摩根大通发布研报称，香港交易所(00388)的日均交易量持续在高位横行，相信是受到资金流动、南向 通、IPO及A股市场改善等影响。该行表示，市场对港交所中期前景的可见性通常会导致PE倍数的重 估，因此将目标价由400港元上调至500港元，评级由"中性"升至"增持"。 小摩表示，基于预期港交所更高的日均交易量预测，预计2025至27财年分别达2,350亿、2,500亿及2,520 亿港元，将其每股盈测相应上调5%至16%。另外，该行预计，港交所上半年利润为49.3亿港元，即次季 为23.99亿港元。 ...

Core Viewpoint - Morgan Stanley has upgraded its outlook on Hong Kong Exchanges and Clearing (HKEX) due to sustained high average daily trading volumes influenced by capital flows, southbound trading, IPOs, and improvements in the A-share market [1] Group 1: Market Performance - HKEX's average daily trading volume is expected to remain high, with projections for fiscal years 2025 to 2027 reaching HKD 235 billion, HKD 250 billion, and HKD 252 billion respectively [1] - The market's visibility regarding HKEX's mid-term prospects typically leads to a revaluation of its PE multiples [1] Group 2: Financial Projections - Morgan Stanley has raised its target price for HKEX from HKD 400 to HKD 500 and upgraded its rating from "Neutral" to "Overweight" [1] - The bank has adjusted its earnings per share estimates upward by 5% to 16% in line with the anticipated higher average daily trading volumes [1] - For the first half of the year, HKEX's profit is projected to be HKD 4.93 billion, with the second quarter expected to contribute HKD 2.399 billion [1]

2025年第二季收入及其他收益以及溢利均创历年季度新高。主要业务收入按年上升32%，源于现货市场 成交量上升使交易及结算费增加，以及保证金金额增加使投资收益净额增加。公司资金的投资收益净额 为5.28亿元，2024年第二季为3.66亿元，源于內部管理的公司资金的投资收益上升。EBITDA利润率为 80%，较2024年第二季上升6个百分点。 本文源自：财华网 【财华社讯】香港交易所(00388.HK)公布，截至2025年6月30日止三个月，收入及其他收益为72.19亿元 (港元,下同)，按年上升33%；股东应占溢利为44.42亿元，按年上升41%。基本每股盈利3.51元。 ...

Core Insights - Hong Kong Stock Exchange (HKEX) reported strong trading performance in the first half of 2025, achieving multiple historical highs driven by favorable market conditions and increased investor interest in non-USD assets [1] Trading Performance - The average daily trading amount in the securities market reached HKD 240.2 billion, a year-on-year increase of 118% [1] - The average daily trading volume for futures and options exceeded 1.7 million contracts, up 11% year-on-year [1] - The Hong Kong ETF market saw significant growth, with an average daily trading amount of HKD 33.8 billion, a 184% increase compared to the same period last year [1] Northbound and Southbound Trading - The trading volume for the Stock Connect (Northbound and Southbound) reached record highs for the half-year period [1] - The average daily trading amount for the Bond Connect Northbound also increased by 3% year-on-year, setting a new high [1] IPO Market - The Hong Kong IPO market continued its strong growth in 2025, leading globally in fundraising with a total of HKD 109.4 billion raised from 44 new listings, representing a 716% year-on-year increase [1] Metal Market - Despite increased volatility in the metal market due to sanctions and tariffs, the trading volume for LME metal contracts remained robust, with an average daily trading volume up 3% year-on-year [1]

花旗发表研报指，港交所第二季度总收入达72亿港元，按季升5%，按年增长33%，超出市场预期6%， 主要受投资收益表现优于预期，超出市场共识15%推动，来自于港币兑美元贬值带来的外汇一次性收 益。归属股东净利润达44亿港元，按季升9%，按年增长41%，较市场共识高出8%。营运开支为19亿港 元，按季下降2%，按年增长6%，基本符合预期。公司宣布派发中期股息每股6港元，派息比率达89%。 花旗认为，港交所核心业务表现基本符合预期，本次业绩超预期主要受一次性因素驱动，包括1.35亿港 元的外汇收益及季度内7600万港元的租约修改收益；予其"买入"评级，目标价为490港元。 ...

【财华社讯】香港交易所(00388.HK)公布，2025年上半年收入及其他收益和溢利创历来半年度新高。上 半年，股东应占溢利为85.19亿元(港元,下同)，按年上升39%。基本每股盈利6.74元。每股中期股息6港 元。 收入及其他收益为140.76亿元，按年上升33%；其中，主要业务收入按年上升34%，反映现货及股票期 权市场成交量创历来半年度新高，存管费用增加以及保证金规模增加令投资收益净额上升。公司资金的 投资收益净额为10.44亿元，2024年上半年为9.01亿元，源于美元兑港元的非经常性汇兑收益进一步带动 內部管理的公司资金的投资收益净额上升。 EBITDA 利润率为79%，升6个百分点。 由于集团根据支柱二规则范本作出新的补足税拨备，2025年上 半年集团的实际税率增加至15.8%。 本文源自：财华网 ...

香港交易所公布了其2025年上半年的业绩，上半年股东应占溢利为85.19亿港元，同比增长39%。 主要业务收入增长34%，得益于现货及股票期权市场成交量创历史半年度新高，以及投资收益净额的增 长。 集团行政总裁陈翊庭指出，上半年现货市场、衍生产品市场及沪深港通的成交量均创半年新高，新股市 场融资额重回全球榜首。下半年计划推出缩短现货市场结算周期、扩大无纸化上市机制、优化IPO定价 新规和下调证券交易最低上落价位等新措施。 集团上半年收入及其他收益总额为140.76亿港元，同比增长33%。董事会宣布派发每股6.00港元的中期 股息。 ...

Group 1 - The Hong Kong Stock Exchange has received a record number of new stock listing applications in the past six months [1] - In the second half of 2025, the exchange plans to implement several measures to enhance market competitiveness and attractiveness [1] - Proposed measures include shortening the settlement cycle for the cash market, expanding the paperless listing mechanism, optimizing the pricing rules for initial public offerings, and introducing the first phase of lowering the minimum price fluctuation for securities trading [1]

Core Viewpoint - Morgan Stanley's research report indicates that Hong Kong Stock Exchange's average daily trading volume remains high, influenced by capital flows, southbound trading, IPOs, and improvements in the A-share market [1] Group 1: Trading Volume Forecast - Based on the higher average daily trading volume, the company forecasts that the trading volume for fiscal years 2025, 2026, and 2027 will reach HKD 235 billion, HKD 250 billion, and HKD 252 billion respectively [1] - The earnings per share estimate has been raised by 5% to 16% accordingly [1] Group 2: Market Valuation and Rating - The market's visibility regarding the mid-term outlook for Hong Kong Stock Exchange typically leads to a revaluation of the PE multiple [1] - The target price has been increased from HKD 400 to HKD 500, and the rating has been upgraded from "Neutral" to "Overweight" [1]

香港交易所(00388)发布公告，该公司将于2025年9月16日派发中期股息每股6港元。 ...