11月28日，2025年大湾区交易所科技大会在深交所开幕。港交所行政总裁陈翊庭在致辞中表示，科技正 深刻改变全球金融服务格局，今年以来人工智能技术的重大突破与加速落地，不仅改变了大众生活，也 推动金融市场迈入"人工智能+"时代。她表示，未来香港交易所将继续利用大湾区科技和人才优势，加 快创新，提升效率，提升香港金融市场的国际竞争力。 陈翊庭指，当前科技正在重塑全球金融服务，这给所有金融市场的建设者、参与者都带来了新的挑战和 机遇。港交所也越来越深刻体会到了科技部门的重要性，并推出了很多优化服务，提升市场效率。这些 举措均离不开金融科技这个最重要的帮手。 港交所作为金融市场的建设者与参与者，近两年来推出的一系列优化服务。在具体应用层面，港交所已 将人工智能技术应用于日常办公运营，有效节省了文档处理与信息整理的时间，显著提升了办公效率； 港交所上市科在审阅上市公司年报过程中，也通过人工智能技术更高效地识别信息披露违规情况。 此外，港交所正积极探索利用人工智能推动金融监管数字化转型，研究如何通过人工智能提高发行审核 工作效率、辅助监测市场异动，进而提升监管效能。 ...

Core Insights - The Hong Kong Stock Exchange (HKEX) reported significant growth in revenue and net profit for the first nine months of 2025, with total revenue and other income reaching HKD 21.9 billion, a year-on-year increase of 37% [1] - The exchange's EBITDA was HKD 17.2 billion, reflecting a 48% year-on-year growth, with an EBITDA margin of 79%, up 5 percentage points from the previous year [1] - The IPO market in Hong Kong showed remarkable strength, with total fundraising amounting to HKD 188.3 billion, more than three times the amount raised in the same period of 2024, marking the strongest performance in nine months since 2021 [2] Financial Performance - For 9M25, the breakdown of revenue from various business segments included trading fees and system usage fees at HKD 7.8 billion (+57%), clearing and settlement fees at HKD 5.3 billion (+66%), and listing fees at HKD 1.3 billion (+17%) [1] - The average daily trading volume in the cash market reached HKD 256.4 billion, a 126% increase year-on-year, with southbound trading (Hong Kong Stock Connect) averaging HKD 125.9 billion (+229%) [1] Market Activity - The derivatives market also saw growth, with an average daily contract volume of 1.7 million contracts, up 11% year-on-year, and the LME's average daily trading volume reaching 700,000 lots (+3%) [2] - The northbound trading of bonds recorded an average daily trading volume of RMB 41.7 billion, a decrease of 5% year-on-year, while the average daily settlement amount for the swap connect reached RMB 21.7 billion, an increase of 61% [1][2] Investment Income - The net investment income for 9M25 was HKD 3.9 billion, a 4% increase year-on-year, with the company's own investment income declining by 8% to HKD 1.3 billion due to external investment performance [2] Strategic Outlook - The company has raised its target price to HKD 550, maintaining a "buy" rating, citing strong fundamental support for its current valuation and the ongoing growth in core business areas [3] - The exchange is expected to benefit from strategic initiatives aimed at optimizing market structure and enhancing product diversity, which will strengthen its long-term competitiveness [3]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenues and profits for the third quarter of 2025, marking the third consecutive quarter of historical highs [3] - The company's net profit attributable to shareholders reached HKD 4.9 billion, a year-on-year increase of 56% [3] - The growth in performance was primarily driven by record trading volumes in the spot market, leading to a 54% year-on-year increase in main business revenue [3] Financial Performance - For the first three quarters of 2025, net profit attributable to shareholders grew by 45% year-on-year to HKD 13.419 billion, also a record for the nine-month period [3] - The average daily trading volume in the spot market increased by 141% year-on-year, while the daily trading amounts for Stock Connect and Shenzhen-Hong Kong Stock Connect saw year-on-year increases of 285% and 144%, respectively [3] - The new equity market performed strongly, with total fundraising amounting to HKD 188.3 billion in the first three quarters, ranking first globally [3] Strategic Developments - The company made several strategic advancements, including the implementation of the first phase to reduce the minimum tick size and discussions on shortening the stock settlement cycle [3] - To enhance global connectivity, HKEX signed a memorandum of understanding with the Abu Dhabi Securities Exchange and officially included Hong Kong as a delivery point for the London Metal Exchange (LME) [3] - Management expressed commitment to investing in the construction of a diversified asset ecosystem, with strong trading volumes maintained in the fourth quarter to date [3]

Group 1 - The Hong Kong Stock Exchange (HKEX) is actively preparing for optimization measures in the mutual market access programs, including the inclusion of REITs and a block trading mechanism [1] - In the first half of the year, the average daily trading volume for both Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached new highs, with the daily average trading volume for Shanghai and Shenzhen Stock Connect at RMB 206.4 billion, a 68% year-on-year increase [1] - The daily average trading volume for the Hong Kong Stock Connect reached HKD 126 billion, more than double that of 2024 [1] Group 2 - The Bond Connect's northbound trading continues to show growth, with an average daily trading volume of RMB 44 billion as of August this year [2] - The average daily settlement amount for the Swap Connect reached a new high of RMB 22 billion, a 69% year-on-year increase [2] - The HKEX aims to deepen collaboration with various parties to continuously optimize listing arrangements and expand mutual market access mechanisms, enhancing product offerings and market efficiency [2]

