回顧產品表現，在 2025/6/3 港交所上漲 2.48% 時，法巴認購證（27807）升幅達 20%，滙豐牛證（53712）漲 25%，滙豐認購證（29547）升 19%，瑞銀牛證 （54530）更是暴漲 30%，可見當時窩輪牛熊證市場跟隨港交所升勢，盈利空間驚人。 再來看看精選的窩輪牛熊證產品。若看好港交所後續向上突破，滙豐認購證（14150）槓桿 12.2 倍，行使價 472.2，溢價相對較低；花旗認購證（14134）槓 桿 13.4 倍，行使價 472.2，溢價和引伸波幅均最低。若擔憂股價回調，花旗認沽證（16606）槓桿 9.8 倍，行使價 333.9，溢價與引伸波幅最低；星展認沽證 各位股友，大家好！今日就同大家講下港交所嘅短線走勢、技術分析與窩輪市場機會。 截至今日（6日）上午11點06分，港交所（00388）最新報404元，跌幅0.3%，成交額達7.27億元。近期，港交所受全球金融市場波動、港股交投活躍度以及 政策預期等因素影響，走勢備受矚目 。 從技術分析來看，港交所的 RSI 值高達 75，已處於超買狀態。多個技術指標綜合呈現 "買入" 信號，強度為 15，多條移動平均線更是發出 "強力買 ...

Core Insights - Nasdaq CEO emphasizes the focus on launching a five-day-a-week, 24-hour trading model, potentially operational within a year [1] Group 1 - The company aims to enhance after-hours trading capabilities by introducing a continuous trading model [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) shows a stable upward trend, with the stock price reaching 401.2 HKD, reflecting a 1.42% increase, and technical indicators suggest a potential for further gains despite being in the overbought zone [1][9]. Technical Analysis - The stock price has broken through all major moving averages, with the 10-day moving average at 393.4 HKD and the 30-day moving average at 372.1 HKD indicating a bullish alignment [1]. - The MACD indicator remains in a golden cross state, suggesting a strengthening mid-term trend [1]. - The RSI has reached 70, indicating an overbought condition, and the upper Bollinger Band is at 406 HKD, which coincides with current resistance levels, suggesting a possible short-term technical adjustment [1]. - Key support levels are identified at 384 HKD and a stronger support at 360 HKD, while resistance is seen at 406 HKD, with a potential challenge at 418 HKD if broken [1]. Derivative Products Performance - Recent trading data from June 2 to June 4 shows that while HKEX's stock rose by 0.66%, related derivative products exhibited varying degrees of leverage effects, particularly bull certificates [3]. - HSBC bull certificate 53712 increased by 11% over two days, while Societe Generale bull certificate 54739 rose by 10%, highlighting the advantages of bull certificates in a moderate upward market [3][4]. - Call options such as Barclays call option 27807 and HSBC call option 29547 recorded an 8% increase, demonstrating significant leverage effects [4]. Investment Strategies - For bullish investors, HSBC call option 29547 offers a leverage of 8.9 times with a strike price of 450.2 HKD, while Barclays call option 27807 provides a leverage of 9 times with a strike price of 450 HKD, both suitable for medium-term holding [6]. - For bearish investors, HSBC put option 16951 offers a leverage of 9.4 times with a strike price of 333.68 HKD, and UBS put option 16913 provides a leverage of 9 times with the same strike price, both having the lowest premiums and implied volatilities [7]. - UBS bear certificate 52551 has a leverage of 16.2 times with a recovery price of 420 HKD, while JPMorgan bear certificate 53686 offers a leverage of 15.9 times, suitable for bearish market conditions [7].

