Market Overview - The Hang Seng Index fell by 465.42 points, a decrease of 1.72%, closing at 26,567.12 points [1] - The total turnover on the main board was HKD 257.578 billion [1] - The Hang Seng China Enterprises Index dropped by 142.47 points, closing at 9,032.71 points, a decline of 1.55% [1] - The Hang Seng Tech Index decreased by 48.56 points, closing at 5,360.42 points, down by 0.9% [1] Blue-Chip Stocks - Tencent Holdings fell by 0.65%, closing at HKD 532 [1] - Hong Kong Exchanges and Clearing decreased by 2.13%, closing at HKD 405.2 [1] - China Mobile remained unchanged, closing at HKD 78.2 [1] - HSBC Holdings dropped by 2.72%, closing at HKD 135.7 [1] Local Hong Kong Stocks - Cheung Kong Holdings decreased by 0.59%, closing at HKD 46.9 [1] - Sun Hung Kai Properties increased by 0.15%, closing at HKD 133.7 [1] - Henderson Land Development fell by 1.04%, closing at HKD 32.4 [1] Chinese Financial Stocks - Bank of China decreased by 1.48%, closing at HKD 4.65 [1] - China Construction Bank fell by 1.49%, closing at HKD 7.96 [1] - Industrial and Commercial Bank of China dropped by 1.38%, closing at HKD 6.41 [1] - Ping An Insurance decreased by 2.16%, closing at HKD 70.35 [1] - China Life Insurance fell by 3.67%, closing at HKD 33.08 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation dropped by 5.12%, closing at HKD 5.37 [1] - China National Petroleum Corporation fell by 4.33%, closing at HKD 9.05 [1] - CNOOC Limited decreased by 3.5%, closing at HKD 24.24 [1]

Core Viewpoint - The Hong Kong IPO market is experiencing a surge, and the Hong Kong Stock Exchange (HKEX) is considering allowing more companies to submit IPO applications confidentially to maintain its leading position as a global listing center [1] Group 1: Proposed Changes - The proposal aims to expand the scope of confidential applications beyond just technology and biotech sectors to include traditional industries [1] - A market consultation document is expected to be released by HKEX by the end of February, which will include these suggestions [1] - The content and timing of the document may be adjusted around the Lunar New Year holiday and the upcoming fiscal budget announcement [1] Group 2: Current Confidential Application Criteria - Currently, only overseas-listed companies with a market capitalization of at least 10 billion HKD and strong performance, as well as biotech or advanced technology companies, can submit confidential IPO applications [1] - This confidentiality is intended to protect research-intensive companies from the risks associated with early disclosure [1] - Other issuers are required to disclose detailed business overviews, audited financial statements, and equity structures months before listing, which has deterred some companies concerned about the uncertainty of the listing window [1] Group 3: Regulatory Response - The Hong Kong Securities and Futures Commission (SFC) declined to comment on the matter but stated it will continue to work closely with HKEX to explore measures to enhance the competitiveness of the Hong Kong listing market [1] - The goal is to ensure that Hong Kong remains the preferred listing destination for quality enterprises [1]

