智通财经4月11日电，香港交易所信息显示，瑞银集团（UBS）在名创优品的持股比例于04月07日从 8.99%升至9.74%。 ...

香港交易所信息显示， 德意志银行在 理想汽车-W的持股比例于04月07日从17.13%降至16.97%。 ...

香港交易所信息显示，FIL Limited在 李宁的持股比例于04月07日从5.27%降至4.97%，平均股价为 15.5828港元。 ...

智通财经4月9日电，香港交易所信息显示，美国资本集团在携程集团-S的持股比例于04月07日从10.04% 降至9.97%，平均股价为421.3210港元。 ...

智通财经4月9日电，香港交易所信息显示，摩根士丹利在药明联合的持股比例于04月02日从1.67%升至 5.75%。 ...

智通财经APP获悉，中金发布研报称，维持香港交易所(00388)目标价435港元及跑赢行业评级，基本维 持盈利预测不变，当前港交所交易于26x/24x 25e/26e P/E。港交所计划于4月30日披露1Q25业绩，该行 预计1Q25收入同比+31%/环比+7%至68.3亿港币，剔除投资收益及杂项收入后费类业务收入同比+47%/ 环比+10%至56.5亿港币，盈利同比+36%/环比+7%至40.5亿港币。 中金主要观点如下： 该行预计1Q25投资收益同比-15%/环比-5%至11.4亿港币，其中同比降幅较高主因同期外部权益投资收 益及息差高基数，就环比趋势来看：1)1Q25 6M HIBOR(移动平均)/平均1M HIBOR环比-7%/-10%、成本 端利率降幅较大或推动保证金息差边际提升，然而4Q中后期以来衍生品交易保证金比例受波动率下行 影响有所下降、或导致保证金规模环比下行;2)外部投资方面，1Q25境外债券市场相对景气，主要债券 ETF股价表现环比显著改善，港交所当前以政府债等资产为主的稳健外部投资策略或将有所受益。 政策持续博弈有望支撑市场活跃度表现，关注估值调整后配置价值 当前港交所1-yr fo ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The valuation of Hong Kong Exchanges and Clearing Limited (HKEX) has lagged behind trading volume, with a recovery in IPOs positively impacting the long-term Average Daily Turnover (ADT) [4][6] - In 2025, the ADT is projected to reach 2200 billion HKD, with a year-on-year increase of 66.9% [4] - The company's net profit forecast for 2025-2027 has been raised to 168, 169, and 172 billion HKD, respectively, reflecting a year-on-year growth of 29.0%, 0.2%, and 2.2% [4] Summary by Sections Market Activity and Performance - The Hong Kong stock market has seen a continuous improvement in activity, with the ADT reaching a historical peak of 2973 billion HKD in February 2025, representing a year-on-year increase of 230% [13][14] - The trading volume remained active in March, with figures of 3181 and 2863 billion HKD, showing year-on-year increases of 203% and 152% respectively [13] Regulatory Support for IPOs - Regulatory measures have encouraged A-share companies to list in Hong Kong, enhancing market capitalization and activity [6] - As of February 2025, 10 IPOs have occurred, doubling year-on-year, with a financing scale of 7.8 billion HKD, up 258% [32][34] - The approval process for IPOs has been optimized, facilitating the listing of mainland companies in Hong Kong [36] Financial Projections - The company's revenue for 2025 is projected to be 27,785 million HKD, with a year-on-year growth of 24.18% [7] - The net profit for 2025 is estimated at 16,828 million HKD, reflecting a year-on-year increase of 28.95% [7] - The sensitivity analysis indicates that an ADT of 1700, 2200, and 3000 billion HKD corresponds to net profit changes of +8%, +29%, and +62% respectively [27]

