Core Viewpoint - The Hong Kong stock market has seen stable trading volumes, with continued inflows from southbound funds, providing indirect support to the Hong Kong Stock Exchange (HKEX) business, although short-term price adjustments are influenced by market sentiment [1] Technical Analysis - The overall technical indicators for HKEX signal a "buy" with a strength of 7, but multiple moving averages indicate a "sell" signal, suggesting potential adjustment pressure in the medium to long term [1] - Various oscillation indicators are neutral, with the RSI at 56, indicating limited short-term market divergence and potential for a rebound [1] - The system assesses a 55% probability of price increase, with a recent volatility of 3.7% over the past five days, indicating moderate speculative opportunities [1] Support and Resistance Levels - The first support level for HKEX is at 434 HKD, and the second support level is at 426 HKD, which are critical defensive levels; a drop below these could lead to further declines [4] - Resistance levels are at 459 HKD, with a higher resistance at 474 HKD; the current stock price is at 449.6 HKD, positioned between support and resistance [4] Product Performance - On August 28, 2025, HKEX saw a 0.98% increase two days later, with recommended products like the Societe Generale call warrant (16781) rising by 9%, HSBC bull certificate (56882) and UBS bull certificate (58003) both increasing by 10%, and UBS call warrant (16698) rising by 8%, demonstrating the leverage effect of warrants and bull/bear certificates [4] Investment Products - For those optimistic about HKEX breaking the 459 HKD resistance, the Societe Generale call warrant (16781) is notable with a leverage of 13 times and an exercise price of 484.08 HKD, featuring low premium and implied volatility [7] - The UBS call warrant (16698) also offers a leverage of 12.5 times, suitable for conservative investors [7] - For those anticipating continued price declines, the HSBC put warrant (19847) is a viable option with a leverage of 7 times and an exercise price of 387.8 HKD, offering low premium and implied volatility [7] - The Bank of China put warrant (19860) also presents a leverage of 6.5 times, with a relatively low premium, effective for capturing price declines [7] Bull and Bear Certificates - For bullish investors, the UBS bull certificate (58003) has the lowest premium and an actual leverage of 10.4 times, with a redemption price of 410 HKD, indicating lower risk [10] - The JPMorgan bull certificate (63465) is also worth considering, with an actual leverage of 11.3 times and a redemption price of 416 HKD, offering good value [10] - For bearish investors, the JPMorgan bear certificate (69320) has high actual leverage of 7.9 times and a redemption price of 510 HKD, effectively capturing price declines [10] - The UBS bear certificate (69819) is also favorable, with a low premium and an actual leverage of 7.8 times, suitable for those confident in short-term corrections [10]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has shown strong financial performance with a significant increase in revenue and profit, while the stock price is currently facing downward pressure from technical indicators [1][2]. Financial Performance - For the first half of 2025, HKEX reported revenue of HKD 14.076 billion, a year-on-year increase of 33% [1]. - The profit attributable to shareholders reached HKD 8.519 billion, reflecting a 39% year-on-year growth, marking a record high for the company [1]. Market Sentiment - There are currently 230 companies in the IPO application queue, indicating a positive outlook for the new stock market [1]. - The stock price of HKEX was reported at HKD 455.4, down 1.60% on the previous trading day, and further down to HKD 454.2 in early trading today, a decrease of 0.26% [1]. Technical Analysis - Technical indicators suggest a "sell" signal with a strength of 10, indicating a potential downward trend in the medium to long term [1]. - Multiple oscillators are showing "buy" signals, with the RSI at 69, indicating a neutral market direction in the short term [1]. Support and Resistance Levels - The first support level for HKEX is at HKD 440, with a lower support at HKD 429. The first resistance level is at HKD 470, with a higher resistance at HKD 480 [2]. - The system estimates a 55% probability of price increase, with a recent volatility of 8.5% over the past five days, suggesting some speculative opportunities in the market [2]. Derivative Products Performance - On August 22, 2025, HKEX saw a 1.65% increase, with various structured products like warrants and bull/bear certificates showing significant leverage effects, amplifying returns [4]. - Specific warrants such as the Barclays call warrant (16781) have a leverage of 12.4 times, while UBS call warrant (16698) has a leverage of 11.6 times, indicating high potential for upward movement [7]. Investment Options - For bullish investors, the Barclays call warrant (16781) and UBS call warrant (16698) are recommended due to their high leverage and relatively low premiums [7]. - For bearish strategies, the Credit Suisse put warrant (19716) offers a leverage of 5.8 times, making it a viable option for those anticipating a downward adjustment in HKEX's stock price [8].