二是持续提升跨境服务效能。搭建全球资本合作桥梁，高效对接科创板、创业板、北交所、港交所及全 球市场，探索跨境投资银行、资产管理、财富管理协同联动新路径，实现股票、债券、理财等多元领域 互联互通。支持企业高质量"出海"，立足在境内和香港资本市场优势，为企业提供境外IPO、并购、发 债等全链条支持，助力更多优质企业实现国际化发展。 张文武介绍，作为产融并举的大型综合性跨国企业集团，中信集团总资产超13万亿元，表外业务规模超 50万亿元，资产管理规模近11万亿元，已成为中国最大的资产管理机构和直接融资机构，在服务实体经 济、发展新质生产力、助力多元化资产配置等方面，开展了一系列探索和实践，打造了独特优势。 三是持续构建价值共创生态。用好北京城市副中心全球财富管理中心平台，凝聚行业共识与合力，加强 投研共享、产品共创、渠道共建、风险共防，推动财富管理从单一产品销售模式，向以"客户需求为中 心"的全生命周期资产配置服务转型。 具体来看，一是服务实体经济，筑牢财富积累根基。截至今年11月末，已服务国家级专精特新及制造业 单项冠军企业超1.5万家、覆盖率超过98%，其中服务北京地区企业1081家、覆盖率达100%。二是突出 ...

12月8日，国际货币基金组织上海中心正式开业。此举是上海国际金融中心建设的里程碑，标志着中国 深度参与全球金融治理迈入制度化、常态化的新阶段。 6月18日，在2025陆家嘴论坛开幕式上，中国人民银行行长潘功胜宣布了八项金融开放举措，政策覆盖 金融基础设施、跨境投融资、结构性货币政策创新等领域。这八项政策传递出我国金融治理逻辑深刻转 型的强烈信号，从侧重流量、通道和市场准入的"要素开放"阶段，迈向围绕规则设计、制度保障的"制 度型开放"阶段。 今年以来，金融管理部门出台多项开放措施，推动内地与香港快速支付系统实现互联互通，取消港澳金 融机构入股保险公司总资产规模要求，推出深化跨境投融资外汇管理改革一揽子措施……总的来看，我 国金融业高水平开放稳步拓展，金融体系竞争力持续提升。 拓展金融市场互联互通 今年以来，金融管理部门有序推进金融服务业和金融市场高水平开放，拓展金融市场互联互通，优化沪 深港通、债券通、互换通机制，便利更多投资者投资我国金融市场，提高金融市场国际化水平。 人民币国际影响力进一步增强 近年来，金融管理部门统筹推进人民币清算行布局优化、离岸人民币市场发展、双边本币互换、重点企 业领域地区人民币使用 ...

编者按： 随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市场。它们以跨境投行连接东西，用财富管理服务民 生，足迹遍布香港中环、伦敦金融城和纽约华尔街等金融枢纽，在国际资本市场发出"中国声音"。证券时报携手中国证券业协会推出"券商'出 海'进行时"栏目，全景展现中资券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市场如何从"参与者"蜕变为"规则制 定者"，在开放浪潮中书写高质量发展新篇章。本文为专栏第八篇，敬请垂注！ 当新一轮高水平对外开放按下"快进键"，中资企业出海需求从"有没有"升级为"好不好"。作为首批综合类券商，广发证券交出一份亮眼的"出 海"成绩单：2024年国际业务收入同比翻番至13.5亿元，增速位列头部券商第一；中国香港、伦敦、新加坡"三地联动"格局成形；跨境财富管 理、投行、衍生品三线并进，服务半径覆盖亚欧美三大时区。 在服务个人投资者方面，该公司总部设立了超过50人的专业资产配置研究团队，覆盖欧美亚太等全球主要市场，致力于"为客户在全球范围内发 现投资机会"。通过多层次筛选优质底层产品，并联动广发基金、易方达基金、惠理基金等集团内外资产管理机 ...

