Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is focusing on comprehensive reforms to enhance its listing competitiveness and support the development of the real economy, addressing the specific needs of various types of enterprises [1] Group 1: Listing Reforms - The CEO of HKEX, Charles Li, emphasized the need to consider market demands in areas such as listing thresholds, IPO processes, and compliance requirements, stating that reforms are an ongoing task [1] - Since 2018, HKEX has been reforming its listing system, including tailored listing chapters for unprofitable biotech, specialized technology, and special purpose acquisition companies (SPACs) under chapters 18A, 18C, and 18B [1] - Over 100 companies waiting to list are under chapters 18A and 18C, indicating strong market interest in these tailored listings [1] Group 2: Product Diversification - HKEX has traditionally focused on the stock market, but there is a rising demand from global investors for diversified investment options beyond equities, including derivatives, commodities, and fixed income products [1] - The company is committed to actively diversifying its product offerings to enrich investor choices [1] - HKEX's future direction includes a multi-asset investment product platform, which will feature fixed income, gold futures, and commodity products [1]

Group 1 - The core viewpoint of the article emphasizes the need for comprehensive reforms in the Hong Kong Stock Exchange (HKEX) to enhance its competitiveness and support the development of the real economy, addressing various market demands such as listing thresholds, IPO processes, and compliance requirements [1] - HKEX has been continuously reforming its listing system since 2018, introducing tailored listing chapters for unprofitable biotech companies, specialized technology firms, and Special Purpose Acquisition Companies (SPACs) to meet the needs of different sectors [1] - The CEO of HKEX highlighted that the ongoing reforms are essential to ensure that the listing framework can adapt to the specific needs of various types of enterprises, with public consultations planned once proposals mature [1] Group 2 - Since the launch of the dedicated line for technology companies, over 100 firms waiting to list fall under the 18A and 18C chapters, indicating strong market interest [2] - HKEX is focusing on diversifying its product offerings beyond equities to meet the rising demand from global investors for derivatives, commodities, and fixed income products [2] - The future direction of HKEX includes developing a multi-asset investment product platform, with plans to introduce zero-day options (0DTE) and expand into fixed income, gold futures, and commodity products [2]

Group 1 - The Hong Kong Stock Exchange (HKEX) is considering various listing reforms to enhance its competitiveness, including "dual-class shares" and aerospace technology [2] - The government has requested HKEX to review its listing regulations to attract more aerospace companies to list in Hong Kong [5] - Since 2018, HKEX has introduced chapters 18A, 18B, and 18C to facilitate the listing of biotech companies, SPACs, and specialized technology companies, respectively [5] - Over 100 companies currently in the listing queue are utilizing chapters 18A and 18C, which are part of the "Tech Company Fast Track" service [5] - HKEX is considering expanding the confidentiality application range for IPOs to traditional industries, responding to market demands [5][6] Group 2 - HKEX aims to implement new reforms in listing rules, including listing thresholds, IPO processes, and compliance requirements to improve competitiveness [6] - The CEO of HKEX emphasizes the importance of ongoing communication with the industry to address valuable suggestions promptly [7] - There is a growing demand from global investors for diversified investment opportunities beyond equities, including derivatives, commodities, and fixed income products [7]

Summary of Hong Kong Stock Exchange 2025 Earnings Call Company Overview - The report focuses on the Hong Kong Stock Exchange (HKEX) and its performance in 2025, highlighting significant growth in various segments and overall financial results. Key Financial Metrics - In 2025, HKEX achieved total revenue of HKD 29.161 billion, representing a year-on-year increase of 30% [1] - The net profit attributable to shareholders was HKD 17.754 billion, up 36% year-on-year [1] - For Q4 2025, the net profit attributable to shareholders was HKD 4.335 billion, reflecting a 15% increase year-on-year but a 12% decrease quarter-on-quarter due to a slight reduction in trading activity [1] Business Segment Performance - Revenue growth by business line in 2025: - Cash Market: +56% (50% of total revenue) - Derivatives: +11% (24% of total revenue) - Commodities: +14% (11% of total revenue) - Data & Connectivity: +7% (8% of total revenue) - Company Projects: +17% (7% of total revenue) [1] Revenue by Fee Structure - Revenue growth by fee type: - Trading and trading system fees: +44% (35% of total revenue) - Listing fees: +21% (6% of total revenue) - Clearing and settlement fees: +49% (24% of total revenue) - Custody and agency services fees: +31% (5% of total revenue) - Market data fees: +8% (4% of total revenue) - Investment income: +4% (18% of total revenue) [2] Trading Activity Highlights - Cash Market: - Daily average trading volume reached a record high of HKD 231.5 billion, up 93% year-on-year [2] - Daily average trading volume for Hong Kong Stock Connect and Shanghai Stock Connect increased by 151% and 42% respectively, with corresponding trading fee income rising by 156% and 44% [2] - Derivatives Market: - Revenue from the derivatives segment increased by 11% year-on-year, with trading fees for structured products like warrants and callable bull/bear contracts rising by 48% due to a 55% increase in daily average trading volume [2] - Commodities Market: - The London Metal Exchange (LME) achieved its best performance, with trading fees and clearing fees increasing by 11% and 12% respectively, driven by an 8% increase in daily average trading volume of fee-paying contracts [2] IPO and Listing Activity - The primary market in Hong Kong was highly active in 2025, regaining the top position in the global IPO market with 119 new listings, an increase of 48 companies year-on-year, and a fundraising amount that grew by 226% [3] - As of the end of 2025, there were 345 IPO applications in process, more than four times the number in 2024 [3] - Revenue from listing fees increased by 38% due to a 50% increase in new listings of structured products [3] Future Outlook - In January 2026, daily average trading volume is expected to grow by 89%, with structured products showing significant increases in trading volume [3] - The company anticipates a net profit growth of approximately 10% year-on-year for 2026, with a current price-to-earnings ratio of about 26x [3]

