陈翊庭透露，今年以来已有逾20只新股上市，集资额逾100亿美元，相当于去年全年集资额约380亿美元 的逾25%；增发集资势头亦强劲，已达去年三分之一以上，期望这股势头能持续。目前有488家企业正 轮候在香港上市，其中逾10家为国际公司。港交所将继续优化上市框架，响应市场需求，便利全球企业 利用香港作为集资平台。她强调，去年来港上市的内地公司多已高度国际化，部分企业逾一半收入来自 全球各地。 此外，陈翊庭提到，去年底港交所入股金管局旗下迅清结算控股，期望在固定收益、货币与大宗商品领 域发力，令整个金融生态圈更丰满，便利国际投资者实现更好多元化配置，并将继续扩展互联互通机 制。 港交所主席唐家成则表示，对市场审慎乐观。他指出，自2018年推出同股不同权机制以来，市场已发生 不少变化，现时是时候研究及分析相关措施是否仍符合市场现况；任何改革最重要是保持市场质素，确 保香港持续成为高质素、备受认可的国际金融中心。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 来源：观点地产网 观点网 香港报导：2月20日，港交所行政总裁陈翊庭在马年新春开市仪式致辞时表示，过去几年，国际 社会对亚洲市 ...

印度政府将于2月1日公布2026-27财年年度预算案。印度股市今日为预算案举行特别交易时段。印度货 币和债券市场今日休市，将于2月2日恢复交易。 ...

Core Viewpoint - Emerging market stocks are experiencing significant gains, driven by strong economic performance, expectations of monetary easing, and a trend of US dollar depreciation, leading to increased demand for non-US assets [3][5][6]. Group 1: Emerging Market Performance - The MSCI Emerging Markets Index rose nearly 9%, outperforming major indices such as the Nikkei, Euro Stoxx 600, and S&P 500, marking the first time in five years that the emerging markets index's annual gain exceeded that of developed markets [5]. - Brazil's stock market has seen substantial foreign investment, with net purchases by foreign investors reaching 17.7 billion reais (approximately 23.7 billion yuan) from early January to January 23, 2026, which is more than half of the total for 2025 [8]. - South African stocks are benefiting from rising resource prices, particularly in gold, leading to increased buying in mining-related companies [8]. Group 2: Investment Trends and Risks - The uncertainty surrounding US government policies has prompted investors to reconsider their asset allocations, with emerging market stocks being viewed as a diversification option [6]. - The geographical diversity of emerging market investments is notable, with strong performances observed in East Asian markets, particularly in South Korea and Taiwan, driven by expectations related to AI demand [6]. - Risks for emerging market stocks include potential global economic slowdowns and the possibility of a stronger US dollar if expectations for US interest rate cuts diminish, which could lead to temporary adjustments in these markets [8].

Core Viewpoint - The public fund industry in China is transitioning from "rapid growth" to "high-quality development," with Ping An Fund celebrating its 15th anniversary in 2026, having grown significantly in assets and client base while focusing on long-term value creation [1][2]. Group 1: Company Growth and Achievements - Ping An Fund has grown from inception to a leading asset management company, managing nearly 900 billion yuan in assets by the end of 2025 and serving over 970 institutional clients and more than 170 million channel clients, generating a total profit of 80 billion yuan for its clients [1]. - The fund's active equity management scale doubled by the end of 2025, with an average annual return of 48.31%, ranking third in the market for the percentage of products exceeding a 50% return [3]. - Over the past seven years, Ping An Fund's equity funds achieved a return of 296.07%, ranking sixth in the market, while the ten-year average return reached 98.83%, placing it in the top third of the market [3]. Group 2: Investment Research and Strategy - The company has established a platform-based investment research system that emphasizes long-term value creation, integrating talent and platform development, and employing a multi-strategy approach [2]. - Ping An Fund's fixed income management scale surpassed 600 billion yuan by the end of 2025, with a comprehensive research framework covering various fixed income investment types [4]. - The fund has innovated in index products, leading in several categories, including the largest public REIT and the first cross-sea bridge REIT in China [5]. Group 3: Product and Service Development - The product line of Ping An Fund includes a diverse range of investment tools, covering over 50 strategies across various asset classes, including money market, bonds, mixed funds, and alternative assets [5]. - The company has launched innovative products such as the first floating management fee equity fund and the first absolute return strategy ETF-FOF product [5]. - Ping An Fund has developed smart solutions for investment research, operations, sales, and risk control, enhancing the overall investor experience [6]. Group 4: Social Responsibility and Community Engagement - The company actively engages in social responsibility initiatives, focusing on educational philanthropy through various donation and support activities aimed at improving educational quality for students [7]. - Ping An Fund emphasizes financial literacy and investor education, conducting numerous educational activities and community outreach programs to enhance financial awareness [6][7].

