陈翊庭接受媒体访问时提到，最近黑雨有三次在交易日发生。那三天不论是交易方面、后续的结算都没 有出现问题，每日成交做到2000亿港元以上。这是一个例子，可以说明进行结构优化，必须要很仔细研 究、做得仔细。 年初《财政预算案》提出改善"手数"制，港交所计划年底咨询市场意见，陈翊庭表示，这不是一个纯粹 在技术上、系统作提升就可以做到，交收、清算等各方各面都会有影响，因此不可以掉以轻心，运作上 要作出全盘考虑。 近日有意见提议港股延长至24小时交易、取消中午休市时段，以维持竞争力。港交所(00388)行政总裁 陈翊庭表示，明白有投资者期望更便捷、更快、无间断地参与市场，但正如研究恶劣天气如常交易，任 何关系到延长交易时段的建议都必须与持份者充分沟通，慎重及仔细研究细节。 ...

Group 1 - UBS predicts that the contribution of southbound trading to the average daily trading volume of the Hong Kong Stock Exchange (HKEX) is expected to double from approximately 16% in Q1 of last year to nearly 28% in the third quarter of this year [1] - The increase in participation from domestic investors, particularly retail investors, indicates further potential for southbound trading growth [1] - HKEX is exploring the possibility of zero-day options, but the complexity of execution means that a specific timeline remains unclear [1] Group 2 - HKEX is considering the extension of trading hours, which requires comprehensive consideration from various perspectives [1] - Based on market data for Q3 and updated institutional targets for the Hang Seng Index, UBS has raised its average daily trading volume forecasts for HKEX for 2025 to 2027 to HKD 230 billion, HKD 193 billion, and HKD 219 billion respectively [1] - Earnings per share estimates have been increased by 5%, 3%, and 2% for the same years, reaching HKD 12.5, HKD 10.9, and HKD 11.8 respectively [1] Group 3 - UBS has raised its target price for HKEX from HKD 430 to HKD 464 while maintaining a "neutral" rating [1]

Core Viewpoint - Hong Kong Exchanges and Clearing (HKEX) reported a significant increase in revenue and net profit for the second quarter, exceeding market expectations, indicating strong performance in the stock market [1] Financial Performance - HKEX's revenue for the second quarter rose by 33% year-on-year to HKD 7.22 billion [1] - Net profit increased by 41% year-on-year to HKD 4.44 billion, outperforming market forecasts [1] - The average daily turnover (ADT) for Hong Kong stocks was HKD 237.7 billion, a 95% year-on-year increase, showing robust trading activity [1] Market Liquidity - As of August 20, the liquidity in the third quarter has improved compared to the first half of the year, with ADT reaching HKD 258.5 billion [1] - The recent actions by the Hong Kong Monetary Authority have reduced the necessity for further liquidity contraction, contributing to a favorable market environment [1] Future Outlook - The expectation of lower HIBOR rates due to rising prospects of Federal Reserve interest rate cuts is anticipated to support market liquidity [1] - Increased participation from mainland investors and a strong IPO market are expected to maintain a relatively loose liquidity environment for Hong Kong stocks [1] Earnings Forecast - The company's net profit forecasts for this year, next year, and 2027 have been raised to HKD 16.8 billion, HKD 16.4 billion, and HKD 16.4 billion, respectively [1] - The target price for HKEX has been increased from HKD 434 to HKD 542, maintaining a "buy" rating [1]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high revenue and net profit for the first half of 2025, with revenue reaching HKD 14.076 billion, a year-on-year increase of 32.53% [1] - The average daily trading volume in the Hong Kong stock market surged to HKD 240.2 billion, up 118% from the previous year, driven significantly by southbound capital [1][2] - Southbound capital's average daily trading volume reached HKD 111.04 billion, a remarkable increase of 196% year-on-year, indicating its growing influence in the market [1][2] Financial Performance - Main business revenue was HKD 12.954 billion, reflecting a 33.68% year-on-year growth, with net investment income rising due to increased deposit fees and margin scale [1] - EBITDA margin improved to 79%, up 6% year-on-year, while net profit attributable to shareholders was HKD 8.519 billion, a 39.09% increase [1] - Basic earnings per share were HKD 6.74, with an interim dividend of HKD 6 per share, marking a 37.61% increase from the previous year [1] Market Dynamics - The trading volume in the derivatives market contributed HKD 17.4 billion to the daily average, while the average daily trading volume for equity securities was HKD 222.8 billion after excluding derivatives [2] - Cumulative net inflow of southbound capital exceeded HKD 4.6 trillion, enhancing its pricing power in the Hong Kong stock market [2] - Northbound capital also saw significant growth, with average daily trading volume for stocks reaching RMB 173.14 billion, a 32% increase year-on-year [2] IPO Activity - IPO financing in the Hong Kong stock market reached HKD 106.713 billion, a staggering increase of 688% year-on-year, reclaiming the top position among global exchanges [3] - The number of new stock listing applications surged to 207, more than double the 84 applications in 2024 [3] - HKEX plans to implement several reforms to enhance market competitiveness, including shortening settlement cycles and optimizing IPO pricing regulations [3] Future Outlook - The explosive growth of southbound capital signifies a restructuring of the Hong Kong stock market, positioning it as a crucial force in market dynamics [4] - If macroeconomic conditions remain stable, southbound capital is expected to further support the Hong Kong stock market [4]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) reported strong mid-year results for 2025, with a significant increase in revenue and profit driven by heightened market activity and investor interest in non-USD assets [1][5]. Financial Performance - For the first half of 2025, HKEX's revenue and other income reached HKD 14.076 billion, a year-on-year increase of 33% [1]. - Shareholder profit attributable to the company was HKD 8.519 billion, reflecting a 39% year-on-year growth [1]. - The board declared an interim dividend of HKD 6 per share, up 36% from the previous year, totaling HKD 7.608 billion, which is 90% of the distributable profit [1]. Market Activity - The average daily trading volume in the Hong Kong securities market was HKD 240.2 billion, a remarkable increase of 118% year-on-year [1][5]. - The average daily trading volume for futures and options exceeded 1.7 million contracts, marking an 11% increase [1]. - The Hong Kong ETF market saw an average daily trading volume of HKD 33.8 billion, up 184% compared to the same period last year [1]. New Listings and Fundraising - In the first half of 2025, HKEX welcomed 44 new listings, raising a total of HKD 109.4 billion, which is more than eight times the amount raised in the same period of 2024 [5][6]. - The average daily trading volume for the Shanghai-Hong Kong Stock Connect reached RMB 171.3 billion, a 32% increase year-on-year, while the Hong Kong Stock Connect averaged HKD 111 billion, nearly three times the volume from the previous year [5]. Strategic Initiatives - HKEX is focused on enhancing market liquidity and supporting technology companies in their listings [7]. - The exchange has implemented several market reforms, including the launch of a new trading platform for the London Metal Exchange and the introduction of a "Tech Company Fast Track" for listing applications [7][8]. - Plans are underway to shorten the settlement cycle for the cash market and optimize the pricing rules for initial public offerings [8]. Future Outlook - HKEX aims to continue attracting global long-term funds and enhance its market competitiveness through various initiatives [7][8]. - The exchange is exploring the possibility of implementing a T+1 settlement cycle, pending feedback from market participants [8][9].

