Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenues and profits for the year 2025, with total income and other gains reaching HKD 29.161 billion, a 30% year-on-year increase [1] - The average daily trading volume for Hong Kong stocks and the Stock Connect program reached new highs, with the average daily turnover for Hong Kong stocks increasing by 89.53% to HKD 249.8 billion [1] - The number of new listings in 2025 was 119, with total fundraising amounting to HKD 286.9 billion, a 226% increase year-on-year [2] Financial Performance - Total income and other gains for HKEX in 2025 were HKD 29.161 billion, up 30% year-on-year, with main business revenue increasing by 32% [1] - Net investment income was HKD 1.870 billion, reflecting a 7% increase compared to the previous year [1] - Shareholder profit attributable to the company was HKD 17.754 billion, marking a 36% year-on-year rise [1] Market Activity - The average daily trading volume for Hong Kong stocks reached HKD 249.8 billion, a significant increase of 89.53% year-on-year [1] - The Stock Connect program saw average daily turnover of RMB 212.4 billion and HKD 121.1 billion for northbound and southbound trading, respectively, with increases of 41.51% and 151% [1] - The London Metal Exchange (LME) reported a record average daily trading volume of 717,000 contracts for metal contracts, an 8% increase year-on-year [1] Strategic Developments - HKEX aims to leverage its position to enhance market competitiveness and connectivity with global markets, focusing on a diversified asset ecosystem and technological advancements [2] - The company is attracting issuers from various regions, including Kazakhstan, Singapore, Thailand, and the UAE, to list on its platform [2] - The CEO anticipates that the macro environment in 2026 will remain uncertain, but sees opportunities for capital markets due to global investors adopting diversified strategies [3]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has demonstrated strong performance in enhancing stock market liquidity and new listings over the past two years, achieving record high revenues and profits for the second consecutive year [1] Group 1: Market Performance - HKEX reported a significant increase in average daily trading volume, which rose by 90% year-on-year to nearly HKD 250 billion [1] - The trading volumes in the spot, derivatives, and commodities markets also reached new highs [1] Group 2: Investor Demand and Product Development - There is a growing diversification in global investor demand, with interests not only in equities but also in derivatives, commodities, and fixed income products [1] - The exchange plans to focus on building a multi-asset ecosystem to enhance Hong Kong's market competitiveness and has a positive outlook on daily trading volume trends [1] Group 3: Future Product Offerings - Strong demand from professional retail investors has been noted, particularly for derivatives [1] - HKEX is considering the launch of fixed income ETFs in addition to existing bond ETFs, and anticipates introducing more new products in the futures market, including weekly and monthly stock options [1] - There are ongoing efforts to introduce the "zero-day options" contract for the Hang Seng Index, which would expire on the same trading day [1]

Core Insights - Hong Kong Exchanges and Clearing Limited (00388.HK) reported a 15% increase in revenue and other income for Q4 2025, reaching HKD 7.31 billion compared to Q4 2024 [1][2] - Shareholder profit attributable to the company was HKD 4.335 billion, also reflecting a 15% increase from Q4 2024 [1] - EBITDA margin improved to 78%, up 3 percentage points from Q4 2024 [1] Revenue Breakdown - Main business revenue rose by 11% to HKD 6.665 billion, driven by increased trading and settlement fees in the spot and commodity markets [2] - The increase in revenue was partially offset by higher rebates payable to clearing participants, which reduced net investment income from margin deposits [2] Investment Income - The company's net investment income amounted to HKD 572 million, a significant increase of 68% compared to Q4 2024 [2] - This growth was primarily attributed to a non-recurring gain of HKD 163 million from the valuation of the group's unlisted equity investments, contrasting with a loss of HKD 38 million in Q4 2024 [2]

Market Performance - The Hang Seng Index fell by 384.7 points, a decrease of 1.44%, closing at 26,381.02 points [1] - The H-share Index dropped by 220.46 points, closing at 8,814.29 points, a decline of 2.44% [1] - The Hang Seng Tech Index decreased by 151.17 points, closing at 5,109.33 points, down by 2.87% [1] Blue Chip Stocks - Tencent Holdings decreased by 2.01%, closing at 512 HKD [1] - Hong Kong Exchanges and Clearing rose by 0.78%, closing at 415.4 HKD [1] - China Mobile fell by 0.88%, closing at 78.6 HKD [1] - HSBC Holdings increased by 1.61%, closing at 145 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 3.04%, closing at 48.06 HKD [1] - Sun Hung Kai Properties fell by 0.07%, closing at 136.3 HKD [1] - Henderson Land Development decreased by 0.4%, closing at 34.44 HKD [1] Chinese Financial Stocks - Bank of China fell by 0.64%, closing at 4.65 HKD [1] - China Construction Bank decreased by 1.6%, closing at 8 HKD [1] - Industrial and Commercial Bank of China fell by 0.62%, closing at 6.42 HKD [1] - Ping An Insurance dropped by 4.64%, closing at 67.85 HKD [1] - China Life Insurance decreased by 4.1%, closing at 31.38 HKD [1] Oil and Petrochemical Stocks - Sinopec fell by 1.63%, closing at 5.43 HKD [1] - PetroChina decreased by 1.46%, closing at 9.46 HKD [1] - CNOOC dropped by 3.22%, closing at 24.66 HKD [1]

香港交易所(00388)发布公告，该公司将于2026年3月25日派发第二次中期股息每股6.52港元。 ...

