衍生产品市场成交张数延续升势 2025年股本证券及金融衍生品分部收入69亿港元，同比+11%，增长主要是由于结构性产品交易及上市 活动增加，以及衍生品市场成交量创新高。衍生产品平均每日成交合约张数达166万张，同比增长7%。 联交所牛熊证及权证等日均交易额同比增长55%至183亿港元。期交所衍生品合约和联交所期权合约平 均每日成交张数分别-6%和+22%。新上市权证、牛熊证数分别+50%、+27%。 智通财经APP获悉，东吴证券发布研报称，维持香港交易所(00388)"买入"评级。香港市场交投活跃，预 计IPO发行有望延续升势，看好香港交易所α与β同步优化，进一步兑现发展前景。该行小幅调整此前盈 利预测，预计港交所2026-2027年股东应占溢利分别为189.66/205.12亿港元，估算公司2028年股东应占 溢利为224.15亿港元，对应增速分别为7%/8%/9%。当前股价对应PE估值分别为27.8x /25.7x /23.5x。 东吴证券主要观点如下： 事件 香港交易所发布2025年业绩：1)实现收入及其他收益292亿港元，同比+30%，归母净利润178亿港元， 同比+36%。全年业绩创历史新高，业绩高 ...

东吴证券发布研报称，维持香港交易所(00388)"买入"评级。香港市场交投活跃，预计IPO发行有望延续 升势，看好香港交易所α与β同步优化，进一步兑现发展前景。该行小幅调整此前盈利预测，预计港交 所2026-2027年股东应占溢利分别为189.66/205.12亿港元，估算公司2028年股东应占溢利为224.15亿港 元，对应增速分别为7%/8%/9%。当前股价对应PE估值分别为27.8x/25.7x/23.5x。 香港交易所发布2025年业绩：1)实现收入及其他收益292亿港元，同比+30%，归母净利润178亿港元， 同比+36%。全年业绩创历史新高，业绩高增长主要是由于在内地政策支持下投资气氛明显好转，内地 投资者更积极参与离岸市场，带动港股现货市场成交额大幅增长;港股IPO募资金额位于全球第一。2025 年ROE33.2%，同比+7.3pct。2)四季度实现收入及其他收益73亿港元，同比增长15%，环比下滑6%;归母 净利润43亿港元，同比增长15%，环比下滑12%。 成交量创多项单日新高 2025年收入32亿港元，同比+14%。2025年LME收费交易的日均成交总额同比+8%。 东吴证券主要观点如下： ...

Group 1 - In February, nearly 240 listed companies were surveyed by various institutions, with over half achieving positive returns during the same period, and some stocks seeing cumulative gains exceeding 80% [1] - The mechanical equipment and electronics sectors were the primary focus of institutional surveys, with significant attention also given to cyclical sectors like basic chemicals [1] - Institutions are optimistic about investment opportunities in humanoid robots, upstream AI infrastructure, and certain chemical sector stocks that offer high elasticity and dividends [1] Group 2 - In January 2026, domestic automobile sales reached 2.346 million units, with the top ten companies accounting for 1.962 million units, representing 83.6% of total sales, indicating a high concentration in the market [2] - The automotive market is characterized by "steady start and structural differentiation," with increased competition among top manufacturers as they launch new products and technologies [2] - The pharmaceutical and biotechnology sectors saw 80 companies receive institutional surveys, with a focus on brain-computer interface stocks and the trend of innovative drugs going global [2] Group 3 - Several securities firms have held spring strategy meetings earlier than usual, reflecting changes in the competitive landscape of the industry [3] - The shift from "commission for research" to "service for income" is becoming more pronounced among brokerage firms [3] - The AI industry is entering a more pragmatic phase, focusing on revenue and profit, with significant investment opportunities in AI inference computing and domestic AI chips [3] Group 4 - Lithium carbonate futures surged by 11.83% to a high of 187,700 yuan/ton, driven by Zimbabwe's adjustments to lithium export policies, which may tighten global supply in the short term [4] - UBS predicts a potential third price cycle for lithium, raising the average price expectation for 2026 to around 180,000 yuan/ton [4] Group 5 - The A-share merger and acquisition market remains vibrant, with over 500 transactions disclosed since the beginning of the year, totaling over 100 billion yuan [5] - More than 50% of these transactions are driven by industrial synergy, highlighting a core market trend [5] - The hard technology sector is a primary battleground for mergers and acquisitions, with increased participation from the Sci-Tech Innovation Board and the Growth Enterprise Market [5] Group 6 - The Hong Kong Stock Exchange reported record highs in trading volume and revenue for 2025, reaffirming its position as a global leader in new stock financing [6] - The exchange aims to enhance market convenience and competitiveness while continuing to invest strategically in emerging business areas [6] - Export-oriented companies are actively implementing measures to hedge against currency risks amid fluctuations in the renminbi exchange rate [6] Group 7 - Regions like Guangdong, Anhui, and Hubei are strategically positioning themselves in advanced fields such as AI, quantum technology, and high-end manufacturing [7] - The development of future industries relies heavily on original innovation and disruptive technologies, which are still in early stages [7] - Policies are increasingly systematic and comprehensive, supporting innovation from inception to market application [7] Group 8 - NIO's chip subsidiary, Anhui Shenji Technology Co., completed its first round of equity financing, raising 2.257 billion yuan, with a post-investment valuation nearing 10 billion yuan [8] - The financing attracted diverse capital participation, including state-owned capital and semiconductor industry funds, indicating market confidence in the company's technology and production capabilities [8] - The involvement of local state capital aligns with Hefei's ongoing investment in the integrated circuit industry [8]

