Investment Rating - The report assigns a "Neutral" rating to Hong Kong Exchanges and Clearing Limited (00388) with a target price of HKD 340 for the next 12 months [1] Core Insights - The report highlights that improvements in the new stock listing channels for Hong Kong Exchanges are a significant long-term benefit for the Greater China stock market, as the Stock Connect programs have fundamentally changed the investment landscape for both Hong Kong and mainland Chinese investors since their launch in 2014 [1] - It mentions that there are 26 Chinese concept stocks, which are constituents of the MSCI China and FTSE China indices, that have not yet been listed in Hong Kong, with a total market capitalization of USD 237 billion and an average daily trading volume of USD 2 billion over the past three months, representing approximately 5% and 6% of Hong Kong Exchanges' current market capitalization and daily trading volume, respectively [1] - According to sensitivity analysis, if all these stocks were to list in Hong Kong, it is anticipated that the earnings per share for Hong Kong Exchanges would increase by 6% by 2026 [1]

Group 1: Market Overview - The Hang Seng Index is expected to fluctuate within the range of 23,000 to 23,500, with recent trading showing a slight increase of 0.4% to close at 23,381 points [3] - The mainland industrial enterprises' profits increased by 1.4% year-on-year in the first four months, totaling 2.12 trillion yuan [6][7] - The overall revenue of industrial enterprises reached 43.44 trillion yuan, reflecting a year-on-year growth of 3.2% [6] Group 2: Company-Specific Insights - Meituan's first-quarter performance exceeded expectations, with the CEO emphasizing a commitment to winning competition, resulting in a stock price increase of 2.1% [3] - Link REIT reported a total distributable amount of 7.025 billion yuan for the year, marking a year-on-year growth of 4.57% [10] - Link REIT's Hong Kong property portfolio showed a revenue increase of 1.5% despite a weak retail market, while its mainland property revenue surged by 29.7% [11][12] Group 3: Investment Strategy and Predictions - UBS maintains a target of 24,500 points for the Hang Seng Index this year, citing positive factors such as increased northbound capital inflow and strong earnings momentum [8] - The report highlights that reduced interest expenses for businesses and households could lead to increased consumption and investment, benefiting high-yield stocks like utilities and banks [8]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO activities in 2023, with total fundraising exceeding 76 billion HKD, a more than sevenfold increase compared to the same period last year, positioning it as the top global fundraising venue for IPOs in 2025 [2][3]. Group 1: IPO Market Performance - As of May 21, 2023, HKEX has welcomed 23 new listings, including notable companies like Mixue Ice City and CATL, which have set new records for IPO subscriptions and fundraising [2]. - The fundraising amount in Hong Kong has approached 90% of the total for the previous year, reflecting a strong recovery in the IPO market [2]. - HKEX has received nearly 100 IPO applications and is processing around 150 applications, indicating a robust pipeline of potential listings [3]. Group 2: Policy Changes and Market Reforms - The launch of the "Tech Company Fast Track" aims to streamline the listing process for technology and biotech companies, allowing confidential submissions and creating a "green channel" for these firms [4][5]. - HKEX has been progressively adjusting its policies to attract more high-growth tech companies, including the introduction of new listing frameworks and lowering entry barriers for specialized tech firms [4][5]. - Recent reforms to the IPO pricing mechanism are considered the most comprehensive in three decades, aimed at enhancing market competitiveness and improving the efficiency of new stock pricing [5]. Group 3: Trends in Listings - There is a notable trend of companies opting for "A+H" listings, with over 40 companies already applying or announcing plans to list in Hong Kong after being listed in mainland China [6]. - The return of Chinese concept stocks to Hong Kong is anticipated, with many companies considering dual listings or secondary listings in response to favorable market conditions [6][7]. - International companies, including those from Singapore and Thailand, are also increasingly choosing HKEX for their listings, further diversifying the market [7]. Group 4: Financial Performance and Future Outlook - HKEX has reported record financial results, with total revenue and other income reaching 22.4 billion HKD in 2024, a 9% increase from 2023 [8]. - The first quarter of 2025 saw HKEX achieving historical highs in both revenue and profit, with revenue of nearly 6.9 billion HKD, a 32% year-on-year increase [8]. - Strategic initiatives are underway to enhance liquidity and market vitality, including partnerships to expand the range of fixed income and currency products [9].