Core Viewpoint - The article highlights the successful international expansion of Guangfa Securities, showcasing its significant growth in international business revenue and the establishment of a comprehensive cross-border service network to support Chinese enterprises going global [1][2]. Group 1: International Business Growth - Guangfa Securities reported a doubling of international business revenue to 1.35 billion yuan in 2024, leading the growth among major securities firms [1]. - The company has established a three-region linkage involving Hong Kong, London, and Singapore, enhancing its global service capabilities [2]. Group 2: Cross-Border Service Network - The firm employs an "internal growth + external expansion" strategy to create a cross-border service network that connects Hong Kong, Southeast Asia, and Europe [2]. - Guangfa Securities has become a "super interface" for cross-border business by obtaining full business licenses in various sectors, ranking second among Chinese securities firms in terms of paid-in capital [2]. Group 3: Wealth Management Solutions - To meet the rising demand for global asset allocation, Guangfa Securities is building a "global asset selection supermarket," offering diverse product supply systems through mechanisms like Stock Connect and Cross-Border Wealth Management Connect [3]. - The company has established a professional asset allocation research team of over 50 members to identify investment opportunities globally [3]. Group 4: Institutional Services - As a leading OTC derivatives primary dealer, Guangfa Securities enhances its product creation and trading capabilities to provide global asset allocation and risk management solutions for institutional investors [4]. Group 5: Support for Enterprises Going Global - Guangfa Securities has developed a comprehensive cross-border service system to support enterprises in their global expansion, covering areas such as cross-border financing and risk management [5]. - In 2024, the firm completed 14 overseas equity financing projects, raising a total of 9.3 billion USD, ranking fourth among Chinese securities firms in Hong Kong equity financing [5]. Group 6: Challenges and Solutions - The global expansion of Chinese securities firms faces challenges such as regulatory differences and talent shortages [7]. - Guangfa Securities has implemented innovative mechanisms and resource investments to build core capabilities that meet global demands, including establishing a dual communication mechanism for compliance and risk control [8].

Core Insights - The Hong Kong Stock Connect, which began operations on November 17, 2014, has successfully established a new model for capital market connectivity, expanding from stocks to bonds, ETFs, and interest rate swaps over the past 11 years [1][2]. Expansion and Activity - The Stock Connect has significantly increased trading activity, with southbound net purchases reaching approximately 1.3 trillion HKD in 2025, and cumulative net purchases exceeding 5 trillion HKD since inception [2]. - In the third quarter of 2025, the average daily trading volume for the Shanghai-Hong Kong Stock Connect and the Hong Kong Stock Connect reached record highs, with respective amounts of 206.4 billion RMB and 125.9 billion HKD, reflecting year-on-year increases of 67% and 229% [2]. ETF and Bond Market Developments - The number of eligible ETFs under the Stock Connect has grown from 83 to 273 since July 2022, catering to diverse investment needs [3]. - The Bond Connect has facilitated over half of international investments in the mainland bond market, with the "Northbound" and "Southbound" channels enhancing accessibility for foreign investors [3]. Internationalization and Index Inclusion - The establishment and optimization of the Stock Connect and Bond Connect have significantly enhanced the investability and internationalization of China's capital markets, contributing to the inclusion of Chinese A-shares and government bonds in major global indices [4]. Future Optimizations - Recent discussions indicate ongoing efforts to optimize the connectivity mechanisms, including expanding the scope of eligible products and improving the efficiency of foreign investment participation [5][6]. - The introduction of new features such as REITs and block trading mechanisms is being actively pursued to provide more investment options for both domestic and international investors [6]. Market Accessibility - The current foreign investment access framework is considered mature, with a focus on enhancing risk management tools and expanding the range of eligible products to further attract international capital [7].

Core Insights - The Hong Kong Stock Exchange (HKEX) has experienced significant growth in revenue and net profit, achieving record highs for both metrics in the third quarter and the first three quarters of 2025 [1][2][3] Financial Performance - Total revenue for HKEX in the first three quarters reached HKD 21.9 billion, a year-on-year increase of 37%, while net profit was HKD 13.4 billion, up 45% [2] - In the third quarter alone, revenue was HKD 7.775 billion, reflecting a 45% year-on-year growth, and net profit was HKD 4.9 billion, a 56% increase [2] Market Activity - The growth in HKEX's performance is attributed to heightened market trading activity and a surge in new listings [3] - Average daily trading volume for the first three quarters was HKD 256.4 billion, a 126% increase year-on-year, driving significant growth in trading and settlement fees [3] - The Stock Connect program saw record average daily trading amounts, with northbound and southbound trading reaching RMB 206.4 billion and HKD 125.9 billion respectively, marking increases of 67% and 229% [3] IPO Performance - HKEX led the global IPO market in the first three quarters of 2025, with 69 new listings raising a total of HKD 188.3 billion, more than three times the amount from the same period last year [5] - In the third quarter, 25 new companies were listed, raising a total of HKD 78.9 billion, with increases of 67% and 87% in the number of new listings and capital raised compared to the same quarter in 2024 [5][6] - The number of IPO applications in process reached 297 by September 30, 2025, significantly up from 84 at the end of 2024 [5] Strategic Initiatives - HKEX has introduced new pricing regulations for IPOs to enhance the pricing mechanism, aiming to attract more institutional investors and companies to participate [6]