证券研究报告·海外公司点评·其他金融(HS) 香港交易所（00388.HK） 股价走势 2025 年年报点评：市场交投活跃，IPO 募资 金额全球第一，全年业绩创历史新高 买入（维持） | [盈利预测与估值 Table_EPS] | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 22,374 | 29,161 | 30,582 | 32,734 | 35,332 | | 同比（%） | 9.06% | 30.33% | 4.87% | 7.04% | 7.94% | | 归母净利润（百万港元） | 13,050 | 17,754 | 18,966 | 20,512 | 22,415 | | 同比（%） | 10.02% | 36.05% | 6.83% | 8.15% | 9.28% | | EPS-最新摊薄（港元/股） | 10.29 | 14.00 | 14.96 | 16.18 | 17.68 | | P/E（现价&最新摊薄） | 40.36 | 29.66 | ...

Group 1 - Three companies, Jinxin Kangyang, Tianchen Biopharmaceuticals, and Hanfang Pharmaceutical, have submitted listing applications to the Hong Kong Stock Exchange, indicating strong interest in the healthcare sector [1] - Jinxin Kangyang focuses on providing integrated medical and elderly care services to the aging population in China [1] - Tianchen Biopharmaceuticals specializes in the discovery and development of biopharmaceuticals for allergic and autoimmune diseases [1] - Hanfang Pharmaceutical is engaged in the production, sales, and research of traditional Chinese medicine, particularly in treating skin and mucosal diseases [1] Group 2 - Hong Kong Exchanges and Clearing Limited reported a record revenue and other income of HKD 29.161 billion for 2025, a 30% year-on-year increase [2] - The increase in trading and settlement fees was driven by record trading volumes in the spot, derivatives, and commodities markets, with main business revenue rising by 32% [2] - Shareholder profit attributable reached HKD 17.754 billion, up 36% year-on-year, reflecting a robust trading environment [2] Group 3 - Trip.com Group reported a significant increase in net profit attributable to shareholders, rising by 95.08% year-on-year to HKD 33.294 billion for 2025 [3] - The group's net operating revenue was HKD 62.4 billion, a 17% increase compared to the previous year [3] - Basic earnings per share were HKD 0.5062, indicating strong financial performance despite management changes [3] Group 4 - Galaxy Entertainment reported a 13% year-on-year increase in net revenue, reaching HKD 49.2 billion for the year ending December 31, 2025 [4] - Adjusted EBITDA rose by 19% to HKD 14.5 billion, while profit attributable to shareholders increased by 22% to HKD 10.7 billion [4] - Basic earnings per share were HKD 2.44, benefiting from the recovery of the Macau tourism and gaming market [4]

Market Overview - On Thursday, the three major U.S. stock indices showed mixed performance, while the Hang Seng Index ADR rose, closing at 26,429.77 points, an increase of 48.75 points or 0.18% compared to the Hong Kong market close [1]. Company Performance - Major blue-chip stocks exhibited varied performance: HSBC Holdings closed at HKD 147.859, up 1.97% from the Hong Kong market close; Tencent Holdings closed at HKD 513.204, up 0.24% [3]. - Tencent Holdings reported a price of HKD 512.000, with a decline of 2.01%, while its ADR price was 513.204, reflecting a 0.24% increase [4]. - Alibaba Group's stock price was HKD 143.000, down 3.57%, with its ADR at 144.779, showing an increase of 1.779% [4]. - HSBC's stock price was HKD 145.000, up 1.61%, with its ADR at 147.859, reflecting a 1.97% increase [4]. - China Ping An's stock price decreased by 4.64% to HKD 67.850, while its ADR showed a slight increase of 0.49% [4]. - Meituan's stock price fell by 2.72% to HKD 80.450, with its ADR showing a minimal change of -0.03% [4].

