Core Viewpoint - UBS forecasts that Hong Kong Exchanges and Clearing Limited (HKEX) will see a year-on-year increase in net profit and revenue for Q4 2025, projected to reach HKD 39 billion and HKD 68 billion respectively, despite a quarterly decline of 20% and 13% due to weak trading activity, reduced net investment income, and rising operating expenses [1] Financial Performance - The expected net investment income for Q4 is projected to decline by 29% year-on-year and 16% quarter-on-quarter, reaching HKD 8.56 billion, primarily impacted by the weakening of the Hong Kong interbank offered rate during the interest rate cut cycle [1] - Operating expenses are anticipated to rise by 6% quarter-on-quarter but decrease by 2% year-on-year, indicating effective cost control measures [1] Future Outlook - For 2026 and 2027, the daily trading volume forecasts have been revised upwards from HKD 222 billion and HKD 240 billion to HKD 236 billion and HKD 250 billion respectively [1] - Earnings per share forecasts have also been adjusted upwards by 8% and 4% for the respective years [1] Target Price and Rating - UBS has set a target price of HKD 471 for HKEX and maintains a "Neutral" rating [1]

花旗发表报告指，港交所将于2月26日公布去年第四季业绩，预计净利润为37亿港元，按季及按年分别 下降24%及2%，预计总收入预计为67亿港元，按季下降14%、按年上升4%，基于股市成交额受季节性 因素影响而有所放缓。投资收入预测为9亿港元，按季及按年分别下降13%及26%，主要受新的保证金 抵押安排所影响。该行将港交所2025年每股盈利预测下调1%至2%，但将2026及2027年每股盈利预测上 调1%至2%；目标价维持505港元不变，评级"买入"。 ...

Summary of Hong Kong Exchanges (0388.HK) Research Call Company Overview - **Company**: Hong Kong Exchanges and Clearing Limited (HKEX) - **Ticker**: 0388.HK - **Market Cap**: HK$538.3 billion / $69.1 billion Key Financial Updates - **Revised EPS Estimates**: - 2025E: -0.5% - 2026E: nil - 2027E: -0.6% - 2028E: -0.6% - **Target Price**: Revised to HK$546 from HK$550, implying a 39X P/E for 2026E [1][2][3] Revenue Projections - **Revenue Estimates**: - 2024: HK$22,374 million - 2025E: HK$28,525.4 million - 2026E: HK$29,644 million - 2027E: HK$31,457.6 million [3] Earnings Per Share (EPS) Estimates - **EPS Estimates**: - 2024: HK$10.32 - 2025E: HK$13.64 - 2026E: HK$14.10 - 2027E: HK$14.97 [3] Valuation Metrics - **P/E Ratios**: - 2024: 25.4X - 2025E: 31.3X - 2026E: 30.3X - 2027E: 28.5X [3] Dividend Information - **Dividend Per Share (DPS)**: - 2024: HK$9.26 - 2025E: HK$12.20 - 2026E: HK$12.69 - 2027E: HK$13.48 - **Dividend Yield**: - 2024: 3.5% - 2025E: 2.9% - 2026E: 3.0% - 2027E: 3.2% [3] Investment Thesis - **Rating**: Buy - **Investment Thesis**: No change to the investment thesis despite revisions in EPS estimates [1][2] Risks Identified - **Downside Risks**: 1. Increased competition from onshore capital markets 2. Lower trading velocity in the cash market 3. Fee pressure due to reduced fees onshore in China 4. Sustained deflationary environment in China [2] Market Context - **Current Price**: HK$426.80 - **Upside Potential**: 27.9% to target price of HK$546 [3] Additional Notes - The report indicates potential conflicts of interest due to Goldman Sachs' business relationships with HKEX [4][14] - The research is part of Goldman Sachs' broader investment analysis and is intended for clients [33][35] This summary encapsulates the essential financial metrics, investment outlook, and risks associated with Hong Kong Exchanges, providing a comprehensive overview for potential investors.

