港股通 香港交易所 (388 HK) 证券研究报告 香港交易所（港交所）即将公布 3Q25 业绩：我们预计公司 3Q25 总收入为 75.83 亿港币（同比/环比：+41/+5%），归母净利润 47.74 亿港币（同比/ 环比：+52/+7%）。交易活跃度大幅增加是推动业绩增长的主要驱动力，3Q25 港股日均成交额（ADT）为 2,864 亿港币（同比/环比：+141/+20%），有 望助力交易类收入环比增长 31%至 51.37 亿港币。预计投资收益净额环比 降低 41%至 9.17 亿港币，主要由于 HIBOR 降低导致保证金投资息差收窄， 同时公司自有资金的投资收益可能因为美元走弱而下降。展望未来，我们预 计人民币走强、联储降息、南下资金参与度提升、IPO 市场表现强劲将呵护 港股 ADT 的长期走势，并利好港交所的业绩和估值。维持"买入"。 交易：ADT 再创新高，互联互通交易活跃度提升 预计 3Q25 交易类收入提升至 51.4 亿港币（环比：+31%）。港股交易活跃 度创新高。港股 ADT 环比提升 20%达到 2,864 亿港币，同时 3Q25 的交易 日数量相比 2Q25 多 5 天达到 65 ...

过去数月，市场促放宽"同股不同权"的讨论有所增加，有议员呼吁为已在海外上市的公司提供"宽限 期"，调整其WVR投票权比例至符合香港要求。黄天佑没有透露咨询细节，仅指仍需作全方位讨论，以 及平衡小股东利益。 谈到新股定价和分配机制改革后新股市场热潮，黄天佑指出，调整回拨机制的初衷是希望机构投资者和 散户能公平分配股份，而原则是香港证监会信任专业机构投资者能在IPO定价过程中发挥良性、健康的 角色，若此前提"落空"，则需要重新检视机制。 黄天佑续称，随着科技发展日新月异，"何谓科技"的定义亦须重新界定。检讨WVR的最大挑战，除了 投票权问题，亦包括如何准确界定"创新科技"。他强调，重新定义后必须确保不会因标准放宽而让不符 资格的企业"鱼目混珠"地纳入制度内。"香港证监会在检讨制度时，更着重市场的公平性和WVR板块的 连贯性，必须全方位讨论。" 智通财经APP获悉，香港证监会主席黄天佑接受传媒访问时表示，港交所(00388)及香港证监会预计今年 会就优化同股不同权上市规定进行咨询，从而为在美国上市中概股赴港上市铺路。对于"同股不同权"制 度下特权投票比例限制能否放宽，黄天佑仅重申原则，就是要确保小股东的利益不会被剥 ...

对于港交所就虚拟资产企业上市的看法，徐经纬强调，港交所是以规则为基础的交易所，上市大原则是 上市公司需要有实质业务，港交所目前有进行虚拟货币方面研究工作，一个方向是虚拟货币属应用场 景，关系到如何优化或推进市场基础设施。 港交所(00388)环球上市服务部主管徐经纬在利雅得接受媒体访问时表示，港交所今年5月推出科技专线 后市场反应好，容许秘密交表为企业带来更大灵活性。目前有约300家公司递表申请上市，近一半来自 科技行业，其次是医疗及生物科技。 他提到，港交所在沙特阿拉伯利雅得开设的办事处最近已开始营运，有望加强区内与相关合作伙伴交流 及沟通。就首家总部设于中东的消费公司打算赴港上市，徐经纬认为，这是交易所取得初步成绩，他强 调，香港可以为中东区内公司提供业务上的增值点。目前香港新股上市集资额逾270亿美元，暂时排行 全球首位，上市后再融资额逾600亿美元。在此基础上，中东区内公司若考虑到其他交易所上市，香港 可以为公司带来流动性或投资者增长及提升空间。 徐经纬称，并没有水晶球预测明年新股情况，不过从目前新股或再融资投资者及市场反应推算，上市后 流动性及后市表现都较健康，希望情况可以持续。交易所会继续推进及优 ...

Group 1 - The Hong Kong Stock Exchange (HKEX) has seen positive market reactions since launching its technology listing service in May, allowing for greater flexibility for companies to submit applications confidentially. Approximately 300 companies have applied for listings, with nearly half from the technology sector, followed by healthcare and biotechnology [1] - The HKEX aims to continue optimizing its listing processes to enhance flexibility for companies, and it is considering potential improvements to the dual-class share structure introduced seven years ago [1] - The HKEX's office in Riyadh, Saudi Arabia, has commenced operations, which is expected to strengthen communication and collaboration with regional partners. The first consumer company headquartered in the Middle East plans to list in Hong Kong, indicating initial success for the exchange [1] Group 2 - The HKEX emphasizes that it operates as a rules-based exchange, with the fundamental principle that listed companies must have substantial business operations. The exchange is currently researching virtual currency, focusing on how to optimize or advance market infrastructure related to virtual assets [2]