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited (00388.HK) is "Buy" (maintained) [1] Core Views - The valuation of Hong Kong Exchanges is lagging behind trading volume, with a recovery in IPOs benefiting the long-term Average Daily Turnover (ADT) [4] - The trading volume in the Hong Kong stock market has been active, with February's ADT reaching a historical peak of HKD 297.3 billion, a year-on-year increase of 230% [13] - The company has adjusted its ADT forecasts for 2025-2027 to HKD 2200 billion, HKD 2000 billion, and HKD 2000 billion respectively, reflecting a year-on-year growth of 66.9%, a decline of 9.1%, and flat growth [4] - The net profit forecasts for 2025-2027 have been raised to HKD 16.8 billion, HKD 16.9 billion, and HKD 17.2 billion respectively, indicating year-on-year growth of 29.0%, 0.2%, and 2.2% [4] Summary by Sections Market Activity and Trading Settlement Business - The Hong Kong stock market's activity has been improving, with February's ADT reaching a historical peak of HKD 297.3 billion, a year-on-year increase of 230% [13] - The trading settlement business, which is highly correlated with ADT, contributed over 53% of the company's revenue in 2024 [5] IPO Recovery and Market Structure - Regulatory support for A-share companies to list in Hong Kong is expected to enhance market capitalization and activity [6] - In the first two months of 2025, there were 10 IPOs in Hong Kong, doubling year-on-year, with a financing scale of HKD 7.8 billion, an increase of 258% [6][32] Financial Performance and Valuation - The company's revenue for 2025 is projected to be HKD 27.785 billion, reflecting a year-on-year growth of 24.18% [7] - The net profit for 2025 is estimated at HKD 16.828 billion, indicating a year-on-year increase of 28.95% [7] - The current price-to-earnings (P/E) ratio is projected to be 27.8 times for 2025, compared to a historical average of approximately 37 times over the past decade [4][7]

Financial Performance - The group achieved a record revenue and other income of HKD 22.374 billion in 2024, representing a 9% increase compared to 2023[22]. - Operating expenses rose by 6% in 2024, driven by increased employee and IT costs, although some expenses related to the 2022 nickel market incident were offset[22]. - EBITDA for 2024 was HKD 16.281 billion, up 10% from 2023, with an EBITDA margin of 74%, an increase of 1 percentage point[23]. - Profit attributable to shareholders reached HKD 13.050 billion, reflecting a 10% increase from the previous year[24]. - Major business revenue increased by 9% in 2024, reaching HKD 20,559 million, driven by higher trading volumes in cash, derivatives, and commodities markets[26]. - Net investment income from company funds rose by 18% to HKD 1,748 million, primarily due to a decrease in valuation losses from unlisted equity investments[26]. - In Q4 2024, total revenue reached a record high of HKD 6,381 million, up 31% year-over-year[39]. - Q4 2024 shareholders' profit reached HKD 3,780 million, a 46% increase compared to Q4 2023[41]. - The total revenue and other income for the year reached a record high of 22.4 billion, up 9% from 2023[57]. - The board declared a total annual dividend of 9.26 per share, including a second interim dividend of 4.90 per share[58]. Market Developments - New product launches included the first batch of ETF options and the first virtual asset spot ETF in Asia[17]. - The company plans to open an office in Riyadh in 2025, expanding its market presence[17]. - The company continues to strengthen its interaction with international investors and issuers, enhancing its global market position[13]. - The company anticipates that geopolitical and macroeconomic trends will continue to impact global markets, but positive signs of economic recovery are emerging[13]. - The number of new IPOs in 2024 reached 71, raising a total of 88 billion, ranking fourth globally[56]. - The company announced a multi-year infrastructure optimization plan to enhance market capabilities[59]. - The company is actively working on optimizing its listing mechanisms and enhancing corporate governance standards[62]. - The company is focused on maintaining high standards of corporate governance and compliance with regulatory requirements[135]. Trading Activity - Average daily trading value of equity securities on the exchange surged by 29% to HKD 120 billion[27]. - Average daily trading value for Stock Connect (Shanghai and Shenzhen) increased by 39% to RMB 150.14 billion[27]. - Average daily trading value of equity securities in Q4 2024 soared by 113% to HKD 171.5 billion[44]. - Major business revenue rose 24% to 6.017 billion, driven by increased trading volumes in spot and derivative markets[49]. - The average daily turnover in the cash market reached HKD 131.8 billion, a 26% increase year-on-year, with a record high of HKD 620.7 billion on October 8, 2024[77][78]. - The derivatives market saw an average daily contract volume of 1.6 million, up 15% from the previous year[78]. - The average daily trading volume for ETPs (including ETFs and leveraged and inverse products) reached a record high of RMB 189 billion in 2024, up 35% from RMB 140 billion in 2023[185]. Sustainability and Corporate Responsibility - The company is committed to sustainable development, achieving carbon neutrality in its operations by the end of 2024[20]. - HKEX is set to implement mandatory emissions reporting for all LME registered aluminum brands by June 15, 2025, in accordance with the EU Carbon Border Adjustment Mechanism (CBAM)[63]. - The company committed to donating HKD 86 million in 2024 to support various projects focused on financial education, inclusivity, poverty alleviation, and environmental sustainability[66]. - HKEX is expanding its initiatives to promote responsible supply chains in the metals industry, including ongoing support for projects addressing child labor in African mining[66]. - The introduction of climate-related disclosure regulations aligned with IFRS S2 positions Hong Kong as a leader in sustainability reporting[87]. - The total amount raised from new ESG-related bonds in 2024 was HKD 291 billion, indicating a strong market interest in sustainable finance[189]. Strategic Initiatives - The company announced a multi-year platform development plan to enhance market attractiveness and competitiveness[13]. - The company plans to achieve carbon neutrality by the end of 2024 and has submitted science-based greenhouse gas reduction targets for verification[64]. - The company is focused on optimizing infrastructure and product ecosystems to enhance market liquidity and resilience against macroeconomic fluctuations[98]. - The company plans to invest $200 million in digital transformation initiatives over the next two years[119]. - A strategic acquisition of a fintech startup was announced, aimed at integrating advanced analytics capabilities into existing services[115]. Governance and Management - Independent non-executive director Liang Baihan has served on the board since April 26, 2017, with a term extended until April 26, 2026[126]. - The company has a strong governance structure with members serving on various committees including audit, risk, and investment committees[126][128][130]. - The board includes members with extensive experience in finance and risk management, enhancing the company's strategic decision-making capabilities[128][130]. - The board's diverse expertise supports the company's market expansion and product development strategies[130][135]. - The company is committed to continuous improvement in its operational efficiency and risk management practices[135].

