Group 1: Construction and Building Materials - The report emphasizes the importance of monitoring the resumption of work after the holiday, with expectations for a strong start in Q1 2026, driven by the release of projects and investment growth [2][7] - Historical analysis of previous five-year plans indicates that infrastructure investment typically shows a pattern of "high at the beginning, stable later," with the first half of the "14th Five-Year Plan" demonstrating this clearly [2][7] - In Q4 2025, Honglu Steel Construction achieved a production volume of 1.41 million tons, a year-on-year increase of 11.94%, indicating a significant return on the past three years of investment in automation [8] Group 2: Non-Banking Financial Institutions - China Life Insurance reported a 54.8% year-on-year increase in revenue and a 91.5% increase in net profit for Q3, reaching 298.7 billion yuan and 126.9 billion yuan respectively [12][13] - The company’s new business value (NBV) grew by 41.8% year-on-year, reflecting strong sales performance and improved sales capabilities [14][15] - The total investment return rate increased by 104 basis points to 6.42%, attributed to a rise in equity investments and successful participation in market opportunities [15] Group 3: Hong Kong Stock Exchange - The Hong Kong Stock Exchange reported a 37% year-on-year increase in revenue and a 45% increase in net profit for the first three quarters of 2025, reaching 21.9 billion HKD and 13.4 billion HKD respectively [19][20] - The average daily trading amount (ADT) for stock securities products increased by 150% year-on-year, indicating strong market activity [20] - The exchange continues to implement strategic measures to enhance market vitality, including the introduction of new trading facilities and adjustments to trading fees [21][22] Group 4: Basic Chemicals - Sanyou Chemical is expected to achieve a net profit of approximately 0.91 billion yuan in 2025, a decline of 82% year-on-year due to falling prices of soda ash, caustic soda, and organic silicon [26][27] - The report highlights the potential recovery in the viscose staple fiber industry, with no new capacity added in recent years and a significant increase in profitability expected from price increases [27][28] - The report suggests that the profitability of soda ash and caustic soda may have bottomed out, with market dynamics indicating a potential recovery in the future [29][30] Group 5: Transportation and Logistics - Hongchuan Wisdom is expected to report a net loss of 4.4 to 4.7 billion yuan in 2025, reflecting challenges in the chemical storage business due to decreased demand [31][32] - The chemical industry is showing signs of recovery, with increased production activity and improved demand expected to enhance profitability in the future [33] - The company is positioned as a leader in chemical storage, with ongoing capacity expansion through self-built and acquired facilities [34]

免責聲明 | 根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算所有限公司有關其股份在香港聯合交 | | | --- | --- | | 易所有限公司上市的事宜。證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 香港交易及結算所有限公司 | | 股份代號 | 00388 | | 多櫃檯股份代號及貨幣 | 80388 RMB | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年12月31日止年度的第二次中期股息及暫停辦理股份過戶登記手續 | | | 公告日期 | 2026年2月26日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 修訂公告日期 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | ...

今日（2月26日），港股市场高开低走，最终主要指数显著回落。 截至收盘，恒生指数报26381.02点，回落384.70点，跌幅1.44%。 恒生科技指数高开低走，最终收盘报5109.33点，下跌151.17点，跌幅2.87%，创下去年6月24日以来新 低。 恒生科技指数成分股中，小鹏汽车-W（HK09868）跌超5%，华虹半导体、哔哩哔哩、理想汽车、百度 集团、快手、地平线机器人跌超4%。权重较大的个股中，中芯国际、比亚迪股份、阿里巴巴跌超3%， 腾讯跌超2%。 受业绩利好刺激，香港交易所股价今日逆势飘红，最终上涨0.78%。 其他方面，盘面上，风电股强势领涨，东方电气大涨15%；建材水泥股集体弱势，海螺水泥跌超6%。 港股创新药集体回落，百济神州跌超9%，药明合联跌超8%，先声药业、药明生物跌超7%。 资金方面，南向资金大规模净卖出。截至收盘，南向资金净卖出港股超73亿港元。 展望后市： 焦点方面，香港交易所（HK00388）公布2025年全年业绩。公告显示，香港交易所2025年收入及其他收 益为291.61亿港元，较2024年上升30%，股东应占溢利为177.54亿港元，较2024年上升36%。2025年 ...

