Core Insights - Hong Kong's IPO fundraising has significantly increased, with 17 new listings raising approximately HKD 177 billion (around USD 20 billion) in the first quarter of 2025, more than doubling the amount from the previous year [1] - The follow-on market has also become more active, raising over USD 18 billion in the first quarter of 2025, a 20-fold increase year-on-year, with notable transactions from BYD and Xiaomi [1] - There is a growing trend of A+H listings, with around 30 companies planning to list in Hong Kong, particularly in the technology and biotech sectors [2] Market Trends - The new economy, artificial intelligence, renewable energy, and tech unicorns are key focus areas for new listings in Hong Kong [2] - Increased dialogue with ASEAN companies has led to successful listings from several firms in the region, indicating a strong interest in the Hong Kong market [2] - Hong Kong is also targeting the Middle East, with plans to open an office in Riyadh and strengthen ties with the Saudi stock exchange [3] Regulatory and Structural Developments - Hong Kong has completed consultations on IPO pricing, aiming to enhance the pricing process and distribution structures [4] - The Hong Kong Securities and Futures Commission and the exchange have announced measures to improve the transparency of the new listing application process [4] - Initiatives like the "REIT Connect" and a dedicated line for tech companies are in preparation to further optimize the listing environment [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved record high performance in Q1 2025, with total revenue of HKD 68.6 billion, a year-on-year increase of 31.8% and a quarter-on-quarter increase of 7.5%. The net profit attributable to shareholders was HKD 40.8 billion, up 37.3% year-on-year and 7.9% quarter-on-quarter [4][5] - The increase in revenue and profit is primarily driven by heightened trading activity in the Hong Kong stock market, supported by innovations in artificial intelligence and other developments [5] - The report anticipates that the return of Chinese concept stocks to Hong Kong could inject new trading volume into the market [7] Summary by Sections Financial Performance - In Q1 2025, the company's main business revenue reached HKD 63.2 billion, reflecting a year-on-year growth of 35.6% and a quarter-on-quarter growth of 5.0% [4] - The trading fees, system usage fees, and settlement fees totaled HKD 41.3 billion, accounting for 60.2% of total revenue, with a year-on-year increase of 58.7% [5] - Investment income netted HKD 13.3 billion, representing 19.4% of total revenue, with a slight year-on-year decrease of 0.7% but a quarter-on-quarter increase of 11.2% [5] Market Activity - The average daily trading volume for Hong Kong stock securities reached HKD 2,427 billion, a year-on-year increase of 144.2% [5] - The number of new listings in Q1 2025 was 17, a year-on-year increase of 41.7%, raising a total of HKD 187 billion, which is a 289.6% increase year-on-year [7] Future Outlook - The report maintains profit forecasts for 2025-2027 at HKD 150 billion, HKD 156 billion, and HKD 165 billion respectively, with a corresponding PE ratio of 29X, 28X, and 26X [7][9]

Group 1 - JPMorgan's stake in Alibaba-W increased from 5.98% to 6.02% as of April 28 [1] - The average share price for this transaction was HKD 115.7105 [1]

智通财经5月2日电，香港交易所信息显示，贝莱德（BlackRock）在蒙牛乳业的持股比例于04月28日从 4.93%升至5.14%，平均股价为19.0401港元。 ...

香港交易所信息显示， 摩根大通（JPMorgan）在 美团-W的持股比例于04月28日从5.12%降至5.10%。 ...

高盛(GS.N)：上调香港交易所(00388.HK)目标价2%至386港元，维持买入评级。 ...

Group 1 - The Hang Seng Index opened up 0.33% and the Hang Seng Tech Index opened up 0.48%, with notable gains in Rainy Food (over 11%) and other companies like BYD, Hong Kong Exchanges, Alibaba, Li Auto, SMIC, and Xiaomi (over 1%) [1] - Everbright Securities suggests that the current valuation of the Hang Seng Index is at a medium-low level, while the Hang Seng Tech Index is at a historical low, indicating high investment cost-effectiveness for Hong Kong stocks [1] - Ping An Securities highlights that domestic large models, represented by DeepSeek, have performance comparable to leading overseas models at a lower cost, with applications across various sectors including education, finance, and healthcare [1] Group 2 - Goldman Sachs reports that the first-quarter pre-provision profits and net profits of major state-owned banks in China fell slightly short of expectations, with net profits of other large state-owned banks down approximately 2% to 4% year-on-year [2] - Most domestic banks, except for Agricultural Bank, did not see strong loan growth as anticipated, raising concerns among investors about the sustainability of annual dividends [2]

