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。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，去年底港交所入股香港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。 她指出，近年在香港上市的企业已涵盖新能源、人工智能(AI)、电动车、生物科技等最热门行业，涵盖 价值链上、中、下游企业，形容港股市场的"货架"上已摆满各式各样证券产品，供投资者选择，未来将 持续推出更多创新衍生产品。同时，国际投资者需求已不止于股票，而是希望在债券、货币、商品等多 资产类别进行全方位配置。 港交所正积极拓展固定收益、货币及大宗商品业务，视这些领域为香港金融市场的"蓝海"，期望像股票 市场一样，构建涵盖产品、交易、结算、数据及信息服务的完整生态圈，进一步扩大市场规模，为香港 金融未来带来更多增长机遇。 智通财经APP获悉，2月20日，港交所行政总裁陈翊庭在 ...

Group 1 - The Hong Kong Stock Exchange (HKEX) held a New Year opening ceremony, with Chairman Tang Ka Sing expressing hopes for a positive market atmosphere throughout the Year of the Horse, noting that 24 new stocks have been listed this year, raising over 87 billion HKD, and 488 companies are awaiting listing [3] - Tang emphasized that while the number of new listings has increased, the review process remains stringent to ensure Hong Kong's reputation as a high-quality market. The securities market achieved record daily trading volumes, with an average of nearly 250 billion HKD last year and over 278 billion HKD in January this year, with some trading days exceeding 300 billion HKD, reflecting the effectiveness of liquidity enhancement measures [3] - HKEX plans to advance various initiatives this year, including the release of a consultation document on improving listing systems and the implementation of a T+1 settlement system, as well as narrowing bid-ask spreads by mid-year, aiming to enhance market competitiveness and efficiency [3] Group 2 - HKEX CEO Charles Li highlighted the increasing global interest in Asian markets, noting that HKEX's participation in international events like Davos has garnered more attention, indicating that global investors are actively considering asset diversification and investment opportunities in Hong Kong, mainland China, and Asia [4] - The range of companies listed in Hong Kong now includes sectors such as renewable energy, artificial intelligence, electric vehicles, and biotechnology, showcasing a diverse array of securities products available for investors. HKEX plans to continue introducing innovative derivative products [4] - In addition to equities, international investors are also diversifying into bonds, currencies, and commodities. HKEX is actively expanding its fixed income, currency, and commodities business, viewing these areas as "blue oceans" and aiming to create a comprehensive ecosystem that encompasses products, trading, settlement, and data services to enhance market scale and growth opportunities for Hong Kong's financial market [4]

Group 1 - The Hong Kong financial market demonstrated resilience and vitality during the opening ceremony of the Year of the Horse, despite the Hang Seng Index and Hang Seng Tech Index facing downward pressure on the first trading day [1] - The Financial Secretary of Hong Kong expressed optimism for the market in the Year of the Horse, noting that three out of the last four Horse Years experienced double-digit percentage increases, with the previous year seeing a significant rise of nearly 6,500 points, or 32% [1] - The liquidity in the stock market has significantly improved, with international capital sources becoming highly diversified, positioning Hong Kong as a "safe haven" for international investors [1] Group 2 - The primary market in Hong Kong has gained global attention, with 24 IPOs since 2026 raising over HKD 87 billion, and 488 companies currently waiting to go public, indicating a vibrant market [2] - The Hong Kong Stock Exchange emphasizes maintaining quality alongside quantity in its IPO process, with plans to optimize listing regulations and implement a "T+1" consultation document [2] - There is a growing interest from global investors in the Hong Kong market, with a clear signal of asset diversification and a desire to understand investment opportunities in Hong Kong and Asia [2] Group 3 - The Hong Kong Stock Exchange aims to build a comprehensive ecosystem that includes products, trading, settlement, and data services, expanding the market size beyond just stock offerings [3] - The opening of the Year of the Horse signifies a new phase for the Hong Kong market, moving towards greater diversity, comprehensiveness, and internationalization [3]

Group 1 - The core message emphasizes the increasing global interest in Asian markets, particularly Hong Kong, as investors seek diversification opportunities [1] - The Hong Kong Stock Exchange (HKEX) has seen a diverse range of companies listed in recent years, including those in hot sectors like renewable energy, AI, electric vehicles, and biotechnology, indicating a rich variety of investment options available [1] - HKEX plans to expand its offerings in fixed income, currencies, and commodities, viewing these areas as "blue oceans" for growth, aiming to create a comprehensive ecosystem similar to its stock market [1] Group 2 - Over 20 new stocks have been listed in Hong Kong this year, raising over $10 billion, which is more than 25% of last year's total fundraising of approximately $38 billion [2] - There are currently 488 companies waiting to be listed in Hong Kong, with over 10 being international firms, indicating strong demand for the Hong Kong capital market [2] - The HKEX has invested in the Hong Kong Monetary Authority's clearing house to enhance its capabilities in fixed income, currencies, and commodities, aiming to facilitate more diversified investment options for international investors [2]

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]

Group 1 - The Hong Kong Stock Exchange remains closed on February 18, with both southbound and northbound trading suspended [1]

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]