Group 1 - Goldman Sachs reports that the Hong Kong Stock Exchange (HKEX) is still undervalued despite a 35% increase in share price this year due to earnings upgrades and valuation expansion [1] - The firm estimates a potential 15% increase in average daily trading volume for fiscal year 2025 if more A-share companies list in Hong Kong, with a 50% probability of occurrence [1] - Goldman Sachs has raised its average daily trading volume forecasts for fiscal years 2026 and 2027 by 7% and 6% respectively, expecting them to reach HKD 240 billion and HKD 258 billion [1] Group 2 - The firm has increased its earnings per share estimates for HKEX for fiscal years 2025, 2026, and 2027 by 2%, 9%, and 10% respectively [1] - Goldman Sachs maintains a "buy" rating on HKEX and has raised the target price from HKD 398 to HKD 455 [1]

Core Viewpoint - The Hong Kong stock market showed strong performance in April, with active trading and positive expectations for continued growth in the exchange's performance [1][2]. Market Segments Cash Market - The Hang Seng Index and Hang Seng Tech Index increased by 10% and 14% respectively compared to the end of 2024. The monthly average daily turnover (ADT) for the Hong Kong Stock Exchange was HKD 274.7 billion, showing a month-on-month decrease of 2.0% but a year-on-year increase of 144.7% [1]. - Northbound capital's monthly ADT was HKD 973.2 billion, with a month-on-month decrease of 20% and a year-on-year increase of 20%. Southbound capital's monthly ADT was HKD 191.1 billion, with a month-on-month decrease of 3% and a year-on-year increase of 145% [1]. Derivatives Market - Futures trading volume increased month-on-month, while options trading volume decreased. The average daily volume (ADV) for futures was 841,000 contracts, reflecting a month-on-month increase of 5.6% and a year-on-year increase of 23.2%. The ADV for options was 1,003,000 contracts, showing a month-on-month decrease of 6.0% but a year-on-year increase of 14.0% [1]. Commodity Market - The London Metal Exchange (LME) saw an increase in trading volume both month-on-month and year-on-year, with an average daily trading volume of 880,000 contracts, up 10.6% month-on-month and 2.7% year-on-year [2]. Primary Market - The IPO scale in the Hong Kong stock market decreased both month-on-month and year-on-year, with two new stocks listed in April, totaling HKD 2.9 billion, down 73% month-on-month and 6% year-on-year [2]. Investment Income - Investment income rates related to the Hong Kong Stock Exchange increased month-on-month but decreased year-on-year. As of the end of April, the 6-month HIBOR was 4.03%, the 1-month HIBOR was 3.95%, the overnight HIBOR was 4.50%, and the US overnight bank funding rate was 4.33% [2]. Macroeconomic Environment Domestic Factors - The overall economic sentiment in China declined, with both supply and demand weakening. The manufacturing PMI for April was 49.0%, down 1.50 percentage points month-on-month. New orders and new export orders indices were 49.2% and 44.7%, down 2.60 and 4.30 percentage points respectively [3]. International Factors - The pause in interest rate cuts has led to tightening liquidity overseas, with the Federal Reserve maintaining the federal funds rate at 4.25%-4.50%. The market expects no rate cuts until June 2025, with a projected 25 basis point cut in September 2025 and a total of 50 basis points for the year [3]. Investment Recommendations - As of the end of April, the company's price-to-earnings (PE) ratio was 30.52x, indicating a high cost-performance ratio. The company is expected to see revenue and other income of HKD 29.1 billion, 30.6 billion, and 32.1 billion for 2025-2027, with net profit attributable to shareholders of HKD 17.3 billion, 18.2 billion, and 19.2 billion respectively, corresponding to PE valuations of 29.2x, 27.7x, and 26.2x [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][6][45] Core Views - The company's PE ratio is 30.52x as of the end of April, positioned at the 20th percentile historically since 2016, indicating a reasonable cost-benefit ratio for investment. The report anticipates that with the continued enhancement of the mutual access policy in Hong Kong's 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 expected to achieve revenues and other income of HKD 291 billion, 306 billion, and 321 billion for 2025-2027, with net profits attributable to shareholders of HKD 173 billion, 182 billion, and 192 billion, corresponding to PE valuations of 29.2x, 27.7x, and 26.2x respectively [2][7][45]. Summary by Sections Market Performance - In April, the Hong Kong stock market overall rose, with the Hang Seng Index and Hang Seng Tech increasing by 10% and 14% respectively compared to the end of 2024. The monthly average daily trading (ADT) for the Hong Kong Stock Exchange was HKD 2,747 billion, showing a month-on-month decrease of 2.0% but a year-on-year increase of 144.7% [7][10][16]. Business Segments - **Spot Market**: The trading activity in the Hong Kong stock market remained high, with the monthly ADT for northbound funds at HKD 9,732 billion, down 20% month-on-month but up 20% year-on-year. Southbound funds had an ADT of HKD 1,911 billion, down 3% month-on-month but up 145% year-on-year [7][16]. - **Derivatives Market**: Futures trading volume increased, while options trading volume decreased. The average daily volume (ADV) for futures was 84.1 million contracts, up 5.6% month-on-month and 23.2% year-on-year, while options ADV was 100.3 million contracts, down 6.0% month-on-month but up 14.0% year-on-year [20]. - **Commodity Market**: The LME daily average trading volume was 88.0 million contracts, reflecting a month-on-month increase of 10.6% and a year-on-year increase of 2.7% [24]. - **Primary Market**: The IPO scale in April saw a decrease, with only 2 new stocks listed, totaling HKD 29 billion, down 73% month-on-month and down 6% year-on-year [26]. Investment Income - Investment income-related interest rates showed a month-on-month increase but a year-on-year decline. As of the end of April, the 6-month HIBOR was 4.03%, up 0.05 percentage points month-on-month but down 0.65 percentage points year-on-year [33][45]. Macroeconomic Environment - The domestic economic sentiment has generally declined, with the manufacturing PMI for April at 49.0%, down 1.50 percentage points month-on-month. The demand side showed weakness, with new orders and new export orders indices at 49.2% and 44.7% respectively [37][39].