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (388) and raises the target price to HKD 400.0, reflecting an 18.6% upside from the previous closing price [5][6]. Core Insights - The core drivers of the company's performance are the increased activity in the cash market and growth in commodity business, supported by policy benefits and a diversified product portfolio [5]. - The company achieved record high revenues and net profits in 2024, with total revenue of HKD 223.7 billion (up 9.1% year-on-year) and net profit of HKD 130.5 billion (up 10.0% year-on-year) [2][3]. Revenue and Profitability - The company reported a quarterly revenue of HKD 63.8 billion in Q4 2024, representing a significant year-on-year increase of 31.4%, with net profit for the quarter reaching HKD 37.8 billion, up 45.6% year-on-year [2]. - The annual dividend per share is set at HKD 9.3, maintaining a payout ratio of 90.0%, ensuring stable shareholder returns [2]. Market Performance - The cash market revenue for the year was HKD 86.2 billion, a year-on-year increase of 18.5%, driven by a substantial rise in average daily trading volume [3]. - The average daily trading volume in the cash market reached HKD 1,318 billion, up 26.0% year-on-year, with Q4 2024 achieving a record high of HKD 1,869 billion, a 105.0% increase year-on-year [3]. Derivatives and Investment Income - The derivatives segment saw a decline in revenue to HKD 50.1 billion (down 12.0% year-on-year), primarily due to reduced margin investment income [4]. - The investment income for the year was HKD 49.3 billion, a slight decrease of 0.6% year-on-year, with net investment income from proprietary funds increasing by 17.6% to HKD 17.5 billion [4]. Future Outlook - The report highlights the potential for future growth driven by policy support for IPO facilitation and the expansion of cross-border trading channels, alongside a diversified product offering including tech stock ETFs and Southeast Asian markets [5].