Group 1 - The Hong Kong Stock Exchange (HKEX) is considering a 24-hour trading mechanism in response to Nasdaq's plans to implement it in the second half of 2026 [1][2] - HKEX's CEO, Charles Li, emphasized the importance of strategic investments to maintain global competitiveness, particularly in data platform optimization and trading settlement system upgrades [1] - The Hang Seng Index has increased by 25.1% this year, ranking second among major global indices, only behind the South Korean Composite Index, which rose by 30.45% [1] Group 2 - Currently, the trading hours for Hong Kong stocks are 5.5 hours, while other major exchanges have longer trading hours, with Nasdaq at 6.5 hours [2] - If HKEX successfully implements the 24-hour trading mechanism, it will enhance its flexibility in trading hours and strengthen its position as an international financial center [2]

Market Overview - The Hang Seng Index (HSI) closed at 25,129.15, up by 24.54 points or 0.10% from the previous close [1] - The index reached a high of 25,167.65 and a low of 25,039.93 during the trading session [1] - The average trading price was 25,103.79, with a trading volume of 32.99 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 101.987, an increase of 1.08% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 597.451, up by 0.75% from the Hong Kong close [2] ADR Performance - Tencent Holdings (ADR) increased by 0.42% to USD 593.000, with an ADR conversion price of HKD 597.451, reflecting a gain of HKD 4.451 compared to the Hong Kong stock [3] - HSBC Holdings (ADR) rose by 1.41% to USD 100.900, with an ADR conversion price of HKD 101.987, showing an increase of HKD 1.087 compared to the Hong Kong stock [3] - Alibaba (ADR) decreased by 1.53% to USD 115.700, with an ADR conversion price of HKD 115.343, down by HKD 0.357 compared to the Hong Kong stock [3]

