来源：信报财经等 周五(2026年2月20日)，大年初四，马年第一个交易日，港交所举行新春开市仪式。 港交所主席唐家成在马年新春开市仪式致词表示，期望香港股票市场气氛能够一直延续整个马年，并提到今年以来已有24只新股上市， 募资金额超过870亿港元，目前有488间企业正在排队等候上市。 港交所CEO陈翊庭在马年新春开市仪式致辞时表示，过去几年，国际社会对亚洲市场的关注度显著提升，港交所每次出席达沃斯或其他 国际会议时，受欢迎程度一次比一次高，反映全球投资者正积极考虑资产多元化，并积极了解投资香港、内地及亚洲市场的机会。港交 所将继续把握这些平台，积极说好香港故事。 近年在香港上市的企业已经涵盖新能源、人工智能(AI)、电动车、生物科技等最热门行业，涉及业内价值链上、中、下游企业，形容目 前港股市场的货架上，已摆满各式各样证券产品供投资者选择，未来也会不断推出更多创新的衍生产品。 她又说，除了股票，国际投资者亦会在债券、货币、商品等其他资产类别进行全方位配置，港交所积极拓展固定收益、货币及大宗商品 业务，认为这些业务是香港的「蓝海」，期望能如股票市场般，建设一个涵盖产品、交易、结算以至数据和信息服务的完整生态圈 ...

2月20日，农历正月初四，香港金融市场迎来丙午马年首个交易日。香港交易所（以下简称港交所）举 行了隆重的开市仪式，敲响了农历新年的第一声锣响。香港财政司司长陈茂波、港交所主席唐家成及行 政总裁陈翊庭亲临现场致辞。 "整个马年，以2026年来说，我们已经开了一个好头。"唐家成感叹道："排队等候上市的还有488家。大 家从来没有这么忙过，但忙得开心，因为这代表市场活跃、货如轮转。" 唐家成强调，在追求"量"的同时，港交所对"质"的把控绝不松懈。审核过程中的严格把关，旨在确保香 港持续作为高质素的金融市场 。此外，他预告了今年的重点改革工作，包括公布优化上市制度以 及"T+1" 的咨询文件。至于第二阶段收窄买卖价差，也计划在年中落实。 陈翊庭则从国际交流的视角，分享了全球投资者近几年对香港市场的浓厚兴趣，在参加国际交流或会议 时，港交所一次比一次受欢迎。过去几年，全球对亚洲市场的关注度和讨论度都大幅提升。"在全球交 流当中，有一个非常清晰的信号：国际投资者都在做资产多元化配置，很多人都想了解，该如何投资香 港、内地以及亚洲市场。" 陈翊庭表示，港股市场的"股票货架"已经摆满了新能源、生物科技等优质产品。但港交所的雄 ...

陈翊庭透露，今年以来已有逾20只新股上市，集资额逾100亿美元，相当于去年全年集资额约380亿美元 的逾25%；增发集资势头亦强劲，已达去年三分之一以上，期望这股势头能持续。目前有488家企业正 轮候在香港上市，其中逾10家为国际公司。港交所将继续优化上市框架，响应市场需求，便利全球企业 利用香港作为集资平台。她强调，去年来港上市的内地公司多已高度国际化，部分企业逾一半收入来自 全球各地。 此外，陈翊庭提到，去年底港交所入股金管局旗下迅清结算控股，期望在固定收益、货币与大宗商品领 域发力，令整个金融生态圈更丰满，便利国际投资者实现更好多元化配置，并将继续扩展互联互通机 制。 港交所主席唐家成则表示，对市场审慎乐观。他指出，自2018年推出同股不同权机制以来，市场已发生 不少变化，现时是时候研究及分析相关措施是否仍符合市场现况；任何改革最重要是保持市场质素，确 保香港持续成为高质素、备受认可的国际金融中心。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 来源：观点地产网 观点网 香港报导：2月20日，港交所行政总裁陈翊庭在马年新春开市仪式致辞时表示，过去几年，国际 社会对亚洲市 ...

