make early operational and human resource adjustments in accordance with established severe weather trading arrangements to support stable market operations [1]

9月22日，中共深交所委员会发布关于二十届中央第三轮巡视整改进展情况的通报。 通报显示，深交所党委将认真落实证监会党委部署和驻证监会纪检监察组监督要求，慎终如始抓好整改 任务落实，以高质量整改推动交易所各项工作全面提升，奋力建设世界一流交易所，为推进中国式现代 化贡献力量。 下一步工作打算包括，进一步加强党对交易所工作的全面领导；进一步深化资本市场投融资综合改革； 进一步立足经济社会发展大局履职尽责；进一步强化全面从严治党严的氛围；进一步打造忠诚干净担当 的干部人才队伍；进一步深化巡视整改成果运用。 深交所党委表示，将以创业板改革为牵引，全方位提升制度包容性、适应性。大力推动优质科技创新企 业上市发展，支持适用创业板第二套、第三套标准申报发行。着力推动上市公司持续成长，高效支持产 业链整合，持续开展上市公司大走访，推动提升上市公司质量和投资价值。着力优化投资端结构，落实 推动中长期资金入市指导意见及实施方案，大力发展权益类基金，畅通中长期资金入市渠道。 （吴少龙） （文章来源：证券时报） ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has introduced a new interest rate swap contract based on the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" to meet the diverse needs of overseas investors [2][4]. Group 1: New Financial Instruments - The HKEX, in collaboration with the China Foreign Exchange Trade System and the Shanghai Clearing House, has launched the LPR1Y interest rate swap contract to enhance risk management tools for foreign investors [4]. - On the launch day, 31 domestic and foreign institutions participated, with a total of 53 transactions amounting to RMB 6.46 billion [4]. Group 2: Enhancing Risk Management - The introduction of LPR interest rate swaps will enrich the risk management tools available to overseas investors, addressing their diverse interest rate risk management needs and aiding in the internationalization of the RMB [5]. - The existing non-deliverable interest rate swap (CNY NDIRS) contract's maximum term has been extended from 5.5 years to 11 years to better assist foreign investors in managing interest rate risks [7]. Group 3: Operational Performance - Since its launch on May 15, 2023, the "Swap Connect" has been operating smoothly, becoming an important channel for foreign institutional investors to manage RMB interest rate risks [7]. - As of August 2025, 82 foreign financial institutions from 15 countries and regions have conducted over 15,000 RMB interest rate swap transactions, totaling approximately RMB 8.15 trillion in nominal principal [7].

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is closely monitoring the impending super typhoon "Haikui" and prioritizing the safety of employees, market participants, and the investing public [1] Group 1: HKEX's Response to Typhoon - HKEX is in constant communication with regulatory bodies and market participants regarding the situation [1] - The exchange has implemented a "no market closure during typhoons" policy since September last year, allowing trading to continue during severe weather conditions [1] - Despite the ongoing operations, listing ceremonies will be postponed during adverse weather [1] Group 2: Typhoon Characteristics and Risks - Typhoon "Haikui" is characterized by rapid movement and strong intensity, with peak strength expected to be close to Typhoon "Mojiah" [1] - The typhoon is predicted to make landfall in South China at strong or super typhoon levels, posing high disaster risks, particularly in the densely populated and industrialized Pearl River Delta region [1] - Several areas in Guangdong Province have already announced or forecasted the implementation of "five stoppages" measures [1]

Group 1 - Goldman Sachs has raised its cash ADT and earnings per share forecasts for Hong Kong Exchanges and Clearing (00388) by 3% to 4% for the years 2025 to 2027, maintaining a price-to-earnings ratio of 40 times for 2026 and increasing the 12-month target price from HKD 524 to HKD 544 [1] - The bank expects the investment income for the third quarter to be approximately half of the first half of the year, influenced by the decline in HIBOR from May to August, a reduction in external investment portfolios, and revisions to margin funding interest-sharing agreements [1] - Southbound trading is estimated to account for a 30% to 40% year-on-year increase in overall average daily turnover (ADT), which will be a key determinant of short-term stock price movements [1] Group 2 - Goldman Sachs predicts that the ADT for the period from October to December 2025 will be around HKD 260 billion, aligning closely with consensus earnings per share estimates [1] - The bank views southbound trading as a unique factor contributing significantly to the overall ADT during this upward cycle, despite market uncertainties regarding future capital flows [1] - The firm remains confident that the flow and participation in southbound trading will structurally increase due to the diverse offerings, unique stocks, and valuation discounts (higher yields) available in the southbound market [1]

Core Insights - The Hong Kong Stock Connect has recorded over HKD 1 trillion in net inflows year-to-date, indicating a potential for a new annual record by 2025 [1][3] - The inclusion of ETFs in the Stock Connect has provided mainland investors with more access to Hong Kong stocks, leading to a surge in ETF trading volumes [1] Group 1: Market Trends - Since the launch of the Stock Connect in November 2014, mainland investors have become a significant force in the Hong Kong stock market [3] - The average daily trading volume of the Stock Connect for the first eight months of this year was HKD 60.8 billion, accounting for 24.5% of the overall market, a significant increase from less than 3% in 2015 [3] Group 2: Fund Inflows - Over the past decade, net inflows through the Stock Connect have increased from HKD 13.1 billion in 2014 to HKD 807.9 billion in 2024, representing a more than sixfold increase [3] - As of September 12 this year, net inflows reached HKD 10,729 billion, a 33% increase compared to the total for the previous year, with expectations for a new annual high [3] Group 3: Monthly and Daily Inflows - The Hong Kong stock market has experienced 26 consecutive months of net inflows, with August alone recording a net inflow of HKD 112.2 billion, ranking as the ninth highest on record [3] - This year, six months have made it into the top ten for monthly net inflows, and seven trading days have reached the top ten for daily net inflows, with August 15 seeing a record high of HKD 35.9 billion [3]