Niki:港交所近兩日公佈業績，其實業績股的話都建議投資者可以留意一下。上周我們提過在業績附近，股價的幅度或波動會比較大，窩輪的機會是存在， 有很大的空間可以操作。港交所有兩大因素可以分析，第一港股整體的成交金額有沒有上升？今日來看有2000多億的成交額，甚至早前超過3000多億的成交 金額，屬於近期比較高的水平。對比A股兩市的總成交金額突破2萬億，至於A股指數方面升到今年的高位。所以整體股市氣氛都持續高漲的。對於港交所是 帶來正面的利好的。第二個基本因素是新股上市。今年都有不少大的IPO來港股上市。所以港交所是直接受惠的。回到港交所的股價來看，近期都在今年的 股價高位徘徊。雖然今日有些調整，都不是特別明顯。整體看港交所的基本因素是不錯的，值得大家關注。港交所方面都有相關的產品可以給大家參考。雖 然近期窩輪的資金流不明顯，但從大環境方面做出判斷是有機會部署。值得去關注一下中銀認購證17568，行使價530.5元，到期日在明年1月份，槓桿7倍。 認沽證的話，參考中銀認沽證18983，行使價368.48元，在明年1月份到期，槓桿7倍。 市場消息指，港交所近期新上市嘅幾隻新股反應唔錯，帶動成交活躍，呢個動態都引來唔 ...

投资收益对净利润贡献超3 成，保证金规模提升带动投资收益同步上行。2Q25 港交所投资收益15.4亿港 元/yoy+31%/qoq+16%，净利润贡献度为35%。投资收益分拆：公司资金：1H25 公司资金投资收益同比 提升16%至10.4 亿港元，主因美元兑港元因汇率上行而产生非经常性汇兑收益1.63 亿港元。保证金及结 算所基金：主营保证金规模提升带动投资收益提升13%。 投 资分析意见：上调25E 盈利预测，维持买入评级。我们预计随着更多境外优质中国资产回流港股、 中国内地-中国香港两地互联互通延伸至IPO 层面，港股市场市值进一步扩容，交投活跃度有望再提 升，因此我们上调港股ADT 假设和IPO 数量假设，从而上调港交所盈利预测，我们预计港交所2025- 2027E净利润分别为169、179、188 亿港元（原25E 预测为165 亿港元），yoy 分别+30%、+6%、+5%， 维持买入评级。 机构：申万宏源研究 研究员：罗钻辉/金黎丹 事件：8 月20 日，港交所披露1H25 年报，业绩符合预期。1H25 港交所实现总营收140.8 亿港 元/yoy+33%；主营收129.5 亿港元/yoy+34% ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong financial results for Q2 2025, with total revenue and profit exceeding expectations, driven by foreign exchange gains and miscellaneous income [1][2]. Financial Performance - Total revenue for Q2 2025 increased by 33% year-on-year and 5% quarter-on-quarter to HKD 72.2 billion, while main fee income rose by 31% year-on-year and 1% quarter-on-quarter to HKD 55.4 billion [1]. - Profit for Q2 2025 grew by 41% year-on-year and 9% quarter-on-quarter to HKD 44.4 billion, surpassing market expectations [1]. - For the first half of 2025, total revenue reached HKD 140.8 billion, up 33% year-on-year, and profit was HKD 85.2 billion, up 39% year-on-year [1]. Trading and Settlement Revenue - Trading and settlement revenue for Q2 increased by 40% year-on-year but decreased by 5% quarter-on-quarter [1]. - Spot trading revenue rose by 65% year-on-year but fell by 4% quarter-on-quarter, with average daily turnover (ADT) reaching HKD 2,377 billion [1]. - Northbound ADT increased by 19% year-on-year but decreased by 21% quarter-on-quarter, while southbound ADT surged by 154% year-on-year [1]. - Derivatives trading revenue saw a modest increase of 1% year-on-year but a significant decline of 14% quarter-on-quarter [1]. Investment Income - Total investment income for Q2 2025 increased by 31% year-on-year and 16% quarter-on-quarter to HKD 16.8 billion [2]. - Excluding non-recurring foreign exchange gains, investment income grew by 17% year-on-year and 6% quarter-on-quarter [2]. - Margin and clearing fund income rose by 25% year-on-year and 24% quarter-on-quarter to HKD 10.1 billion, driven by increased margin requirements and higher volumes in derivatives [2]. IPO Activity - In Q2 2025, HKEX completed 27 IPOs, raising HKD 907.5 billion, marking a significant increase of 960% year-on-year and 386% quarter-on-quarter [1]. - As of the end of July, there were 207 IPO applications in process, with 9 approved and awaiting listing, indicating continued high activity in the IPO market [1]. Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 has been raised by 7.3% and 4.0% respectively, now projected at HKD 165 billion and HKD 173 billion [2]. - The current trading multiples are 33x and 32x for 2025 and 2026 P/E, with a target price increase of 8% to HKD 500, reflecting a potential upside of 15.3% [2].