智通财经APP获悉，2月27日，香港政府公布，香港财政司司长再度委任陈健波和车品觉出任港交所 (00388)董事会成员，并委任陈锦荣出任港交所董事会成员。有关续任和委任由该公司2026年举行的股 东周年大会完结起生效，直至2028年举行的股东周年大会完结为止，任期约为2年。 上述委任根据《证券及期货条例》第77条作出。港交所董事会包括不多于六名由香港财政司司长委任的 董事、不多于六名由股东选出的董事，以及港交所的集团行政总裁。由香港财政司司长委任的其他现任 董事会成员为唐家成、任志刚和丁晨。 香港财政司司长陈茂波表示："陈锦荣先生在金融服务业，特别是会计审计范畴拥有丰富经验，并广泛 参与证券及期货市场相关的公共服务工作，他将可助力港交所推动市场的高质量和可持续发展。" 对于即将卸任的周胡慕芳，陈茂波衷心感谢她过去多年对港交所发展所作出的贡献。 ...

2月27日，香港政府公布，香港财政司司长再度委任陈健波和车品觉出任港交所(00388)董事会成员，并 委任陈锦荣出任港交所董事会成员。有关续任和委任由该公司2026年举行的股东周年大会完结起生效， 直至2028举的股东周大会完结为止，任期约为2。 上述委任根据《证券及期货条》第77条作出。港交所董事会包括多于名由香港财政司司长委任的董事、 多于名由股东选出的董事，以及港交所的集团政总裁。由香港财政司司长委任的其他现任董事会成员为 唐家成、任志刚和丁晨。 香港财政司司长陈茂波表示："陈锦荣先生在金融服务业，特别是会计审计范畴拥有丰富经验，并广泛 参与证券及期货市场相关的公共服务工作，他将可助力港交所推动市场的高质量和可持续发展。" 对于即将卸任的周胡慕芳，陈茂波衷心感谢她过去多年对港交所发展所作出的贡献。 ...

香港交易所的这一亮眼业绩离不开活跃的二级市场以及一级市场的火热。2025年，香港的新股融资活动 尤其活跃，融资额居全球新股市场榜首。2025年，香港交易所共迎来119只新股上市，总融资额达2869 亿港元，是2024年的3倍多，其中两家公司更跻身年度全球新股融资额前五名。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。 香港交易所集团行政总裁陈翊庭表示，2026年，将继续发挥自身独特优势，满足全球投资者不断变化的 需求，提升市场的便利性和竞争力。 （文章来源：广州日报） 近日，香港交易所公布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%。董事会宣布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%。 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%。 ...

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) with a target price of HKD 516.9 [2][9]. Core Insights - The company reported a significant increase in revenue and net profit for 2025, with total revenue reaching HKD 29.161 billion (up 30.3% year-on-year) and net profit attributable to shareholders at HKD 17.754 billion (up 36.0% year-on-year) [2][10]. - The report highlights a strong performance in the cash market, driven by increased investor interest in Chinese assets and international capital inflow, resulting in a 90% year-on-year increase in average daily trading volume [3][4]. - The number of new listings in Hong Kong reached 119 in 2025, a 48-company increase year-on-year, with total fundraising amounting to HKD 286.9 billion (up 227% year-on-year), positioning Hong Kong as a leading market for IPOs globally [4][9]. Summary by Relevant Sections Financial Performance - In Q4 2025, the company achieved revenue of HKD 7.310 billion (up 14.6% year-on-year) and net profit of HKD 4.335 billion (up 14.7% year-on-year) [2]. - The cash segment generated revenue of HKD 14.704 billion (up 56.1% year-on-year), with trading fees and related services contributing HKD 13.291 billion (up 64.1% year-on-year) [3]. Market Activity - The average daily trading amount in the cash market reached HKD 249.8 billion (up 90% year-on-year), with northbound and southbound trading through the Stock Connect increasing by 42% and 151% respectively [3]. - The report notes that the overall market activity has significantly improved, with the number of IPO applications rising to 345 (up 311% year-on-year) [4]. Revenue Structure - The revenue composition indicates that trading and related fees accounted for 64.7% of total revenue (up 6.4 percentage points year-on-year), while listing fees contributed 6.1% (down 0.5 percentage points year-on-year) [9]. - Investment income netted HKD 5.111 billion (up 3.7% year-on-year), with a total investment return rate of 1.32% [9]. Future Outlook - The report anticipates continued growth in the company's earnings per share (EPS), projecting HKD 14.77 for 2026, HKD 16.34 for 2027, and HKD 17.87 for 2028, with corresponding price-to-earnings (PE) ratios of 28, 25, and 23 times [9][10]. - The company is expected to enhance its liquidity pool and market efficiency while developing a diversified asset ecosystem, indicating strong growth potential [9].