智通财经APP获悉，据港交所官网1月12日消息，港交所全资附属公司香港联合交易所有限公司(联交所) 上市提名委员会征求有意为联交所上市委员会及GEM上市委员会服务人士的申请。上市提名委员会并 无保留过往年度的落选申请，有关申请人如仍有意担任上市委员会的职务，须重新提交申请。有关申请 须于2026年4月10日或之前提交。入围的申请人将在2026年第二季收到会面通知。 上市委员会成员在香港上市制度及香港证券市场中担当重要角色；各成员身负重任为公众服务的同时， 也为香港成功发展为主要国际金融中心作出贡献。对联交所而言，上市委员会既是独立的行政决策组 织，也是谘询组织；共有三项主要职责： 上市委员会的提名申请须以电邮方式提交，并附上申请人的履历。申请电邮请注明"申请上市委员会提 名"，并发送给上市提名委员会秘书伍洁镟，电邮地址为LNCSecretary@hkex.com.hk。所有申请绝对保 密，所提供的个人资料亦只作申请委任上市委员会成员之用。 对上市科就上市事宜的政策提供意见，并审批《主板上市规则》及《GEM上市规则》的修订；及 就上市申请人、上市发行人及有关个别人士的事宜作出重大决定，包括审批上市申请及取消上市 ...

| 股份代號: | 00388 | | --- | --- | | 上市法國名稱: | 香港交易及結算所有限公司 | | 日期 (日 / 月 / 年): | 12/12/2025 - 12/01/2026 | 格隆汇1月12日丨根据联交所最新权益披露资料显示，2026年1月6日，香港交易所(00388.HK)获JPMorgan Chase & Co.以每股均价431.1066港元增持好仓 122.19万股，涉资约5.27亿港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为89,702,750股，持好仓比例由6.97%上升至7.07%。 | 張格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的 | | --- | --- | --- | --- | --- | --- | | | | | | | (請參閱上述*註解)有投票權股(日/月/年 | | | | | | | 份自分局 | | | | | | | 9/0 | | CS20260109E00471 | JPMorgan Chase ...

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新数据显示，1月6日，摩根大通增持香港交易所（00388）122.1923万股，每股作价 431.1066港元，总金额约为5.27亿港元。增持后最新持股数目约为8970.28万股，持股比例为7.07%。 责任编辑：卢昱君 香港联交所最新数据显示，1月6日，摩根大通增持香港交易所（00388）122.1923万股，每股作价 431.1066港元，总金额约为5.27亿港元。增持后最新持股数目约为8970.28万股，持股比例为7.07%。 ...

Core Insights - The Hong Kong Stock Exchange (HKEX) has successfully raised approximately HKD 285.7 billion through 117 IPOs in 2025, marking a significant recovery in IPO fundraising, surpassing the HKD 200 billion threshold for the first time in four years and leading globally in IPO fundraising [1] Group 1: Listing System Optimization - HKEX has implemented effective measures in listing systems, market infrastructure, and product ecosystem since 2025 to enhance listing services and market liquidity [2] - The introduction of the "Tech Company Fast Track" in May 2025 facilitates the listing process for tech and biotech companies, allowing them to submit applications confidentially [2] - Reforms in August 2025 improved the pricing and public holding requirements for IPOs, providing greater flexibility and certainty for issuers while balancing the needs of local and international investors [2] Group 2: Attracting International Companies - HKEX is actively attracting international companies to list in Hong Kong by expanding the list of recognized exchanges, making it easier for overseas firms to pursue secondary listings [3] - Several Southeast Asian companies from Thailand, Indonesia, and Singapore have either listed or submitted applications in Hong Kong since 2025 [3] Group 3: Market Liquidity and Activity Enhancement - HKEX has implemented reforms to boost secondary market activity and liquidity, including lowering the minimum tick size in August 2025 to reduce trading costs and enhance price discovery [4] - The introduction of the Hang Seng Biotech Index futures in November 2025 provides risk management tools for investors, complementing existing biotech-related products [4] - The launch of the Tech 100 Index tracks 100 well-known large and mid-cap companies across six major technology sectors, enriching the product ecosystem [4] Group 4: Continued Growth in the IPO Market - The IPO market in Hong Kong continues to show strong growth, with over 300 listing applications currently under review [5] - HKEX plans to enhance its attractiveness to global investors and issuers in 2026 by developing traditional stock business alongside commodities and fixed income sectors [5] - Deloitte China predicts around 160 new listings in Hong Kong in 2026, with a minimum fundraising target of HKD 300 billion, including approximately seven large IPOs exceeding HKD 10 billion [6]