股市方面，唐家成指出，最近成交额已超过3,000亿元，反映相关的流动性措施成效明显。今年港交所 将全力推进各项工作，包括提升上市制度及收窄买卖价差等，亦会向社会投放资源，推出支援照顾者计 划等。 智通财经APP获悉，2月20日，港交所(00388)主席唐家成在开市仪式致辞时表示，希望香港股市的强劲 气氛可延续至整个马年，2026年至今港交所已完成24只新股上市，集资额达870亿元，排队等待上市的 企业逾488间。唐家成强调，在数量提升同时，港交所对上市的审核过程绝无松懈，确保香港持续是备 受认可的高质素市场。 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,541.96, down by 163.98 points or 0.61% on February 19 [1] - The index opened at 26,658.57, reached a high of 26,674.58, and a low of 26,480.63, with a trading volume of 24.6391 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 135.722, up by 1.13% compared to the previous close [2] - Tencent Holdings closed at HKD 532.399, down by 0.11% compared to the previous close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 533.000, with a slight increase of 1.000 or 0.19% [3] - Alibaba Group (09988) latest price is HKD 154.700, down by 0.700 or 0.45% [3] - HSBC Holdings (00005) latest price is HKD 134.200, down by 1.500 or 1.11% [3] - AIA Group (01299) latest price is HKD 82.350, up by 2.050 or 2.55% [3] - Meituan (03690) latest price is HKD 82.050, down by 0.100 or 0.12% [3] - JD.com (09618) latest price is HKD 105.900, down by 0.500 or 0.47% [3]

2月18日，香港交易所继续休市，南、北向交易关闭。 来源：滚动播报 ...

Core Viewpoint - The Hong Kong stock market showed strong performance in January, with high trading activity expected to continue, leading to anticipated growth in the performance of the Hong Kong Stock Exchange (HKEX) [1][2]. Market Performance - The Hong Kong stock market continued its upward trend, with the Hang Seng Index and Hang Seng Tech Index increasing by 6.9% and 3.7% respectively compared to the end of 2025 [1]. - The average daily trading (ADT) for HKEX in January was HKD 272.3 billion, representing a month-on-month increase of 46.4% and a year-on-year increase of 89.3% [1]. - Northbound trading ADT reached HKD 407.7 billion, with month-on-month and year-on-year increases of 77.5% and 122.6% respectively [1]. - Southbound trading ADT was HKD 121.3 billion, with month-on-month and year-on-year increases of 45.0% and 96.2% respectively [1]. Derivatives Market - The futures average daily volume (ADV) was 658,000 contracts, showing month-on-month and year-on-year increases of 27.3% and 11.9% respectively [1]. - The options ADV was 1,048,000 contracts, with month-on-month and year-on-year increases of 27.4% and 21.3% respectively [1]. - As of the end of January, the ADT for structured products was HKD 22 billion, with month-on-month and year-on-year increases of 47.7% and 91.0% respectively [1]. IPO Market - In January, the IPO scale in the Hong Kong stock market reached HKD 41.7 billion, with month-on-month and year-on-year increases of 58% and 598% respectively [2]. - A total of 13 new stocks were listed in January, with new structured products also seeing significant increases in numbers [2]. Interest Rates - Investment income-related rates for HKEX showed a downward trend, with the 6-month HIBOR at 2.89%, down 0.10 percentage points month-on-month [2]. Macro Environment - Domestic economic indicators showed a decline, with the manufacturing PMI at 49.30%, indicating a contraction [2]. - The U.S. job market showed improvement, with non-farm payrolls increasing by 130,000, which may affect interest rate expectations [2]. Investment Outlook - As of February 9, 2026, the company's PE ratio was 30.86x, indicating a reasonable valuation compared to historical levels [3]. - The company is expected to achieve revenues of HKD 30.1 billion, HKD 35.7 billion, and HKD 38.4 billion for 2025-2027, with corresponding net profits of HKD 17.7 billion, HKD 21.3 billion, and HKD 22.8 billion [3]. - The company is rated as a buy, with expectations of increased market liquidity and valuation due to ongoing policy support for the Hong Kong capital market [3].

