Market Overview - The total market capitalization of the Hong Kong Stock Exchange reached HKD 48.1 trillion by the end of October 2025, a 37% increase from HKD 35.2 trillion in the same period last year [1] - The average daily trading amount in October 2025 was HKD 274.9 billion, up 8% from HKD 255 billion in October 2024 [1] - The average daily trading amount for the first ten months of 2025 was HKD 258.2 billion, a significant increase of 102% compared to HKD 127.8 billion in the same period last year [1] Derivative Products Market - The average daily trading volume of futures and options for the first ten months of 2025 was 1,696,752 contracts, a 7% increase from 1,582,570 contracts in the same period last year [2] - The average daily trading volume of stock index futures was 568,701 contracts during the first ten months of 2025 [2] Stock Options and Futures - The average daily trading volume of stock index options was 115,461 contracts for the first ten months of 2025 [3] - The average daily trading volume of stock options increased by 22% to 896,891 contracts compared to 733,117 contracts in the same period last year [3] - The average daily trading volume of stock futures was 8,538 contracts for the first ten months of 2025 [4] Currency Futures - The average daily trading volume of Renminbi currency futures increased by 20% to 107,126 contracts compared to 89,600 contracts in the same period last year [4] Historical Records - On October 2, 2025, the weekly stock options trading volume reached a historical high of 312,545 contracts [4] - On October 27, 2025, the trading volume of Hang Seng Tech Index futures options hit a historical high of 64,982 contracts [5] IPO and Fundraising - There were 81 new listings in the first ten months of 2025, a 50% increase from 54 new listings in the same period last year [1] - The total amount raised through initial public offerings (IPOs) in the first ten months of 2025 was HKD 216 billion, a 209% increase from HKD 70 billion in the same period last year [1] - The total fundraising amount for the first ten months of 2025 reached HKD 507 billion, up 228% from HKD 154.8 billion in the same period last year [1]

Core Insights - The Hong Kong stock market's total market capitalization reached HKD 49.9 trillion by the end of September, reflecting a year-on-year growth of 35% [1] - The average daily trading volume in September was HKD 316.7 billion, marking an 87% increase compared to the same month last year [3] - For the first nine months of the year, the average daily trading volume was HKD 256.4 billion, which represents a 126% year-on-year growth [1] Trading Activity - The average daily trading volume for Exchange-Traded Funds (ETFs) in the first nine months was HKD 34.2 billion, showing a significant year-on-year increase of 163% [3] - Leveraged and inverse products also saw a 50% year-on-year increase in average daily trading volume during the same period [3] - The average daily trading volume for derivative warrants increased by 64% year-on-year [3] Derivatives Market - In the derivatives market, the average daily trading volume for stock options exceeded 886,000 contracts in the first nine months, reflecting a 27% year-on-year growth [3] - The average daily trading volume for futures and options increased by 11% compared to the same period last year [3] - The average daily trading volume for Renminbi currency futures grew by 25% year-on-year, while stock futures saw a 7% increase [3]

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]

Core Insights - The Hong Kong Stock Exchange reported a significant increase in average daily trading volume for the first eight months of the year, reaching HKD 248.3 billion, which is a 132% increase compared to the same period last year [1] Trading Volume Summary - The average daily trading volume in the Hong Kong securities market was HKD 248.3 billion, up from HKD 106.8 billion year-on-year [1] - In the derivatives market, the average daily trading volume for futures and options was 1,660,900 contracts, reflecting a 13% increase from the previous year [1] - The average daily trading volume for stock options was 863,627 contracts, which is a 29% increase year-on-year [1] - The average daily trading volume for stock futures was 8,550 contracts, showing a 10% increase compared to last year [1] - The average daily trading volume for RMB currency futures reached 112,121 contracts, marking a 30% increase from the same period last year [1]

Group 1: Market Overview - The Hong Kong Stock Exchange reported a significant increase in IPO fundraising, with a total of HKD 134.5 billion raised in the first eight months of 2025, a 579% increase compared to HKD 19.8 billion in the same period last year [8] - The total fundraising amount in the Hong Kong securities market reached HKD 368.8 billion, up 322% from HKD 87.3 billion year-on-year [8] - The market capitalization of the Hong Kong securities market as of the end of August 2025 was HKD 46.6 trillion, reflecting a 47% year-on-year increase [8] Group 2: Trading Activity - The average daily trading volume in the Hong Kong securities market for the first eight months of 2025 was HKD 2.79 billion, a 192% increase from HKD 0.95 billion in the same period last year [8] - The average daily trading volume for exchange-traded funds (ETFs) was HKD 33.7 billion, up 183% from HKD 11.9 billion year-on-year [9] - In the derivatives market, the average daily trading volume for futures and options increased by 13%, while stock options saw a 29% rise in average daily trading volume [10] Group 3: Company Performance - Sun Hung Kai Properties reported a total revenue of HKD 72.702 billion for the fiscal year 2024/25, representing an 8.8% year-on-year growth [10] - The company's pre-tax profit was HKD 22.573 billion, a 4.96% increase, while net profit grew by 1.21% to HKD 17.580 billion [10] - Rental income for the company decreased by 2% to HKD 24.461 billion, with mainland property rental income also down by 2% [13]