Core Viewpoint - The article discusses the origins of currency, highlighting the "Saint King Creation Theory" as a historical perspective and contrasting it with Sima Qian's more analytical view that links the emergence of currency to the development of trade and commerce [4][6][7]. Group 1: Historical Perspectives on Currency - The "Saint King Creation Theory" posits that currency was initially invented by a wise king, a view prevalent in ancient civilizations including China [4][5]. - Historical records indicate that the earliest discussions on the origin of currency in China can be traced back to the time of King Jing of Zhou, where the opposition to the issuance of large denomination currency was based on the need to aid the people during disasters [5][6]. - This theory influenced later scholars, such as Du You and Hong Zun, who referenced it in their works, indicating its significant impact on the understanding of currency in ancient society [6]. Group 2: Sima Qian's Contributions - Sima Qian's insights on currency are primarily found in his works "Pingzun Shu" and "Huozhi Liezhuan," where he emphasizes that the rise of various forms of currency is fundamentally linked to the smooth operation of agricultural and commercial exchanges [7]. - He argues that the emergence of currency is a natural result of the interconnectedness of agriculture and commerce, marking a significant departure from the idealistic views of the "Saint King Creation Theory" [7]. - Sima Qian's perspective laid a scientific and objective foundation for the subsequent discussions on the essence of currency, challenging the previously dominant idealistic interpretations [7].

Core Insights - The establishment of the Interbank Market Transaction Reporting Database in Shanghai is a significant development aimed at enhancing financial market transparency and risk management [1][2][4] - The database will aggregate and analyze high-frequency trading data across various financial sub-markets, including bonds, currencies, derivatives, gold, and bills, serving financial institutions and regulatory bodies [1][2] Group 1: Company Formation and Structure - The Interbank Market Data Reporting Database (Shanghai) Co., Ltd. was officially established on December 13, with a registered capital of 600 million RMB [1] - The company is jointly funded by seven entities, including the Shanghai Gold Exchange and the China Interbank Market Dealers Association, with contributions varying from 15 million to 100 million RMB [1][2] Group 2: Leadership and Expertise - Xu Zhong, an economist with extensive experience in financial research and market infrastructure, is appointed as the chairman of the company [2] - The financial officer, Tang Yingwei, has a strong background in the bill market and has been involved in the transition from paper-based to electronic systems [2] Group 3: Importance and Challenges - The database is viewed as a crucial infrastructure for building a strong financial system and promoting high-quality financial development, with its core value being the enhancement of transparency and systemic risk prevention [2][3] - Challenges such as data quality issues and the lack of standardized reporting mechanisms need to be addressed to maximize the database's effectiveness in risk monitoring and market services [3]

Group 1 - The Supreme People's Court has issued an interpretation regarding the application of laws in cases of counterfeiting currency and related crimes, aiming to enhance legal clarity and enforcement [1] - The act of illegally manufacturing counterfeit currency that mimics the design, shape, and color of real currency is classified as "counterfeiting currency" under Article 170 of the Criminal Law [1] - Altering genuine currency through methods such as cutting, modifying, or reprinting is classified as "forgery of currency" under Article 173 of the Criminal Law [1] Group 2 - If both counterfeiting and forgery methods are used to create mixed currency, it will be prosecuted as counterfeiting currency under Article 170 [1] - Crimes involving counterfeit foreign currency will be prosecuted according to Articles 170 to 173 of the Criminal Law, with the amount calculated based on the exchange rate published by the China Foreign Exchange Trading Center or authorized institutions [2] - Counterfeit ordinary commemorative coins and precious metal commemorative coins will also be prosecuted under Articles 170 to 173, with the amount for counterfeit ordinary coins calculated by face value and for precious metal coins by initial sale price [2] Group 3 - Using or attempting to use counterfeit discontinued currency will be prosecuted for fraud under Article 266 of the Criminal Law [2] - This interpretation supersedes any previous judicial interpretations that are inconsistent with it [3]