21世纪经济报道记者孙迟悦香港报道 近年来，港股市场对于内地公司和中概股的吸引力正不断增强。 4月29日，香港财经事务及库务局发言人表示，在海外上市的中概股一直有回流香港市场的意向，配合 相关需求，港交所近年推出一系列上市制度改革，包括针对中概股和其他海外发行人的融资需求对有关 上市机制作出了全面检讨，以进一步便利中概股在港上市。自2018年上市制度改革以来，截至2025年3 月底，已有33家中概股发行人回流香港。 此外，香港证监会方面也表示，为配合最新经济趋势和企业需求，吸引更多来自不同地区的企业来港上 市，香港证监会和港交所正推进全面的上市制度检讨，其中包括审视上市要求和上市后的持续责任；检 视上市规例和安排，改善审批流程；以及研究优化双重主要上市及第二上市门槛等。相关检讨将进一步 便利新兴产业公司和海外企业在港上市。 港交所CEO陈翊庭5月20日对21世纪经济报道记者表示，目前已有超过40家A股上市公司提交了H股上市 申请，还有众多A股上市公司已宣布计划在港交所进行二次上市。预计在未来几个月内，将有更多A股 上市公司选择在香港上市。 在今年5月格林威治香港论坛接受专访时，诺亚控股首席财务官潘青也强调了香 ...

Group 1 - The Hong Kong Stock Exchange (HKEX) has established strong momentum in connecting with the Middle East market, with the first Saudi Arabian government bond listed on HKEX [2] - The Premia Bank of China Saudi Islamic Government Bond ETF, the first investment-grade Islamic bond ETF in Asia, was officially listed on HKEX on May 29, 2025, providing investors direct access to Saudi government and government agency bonds [2] - The CEO of the Saudi Exchange, Mohammed AlRumaih, stated that the successful issuance of the ETF on HKEX opens investment channels for global investors into the Saudi market, enhancing global asset diversification [2] Group 2 - In February 2023, HKEX signed a memorandum of cooperation with the Saudi Exchange to explore collaboration in multiple areas, including the launch of the largest Saudi ETF in Hong Kong, managing approximately 10 billion HKD in assets [3] - Hong Kong's Financial Secretary, Paul Chan, emphasized that cooperation between Hong Kong and the Middle East extends beyond finance to include infrastructure and professional services, as the Middle East seeks economic diversification [3] - HKEX and the Saudi Exchange are promoting connectivity through capital markets, aiming to uncover opportunities within Saudi Arabia's Vision 2030 and share opportunities arising from China's development [3]