摩根大通发布研报称，香港交易所(00388)公布2025年第四季净利润43亿港元，按季下跌12%，同比增长 15%，较该行预期高出19%。该行预期股价将走强，维持对港交所的"增持"评级，目标价540港元。 2025财年全年纯利178亿港元，同比升36%，较市场预期高2%。业绩优于预期主要受收入带动。交易及 结算费收入按季跌幅(-14%/-16%)较该行预期温和，尽管成交量呈季节性疲弱(现货股票日均成交额按季 跌21%)。此等收入抵销了表现逊于预期的托管费及市场数据费。盈利受惠于非上市股权投资估值录得 1.63亿港元非经常性收益，以及港交所企业资金回报提升，足以抵销自去年10月起向市场参与者调整旗 下结算所向其参与者支付的现金抵押品利息的计算方法，并下调对非现金抵押品的融通费用的影响。上 述因素带动净投资收益表现强劲(12亿港元，按季升20%)，成为业绩优于预期的主要原因。值得留意的 是，即使撇除1.63亿港元收益，除税前利润50亿港元仍录得同比16%增长，较该行预测高出15%。成本 管控符合预期，总开支同比增加7%。 摩通表示，这是港交所表现强劲的一季，尽管第四季成交量转弱，盈利仍能保持稳健。净投资收益表现 ...

智通财经APP获悉，摩根大通发布研报称，香港交易所(00388)公布2025年第四季净利润43亿港元，按季 下跌12%，同比增长15%，较该行预期高出19%。该行预期股价将走强，维持对港交所的"增持"评级， 目标价540港元。 2025财年全年纯利178亿港元，同比升36%，较市场预期高2%。业绩优于预期主要受收入带动。交易及 结算费收入按季跌幅(-14%/-16%)较该行预期温和，尽管成交量呈季节性疲弱(现货股票日均成交额按季 跌21%)。此等收入抵销了表现逊于预期的托管费及市场数据费。盈利受惠于非上市股权投资估值录得 1.63亿港元非经常性收益，以及港交所企业资金回报提升，足以抵销自去年10月起向市场参与者调整旗 下结算所向其参与者支付的现金抵押品利息的计算方法，并下调对非现金抵押品的融通费用的影响。上 述因素带动净投资收益表现强劲(12亿港元，按季升20%)，成为业绩优于预期的主要原因。值得留意的 是，即使撇除1.63亿港元收益，除税前利润50亿港元仍录得同比16%增长，较该行预测高出15%。成本 管控符合预期，总开支同比增加7%。 摩通表示，这是港交所表现强劲的一季，尽管第四季成交量转弱，盈利仍能保持 ...

HKEX chief executive Bonnie Chan says the Hong Kong exchange has attracted a diverse range of IPO applicants, from different sectors and geographies. She tells Bloomberg's Stephen Engle that this will help the exchange weather uncertainty around the AI sector. ...

智通财经APP获悉，花旗发布研报称，香港交易所(00388)公布2025年第四季归属股东净利润43亿港元， 按季下跌12%，同比增长15%，较市场共识高出16%。核心收入55亿港元按季跌12%，同比升17%，较 市场预期高出2%，主要受上市费及托管费收入增加带动。评级"买入"，目标价505港元。 该行指，港交所上季投资收入12亿港元，较市场预期高出45%，部分归因于季度录得非上市股权收益 1.63亿港元及汇兑收益5300万港元。营运支出同比增加4%，主要由于折旧费用上升，但较市场预期低 9%。宣派第二次中期股息每股6.52港元，派息比率约89%。 ...