Core Viewpoint - Goldman Sachs expects Hong Kong Stock Exchange's investment income for Q3 to be approximately half of the H1 level, influenced by a decline in HIBOR, a reduction in external investment portfolios, and revisions to margin funding interest-sharing agreements [1] Group 1: Market Performance - The estimated southbound trading accounts for a year-on-year growth of 30% to 40% in the average daily turnover (ADT) [1] - Southbound trading and overall ADT will determine short-term stock price movements [1] Group 2: Future Projections - Goldman Sachs forecasts the ADT for October to December to be around HKD 260 billion, aligning closely with consensus earnings per share [1] - The firm believes that southbound trading is a unique factor contributing significantly to overall ADT during this upward cycle [1] Group 3: Market Sentiment - There is uncertainty in the market regarding the future flow of funds in southbound trading, despite its advantages such as diversification, unique stocks, and valuation discounts [1] - Goldman Sachs remains confident that the flow and participation in southbound trading will structurally increase [1] Group 4: Price Target Adjustment - The 12-month price target has been raised by 4% from HKD 524 to HKD 544, predicting a price-to-earnings ratio of 40 times for the fiscal year 2026, while maintaining a "buy" rating [1]

Core Viewpoint - Goldman Sachs believes that the Hong Kong Stock Exchange (HKEX) stock price is significantly undervalued due to the structural boost from southbound capital, despite underperforming major indices in the past month [1][2]. Group 1: Southbound Capital Impact - Southbound capital is driving unprecedented growth in the average daily trading volume of cash stocks, which is a key profit driver for HKEX [2][3]. - The average daily trading volume has reached 318 billion HKD in September, surpassing 279 billion HKD in August and 254 billion HKD year-to-date [3]. - Southbound capital contributes approximately 30% to 40% of the year-on-year growth in total trading volume, accounting for about 25% of the total trading volume in the Hong Kong market [3]. Group 2: Earnings Forecast Adjustments - Goldman Sachs has raised its earnings per share (EPS) forecasts for HKEX for the years 2025-2027 by 3% to 4% [4][5]. - The updated EPS forecasts are as follows: 2025 from 12.63 HKD to 12.97 HKD, 2026 from 13.05 HKD to 13.61 HKD, and 2027 from 13.96 HKD to 14.45 HKD [5]. Group 3: Valuation and Price Target - The target price for HKEX has been increased from 524 HKD to 544 HKD, reflecting a 4% upward adjustment based on the revised earnings forecasts [2][4]. - Historical valuation comparisons indicate that the current stock price is slightly below the median level of historical cycles, while the earnings growth outlook remains strong [6][7]. - A 20-year regression model suggests that the theoretical stock price should be around 590 HKD based on current trading activity levels, indicating significant potential for price correction [7].

Core Viewpoint - Singapore Exchange Group (SGX) plays a crucial role as a bridge connecting Asia and the global capital markets, particularly in facilitating the internationalization of Chinese enterprises and products [1][4]. Group 1: Strategic Focus and Initiatives - SGX aims to deepen cooperation between Singapore and China’s capital markets, supporting the two-way capital flow of Chinese concept-related products [4]. - The exchange has expanded its secondary listing framework to include companies listed on Shanghai and Shenzhen stock exchanges, enhancing transparency and investor access [5]. - SGX has streamlined the IPO process, reducing the time from application to listing to approximately 6 to 8 weeks, providing greater certainty for applicants [5]. Group 2: Market Development and Investor Engagement - Approximately 20% of SGX-listed companies are from Greater China, spanning various industries, indicating strong interest from Chinese multinational corporations [6]. - The Monetary Authority of Singapore has launched a S$50 billion "Securities Market Development Plan" to enhance the competitiveness of the Singapore securities market [6]. Group 3: ETF and Index Collaboration - As of July 2023, 10 cross-border ETF products have been launched under the Singapore-China ETF mutual access mechanism, marking significant progress in collaboration [7]. - A new index, the CSI-SGX Asia Emerging Markets Technology Index, was launched in January 2024, focusing on key sectors like internet and semiconductor technology [7][8]. Group 4: Financial Performance and Future Goals - SGX reported its highest revenue and net profit since its listing in the fiscal year 2025, with a net profit of S$609.5 million, a 15.9% increase year-on-year [9]. - The exchange aims to become a leading international exchange, facilitating connections between global investors and Asian markets while embracing new technologies like AI to enhance operational efficiency [9][10].

| 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | 序号 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | HSI | 恒生指数 | 26544.85c | -363.54 | -1.35% | 4133亿 | 32.33% | | | 2 | HSTECH | 恒生科技 | 6271.22c | -63.02 | -0.99% | 1506亿 | 40.36% 2 | | | 3 | HSBIO | 恒生生物科技 | 17442.48c | 93.13 | 0.54% | 202亿 | 102.32% 3 | | | 4 | HSCEI | 恒生中国企业指数 | 9456.52c | -140.25 | -1.46% | 1617亿 | 29.72% 4 | | | 5 | HSCI | 恒生综合指数 | 4080.37c | -53.18 | -1.29% | 3084亿 | 36.77% 5 | | 周期股全线下挫，大金融普跌。其中，香港交易所跌超3%；半导体、机器人产业链逆市走强，华虹 ...