Summary of HK Exchanges & Clearing 4Q25 Preview Company Overview - **Company**: HK Exchanges & Clearing (0388.HK) - **Industry**: Financials, specifically focused on stock exchange operations in Hong Kong Key Points Revenue and Profit Outlook - Revenue and profit are expected to moderate in 4Q25 after a record high in 3Q25, with a projected revenue increase of 4% year-over-year (yoy) and a profit decline of 2% yoy due to sticky costs and a higher tax rate [1][9][12] - Trading and clearing fees are anticipated to increase approximately 12% yoy in 4Q25, while listing fees are expected to rise by 15% yoy, supported by new listings of Derivative Warrants (DW) and Callable Bull/Bear Contracts (CBBC) [3][9] Average Daily Turnover (ADT) Trends - The headline ADT for 4Q25 was HK$230 billion, reflecting a 23% increase yoy but a 20% decrease quarter-over-quarter (qoq) [3][15] - Cash Average Daily Volume (ADV) fell 20% qoq to HK$186 billion in December 2025, attributed to seasonal slowdown, but increased 23% yoy [3][9] - Southbound ADV dropped 29% qoq but rose 25% yoy, indicating its importance as a future growth driver [3][9] Derivatives Market Performance - Futures ADV declined 16% yoy and 1% qoq, while options ADV rose 8% yoy but fell 3% qoq [3][9] - Commodities ADV remained strong, increasing 23% yoy and 20% qoq [3] Net Investment Income - Net investment income is projected to decline to HK$800 million in 4Q25, down 33% yoy and 21% qoq, due to a smaller margin fund size and lower six-month HIBOR rates [4][9] Market Conditions and Future Outlook - Year-to-date (YTD) momentum remains strong, with YTD ADV rebounding to HK$274 billion as of February 11, 2026 [5] - The outlook for 2H26 appears supportive, with expectations of clearer signs of moderating Producer Price Index (PPI) pressure, which could enhance market sentiment and trading volume [5] Financial Metrics - Current market capitalization is HK$528.648 billion, with a price target of HK$508.00, indicating a potential upside of 22% from the current price of HK$418.00 [7] - Earnings per share (EPS) estimates for 2026 are projected at HK$13.54, with a price-to-earnings (P/E) ratio of 30.9 [7] Risks and Considerations - Potential risks include geopolitical uncertainties, regulatory changes affecting ADV, and the performance of the IPO pipeline [30] - Upside risks involve a sharp increase in market fundraising activity and improved liquidity conditions [30] Conclusion - HK Exchanges & Clearing is navigating a mixed performance landscape with a supportive outlook for 2026, driven by strong trading activity and new listings, despite challenges in net investment income and market volatility.

摩根士丹利发布研报，预期港交所2025年第四季收入及盈利将从2025年第三季的历史高位回落。该行估 计港交所2025年第四季盈利将同比下跌2%，主要受成本黏性同比上升7%以及最低税率要求推高税率的 影响。同时，该行给予港交所"增持"评级，目标价508港元。 研报显示，港交所2025年第四季日均成交额为2300亿港元，同比上升23%，但按季下跌20%。期货日均 成交量同比下跌16%，期权日均成交量则同比上升8%。第四季收入将同比增长4%，核心业务同比约 12%的增长成为主要带动因素，疲弱的净投资收益则对收入增长形成部分抵销。大摩预期港交所净投资 收益将同比及按季均录得下跌，主要源于保证金资金规模缩减。 对于港交所2026年整体走势，大摩认为1月市场活动相对活跃，将为全年走势提供支撑。该行预期2026 年下半年港交所将迎来利好格局，一方面得益于市场活动持续活跃，另一方面PPI压力趋缓的迹象日趋 明确也将为其营造有利环境。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 ...

大摩预期，港交所2025年第四季均成交额为2,300亿港元，同比上升23%，惟按季下跌20%。期货日均成 交量同比下跌16%，期权日均成交量则同比上升8%。第四季收入将同比增长4%，受核心业务约12%的 同比增长带动，部分被疲弱的净投资收益所抵销。大摩预期港交所净投资收益将同比(基数较高)及按季 均录得下跌，主要由于保证金资金规模缩减所致。 智通财经APP获悉，摩根士丹利发布研报称，预期港交所(00388)去年第四季收入及盈利将从2025年第三 季的历史高位回落。今年1月市场活动相对活跃，该行认为这对今年走势构成支持。该行预期踏入今年 下半年将形成利好格局，受惠于市场活动活跃及PPI压力趋缓的迹象日趋明确。该行估计港交所2025年 第四季盈利将同比下跌2%，反映成本黏性(同比升7%)及最低税率要求导致税率上升的影响。评级"增 持"，目标价508港元。 ...