Core Insights - Hong Kong Stock Exchange (HKEX) achieved record-breaking performance in 2025, driven by multiple business lines including spot, derivatives, commodities, and cross-border connectivity, alongside a significant increase in IPO service revenue [3][12] - The total revenue for HKEX reached HKD 29.161 billion, a 30% year-on-year increase, while net profit attributable to shareholders was HKD 17.754 billion, up 36%, exceeding revenue growth [3][12] - The strong performance in the IPO market, with 119 new listings raising HKD 28.58 billion, marked a threefold increase compared to 2024, reclaiming the top position globally for IPO financing [6][15] Business Performance - The growth in trading and settlement fee income became the primary growth driver, with significant increases in listing fees due to a surge in new stock numbers and financing scale [5][14] - The average daily trading volume in the Hong Kong spot market reached a historical high, with the average daily turnover of the Shanghai-Hong Kong Stock Connect at RMB 2.124 trillion, a 42% increase from 2024, and the Hong Kong Stock Connect showing a remarkable 151% growth [5][14] - The derivatives and commodities markets also saw substantial growth, with average daily trading volumes for futures and options increasing significantly, and the London Metal Exchange (LME) achieving a record daily trading volume of 717,000 contracts, an 8% increase from 2024 [5][14] Market Trends - The IPO market's revival is attributed to ongoing reforms in the listing system, including the introduction of a "special route" for technology and biotech companies, which allowed for confidential submissions [6][16] - The Hong Kong government outlined three core reform directions in the 2026-2027 budget, focusing on revising listing requirements, enhancing the listing framework for structured products, and digitizing market infrastructure [8][17] - The HKEX aims to strengthen its role as a global financial hub by enhancing cross-border connectivity and fostering a diverse ecosystem, while also responding to the growing interest from global investors in Asian markets, particularly Chinese assets [4][9][18]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) reported a significant increase in revenue and profit for the fiscal year 2025, driven by strong market activity and investor interest in the Asia-Pacific region [1][3]. Financial Performance - HKEX's total revenue and other income for 2025 reached HKD 29.161 billion, a 30% increase from 2024 [1][2]. - Shareholder profit attributable to the company was HKD 17.754 billion, reflecting a 36% year-on-year growth [1]. - The board declared an interim dividend of HKD 6.52 per share, a 33% increase, leading to a total annual dividend of HKD 12.52 per share [1]. Market Activity - The average daily trading volume in the stock market reached HKD 249.8 billion, a 90% increase compared to 2024 [8]. - The Hong Kong IPO market ranked first globally in 2025, with 119 new listings raising a total of HKD 286.9 billion, a 226% increase from the previous year [3][5]. - New economy sectors accounted for 66% of the total IPO fundraising, with significant contributions from biotech and specialized technology companies [5]. Strategic Developments - HKEX launched the "Tech Company Fast Track" to facilitate the listing of technology and biotech firms, which has attracted over 100 companies to apply [5][10]. - The exchange is focused on enhancing its strategic measures across various markets, including spot, derivatives, fixed income, and commodities [10]. - Future reforms include optimizing the IPO process and enhancing market efficiency, as outlined in the 2026-2027 budget proposal [11][12]. Investor Interest - There is a growing interest from global investors in the Asia-Pacific markets, with Chinese mainland and Hong Kong accounting for 75% of the trading volume in the region [3]. - The participation of mainland investors in the Hong Kong market has significantly increased, contributing to the strong performance of the stock and derivatives markets [8].

Core Viewpoint - Dongwu Securities maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388), anticipating continued growth in IPO issuance and an active trading environment in the Hong Kong market [1] Financial Performance - In 2025, Hong Kong Exchanges achieved revenue and other income of HKD 29.2 billion, a year-on-year increase of 30%, with a net profit attributable to shareholders of HKD 17.8 billion, up 36% [1] - The company's return on equity (ROE) for 2025 was 33.2%, an increase of 7.3 percentage points year-on-year [1] - For Q4 2025, revenue and other income were HKD 7.3 billion, a 15% increase year-on-year but a 6% decrease quarter-on-quarter [1] Trading Volume and IPO Activity - The cash market segment generated revenue of HKD 14.7 billion in 2025, a 56% increase, with a daily average trading volume up 93% to HKD 232 billion [2] - The number of IPOs reached 119 in 2025, a 68% increase, with total fundraising amounting to HKD 286.9 billion, a 226% year-on-year increase [2] - The backlog of IPO applications in Hong Kong increased nearly threefold year-on-year by the end of 2025 [2] Derivatives Market - The revenue from the equity securities and financial derivatives segment was HKD 6.9 billion, an 11% increase, driven by higher trading volumes and increased listing activities [3] - The average daily trading volume of derivatives contracts reached 1.66 million, a 7% increase year-on-year [3] Commodity and Data Segments - The commodities segment reported revenue of HKD 3.2 billion, a 14% increase, with average daily trading volume in LME fees up 8% [4] - The data and connectivity segment generated revenue of HKD 2.3 billion, a 7% increase, attributed to higher usage of trading network services [5] Company Projects - Revenue from company projects was HKD 2.2 billion, a 17% increase, with internal investment income of HKD 1.9 billion, up 7% [6] - The annualized net investment return was 5.06%, a decrease of 3 basis points year-on-year [6]

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 | ...