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [2] Core Insights - The company achieved record high performance in 2025, with total revenue and other income reaching HKD 29.16 billion, a year-on-year increase of 30%, and net profit attributable to shareholders amounting to HKD 17.75 billion, up 36% year-on-year [7] - The strong performance is attributed to increased trading and settlement fees due to record high average daily trading (ADT) in the cash and derivatives markets, as well as robust growth in the Hong Kong IPO market, which led to a significant increase in listing fees [7] - The report forecasts continued revenue growth, with projected total revenues of HKD 29.63 billion in 2026, HKD 30.34 billion in 2027, and HKD 31.15 billion in 2028, reflecting growth rates of 1.6%, 2.4%, and 2.7% respectively [2][8] Financial Performance Summary - In 2025, the company reported: - Trading and transaction system fees of HKD 10.33 billion, up 44% year-on-year - Settlement and clearing fees of HKD 7.04 billion, up 49% year-on-year - Listing fees of HKD 1.79 billion, up 21% year-on-year - Net investment income of HKD 5.11 billion, up 4% year-on-year [8] - The average daily trading in the cash market reached HKD 249.8 billion, a 90% increase year-on-year, with northbound ADT at HKD 212.4 billion, up 42%, and southbound ADT at HKD 121.1 billion, up 151% [7] Market Outlook - The report indicates that the active trading environment in the Hong Kong stock market is expected to continue benefiting the company's performance, with a strong pipeline of IPO applications and ongoing interest from global investors in Chinese assets [7]

香港交易所(00388):上季盈利强劲,维持"增持"评级 摩根大通 摩根大通发布研报称，香港交易所(415.4,3.20,0.78%)(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 ...

Core Viewpoint - Goldman Sachs reports that Hong Kong Exchanges and Clearing Limited (00388) is expected to outperform both the bank's and market's earnings forecasts for Q4 2025, driven by favorable investment income and reduced operating expenses [1] Group 1: Earnings Performance - The earnings for Q4 2025 are projected to exceed Goldman Sachs' expectations by 5% when excluding investment income, indicating effective cost control [1] - The forecast for earnings per share (EPS) growth for 2026 is approximately 4%, with a projected 12% year-on-year increase in revenue excluding investment income [1] Group 2: Strategic Focus - Management emphasized a mid-to-long term development strategy during the earnings release, aiming to capture opportunities in China while positioning the exchange as a hub for regional growth [1] - For 2026, management anticipates that net investment income will be influenced by fluctuations in Hong Kong interbank offered rates and external portfolio redemptions, with a potential acceleration in the growth rate of operating expenses compared to FY 2025 [1]

Core Viewpoint - Goldman Sachs reports that Hong Kong Exchanges and Clearing Limited (00388) is expected to outperform both the bank's and market's earnings forecasts for Q4 2025, driven by improved investment income and reduced operating expenses [1] Group 1: Earnings Performance - The earnings forecast for HKEX in Q4 2025 is significantly higher than previous estimates, with a 5% increase in earnings excluding investment income, indicating effective cost control [1] - For 2026, Goldman Sachs predicts a 4% growth in earnings per share, with a 12% year-on-year increase in revenue excluding investment income [1] Group 2: Management Strategy - Management emphasized a long-term development strategy during the earnings release, focusing on capturing opportunities in China and positioning the exchange as a hub for regional growth [1] - For 2026, management anticipates that net investment income will be influenced by fluctuations in Hong Kong interbank offered rates and external portfolio redemptions, while the growth rate of operating expenses may accelerate compared to FY 2025 [1]

智通财经APP讯，香港交易所(00388)发布公告，按照香港交易及结算所有限公司《组织章程细则》的规 定，凡在股息派付日期起计六年后仍未领取的股息将予没收及复归香港交易所。因此，香港交易所于 2020年4月15日派付而于2026年4月15日仍为未领取的2019年度第二次中期股息每股2.99港元将予没收及 复归香港交易所。 （原标题：香港交易所(00388)：没收未领取的2019年度第二次中期股息） ...

香港交易所(00388)发布公告，按照香港交易及结算所有限公司《组织章程细则》的规定，凡在股息派 付日期起计六年后仍未领取的股息将予没收及复归香港交易所。因此，香港交易所于2020年4月15日派 付而于2026年4月15日仍为未领取的2019年度第二次中期股息每股2.99港元将予没收及复归香港交易 所。 ...