2月26日，香港交易所（HK00388，股价415.4港元，市值5267亿港元）公布2025年全年业绩。财报显 示，香港交易所2025年收入及其他收益达292亿港元，同比增长30%；股东应占溢利为178亿港元，同比 增长36%。董事会宣派2025年第二次中期股息每股6.52港元，叠加第一次中期股息每股6港元，2025年 全年股息为每股12.52港元，同比增长35%。 在当日下午举行的业绩发布会上，香港交易所财务总监许亮华对包括《每日经济新闻》记者在内的媒体 记者介绍称，这是香港交易所连续第二年业绩创历史新高，营收和净利均录得历史峰值，主要得益于现 货、衍生产品及商品市场的成交量齐创历史新高。 针对近期关于"香港交易所拟扩大IPO（首次公开募股）保密申请范围至传统行业"的传闻，陈翊庭回应 称，香港交易所正全方位考量如何提升市场吸引力和竞争力，上市规则和流程的优化并非单一考量，而 需整体布局。香港交易所当前的研究不仅限于扩大保密申请范围，还包括最新一份财政预算案中提到的 修订"同股不同权"企业上市要求、增设针对性上市章节等一系列举措。 "保密申请（范围扩大）确实是市场常常提出的诉求之一，我们会慎重考虑。在全方位考 ...

2月26日，香港交易所（HK00388，股价415.4港元，市值5267亿港元）公布2025年全年业绩。财报显示，香港交易所2025年收入及其他收益达292亿港元， 同比增长30%；股东应占溢利为178亿港元，同比增长36%。董事会宣派2025年第二次中期股息每股6.52港元，叠加第一次中期股息每股6港元，2025年全年 股息为每股12.52港元，同比增长35%。 在当日下午举行的业绩发布会上，香港交易所财务总监许亮华对包括《每日经济新闻》记者在内的媒体记者介绍称，这是香港交易所连续第二年业绩创历史 新高，营收和净利均录得历史峰值，主要得益于现货、衍生产品及商品市场的成交量齐创历史新高。 香港交易所行政总裁陈翊庭将近年香港市场的强劲反弹归结为两大核心"引擎"。 其一是全球资本寻求多元化配置的"推力"。陈翊庭指出，在当前全球市场不确定性持续的背景下，资金正规律性地流入亚洲寻求增长。今年1月，内地市场 与香港市场的合计交易量占亚太地区总交易量的比例超过75%。 其二是中国发展模式转型带来的"拉力"。陈翊庭表示，中国对科技创新的高度重视，让香港交易所迎来了一批在全球科技创新前沿的企业。2025年，科技板 块占亚太地 ...

来源：滚动播报 香港交易所26日公布的2025年全年业绩显示，全年收入及其他收益为291.61亿港元，同比增长30%。股 东应占溢利为177.54亿港元，同比上升36%。 业绩报告显示，2025年港交所的收入和其他收益及溢利连 续第二年创新高。由于现货、衍生产品及商品市场成交量创新高，港交所交易和结算费大幅增加，其主 要业务收入同比增长32%。 去年香港新股集资额位居全球第一。全年共有119只新股上市，总集资额达 2869亿港元，同比增加226%，其中两家新上市公司跻身2025年全球五大新股之列。2026年，新股上市 申请数目保持稳健，目前有逾400宗上市申请正在处理中。 港交所主席唐家成表示，尽管宏观环境持续 变化，港交所财务表现依然强劲，这主要受惠于国际和内地投资者对香港市场的兴趣和参与度持续增 加。展望将来，随着全球资本配置越趋多元化和亚洲经济影响力日益提升，全球集资市场格局正在迅速 改变，将为金融业带来许多新机遇。(新华社) ...

中新社香港2月26日电 (记者 戴小橦)香港交易及结算所有限公司(简称"港交所")26日发布2025年全年业 绩报告，期内录得收入及其他收益291.61亿港元，同比增长约30%；股东应占溢利177.54亿港元，同比 增长约36%。 财报显示，港交所2025年主要业务收入达271.03亿港元，同比上升约32%。业绩增长主要得益于现货、 衍生产品及商品市场成交量创新高，带动交易及结算费收入增加。 港交所行政总裁陈翊庭表示，2025年港交所充分发挥作为全球"超级联系人"的角色，重登全球新股融资 榜首，成交量及业绩均创新高。尽管预期今年市场波动仍将持续，但也看到一些值得乐观的因素，全球 投资者在寻求通过亚洲市场，尤其是中国资产，进行多元化配置和风险管理。 陈翊庭提到，港交所将于2026年第一季度，就"同股不同权"上市要求、优化首次公开招股(IPO)流程等 议题展开市场咨询，后续将继续围绕上市规则推进新的改革，涵盖上市门槛、招股流程、合规要求等多 个维度。(完) ...