港交所去年宣布，今年在沙特阿拉伯利雅得开设办事处。港交所环球上市服务部主管徐经纬在利雅得接 受媒体采访时表示，办事处最近已经开始营运，可以加强在区内与相关合作伙伴交流及沟通。 此外，港交所披露易网站显示，总部在迪拜的卫生用品公司乐舒适，已刊载聆讯后资料集，有望快将上 市。对于有首家总部设于中东的消费公司递表打算来港上市，徐经纬形容是交易所取得初步成绩，强调 香港可以为中东区内公司提供业务上的增值点。 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,606.21, up by 260.07 points or 0.99% on October 29, 2023 [1] - The index reached a high of 26,714.82 and a low of 26,434.77 during the trading session, with a trading volume of 42.127 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 109.551, an increase of 2.87% compared to the previous close [2] - Tencent Holdings closed at HKD 655.070, up by 1.56% from the previous close [2] ADR Performance - Tencent Holdings (ADR) traded at USD 655.070, reflecting an increase of 1.56% compared to its Hong Kong stock price [3] - Alibaba Group (ADR) showed a price of USD 174.812, up by 2.23% compared to its Hong Kong stock price [3] - HSBC (ADR) was priced at USD 109.551, which is 2.87% higher than its Hong Kong counterpart [3]

Core Insights - Investors today have a wide range of options for investment, including private markets and cryptocurrencies, making traditional stocks seem outdated [1][2] - Exchanges are increasingly collaborating rather than competing, reflecting a shift in the investment landscape [2] Market Performance - Stock markets are performing well, with indices reaching all-time highs, driven by retail investors engaging with popular companies and investment trends [3] - The U.S. market is showing signs of recovery, with more companies looking to go public, including private equity and government-backed firms [4] IPO Trends - Saudi Arabia has seen a significant increase in IPOs, rising from 8-9 annually to around 40-45 [5] - Hong Kong has completed nearly 80 IPOs recently, indicating a recovery in investor confidence regarding Chinese stocks [5] Investor Behavior - The rise in global IPOs is attributed to investors seeking diversification to mitigate market volatility caused by geopolitical uncertainties and protectionist policies [6] - There is a strong demand for investments in sectors like AI, semiconductors, and green technology, alongside a new trend in consumer products, exemplified by the popularity of Labubu dolls [6]

中资金融股方面，中国银行涨0.45%，收报4.44港元；建设银行涨0.25%，收报7.9港元；工商银行 跌0.33%，收报6.06港元；中国平安涨0.27%，收报56.15港元；中国人寿跌0.71%，收报25.04港元。 石油石化股方面，中国石油化工股份跌0.24%，收报4.22港元；中国石油股份涨0.13%，收报8港 元；中国海洋石油跌0.55%，收报19.95港元。 【纠错】 【责任编辑:邱丽芳】 新华社香港10月28日电 香港恒生指数28日跌87.56点，跌幅0.33%，收报26346.14点。全日主板成交 2427亿港元。 国企指数跌91.43点，收报9375.79点，跌幅0.97%。恒生科技指数跌77.64点，收报6093.44点，跌幅 1.26%。 蓝筹股方面，腾讯控股跌1.68%，收报645港元；香港交易所跌0.41%，收报432.4港元；中国移动涨 0.41%，收报85.55港元；汇丰控股涨4.41%，收报106.5港元。 香港本地股方面，长实集团涨1.15%，收报38.86港元；新鸿基地产涨0.74%，收报95.8港元；恒基 地产跌0.14%，收报28.22港元。 ...

Hong Kong's financial sector has seen strong growth in the number of women taking up senior positions and board directorships in recent years, driven by regulatory changes and corporate initiatives promoting gender diversity, according to a survey released on Tuesday. Women held 45 per cent of senior leadership roles - namely CEO, managing director and executives within three reporting levels below - in banks, asset management firms, insurance companies and fintech firms in the city, according to a joint ...

Market Overview - The Hang Seng Index (HSI) closed at 26,523.81, up by 90.11 points or 0.34% on October 27 [1] - The index reached a high of 26,550.53 and a low of 26,407.71 during the trading session, with a trading volume of 46.49 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at 104.401 HKD, an increase of 2.35% compared to the Hong Kong market close [2] - Tencent Holdings closed at 657.786 HKD, up by 0.27% from the Hong Kong market close [2] ADR Performance - Tencent Holdings (ADR) price is 657.786, reflecting an increase of 0.27% compared to its Hong Kong price [3] - Alibaba Group (ADR) price is 174.244, showing a rise of 0.37% compared to its Hong Kong price [3] - HSBC (ADR) price is 104.401, indicating an increase of 2.35% compared to its Hong Kong price [3]