[JPMorgan Chase: Lowers the target price of the Hong Kong Stock Exchange from HK$520 to HK$490 and lowers trading volume and profit forecasts] On October 22, JPMorgan Chase issued a research report stating that it had lowered the target price of the Hong Kong Stock Exchange from HK$520 to HK$490 and maintained an "overweight" rating. In response to the lower trading volume forecast, the bank lowered its earnings per share forecast for the Hong Kong Stock Exchange from 2026 to 2028 by 1%, 3% and 3% respectively, which are 4%, 6% and 7% lower than market expectations respectively. The bank currently estimates that the average daily trading volume of the Hong Kong Stock Exchange from 2026 to 2028 will be HK$597 billion, HK$619 billion, and HK$661 billion respectively; the average daily trading volume of derivatives will be 1.73 million, 1.954 million, and 2.208 million contracts respectively. The average daily trading volume of spot stocks in Hong Kong stocks (including southbound funds) is forecast to be HK$251 billion, HK$240 billion and HK$252 billion respectively.