图5.6：恒生指数表现强劲，市场资本化大幅上升（2025年增长27.8%）

The local stock market staged a strong performance in 2025. The artificial intelligence, before experiencing a sharp correction alongside other in early April. Market sentiment subsequently improved and remained positive for the rest of the year amid a thriving technology sector, gradual easing of trade tensions, and US interest rate cuts. The HSI rallied to a four-year high in early- year as a whole. Market capitalisation rose sharply by 34.2% over a year earlier to $47.4 trillion at end-2025. The local stock market ranked the sixth largest in the world and the third largest in Asia(9). Trading activities were very active. For 2025 as a whole, average daily turnover in the securities market surged by 89.5% to a record high of Within the total, the average daily trading value of equities, unit trusts (including Exchange-Traded Funds (ETFs)) (10), callable bull/bear contracts and derivative warrants increased by 93.6%, 92.6%, 58.7% and 50.0% respectively. As to options and futures(11), the average daily trading volume increased by 7.2%. Within the total, trading of stock options rose by 22.1%, while that of Hang Seng Index options fell by 23.4%. Meanwhile, trading of