摩根士丹利发布研报称，预期港交所(00388)去年第四季收入及盈利将从2025年第三季的历史高位回 落。今年1月市场活动相对活跃，该行认为这对今年走势构成支持。该行预期踏入今年下半年将形成利 好格局，受惠于市场活动活跃及PPI压力趋缓的迹象日趋明确。该行估计港交所2025年第四季盈利将同 比下跌2%，反映成本黏性(同比升7%)及最低税率要求导致税率上升的影响。评级"增持"，目标价508港 元。 大摩预期，港交所2025年第四季均成交额为2,300亿港元，同比上升23%，惟按季下跌20%。期货日均成 交量同比下跌16%，期权日均成交量则同比上升8%。第四季收入将同比增长4%，受核心业务约12%的 同比增长带动，部分被疲弱的净投资收益所抵销。大摩预期港交所净投资收益将同比(基数较高)及按季 均录得下跌，主要由于保证金资金规模缩减所致。 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) has appointed Jalal Almarhoon as Managing Director and Chief Representative for the Middle East, effective February 10, 2026, to enhance its business development in the region [1] Group 1: Appointment Details - Jalal Almarhoon will be based in the newly established Riyadh office and will report to Xu Jingwei, head of the Global Listing Services Department at HKEX [1] - His responsibilities include leading HKEX's business expansion in Saudi Arabia and the broader Middle East, overseeing primary and secondary market initiatives, and promoting HKEX as the preferred listing venue for issuers in the region [1] Group 2: Strategic Importance - HKEX aims to strengthen its presence in the Middle East as the region plays an increasingly significant role in global capital flows [1] - The appointment is part of HKEX's strategy to enhance connections between Hong Kong, mainland China, and the Middle East in terms of capital, issuers, and investors [1] Group 3: Background of the Appointee - Jalal Almarhoon has over 20 years of experience in financial markets in the Gulf region and previously served as Managing Director at BNP Paribas and Head of Strategic Corporate Clients in Saudi Arabia [1] - He has also held senior positions at Societe Generale and Standard Chartered Bank, and holds a Bachelor's degree in Business Administration from Hanze University of Applied Sciences in the Netherlands [1]

Core Viewpoint - Citic Lyon has upgraded the weighting of the Hong Kong market to overweight by 20%, citing reduced correlation with the Chinese market and allowing for differentiated allocation [1] Group 1: Market Performance - The Hong Kong IPO market is expected to surpass its performance in 2025, with total IPO and placement fundraising amounting to $82.3 billion last year [1] - The Hong Kong property market has recorded its first annual increase since 2021, which is anticipated to boost the stock market [1] Group 2: Earnings and Valuation - Earnings forecasts for Hong Kong companies are projected to turn positive starting July 2025, ranking second in the Asia-Pacific region after Japan, South Korea, and Taiwan [1] - The valuation of the Hong Kong stock market is attractive relative to regional peers, with a price-to-earnings ratio of 16.7 times, slightly below the 35-year average of 17.2 times [1] - The Hong Kong market is the furthest from its historical highs, indicating potential for catch-up [1] Group 3: Stock Recommendations - Preferred stocks include WH Group (00288), AIA (01299), Hong Kong Exchanges and Clearing (00388), Sun Hung Kai Properties (00016), CK Hutchison Holdings (00001), Techtronic Industries (00669), and Galaxy Entertainment Group (00027), all rated as "outperform" [1] - WH Group is highlighted as a stock with "high confidence" by the firm [1]

| 合約 | 所有賬戶 | | --- | --- | | MSCI 中國 A50 期貨 | 0.50 美元 | 智通财经APP获悉，2月12日，香港交易所(00388)发布通告称，现有的MSCI中国A50期货的流通量提供者计划及活跃交易者计划将于2026 年3月31日完结。香港交易所将于2026年4月自1月1日起至2028年3月31日期间推出下一期的MSCI中国A50期货流通量提供者计划及活跃交 易者计划。MSCI中国A50期货的50%交易费用折扣优惠将维持不变，直至另行通知。 ...

Core Viewpoint - The Hang Seng Index (HSI) closed at 27,071.73, down 194.65 points or 0.71% from the previous close, indicating a decline in market performance [1]. Group 1: Market Performance - The HSI reached a high of 27,213.46 and a low of 26,949.38 during the trading session, with a trading volume of 40 million shares [1]. - The average price for the HSI was 27,081.42, while the 52-week high and low were 27,964.68 and 19,335.70, respectively [1]. Group 2: Major Blue-Chip Stocks - HSBC Holdings closed at HKD 139.794, unchanged from the Hong Kong close, while Tencent Holdings closed at HKD 543.262, down 0.86% [2]. - Among the major stocks, Alibaba (HKD 160.100, down 0.25%), and Xiaomi (HKD 37.100, up 4.27%) showed varied performance [3]. - Notable gainers included BYD Company, which rose by 3.50% to HKD 99.150, while Pop Mart International fell by 5.49% to HKD 255.000 [3].