Investment Rating - The report assigns an "Accumulate" rating to the company [4]. Core Insights - The company achieved record high performance in the first three quarters of 2025, with revenue and other income reaching HKD 21.851 billion, a year-on-year increase of 36.63%, and net profit attributable to shareholders reaching HKD 13.419 billion, up 44.8% year-on-year [1][15][24]. Summary by Sections 1. Revenue and Profit Growth - In Q3 2025, the company reported a revenue of HKD 7.775 billion, representing a year-on-year growth of 44.73%, and a net profit of HKD 4.9 billion, marking a historical high with a year-on-year increase of 55.80% [1][15]. - The growth in revenue is primarily driven by increased trading activity, with trading fees and settlement fees contributing significantly to the revenue increase [16][55]. 2. Market Dynamics - The proportion of southbound trading has been steadily increasing, accounting for 53% of the overall trading volume in the Hong Kong stock market by Q3 2025, up from 12% in 2019 [2]. - The average daily trading amount (ADT) for the Hong Kong stock market increased by 126% year-on-year to HKD 256.4 billion, with the southbound trading ADT growing by 229% to HKD 125.9 billion [16]. 3. IPO Activity - The acceleration of A-share companies listing in Hong Kong is expected to enhance the revenue elasticity of the Hong Kong Stock Exchange, with over 170 A-share companies planning to list in Hong Kong by November 2025 [3][64]. - The IPO market in Hong Kong is projected to raise HKD 280 billion (approximately USD 36 billion) in 2025, marking a 137% increase from 2024 [65]. 4. Business Model and Competitive Advantage - The company operates a vertically integrated business model with multiple exchanges and clearing companies, enhancing operational efficiency and cost control [4][42]. - The diversified product offerings, including stocks, derivatives, commodities, and data services, create a robust ecosystem that mitigates the impact of market volatility on performance [7][50]. 5. Financial Projections - Revenue projections for 2025-2027 are estimated at HKD 24.81 billion, HKD 26.97 billion, and HKD 28.95 billion, respectively, with net profits expected to be HKD 14.50 billion, HKD 15.95 billion, and HKD 17.55 billion [8][10].

新华财经北京12月4日电星展银行经济学家Radhika Rao表示，印度央行在本周五即将召开的货币政策会 议上面临信号相互矛盾的局面，市场对其利率决定存在明显分歧。 Radhika Rao指出，印度央行的决策将取决于政策制定者如何权衡两个关键因素：一方面，当前通胀持 续低于目标区间，使实际利率保持在较高水平；另一方面，第二季度经济录得强劲增长，可能强化维持 紧缩立场的理由。 （文章来源：新华财经） Radhika Rao进一步预测，有关潜在公开市场操作（OMO）的公告更可能在本次利率决议之外的时间发 布，而非作为货币政策声明的一部分同步公布。 星展银行的基线预期为"温和降息"，但这一情景的前提是：2026财年的通胀路径不仅较印度央行当前预 测低50至60个基点，且已实质性回落至2%–6%的目标区间之下。尽管具备一定降息基础，近期卢比汇 率的剧烈波动为政策决定增添了新的不确定性。 "卢比的波动打乱了印度央行的降息节奏，"Radhika Rao表示，"我们预计央行将避免在本次会议上提供 明确的货币方向指引。" ...

Report Information - Report Title: Big Asset Morning Report - Research Team: Macroeconomic Team of the Research Center - Report Date: November 14, 2025 [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On November 13, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.120%, 4.437%, 3.415% respectively. There were different changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US was 0.050, and the one - year change was - 0.153 [3]. 2 - Year Treasury Yields of Major Economies - On November 13, 2025, the 2 - year Treasury yields of the UK, Germany, Japan, etc. were 3.760%, 2.026%, 0.927% respectively. There were also different changes in different time periods. For instance, the latest change in the UK was 0.037, and the one - year change was - 0.746 [3]. US Dollar Exchange Rates Against Major Emerging Economies' Currencies - On November 13, 2025, the exchange rates of the US dollar against the Brazilian real, South African rand, etc. were 5.299, 17.043 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change of the US dollar against the Brazilian real was 0.13%, and the one - year change was - 7.78% [3]. Stock Indices of Major Economies - On November 13, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 6737.490, 47457.220, 22870.360 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change of the S&P 500 was - 1.66%, and the one - year change was 16.51% [3]. Credit Bond Indices - There were different performance changes in different time periods for US investment - grade credit bonds, euro - zone investment - grade credit bonds, etc. For example, the latest change of US investment - grade credit bonds was - 0.37%, and the one - year change was 5.99% [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, etc. were 4029.50, 4702.07 respectively, with corresponding percentage changes [5]. Valuation - The PE (TTM) of CSI 300, SSE 50, etc. were 14.41, 12.13 respectively, with corresponding环比 changes [5]. Risk Premium - The risk premium of S&P 500 was - 0.55, with a环比 change of 0.01; the risk premium of German DAX was 2.66, with a环比 change of 0.27 [5]. Fund Flows - The latest values of A - shares, the main board, etc. were 496.42, 272.41 respectively, and there were corresponding 5 - day average values [5]. Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 20419.62, 5100.61 respectively, with corresponding环比 changes [5]. Main Contract Premiums or Discounts - The basis of IF, IH, IC were - 25.07, - 4.87, - 86.29 respectively, with corresponding percentage changes [5] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, etc. were 108.410, 105.885 respectively, with corresponding percentage changes. The R001, R007, SHIBOR - 3M were 1.3887%, 1.5005%, 1.5800% respectively, with corresponding daily changes in basis points [6]