Market Overview - The total market capitalization of the Hong Kong securities market reached HKD 46.6 trillion at the end of August 2025, a 47% increase from HKD 31.8 trillion in the same period last year [1] - The average daily trading amount in August was HKD 279.1 billion, up 192% from HKD 95.5 billion year-on-year [1] - For the first eight months of 2025, the average daily trading amount was HKD 248.3 billion, a 132% increase from HKD 106.8 billion in the same period last year [1] Derivative Products - The average daily trading volume of futures and options for the first eight months of 2025 was 1,660,900 contracts, a 13% increase from 1,473,911 contracts year-on-year [2] - The average daily trading volume of stock options was 863,627 contracts, up 29% from 670,560 contracts last year [2] - The average daily trading volume of RMB currency futures was 112,121 contracts, a 30% increase from 86,010 contracts year-on-year [2] New Listings and Fundraising - There were 59 new listings in the first eight months of 2025, a 37% increase from 43 new listings in the same period last year [1] - The total amount raised through initial public offerings (IPOs) was HKD 134.5 billion, a significant increase of 579% from HKD 19.8 billion year-on-year [1] - The total fundraising amount for the first eight months reached HKD 368.8 billion, up 322% from HKD 87.3 billion last year [1]

Market Overview - The total market capitalization of the Hong Kong securities market reached HKD 46.6 trillion at the end of August 2025, a 47% increase from HKD 31.8 trillion in the same period last year [1] - The average daily trading amount in August was HKD 279.1 billion, up 192% from HKD 95.5 billion year-on-year [1] - For the first eight months of 2025, the average daily trading amount was HKD 248.3 billion, a 132% increase from HKD 106.8 billion in the same period last year [1] Derivative Products - The average daily trading volume of futures and options for the first eight months of 2025 was 1,660,900 contracts, a 13% increase from 1,473,911 contracts year-on-year [2] - The average daily trading volume of stock options was 863,627 contracts, up 29% from 670,560 contracts in the previous year [2] - The average daily trading volume of RMB currency futures was 112,121 contracts, a 30% increase from 86,010 contracts year-on-year [2] New Listings and Fundraising - There were 59 new listed companies in the first eight months of 2025, a 37% increase from 43 companies in the same period last year [1] - The total amount raised through initial public offerings (IPOs) was HKD 134.5 billion, a significant increase of 579% from HKD 19.8 billion year-on-year [1] - The total fundraising amount for the first eight months reached HKD 368.8 billion, up 322% from HKD 87.3 billion in the previous year [1]