5月26日，香港交易及结算所有限公司（简称"港交所"）股价盘中一度创2022年2月以来新高。今年以 来，香港新股集资额超过760亿港元，较去年同期增加超过七倍，并已达到去年全年新股集资总额的九 成左右。 多重利好叠加下，2025年以来，A股上市公司赴港上市明显提速。今年年初以来，完成香港IPO的企业 数量已经达到32家，募集资金总额是27亿美元，比去年同期上涨近130%。同时，香港资本市场年初至 今的配售H股、红筹、可转债的募集金额整体超过了200亿美元。 从今年港交所已经发行的新股特点来看，生物医药、新能源、科技、消费等行业领衔，此外在A+H发 行审批加速的背景下，A股已上市公司提出IPO申请的数量逐渐增多。截至5月23日，累计递交尚未获批 复的公司超过140家，仅5月就有三一重工、三只松鼠、广和通等企业递交申请。 5月20日，新能源龙头企业宁德时代正式登陆港交所主板，并以约355亿港元的IPO募资总额，荣登今年 全球规模最大的IPO宝座。宁德时代新股的上市令香港今年的新股融资规模暂居全球首位。 市场人士指出，选择在香港上市是增加企业知名度和品牌影响力的重要手段，香港作为全球重要的金融 中心，来自世界各地的 ...

作 者丨杨坪 视频记者丨甘俊 实习生杨帆 2 0 2 2年底及2 0 2 3年底，新交所与深交所、上交所相继开通了"ETF互通"。截至目前，中新互 挂ETFs已达到9只，总规模约6 . 3亿新元；2 0 2 4年以来，新交所成功发行了两只熊猫债。近年 来，蔚来汽车、海伦司等中国企业也纷纷赴新上市。 据罗文才介绍， 目前新交所三分之一的上市企业源于新加坡之外的地区，其中 111 家企业来 自大中华区。 然而，不同于十年前热火朝天的全球化图景，2 0 2 5年开局，特朗普挥舞关税大棒，世界局势 震荡起伏。 逆全球化浪潮之下，国际交易所间的合作会受到哪些影响？全球交易所发展的趋势是否会改 变？全球市场不确定性风险笼罩，新交所与中国的金融合作又将如何展开？ 聚焦这些问题，罗文才接受了2 1世纪经济报道记者的专访。 罗文才认为， 在不确定性与风险并存的时代，交易所间的深度合作比以往任何时候都更具战 略价值，"正是通过这种深化协作，交易所才能构建起一个生态系统，促进跨境资本流动，并 为投资者提供更丰富的选择。" 编 辑丨巫燕玲 "中国经济正在经历历史性的转变，下一个全球的冠军将来自于此。我们希望通过与中国资本 市场的合作 ...

Core Viewpoint - The Singapore Exchange (SGX) is strategically enhancing its collaboration with Chinese capital markets to facilitate cross-border capital flow and support the growth of innovative enterprises in China [2][3][5]. Group 1: SGX's Development Strategy - SGX has undergone significant reforms over the past decade, including allowing dual-class shares and SPAC listings, and has focused on sustainable finance [2][5]. - As of 2023, SGX has established "ETF mutual access" with both the Shenzhen Stock Exchange and the Shanghai Stock Exchange, with a total of 9 mutual ETFs amounting to approximately 630 million SGD [2]. - In 2022 and 2023, SGX successfully issued two panda bonds, and notable Chinese companies like NIO and Helen's have listed in Singapore [2][5]. Group 2: Cross-Border Cooperation - The CEO of SGX emphasizes that deepening cooperation between exchanges is crucial in an era of uncertainty, as it fosters an ecosystem that enhances cross-border capital flow and offers investors diverse options [3][6]. - Cross-border collaboration is seen as a means to accelerate innovation, leveraging the strengths of different markets to support sustainable growth [6][8]. Group 3: Market Performance and Growth - SGX reported a 27.3% year-on-year increase in adjusted net profit for the first half of FY2025, reaching 320.1 million SGD, with net revenue growing by 15.6% to 646.4 million SGD [5]. - The exchange's trading volume has significantly increased as investors seek quality assets amid market volatility [5]. Group 4: Future Prospects and Technological Development - SGX is considering the development of more ETF products and broader index development in collaboration with Chinese exchanges to attract international investors [9]. - The exchange is integrating AI tools for regulatory monitoring and is deploying cloud computing solutions to enhance its infrastructure and develop next-generation trading systems [9].