Group 1 - The Hong Kong Stock Exchange (HKEX) announced an optimization of margin collateral arrangements, adjusting interest payments on cash collateral and related fees to be calculated daily based on international market standards, specifically the overnight reference rate minus handling fees [1] - The financing cost for non-cash collateral has been reduced from 0.5% per annum to 0.25% per annum [1] - The Hong Kong stock market has shown strong performance this year, with the Hang Seng Index and the Hang Seng Tech Index rising by 27.70% and 29.79% respectively as of September 1 [1] Group 2 - According to HKEX data, from May to the end of July, long-term stable foreign institutional funds inflow totaled approximately 67.7 billion HKD, while short-term flexible foreign institutional funds inflow was about 16.2 billion HKD [3] - Many quality Hong Kong stocks have seen significant accumulation by foreign institutional investors [3]

Core Viewpoint - Hong Kong Exchanges and Clearing (HKEX) reported a significant increase in revenue and net profit for the second quarter, exceeding market expectations, indicating strong performance in the stock market [1] Financial Performance - HKEX's revenue for the second quarter rose by 33% year-on-year to HKD 7.22 billion [1] - Net profit increased by 41% year-on-year to HKD 4.44 billion, outperforming market forecasts [1] - The average daily turnover (ADT) for Hong Kong stocks was HKD 237.7 billion, a 95% year-on-year increase, showing robust trading activity [1] Market Liquidity - As of August 20, the liquidity in the third quarter has improved compared to the first half of the year, with ADT reaching HKD 258.5 billion [1] - The recent actions by the Hong Kong Monetary Authority have reduced the necessity for further liquidity contraction, contributing to a favorable market environment [1] Future Outlook - The expectation of lower HIBOR rates due to rising prospects of Federal Reserve interest rate cuts is anticipated to support market liquidity [1] - Increased participation from mainland investors and a strong IPO market are expected to maintain a relatively loose liquidity environment for Hong Kong stocks [1] Earnings Forecast - The company's net profit forecasts for this year, next year, and 2027 have been raised to HKD 16.8 billion, HKD 16.4 billion, and HKD 16.4 billion, respectively [1] - The target price for HKEX has been increased from HKD 434 to HKD 542, maintaining a "buy" rating [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong mid-term results for 2025, highlighting ongoing efforts to enhance market infrastructure and adapt to changing global client needs [1] Group 1: Market Initiatives - HKEX is open to suggestions for extending trading hours but emphasizes the need for careful consideration due to potential market impacts and the necessity of consulting all market participants [1] - The exchange has already extended the trading hours for its derivatives market until 3 AM from Tuesday to Saturday [1] Group 2: Future Developments - HKEX is developing the "Navigator" derivatives platform to improve trading, clearing, and risk management capabilities in the derivatives market [1] - The company plans to continue enhancing market vitality and competitiveness in the second half of the year, including discussions on shortening the settlement cycle for the cash market and optimizing trading and settlement services [1]

Group 1 - The average daily trading volume in the Hong Kong market for the first half of 2025 reached HKD 240.2 billion, a significant increase of 118% compared to HKD 110.4 billion in the same period last year [1] - As of June 30, 2025, the market capitalization of the Hong Kong market was HKD 42.7 trillion, reflecting a growth of 33% from HKD 32.1 trillion year-on-year [1] Group 2 - The average daily trading volume of Exchange-Traded Funds (ETFs) surged to HKD 33.8 billion in the first half of 2025, up 184% from HKD 11.9 billion in the same period last year, driven by the expansion of the ETF Connect program and the continuous listing of new ETF products [3] - The average daily trading volume of Hong Kong Stock Connect under the Shanghai and Shenzhen Stock Connect mechanisms reached HKD 110.96 billion, marking a 195% increase year-on-year [4] Group 3 - The daily trading volume of Renminbi currency futures rose to 115,200 contracts in the first half of 2025, representing a year-on-year growth of 43%, indicating the increasing role of Renminbi-denominated instruments in the active Renminbi product ecosystem [4] - The average daily trading volume of futures and options in the Hong Kong derivatives market increased to 1.7 million contracts, reflecting an 11% year-on-year growth [5] - The Hong Kong Stock Exchange stated that the first half of 2025 marked a breakthrough period for the capital market, with strong trading volumes in the securities market and a growing derivatives market, showcasing the resilience and innovative momentum of Hong Kong's secondary market [5]

Group 1 - The Hong Kong Stock Exchange plans to increase the trading limits for futures and options contracts on the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index, pending regulatory approval [1] - The proposed change is set to take effect on July 2, 2025 [1] - This adjustment aims to enhance market liquidity and trading flexibility for participants [1]

Core Insights - The article highlights the growth in trading of gold and platinum on the Japan Exchange Group (JPX), indicating a strong presence of overseas investors in these markets [1] Group 1: Market Performance - JPX has seen an increase in trading volumes for gold and platinum, reflecting heightened interest from both domestic and international investors [1] - The presence of overseas investors in the JPX derivatives market has been notably strong, suggesting a shift in trading dynamics [1] Group 2: Investor Behavior - The article emphasizes that the engagement of foreign investors in the JPX is a significant trend, which may influence future market strategies and product offerings [1] - The growth in trading activity is indicative of broader market trends and investor sentiment towards precious metals [1]