Group 1 - Morgan Stanley's research report indicates that improvements in the Hong Kong Stock Exchange's new listing channels and the potential return of Chinese concept stocks (with a total market value of $237 billion for 26 unlisted Chinese concept stocks) will benefit the long-term development of the Greater China stock market, with an expected 6% increase in earnings per share for the Hong Kong Stock Exchange by 2026 if all return to the Hong Kong market [1] - The Hong Kong stock market is experiencing a surge in technology company listings, with several core technology firms preparing to list in Hong Kong, positioning the exchange as a global technology capital hub [1] - The Shenzhen Financial Management Bureau has revealed plans to promote Greater Bay Area companies to list in Hong Kong and encourage H-share companies to return to the Shenzhen Stock Exchange, further deepening the financial market connectivity between the two regions [1] Group 2 - CITIC Securities points out that Hong Kong's capital market has formed a complete and developed financial system, with significant weights in finance, real estate, technology, and consumer sectors [1] - Benefiting from the global reassessment of Chinese assets and national policy support, the Hong Kong stock market is becoming a strategic location for global capital allocation of Chinese technology assets [1] - With the optimization of Hong Kong's listing rules (18A, 18C, and "Special Line for Technology Enterprises"), high-quality Chinese technology companies are accelerating their listings in Hong Kong, pushing the market into a new era of Chinese technology [1] Group 3 - Continuous inflow of southbound funds has led to the highest allocation ratio of active equity funds in Hong Kong stocks in nearly five years by the first quarter of 2025, with the technology sector increasingly becoming an important entry point for investing in China's technological rise [1] - The improvement in liquidity in the Hong Kong market, combined with the trend of Chinese concept stocks returning amid US-China tensions, has significantly increased the weight of the technology industry, with leading companies in core fields such as semiconductors, new energy, and cloud computing gathering in Hong Kong, highlighting its strategic position in the technology sector [1]

Core Viewpoint - The Hong Kong stock market is experiencing volatility, with Hong Kong Exchanges and Clearing Limited (HKEX) trading at 390.6 HKD, down 1.91%. The stock is currently in a sideways movement above the midline on the daily chart, while the weekly chart shows a positive trend with seven consecutive weeks of gains, nearing the upper Bollinger Band at 400.65 HKD [1]. Technical Analysis - The current price of HKEX is at a critical divergence point, with multiple moving averages indicating a "strong buy" signal. However, the RSI has reached 77, indicating an overbought condition, and there is significant pressure at the upper Bollinger Band [1]. - Key support has shifted from resistance at 380 HKD to a strong support level, while the next target for bulls is the range of 406-415 HKD [1]. - Market participants are particularly focused on the 400 HKD level, with some considering short positions at this price point [2]. Derivative Products - In the options market, various call options are available, such as the Morgan Stanley call option (13652) with a leverage of 7.9 times and a strike price of 450.2 HKD, suitable for investors optimistic about breaking this price level. Another option, the Barclays call option (27807), offers 8.7 times leverage with a strike price of 450 HKD, noted for its cost-effectiveness [4]. - For bearish investors, Citigroup's put option (16606) provides 8.4 times leverage with a strike price of 333.9 HKD, while Morgan Stanley's put option (16907) offers 8.2 times leverage with a strike price of 333.68 HKD [4]. Market Sentiment - The market sentiment remains bullish, with investors closely monitoring the performance of HKEX as it approaches the 400 HKD resistance level. The trading strategies often involve gradually exiting positions as the stock price rises or deploying derivatives when reaching significant price points [2]. - Notably, when HKEX shares rose by 1.76%, related bullish derivative products performed exceptionally well, with notable increases of 36% for the Societe Generale bull certificate (54739) and 31% for the UBS bull certificate (54530) [2].