Group 1 - Hong Kong is accelerating its listing system reforms to attract more new economy enterprises to go public [1][6] - The Financial Secretary, Paul Chan, announced plans to revise the "dual-class share" listing requirements in the first quarter, providing more flexibility for biotech and specialized technology companies [2][7] - Recent market conditions show the Hang Seng Index has dropped over 4.5% since the end of January, but industry experts remain optimistic about future performance supported by resilient capital flows and favorable fundamentals in AI and new economy sectors [1][11] Group 2 - The revision of "dual-class share" requirements is expected to attract more Chinese concept stocks back to Hong Kong, with Goldman Sachs estimating that 27 such stocks could return, totaling over HKD 1.4 trillion in market value [2][5] - UBS predicts that if these Chinese concept stocks return, the average daily trading volume in Hong Kong could increase by HKD 19 billion, boosting the exchange's revenue and net profit by 4%-5% and 7%, respectively [2][5] - The current listing rules require a high market capitalization for "dual-class share" companies, which poses challenges for many smaller companies looking to enter the Hong Kong market [5] Group 3 - The Hong Kong government is emphasizing the strategic role of the technology sector in the capital market, signaling further reforms to attract new economy enterprises [6][8] - The government has launched a HKD 10 billion "Innovation and Technology Industry Guidance Fund" focusing on investments in life sciences, AI, and robotics [8] - The Hong Kong Stock Exchange is considering allowing more types of companies to submit listing applications confidentially, enhancing its competitive edge in the global capital market [8] Group 4 - Despite the announcement of significant reforms, the Hong Kong stock market has continued to decline, with the Hang Seng Index showing mixed performance recently [9][10] - Recent outflows of southbound funds have been noted, with nearly HKD 4.5 billion sold in two consecutive trading days, contrasting with previous inflows [10] - Analysts believe that the current market adjustments are temporary and that the Hang Seng Technology Index may see a rebound as investor sentiment improves [12]

2月26日，香港交易所发布2025年全年业绩公告，期内收入及其他收益达291.61亿港元，同比上升 30%；股东应占溢利177.54亿港元，同比上升36%，收入及溢利连续第二年刷新历史纪录。 集团旗下多板块业务同步实现突破，现货市场、衍生产品市场、交易所买卖产品市场及沪深港通成交纪 录均创新高。其中现货市场2025年9月平均每日成交金额首次突破3000亿港元关口，达3167亿港元。伦 敦金属交易所收费金属合约日均成交量达717000手，同比上升8%。 公告显示，2025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， 较2024年上升226%，其中两家新上市公司跻身当年全球五大新股之列。 主要业务收入同比上升32%，源于现货、衍生产品及商品市场成交量创下新高，带动交易及结算费增 加。公司资金的投资收益净额达18.7亿港元，同比上升7%，主要得益于非上市股本投资估值带来的1.67 亿港元非经常性收益，外部组合公平值收益净额的减少部分抵消了这一增长。董事会宣派第二次中期股 息每股6.52港元，全年股息为每股12.52港元。 踏入2026年，新股上市申请数目保持稳健，逾400宗上市 ...

智通财经APP获悉，香港财政司司长陈茂波在立法会财委会会议上表示，目前公司轮候来港上市相当热 闹，港交所及香港证监会已经加班尽快处理有关申请，认为要把握趋势，尽量让更多公司上市，香港去 年新股市场排第一，希望今年可缔造新纪录，但同时要严格把关，让公众对在港上市公司有信心。 有议员关注如果公共财政持续改善，可否为低收入人士代供强积金。陈茂波指，有关建议涉及长期承 担，要从长计议，与其他民生福利整体考虑。 被问及有关中小企融资担保计划的坏账率，陈茂波指，香港经历疫情、贸易战及经济转型等因素，个别 行业压力较大，坏账率有所上升，一般而言，受8至9成担保的坏账率并不太高。 另外，陈茂波指，港府目前集中精力和资源全力推动北都发展。至于交椅洲人工岛，当中涉及的交通接 驳规划，可有替代做法，当局会在相关研究较成熟后，与香港立法会和社会商量。 ...