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算 所有限公司（香港交易所）有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對 本文件的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本文件所載有關截至2025年及2024年12月31日止年度的財務資料並不構成香港交易所該等年度的法定年度綜 合財務報表，但乃源自該等財務報表。根據《公司條例》第436條須就該等法定財務報表披露的其他資料如下: 香港交易所已根據《公司條例》第662(3)條及附表6第3部向公司註冊處處長提交截至2024年12月31日止年度 的財務報表，並將於稍後提交截至2025年12月31日止年度的財務報表。 香港交易所的核數師已就該兩個年度的綜合財務報表提交報告。核數師報告並無保留意見，亦無提述核數師在 不就該等報告作保留的情況下以強調的方式促請有關人士注意的任何事項，也沒有載列根據《公司條例》 第406(2)、407(2)或(3)條作出的陳述。 （於香港註冊成立的有限公司） 股 ...

Group 1: Construction and Building Materials - The report emphasizes the importance of monitoring the resumption of work after the holiday, with expectations for a strong start in Q1 2026, driven by the release of projects and investment growth [2][7] - Historical analysis of previous five-year plans indicates that infrastructure investment typically shows a pattern of "high at the beginning, stable later," with the first half of the "14th Five-Year Plan" demonstrating this clearly [2][7] - In Q4 2025, Honglu Steel Construction achieved a production volume of 1.41 million tons, a year-on-year increase of 11.94%, indicating a significant return on the past three years of investment in automation [8] Group 2: Non-Banking Financial Institutions - China Life Insurance reported a 54.8% year-on-year increase in revenue and a 91.5% increase in net profit for Q3, reaching 298.7 billion yuan and 126.9 billion yuan respectively [12][13] - The company’s new business value (NBV) grew by 41.8% year-on-year, reflecting strong sales performance and improved sales capabilities [14][15] - The total investment return rate increased by 104 basis points to 6.42%, attributed to a rise in equity investments and successful participation in market opportunities [15] Group 3: Hong Kong Stock Exchange - The Hong Kong Stock Exchange reported a 37% year-on-year increase in revenue and a 45% increase in net profit for the first three quarters of 2025, reaching 21.9 billion HKD and 13.4 billion HKD respectively [19][20] - The average daily trading amount (ADT) for stock securities products increased by 150% year-on-year, indicating strong market activity [20] - The exchange continues to implement strategic measures to enhance market vitality, including the introduction of new trading facilities and adjustments to trading fees [21][22] Group 4: Basic Chemicals - Sanyou Chemical is expected to achieve a net profit of approximately 0.91 billion yuan in 2025, a decline of 82% year-on-year due to falling prices of soda ash, caustic soda, and organic silicon [26][27] - The report highlights the potential recovery in the viscose staple fiber industry, with no new capacity added in recent years and a significant increase in profitability expected from price increases [27][28] - The report suggests that the profitability of soda ash and caustic soda may have bottomed out, with market dynamics indicating a potential recovery in the future [29][30] Group 5: Transportation and Logistics - Hongchuan Wisdom is expected to report a net loss of 4.4 to 4.7 billion yuan in 2025, reflecting challenges in the chemical storage business due to decreased demand [31][32] - The chemical industry is showing signs of recovery, with increased production activity and improved demand expected to enhance profitability in the future [33] - The company is positioned as a leader in chemical storage, with ongoing capacity expansion through self-built and acquired facilities [34]

免責聲明 | 根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算所有限公司有關其股份在香港聯合交 | | | --- | --- | | 易所有限公司上市的事宜。證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 香港交易及結算所有限公司 | | 股份代號 | 00388 | | 多櫃檯股份代號及貨幣 | 80388 RMB | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年12月31日止年度的第二次中期股息及暫停辦理股份過戶登記手續 | | | 公告日期 | 2026年2月26日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 修訂公告日期 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | ...

Market Performance - The Hong Kong stock market opened high but closed significantly lower, with the Hang Seng Index ending at 26,381.02 points, down 384.70 points, a decline of 1.44% [1] - The Hang Seng Tech Index also opened high but closed at 5,109.33 points, down 151.17 points, marking a drop of 2.87%, reaching its lowest level since June 24 of the previous year [3] Stock Movements - Among the constituents of the Hang Seng Tech Index, Xpeng Motors (HK09868) fell over 5%, while Huahong Semiconductor, Bilibili, Li Auto, Baidu, Kuaishou, and Horizon Robotics dropped over 4%. Major stocks like SMIC, BYD, and Alibaba declined over 3%, and Tencent fell over 2% [5] - In contrast, wind power stocks surged, with Dongfang Electric rising by 15%, while the building materials and cement sector faced collective weakness, with Anhui Conch Cement dropping over 6% [8] Hong Kong Stock Exchange Performance - The Hong Kong Stock Exchange (HK00388) reported a revenue and other income of HKD 29.161 billion for 2025, a 30% increase from 2024, and a shareholder profit of HKD 17.754 billion, up 36% from 2024. The stock market saw a particularly active new stock financing activity, leading the global new stock market with a total financing amount of HKD 286.9 billion, more than three times that of 2024, with 119 new listings [7] Capital Flow - There was a significant net sell-off by southbound funds, with over HKD 7.3 billion in net sales of Hong Kong stocks by the end of the trading day [9] Market Outlook - According to GF Securities, as the Hang Seng Tech Index continues to decline, it reflects that the emotional suppression factors have largely been released. If positive catalysts emerge, the Hong Kong stock market may see a restoration of sentiment and a return of funds. Suggested investment opportunities include technology leaders benefiting from the AI industry trend [11]

摩根大通发布研报称，香港交易所(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，总开支同比增加7%。 摩通表示，这是港交所表现强劲的一季，尽管第四季成交量转弱，盈利仍能保持稳健。净投资收益表现 ...