[UBS: Maintain the "neutral" rating of the Hong Kong Stock Exchange with a target price of HK$420] On November 11, UBS issued a report summarizing the key points of the Hong Kong Stock Exchange's financial corporate day. From the beginning of 2026 to November 9, the contribution of southbound funds to the overall average daily trading volume (ADT) fell by 3 percentage points year-on-year to 21.5%, but the overall average daily trading volume remained resilient, rising 2% year-on-year. The Hong Kong Exchange mentioned that southbound participation has previously been supported by the performance of the Internet, high dividends and new consumer stocks. In the future, mainland insurance companies are expected to become an incremental source of southbound funds; insurance companies have been allowed to invest in southbound ETFs since September, and participation is expected to gradually increase. In terms of IPOs, IPO activity in Hong Kong has slowed down in recent months after a strong first half of the year. Some listing applicants have re-evaluated their listing schedules due to market weakness and changes in valuations. However, the Hong Kong Stock Exchange has extended the validity period of listing applications to 12 months, allowing issuers to delay issuance without having to submit repeated applications. This means that some pipeline projects may be postponed rather than withdrawn. If market conditions improve, IPO activities may recover significantly. The bank maintains a "neutral" rating on the Hong Kong Stock Exchange and a target price of HK$420.