Market Overview - The Hang Seng Index closed at 23,827, with investors believing there is still a chance to reach 24,000-24,200 points, although some are starting to deploy bearish options due to concerns of a short-term peak [1] - The index shows limited short-term upward movement and is near significant resistance levels at 24,000 and 24,100 [1] Company Analysis Contemporary Amperex Technology Co., Limited (CATL) - CATL closed at 337.4 HKD, with investors speculating whether it can challenge 350 HKD in the short term [3] - The stock has shown strong momentum, and despite being newly listed, it has seen significant trading volume, surpassing major blue-chip stocks [3] Geely Automobile Holdings Limited - Geely closed at 20.35 HKD, maintaining an upward trend with a strong buy signal [6] - The stock is approaching resistance at 20.8 HKD, with a significant support level at 20.3 HKD [6] Bilibili Inc. - Bilibili closed at 146 HKD, with investors questioning if 150 HKD is a major resistance level [9] - The stock is in a sideways trend but is close to the upper band of the Bollinger Bands, with a resistance level identified at 155.8 HKD [9] Trip.com Group Limited - Trip.com closed at 500 HKD, with investors considering whether to enter at a low of 491 HKD [11] - Key support levels are at 481.9 HKD and 471 HKD, with active trading in bull and bear certificates [11] Hong Kong Exchanges and Clearing Limited - The stock closed at 391.6 HKD, with investors asking if it can challenge 400-410 HKD in the short term [14] - The stock is showing a strong buy signal, with resistance levels at 399 HKD and 401 HKD, and a second resistance at 425 HKD [14]

Core Viewpoint - The launch of the "Tech Company Fast Track" by the Hong Kong Stock Exchange has received positive market feedback, indicating a sustained interest in technology company listings, particularly following the recent listing of CATL [1] Group 1: Introduction of "Tech Company Fast Track" - The "Tech Company Fast Track" was officially launched on May 6, aimed at facilitating the listing applications of specialized technology and biotechnology companies [1] - Companies can submit their listing applications confidentially, which is particularly beneficial for those in early development stages or with non-commercialized products [1] Group 2: Listing Guidelines and Support - The Hong Kong Stock Exchange has updated its "New Listing Applicant Guide" to clarify that specialized technology and biotechnology companies can meet the requirements for innovative industries under the Main Board Listing Rules [1] - A professional team with relevant experience will lead the "Tech Company Fast Track," providing guidance on listing qualifications and suitability, including core product requirements and regulatory considerations [2]

Group 1 - The recent research and discussions led by Beijing officials emphasize the importance of the Beijing Stock Exchange (BSE) in promoting high-quality financial development and supporting innovative small and medium-sized enterprises (SMEs) [1][2] - The BSE is undergoing reforms aimed at enhancing its institutional framework and accelerating the expansion and quality improvement of listed companies [1][5] - Analysts believe that the recent meetings and reforms will inject confidence into the BSE's future development and signal a new phase of growth for the market [1][5] Group 2 - As of May 19, 2025, the BSE has 266 listed companies with a total market capitalization of approximately 816.81 billion [2] - The BSE's revenue for the first quarter of 2025 reached about 40.36 billion, reflecting a year-on-year growth of approximately 5.80%, while net profit saw a decline of about 9.05% [2] - The BSE's market performance has shown a significant increase of approximately 56.97% since the beginning of 2025, outperforming the Sci-Tech Innovation Board and the Growth Enterprise Market [2] Group 3 - The recent introduction of new rules for major asset restructuring aims to streamline the approval process for mergers and acquisitions among listed companies, particularly benefiting SMEs [5][6] - The new regulations allow for faster review times, with approvals expected within two working days for qualifying companies, enhancing the efficiency of the restructuring process [6] - The focus on supporting innovative SMEs through these reforms is expected to create new growth opportunities and boost market confidence [6]

被问及如何看待新交所与港交所在吸引中概股回流方面的竞争，罗文才说道，"我认为两家交易所都有 各自的优势，并且都发挥着重要作用。"在他看来，新交所是通往亚洲的重要门户，港交所则是通往中 国的重要门户。在亚洲市场继续增长的过程中，两家交易所和两个金融中心共同扮演着重要角色，都有 发挥作用的空间。" 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文 | 新浪财经 徐苑蕾 5月19日至20日，深交所2025全球投资者大会在深圳举行。大会主题为"新质生产力：投资中国新机遇 ——开放创新的深圳市场"。大会期间，世界交易所联合会主席、新加坡交易所集团（以下简称"新交 所"）首席执行官罗文才与新浪财经对话。 谈及全球资本市场的发展趋势，罗文才表示，目前市场存在诸多不确定事件，逆全球化趋势显然仍在上 升。在这种环境下，交易所之间的合作更为重要。不确定性中也存在着机遇，合作是交易所能够找到更 多机会并为投资者创造更多可能性的关键。 据了解，2022年底，深交所与新交所开通"深新ETF互通"，双向上市创业板指数、双创50指数等ETF产 品。此外，2023年5月，上交所与新交所签署ETF产品互通合作谅解备 ...