November 27, 2025 09:00 PM GMT China Equity Strategy | Asia Pacific A-Share Sentiment Edged Down on Year-End Profit-Taking Market sentiment softened amid year-end profit-taking and heightened US market volatility. We maintain a cautiously constructive stance and remain confident in further inflows. A decisive fiscal policy shift and improved US-China relations would turn us more bullish. A-share investor sentiment dropped vs. previous cycle: Weighted MSASI decreased by 1% to 50% vs. the prior cut-off date ( ...

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]

日经225指数收盘上涨0.38%，至37644.26点，而覆盖面更广的东证指数上涨0.31%，至2,742.08点；当天，韩国综合 股价指数上升1.17%，以2607.33收盘，Kosdaq指数上升0.4%，以725.40收盘；在澳大利亚，标准普尔／ASX 200指 数收窄涨幅，持平于8,233.50点。 与此同时，ICE美元指数也大幅上涨。衡量美元兑一篮子全球货币的该指数最后上涨1.3%，至101.63。此外，泛欧 斯托克600指数早盘上涨0.7%。油价也大幅上涨。7月到期的国际基准布伦特原油期货上涨2.3%，至每桶65.38美 元，而美国西德克萨斯中质原油期货上涨2.4%，报每桶62.49美元。 债券方面，欧债全线下跌，中期债券遭投资者抛售，其中2年期德债收益率飙升11.6BPs至1.906%，2年期意债收益 率升7.8BPs至2.147%，2年期法债收益率大涨10.9BPs至2.058%；长债方面，10年期德债收益率上行7.8BPs至 2.631%，10年期意债收益率升6.6BPs至3.678%，10年期法债收益率升6.5BPs至3.321%。 | SYMBOL # | YIELD $ | CHANGE ...