每经记者 黄婉银 实习生 刘姝 每经编辑 魏官红 4月30日，香港交易所（HK00388，股价340.8港元，市值4321亿港元；以下简称"港交所"）举行股东周 年大会，港交所主席唐家成、行政总裁陈翊庭、首席营运总监及财务总监刘碧茵等高管出席并答股东 问。 同日，港交所还发布了2025年第一季度业绩报告。港交所一季度的收益和溢利均创历史季度新高，同 比、环比均实现增长。其中，收益实现近69亿港元，同比上升32%，较2024年第四季度上升7%；股东 应占溢利约为41亿港元，同比上升37%，较2024年第四季度上升8%。 股东大会上讨论的焦点主要围绕港交所是否续聘普华永道为核数师、斥资63亿港元向香港置地购买香港 中环交易广场办公楼物业等事项。 有股东提问，此前部分上市公司已经与普华永道方面解约，港交所是否仍会继续聘用其为核数师。刘碧 茵回应称，集团规模较大，要更换核数师会有详细的流程，2025年度不会更换，内部会商讨到2026年是 否更换核数师。 收购中环物业反映对中国市场的信心 在股东大会上，有股东提到，港交所要自主研发衍生产品交易平台。陈翊庭对此表示，预计将会投资10 亿港元至领航星衍生产品平台（ODP）。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月30日，香港交易所（以下简称"港交所"）举办股东周年大会。在大会上，港交所主席唐家成表示， 这是他自去年获委任为港交所主席之后，第一次主持港交所股东周年大会。 唐家成表示，港交所在2024年创下佳绩，除了市场成交量创历史新高之外，也录得强劲的财务表现，这 反映在新任管理层的带领下，集团业务持续表现强韧，并成功落实多项战略举措。 "虽然宏观经济及地缘政治环境仍然充满挑战，但凭借我们专注发挥立足中国、连接中国与世界的独特 优势，以及推动旗下市场互动互联互通创新和可持续发展战略，我对集团的未来业务发展仍然充满信 心。"唐家成说。 聘用普华永道遭股东质疑 在本次股东周年大会上，港交所管理层回应了股东多个问题。 证券时报记者注意到，在投票中，港交所聘用普华永道会计师事务所为外聘核数师的决议案虽然最终获 得通过，但赞成率仅为86.52%，而其他决议案赞成率都在90%以上。 同时，此前港交所提出要自行研发多个交易系统，股东也十分关注港交所未来的资本化支出情况。 对此，港交所集团行政总裁陈翊庭表示，技术投入是必须要做的。"作为一个交易所，我们跟其他 ...

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited (00388.HK) is "Buy" (maintained) [1] Core Views - The report highlights that the market trading activity is vibrant, with the quarterly performance reaching a historical high. The significant growth in performance is attributed to improved investor sentiment driven by advancements in artificial intelligence and other innovations, leading to increased participation from mainland investors in offshore markets [7][8] - The report maintains previous earnings forecasts, expecting shareholder profits for 2025-2026 to be HKD 149.34 billion and HKD 156.73 billion, with growth rates of 14% and 5% respectively. The current stock price corresponds to a PE valuation of 28.9x for 2025 [7][8] Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue and other income of HKD 69 billion, a year-on-year increase of 32%, and a net profit attributable to shareholders of HKD 41 billion, up 37% year-on-year. The return on equity (ROE) for Q1 2025 was 7.71%, an increase of 1.8 percentage points year-on-year [7][8] - The cash market segment generated revenue of HKD 33 billion in Q1 2025, reflecting a 75% year-on-year increase, accounting for 48% of total revenue. The average daily trading volume in the cash market surged by 153% to HKD 225 billion [7][8] Market Activity - The report notes that the trading volume reached multiple single-day highs, with the Northbound and Southbound trading under the Stock Connect averaging daily trading volumes of HKD 191.1 billion and HKD 109.9 billion, representing increases of 44% and 255% respectively [7][8] - The derivatives market continued its upward trend, with revenue from equity securities and financial derivatives reaching HKD 17 billion, a 9% year-on-year increase, driven by increased trading of structured products and record trading volumes in the derivatives market [7][8] Future Projections - The report projects that the average daily trading volume for the Stock Exchange will increase significantly, with estimates of HKD 175 billion for 2025, reflecting a growth rate of 33% [7][8] - The number of new listings on the main board is expected to remain stable, with projections of 68 new companies listed annually from 2024 to 2027 [7][8]