Core Viewpoint - Goldman Sachs reports that Hong Kong Exchanges and Clearing Limited (HKEX) has seen its stock price remain flat year-to-date, underperforming the Hang Seng Index, reflecting investor concerns over the quality of listing documents highlighted by the Securities and Futures Commission, as well as worries regarding the moderate earnings growth outlook for fiscal year 2026 due to high average daily trading volume and declining investment returns [1] Group 1 - HKEX's stock price has been flat year-to-date, underperforming the Hang Seng Index [1] - Investor concerns are driven by the Securities and Futures Commission's indication of declining quality in listing documents [1] - There are worries about the moderate earnings growth outlook for fiscal year 2026 due to high average daily trading volume and declining investment returns [1] Group 2 - Goldman Sachs maintains a "Buy" rating on HKEX with a target price of HKD 546 unchanged [1]

Core Viewpoint - Goldman Sachs reports that Hong Kong Exchanges and Clearing Limited (HKEX) stock price has remained flat year-to-date, underperforming the Hang Seng Index, reflecting investor concerns over the declining quality of listing documents as indicated by the Securities and Futures Commission, and worries about the moderate profit growth outlook for fiscal year 2026 due to high average daily trading volume and declining investment income [1] Group 1: Stock Performance and Valuation - The stock price of HKEX has been flat year-to-date, lagging behind the Hang Seng Index [1] - Goldman Sachs maintains a "Buy" rating for HKEX with a target price of HKD 546 unchanged [1] - The firm estimates that excluding investment income, HKEX's earnings will grow by 12% annually from fiscal years 2025 to 2027, with a price-to-earnings ratio relative to earnings growth rate of 2.9 times, consistent with regional peers [1] Group 2: Market Activity and Earnings Forecast - Since February, the pace of new listings has been rapid, with new companies listed in 2026 showing strong stock performance, averaging a 64% increase [1] - Goldman Sachs expects HKEX to announce a net profit of HKD 3.9 billion for the fourth quarter of fiscal year 2025, which is 1% higher than previous forecasts and represents a 2% year-on-year increase [1] - The forecast for earnings excluding investment income is expected to grow by 14% year-on-year to HKD 2.9 billion [1]

Core Viewpoint - Goldman Sachs reports that Hong Kong Stock Exchange (HKEX) stock price has remained flat year-to-date, underperforming the Hang Seng Index, reflecting investor concerns over the decline in the quality of listing documents as pointed out by the Securities and Futures Commission, and worries regarding the moderate profit growth outlook for FY2026 due to high average daily trading volume and declining investment income [1] Group 1: Stock Performance and Market Sentiment - HKEX stock price has been flat year-to-date, lagging behind the Hang Seng Index [1] - Investor concerns are driven by the decline in the quality of listing documents and the pace of new listings [1] - The average daily trading volume is relatively high, contributing to worries about declining investment income [1] Group 2: Earnings Outlook and Valuation - Goldman Sachs maintains a "Buy" rating for HKEX with a target price of HKD 546 unchanged [1] - Despite concerns, there is optimism due to a rapid pace of new listings since February, with new listed companies showing strong stock performance, averaging a 64% increase [1] - Excluding investment income, HKEX is expected to see annual profit growth of 12% from FY2025 to FY2027, with a price-to-earnings growth ratio of 2.9 times, in line with regional peers [1] Group 3: Upcoming Financial Results - HKEX is scheduled to announce its Q4 FY2025 results on the 26th [1] - The expected net profit for Q4 is HKD 3.9 billion, which is 1% higher than previous forecasts and represents a 2% year-on-year increase [1] - Profit excluding investment income is anticipated to grow 14% year-on-year to HKD 2.9 billion [1]