Core Insights - The Hong Kong Financial Secretary highlighted the significant growth potential in international gold trading as a new growth area [1] - A memorandum of cooperation will be signed with Shenzhen to create a deeply integrated regional gold trading ecosystem [1] - Financial technology is also identified as a key growth point, with plans to enhance collaboration in this sector between Hong Kong and Shenzhen [1] Group 1 - The establishment of the Shenzhen-Hong Kong Financial Cooperation Committee has led to notable progress in deepening financial cooperation between the two regions [1] - Hong Kong is optimizing its listing approval processes and has introduced a "Tech Company Fast Track" to assist mainland tech firms in raising funds [1] - Shenzhen is positioned as a core engine of innovation, attracting internationally viable enterprises that can benefit from Hong Kong's professional services [1] Group 2 - Mechanisms like "Stock Connect," "Bond Connect," and "Wealth Management Connect" have seen significant growth since their launch, with "Wealth Management Connect 2.0" showing an eightfold increase in cross-border remittance amounts compared to its predecessor [2] - The introduction of "Cross-Border Payment Connect" facilitates rapid payment system connectivity between the mainland and Hong Kong, addressing the needs of residents in the Greater Bay Area [2] - The Financial Secretary emphasized the need to optimize existing connectivity mechanisms and explore innovative products to enhance investor choices and support the opening of the national financial market [2]