Core Insights - Hong Kong's financial sector is undergoing a digital transformation, enhancing its role as a global finance hub and a "super connector" between international investors and mainland China [1][8] - The city is leveraging regulatory agility and technological advancements to facilitate capital flows, with programs like Stock Connect contributing to 25% of daily trading volume [2][3] Group 1: Digital Transformation and Market Position - The appointment of Bonnie Y Chan as CEO of HKEX in March 2024 marks a strategic leadership shift aimed at enhancing Hong Kong's dual function in capital flow facilitation [2] - CATL's IPO is highlighted as the world's largest this year, attracting global investors and showcasing Hong Kong's vibrant ecosystem for high-potential sectors [3] - Hong Kong is fostering innovation through tailored listing rules for pre-revenue R&D firms, particularly in biotechnology and green tech [3] Group 2: Regional Collaboration and Market Representation - Despite representing over 50% of the world's population, Asia remains underrepresented in global capital markets, prompting calls for collaboration among Asian markets to counter U.S. dominance [4] - Chan emphasizes the need for alternative investment avenues to enhance Asia's relevance on the global stage, with regulation playing a crucial role in this evolution [4] Group 3: Regulatory Framework and Digital Assets - Chan views regulators as enablers, crafting frameworks that balance development and protection, particularly in the context of digital assets like stablecoins [5] - Stablecoins are legislated under the Hong Kong Monetary Authority, primarily viewed as a medium of exchange, which could enhance stock settlements on HKEX [5][6] Group 4: Future Outlook and Market Resilience - Hong Kong's financial sector has shown resilience, with average daily turnover increasing to over 250 billion HKD from low trading volumes in late 2023 [6] - The sector's adaptability is underscored by ongoing monitoring and integration of digital assets, with a focus on enhancing efficiency in stock settlements [6][8] - Predictions indicate deeper global research into Asian innovations, potentially reshaping the financial ecosystem as Chinese companies increasingly derive revenue internationally [7][8]

Core Viewpoint - The Hang Seng Index (HSI) showed a slight increase, closing at 26,286.73, up by 54.94 points or 0.21% on January 9, 2023, reflecting a mixed performance among major blue-chip stocks [1]. Group 1: Market Performance - The HSI reached a high of 26,311.87 and a low of 26,201.05 during the trading session, with a trading volume of 36.24 million shares [1]. - The index's 52-week high is 27,275.90, while the 52-week low is 18,856.77, indicating a significant range of fluctuation [1]. Group 2: Major Blue-Chip Stocks - HSBC Holdings closed at 125.014 HKD, up 0.17% from the previous close [2]. - Tencent Holdings closed at 615.325 HKD, reflecting an increase of 0.71% compared to the Hong Kong market close [2]. - Alibaba Group (W) saw a price increase of 2.73%, closing at 146.500 HKD, while its ADR price was 147.089 HKD, up by 0.589 HKD [3]. - Other notable performances include AIA Group, which rose by 0.54% to 84.300 HKD, and Meituan, which decreased by 2.48% to 98.500 HKD [3].

Group 1 - Morgan Stanley increased its stake in Hong Kong Exchanges and Clearing Limited (00388) by purchasing 1,221,923 shares at a price of HKD 431.1066 per share, totaling approximately HKD 527 million [1] - Following the acquisition, Morgan Stanley's total shareholding in Hong Kong Exchanges and Clearing Limited reached approximately 89,702,800 shares, representing a holding percentage of 7.07% [1]