According to the Zhitong Finance APP, Cai Xiuhong, Director of the Listed Products Sales Department at Société Générale Securities, stated that looking back at 2024, the total trading volume of warrants and callable bull/bear contracts slightly increased by about 1%, accounting for 9% of the overall market trading volume. The focus of the warrant market is on products related to the Hang Seng Index, where investors not only deploy based on market volatility but also make good use of the product characteristics of callable bull/bear contracts to control risks. Additionally, investor interest in US stock warrants has significantly increased, with investors using US stock warrants for proactive deployment during Hong Kong trading hours.
Zhou Hanhong, Director of the Listed Products Sales Department at Société Générale Securities, expressed his market outlook for 2025, estimating that the percentage of US companies' earnings and market capitalization in the global corporate landscape continues to rise. The growth potential of the &#34;Seven Giants&#34; in technology will remain a focal point for global investors. It is expected that Hong Kong stock investors' interest in trading US stocks during Asian hours will continue to increase, with related warrant trading volume, street stock levels, and capital flows likely to reach new highs. The year-end target for the S&amp;P 500 Index is expected to be 6,750 points, and a buy rating is maintained for Chinese stocks.
Regarding Hong Kong stocks, Zhou Hanhong anticipates that the implied volatility of ATMX warrants will stabilize, utilizing warrants to capture the next opportunity for a clearly directional volatile market similar to September last year. Sectors and themes worth noting in the first half of the year include stable high-dividend stocks: telecommunications, China Mobile (00941), China Telecom (00728), China Unicom (00762); banking, HSBC Holdings (00005), China Construction Bank (00939), Industrial and Commercial Bank of China (01398); resources, China National Offshore Oil (00883), PetroChina (00857); real estate rental and Link Real Estate Investment Trust (00823).
He further pointed out that in the robotics and AI-related stocks, Xiaomi Group (01810) is notable; in electric vehicles and environmental-related stocks, BYD Company (01211) stands out. However, investors need to be aware of potential risk factors, including the global trade war, developments in China-US relations, and inflation uncertainties

.SPX

Société Générale Securities expects the S&P 500 index to reach a year-end target of 6,750 points. In the first half of the year, Hong Kong stocks to watch include stable high-dividend stocks such as China Mobile, China Telecom, and HSBC Holdings. Investor interest in U.S. stock warrants is rising, and related trading volume is expected to hit new highs. Risks such as the global trade war, China-U.S. relations, and inflation should be monitored

- In 2024, the total trading volume of warrants and callable bull/bear contracts slightly increased by about 1%, accounting for 9% of the overall market.  
- Investors are focusing on Hang Seng Index-related products and are increasingly interested in U.S. stock warrants for proactive positioning during Hong Kong trading hours.  
- Looking ahead to 2025, expectations for S&P 500 index targets and continued interest in U.S. stocks during Asian trading hours are highlighted, alongside potential risks from global trade tensions and inflation uncertainties.

Zhitong

S&P 500

XIAOMI-W

Société Générale

BYD COMPANY

Huawu Co.,Ltd.

PING AN HKDIV

China Unicom

HSBC HOLDINGS

PETROCHINA

SHANTUI

Environment Protection

ICBC

CHINA TELECOM

VG S&P 500 Grw

Suochen

XCMG

Tongxing

CHINA MOBILE

SPDR S&P 500

Skychem Technology

CHINA UNICOM

CNOOC

Societe Generale: S&P 500 year-end target of 6750 points, Hong Kong stocks in the first half can focus on stable high-dividend stocks