Core Viewpoint - Everbright Securities maintains an "Overweight" rating for Hong Kong Exchanges and Clearing (HKEX), citing its unique position and strong financial performance in the first three quarters of 2025, with expectations for continued growth in the fourth quarter due to active market sentiment and policy support for mainland companies listing in Hong Kong [1] Financial Performance - In the first three quarters of 2025, HKEX achieved total revenue of HKD 21.85 billion, a year-on-year increase of 36.6%, with the growth rate accelerating by 4.1 percentage points compared to the first half of the year; Q3 revenue growth was 44.7% year-on-year and 7.7% quarter-on-quarter [2] - The net profit attributable to shareholders for the first three quarters was HKD 13.42 billion, up 44.8% year-on-year, with a growth rate increase of 5.7 percentage points compared to the first half; Q3 net profit growth was 55.8% year-on-year and 10.3% quarter-on-quarter [2] Revenue Breakdown - Trading fees, system usage fees, and settlement fees accounted for HKD 13.1 billion (60.0% of total revenue), up 60.5% year-on-year, with Q3 growth rates of 83.6% year-on-year and 28.2% quarter-on-quarter, driven by heightened trading activity in the Hong Kong stock market [2] - Investment income for the first three quarters was HKD 3.89 billion (17.8% of total revenue), a year-on-year increase of 4.4%, with a narrowing growth rate compared to the first half; net investment income from funds was HKD 1.3 billion, down 7.8% year-on-year [3] - Listing fee revenue was HKD 1.27 billion (5.8% of total revenue), up 17.1% year-on-year, benefiting from increased market volatility and demand for structured products [3] Market Activity - The average daily trading volume for stock securities on the exchange reached HKD 238.7 billion in the first three quarters, a record high, with a year-on-year increase of 132.4%; Q3 growth was 149.9% year-on-year [4] - The average daily trading volume for derivatives was HKD 17.7 billion, up 67.0% year-on-year, with Q3 growth of 59.5% year-on-year [4] - Northbound and southbound trading average daily volumes were RMB 206.4 billion and HKD 125.9 billion, respectively, both record highs, with year-on-year increases of 67.4% and 228.7% [4] New Listings - In the first three quarters of 2025, HKEX saw 69 new listings, a year-on-year increase of 53.3%, raising a total of HKD 188.3 billion, which is a 238.7% increase year-on-year; Zijin Mining's listing in Q3 was the second-largest globally this year, raising HKD 28.7 billion [5] - As of the end of Q3 2025, there were 297 listing applications pending, representing a 253.6% increase from the end of the previous year [5]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high total revenue and net profit for the first three quarters of 2025, with total revenue reaching HKD 21.851 billion, a 37% year-on-year increase, and net profit of HKD 13.419 billion, up 45% [1][3] Revenue and Profit Growth - The significant growth in HKEX's performance is attributed to increased market trading activity and a surge in new stock listings, with major business revenue rising by 41% year-on-year [3][4] - In Q3 alone, HKEX achieved a revenue of HKD 7.775 billion, marking a 45% increase, and a net profit of HKD 4.9 billion, which is a 56% rise compared to the previous year [1][3] Trading Activity - The average daily trading volume for the first three quarters reached HKD 256.4 billion, a remarkable 126% increase year-on-year, driving significant growth in trading and settlement fees [3][4] - Stock trading fee revenue amounted to HKD 4.193 billion, more than double that of the same period last year [3] Stock Connect Performance - The Stock Connect mechanism showed strong performance, with average daily trading volumes for Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reaching RMB 206.4 billion and HKD 125.9 billion, respectively, representing year-on-year increases of 67% and 229% [3][4] - Total revenue from Stock Connect rose to HKD 3.225 billion, an 81.18% increase year-on-year [3] New Listings and Capital Raising - The new stock market has become a crucial driver of HKEX's growth, with 297 new stock listing applications processed by the end of Q3, more than triple the 84 applications at the end of 2024 [4] - HKEX led the global market in new stock fundraising, with a total of HKD 188.3 billion raised from 69 companies, over three times the amount raised in the same period last year [4] Strategic Initiatives - HKEX's CEO emphasized ongoing strategic reforms aimed at diversifying the market, enhancing liquidity, and strengthening global connectivity to solidify Hong Kong's status as an international financial center [4] - Industry experts express optimism about HKEX's future, highlighting its core trading business, Stock Connect mechanism, and strong performance in new stock fundraising as indicators of resilience and vitality in the international financial hub [4]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record-high total revenue and net profit for the first three quarters of the year, with total revenue reaching HKD 21.851 billion, a 37% year-on-year increase, and net profit at HKD 13.419 billion, up 45% year-on-year [1][2] Group 1: Financial Performance - In Q3, HKEX's revenue was HKD 7.775 billion, reflecting a 45% year-on-year increase, while net profit was HKD 4.9 billion, up 56% year-on-year [1] - Average daily trading volume for the first three quarters reached HKD 256.4 billion, a 126% increase year-on-year, significantly contributing to the rise in trading and settlement fees [1] - Revenue from equity securities trading fees was HKD 4.193 billion, more than double the amount from the same period last year [1] Group 2: Market Activity - The average daily trading volume for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached RMB 206.4 billion and HKD 125.9 billion respectively, both marking record highs for the first three quarters, with year-on-year increases of 67% and 229% [2] - Total revenue from the Stock Connect program rose to HKD 3.225 billion, an 81.18% increase year-on-year [2] - The derivatives market saw average daily trading volume for warrants and structured products reach HKD 17.7 billion, a 67% year-on-year increase [2] Group 3: New Listings and Capital Raising - The number of new stock listing applications surged, with 297 applications pending as of the end of Q3, more than three times the 84 applications expected by the end of 2024 [2] - HKEX ranked first globally in new stock fundraising for the first three quarters of 2025, with 69 companies listed and total fundraising amounting to HKD 188.3 billion, over three times the amount from the same period last year [2] - The total amount raised from follow-on offerings after listing reached HKD 457.2 billion, more than double the amount from the same period last year, marking the highest level since 2021 [2] Group 4: Strategic Developments - HKEX is actively optimizing mechanisms and responding to investor demands, with ongoing strategic reforms aimed at enhancing market diversification, liquidity, and global connectivity [3] - Analysts express optimism about HKEX's future performance, highlighting its core trading business and capital-raising capabilities as indicators of resilience and vitality as an international financial hub [3] - Continuous attention to international regulatory changes and compliance governance is essential for HKEX to maintain its competitive edge [3]