Group 1: Market Performance - The Hong Kong financial market showed a strong recovery in the first half of 2025, with multiple indicators reaching historical highs. The average daily trading amount on the Hong Kong Stock Exchange reached HKD 240.2 billion, a significant year-on-year increase of 118%, marking the highest level since 2010 [1] - The average daily trading amount of the Southbound Stock Connect reached HKD 110.96 billion, reflecting a year-on-year growth of 195%, indicating a notable increase in participation from mainland investors [1] - The derivatives market also performed well, with average daily trading volume of futures and options increasing by 11% year-on-year, and the average daily trading volume of RMB currency futures rising by 43%, highlighting the acceleration of RMB internationalization [1] Group 2: Market Capitalization and New Listings - As of June 30, 2025, the total market capitalization of Hong Kong reached HKD 42.7 trillion, a 33% increase compared to the same period last year, driven by the recovery of Chinese mainland economic conditions and the Hong Kong Stock Exchange's continuous optimization of listing regulations [2] - In the first half of 2025, the Hong Kong Stock Exchange received over 200 listing applications, with total new stock financing amounting to USD 14.1 billion, a year-on-year increase of 695%, significantly surpassing the global new stock financing growth of 8% [2] - It is expected that more than 80 medium to large enterprises will advance their plans for A-share or secondary listings in Hong Kong throughout the year [2] Group 3: Investment Outlook - The target price for the Hong Kong Stock Exchange has been raised to HKD 500.0, maintaining a buy rating based on strong fundamentals, including an average daily trading volume exceeding HKD 240 billion and record net inflows from Southbound funds [2] - The valuation corresponds to a price-to-earnings (PE) ratio of 42 times, reflecting a 15.8% increase from the previous trading day's closing price, with a safety margin as it remains below the historical bull market average of 44.7 times [2] - The Hong Kong stock market is currently undergoing a critical phase of valuation recovery and structural transformation, with significant long-term investment value despite potential short-term volatility due to policy expectations [2]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (388) with a target price of HKD 500.0, representing a potential upside of 15.8% from the previous closing price [5][32]. Core Insights - The Hong Kong financial market is experiencing a robust recovery, with multiple indicators reaching historical highs. The average daily trading volume for the Hong Kong Stock Exchange (HKEX) in the first half of 2025 reached HKD 240.2 billion, a significant increase of 118% year-on-year, marking the highest level since 2010 [3][8]. - The market capitalization of the Hong Kong market increased to HKD 42.7 trillion by the end of June 2025, reflecting a 33% year-on-year growth, driven by the recovery of Chinese mainland economic conditions and the optimization of listing regulations by HKEX [4][15]. - The report highlights the strong performance of various market segments, including a 195% year-on-year increase in the average daily trading volume of the Stock Connect program, indicating a significant rise in participation from mainland investors [10][15]. Summary by Sections Market Performance - The average daily trading volume for HKEX reached HKD 240.2 billion in the first half of 2025, up from HKD 110.4 billion in the same period of 2024, marking a 118% increase [8]. - The Stock Connect program's average daily trading volume was HKD 110.96 billion, a 195% increase year-on-year, showcasing enhanced participation from mainland investors [10][15]. - The derivatives market also showed strong growth, with average daily trading volume for futures and options increasing by 11% year-on-year, and the trading volume for RMB currency futures rising by 43% [3][10]. Market Capitalization and New Listings - As of June 30, 2025, the total market capitalization of Hong Kong reached HKD 42.7 trillion, a 33% increase from HKD 32.1 trillion a year earlier [4][15]. - In the first half of 2025, HKEX processed over 200 listing applications, with new stock financing totaling USD 14.1 billion, a staggering 695% increase year-on-year [4][15]. Financial Projections - The report forecasts total revenue for HKEX to reach HKD 26.1 billion in 2025, reflecting a year-on-year growth of 16.7% [7]. - Net profit is projected to be HKD 15.2 billion in 2025, with a growth rate of 16.6% [7]. - The report anticipates a diluted earnings per share of HKD 12.0 for 2025, representing a 16.6% increase from the previous year [7]. Regulatory Environment - HKEX announced a series of optimized listing rules effective August 4, 2025, aimed at lowering barriers to entry and enhancing market competitiveness [22]. - The new regulations include reducing the minimum public float requirement from 15% to 10%, which is expected to attract more quality companies to list in Hong Kong [25][22]. Investment Themes - The report emphasizes two main investment themes: growth driven by technology and stable dividend yields from undervalued state-owned enterprises [26][27]. - It highlights opportunities in the AI sector, electric vehicles, and innovative pharmaceuticals, alongside a focus on undervalued state-owned enterprises benefiting from policy support [26][27].

Market Overview - The total market capitalization of the Hong Kong securities market reached HKD 44.9 trillion by the end of July 2025, a 44% increase from HKD 31.1 trillion in the same period last year [1] - The average daily trading amount in July 2025 was HKD 2,629 billion, up 167% from HKD 986 billion in the same month last year [1] Securities Market - The average daily trading amount for the first seven months of 2025 was HKD 2,437 billion, a 124% increase from HKD 1,086 billion in the same period last year [2] - The average daily trading amount for derivative warrants in the first seven months of 2025 was HKD 75 billion, up 63% from HKD 46 billion last year [2] - The average daily trading amount for bull and bear certificates was HKD 96 billion, a 75% increase from HKD 55 billion last year [3] - The average daily trading amount for exchange-traded funds (ETFs) was HKD 333 billion, up 180% from HKD 119 billion last year [3] - The average daily trading amount for leveraged and inverse products was HKD 39 billion, a 70% increase from HKD 23 billion last year [3] - There were 53 new listed companies in the first seven months of 2025, a 33% increase from 40 companies last year [3] - The total amount raised through initial public offerings (IPOs) was HKD 1,279 billion, a significant increase of 611% from HKD 180 billion last year [3] - The total fundraising amount for the first seven months of 2025 was HKD 3,318 billion, up 297% from HKD 835 billion last year [4] Derivative Products Market - The average daily trading volume for futures and options in the first seven months of 2025 was 1,671,497 contracts, an 11% increase from 1,499,137 contracts last year [5] - The average daily trading volume for stock options was 864,892 contracts, up 27% from 680,980 contracts last year [5] - The average daily trading volume for stock futures was 8,631 contracts, an 8% increase from 8,017 contracts last year [5] - The average daily trading volume for RMB currency futures was 112,429 contracts, a 36% increase from 82,833 contracts last year [5]