香港金融市场在2025年表现非常活跃，并在新股市场及二级市场创下多项交易纪录新高，彰显香港作为亚洲领先国际 金融中心的地位。 新一代创新企业纷纷来港上市并藉着香港的平台继续扩展；与此同时，来自全球各地的投资者也藉着香港交易所市场 上多元化的产品组合捕捉机遇并进行风险管理。香港交易所的年度市场数据显示，现货证券及期货期权市场的集资活 动和产品生态圈都较前一年更丰富、多元和活跃。以下亮点分别回顾香港市场2025年的表现及介绍2026年的展望。 香港新股市场重回全球第一 2025年香港共迎来119家新上市企业，首次公开招股集资总额达到2,858亿港元，其中三家更跻身2025年全球十大新股 之列。新能源及人工智能等创新领域的发行人引领着强劲的创新科技市场浪潮，2025年香港新上市公司当中，新经济 公司占比超过三分之二。根据Dealogic的数据，在香港交易所上市的公司全年通过后续发行筹集了660亿美元，较2024 年的279亿美元升136%，充分印证了香港资本市场的活力和深度。 衍生产品成交创新高， 巩固亚洲风险管理中心地位 现货市场成交金额创新高 2025 年香港现货市场日均成交额按年增长 89.5%，达到 2,4 ...

Market Overview - The total market capitalization of the Hong Kong Stock Exchange reached HKD 48.0 trillion by the end of November 2025, a 41% increase from HKD 34.0 trillion in the same period last year [1] - The average daily trading amount in November 2025 was HKD 230.7 billion, up 43% from HKD 161.5 billion in November 2024 [1] - For the first eleven months of 2025, the average daily trading amount was HKD 255.8 billion, a significant increase of 95% compared to HKD 130.9 billion in the same period last year [1] Derivative Products - The average daily trading amount for warrants in the first eleven months of 2025 was HKD 8.0 billion, a 54% increase from HKD 5.2 billion in the previous year [2] - The average daily trading amount for bull and bear certificates was HKD 10.6 billion, up 58% from HKD 6.7 billion year-on-year [2] - The average daily trading amount for exchange-traded funds (ETFs) was HKD 34.1 billion, representing a 116% increase from HKD 15.8 billion in the same period last year [2] - The average daily trading amount for leveraged and inverse products was HKD 3.5 billion, a 21% increase from HKD 2.9 billion year-on-year [2] IPO and Fundraising - There were 93 new listings in the first eleven months of 2025, a 52% increase from 61 new listings in the same period last year [2] - The total amount raised through initial public offerings (IPOs) was HKD 259.4 billion, a remarkable increase of 228% compared to HKD 79.1 billion in the previous year [2] - The total fundraising amount for the first eleven months of 2025 reached HKD 575.0 billion, a 240% increase from HKD 169.0 billion year-on-year [3] Futures and Options Market - The average daily trading volume for futures and options in the first eleven months of 2025 was 1,692,878 contracts, an 8% increase from 1,571,189 contracts in the same period last year [4] - The average daily trading volume for stock options was 895,548 contracts, up 23% from 728,430 contracts year-on-year [5] - The average daily trading volume for Renminbi currency futures was 106,121 contracts, a 15% increase from 92,280 contracts in the previous year [5] - On November 25, 2025, the trading volume for Hang Seng Tech Index futures options reached a historical high of 80,803 contracts [5]

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]