摩根大通发表报告指，港交所第三季纯利49亿港元，按年增56%，按季升10%，较该行预估高出3%。各 项业务表现普遍优于预期，收入较摩通预测高出1%，主要受清算与结算收入带动；支出则因员工成本 下降而较预测低4%。投资净收益按季减34%，大致符合预期。营运利润率达75%，按季增203个基点， 优于预期。证券市场日均成交额按季升20%、按年增141%；衍生产品日均成交额亦按季增7%、按年增 10%。这份强劲财报可望推动市场上修估值。 尽管交易量坚挺，港交所股价过去数月随恒生指数走弱而下跌。摩通认为，此种股价表现与基本面驱动 因素(成交量)之间的背离，为未来几个月股价强势上涨创造条件，维持"增持"评级，目标价530港元。 ...

Group 1 - The core viewpoint of the article highlights that Hong Kong Exchanges and Clearing Limited (HKEX) reported a significant increase in revenue and profits for the third quarter of 2025, with total income and other gains reaching HKD 77.75 billion, a 45% year-on-year increase, marking the third consecutive quarter of record highs [2] - The main business revenue of HKEX rose by 54% year-on-year, driven by record trading volumes in the cash market, which led to increased trading and settlement fees [2] - The net investment income from the company's funds was HKD 2.54 billion, impacted by a decrease in fair value gains from externally managed investment funds and reduced returns from internally managed funds [2] Group 2 - Operating expenses increased by 8%, while the EBITDA profit margin improved to 81%, up 7 percentage points year-on-year [2] - Shareholder profit attributable to the company was HKD 49.00 billion, reflecting a 56% year-on-year increase [2] - The CEO of HKEX, Charles Li, noted that the new stock market maintained a leading global position with numerous new stock applications across various thriving sectors, including technology [2][3] Group 3 - HKEX continues to advance strategic reforms aimed at enhancing market diversification, liquidity, and global connectivity [3] - The company is focused on seizing current opportunities to invest in building a diversified asset ecosystem, laying a solid foundation for the long-term development of Hong Kong's capital markets [3]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high net profit of HKD 4.9 billion in Q3 2025, driven by strong trading activity and an IPO boom [1][4][6] - Total revenue and other income for Q3 reached HKD 7.775 billion, a 45% increase year-over-year, with major business income rising by 54% [2][3][6] Financial Performance - Q3 2025 major business income was HKD 7.484 billion, up 54% from HKD 4.852 billion in Q3 2024 [2] - EBITDA for Q3 2025 was HKD 6.225 billion, reflecting a 59% increase from HKD 3.926 billion in the same period last year [2] - Basic earnings per share increased to HKD 3.88, a 56% rise compared to HKD 2.49 in Q3 2024 [2] Market Activity - The Hang Seng Index surged by 29% in Q3, leading to record trading volumes in stocks and derivatives [5][6] - Stock trading volume doubled in Q3, with mainland investors' trading volume through the Stock Connect mechanism increasing more than twofold [6][7] IPO and Fundraising - In the first nine months of 2024, 69 companies raised HKD 188.3 billion through IPOs, significantly higher than HKD 55.6 billion in the same period of 2023 [6][7] - Secondary market fundraising reached HKD 264.1 billion in the first nine months, with 297 active IPOs in the pipeline as of September 30 [7] Strategic Outlook - HKEX's CEO highlighted the exchange's ability to capture global diversification trends and the attractiveness of Chinese assets [4] - The positive sentiment towards Chinese assets and the influx of mainland companies listing in Hong Kong are expected to continue supporting HKEX's growth momentum [7]

Core Insights - The Hong Kong Stock Exchange (HKEX) reported record-high average daily trading volumes for both the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect in the first three quarters of 2025, with amounts reaching 206.4 billion RMB and 125.9 billion RMB respectively, marking increases of 67% and 229% compared to the first three quarters of 2024 [1] Group 1 - The average daily trading volume for the Shanghai-Hong Kong Stock Connect reached 206.4 billion RMB, a new nine-month high [1] - The average daily trading volume for the Shenzhen-Hong Kong Stock Connect reached 125.9 billion RMB, also a new nine-month high [1] - Both trading volumes saw significant year-on-year increases of 67% and 229% respectively [1]

人民财讯11月5日电，港交所11月5日披露业绩报告，2025年首三季共有69家公司新上市，总集资额达 1883亿港元，为2024年首三季的三倍多。截至9月30日，处理中的首次公开招股申请数目为297宗。 ...

Core Insights - The "Swap Connect" has become a significant channel for foreign institutional investors to manage RMB interest rate risks since its launch, with increasing trading volumes reported [1] Group 1: Trading Activity - As of September 2025, 83 domestic and foreign investors from 15 countries and regions have participated in the "Swap Connect," achieving a total of 16,000 transactions with a nominal principal of 8.58 trillion RMB [1] - In the third quarter of this year, the nominal amount cleared through the "Swap Connect" reached 1.4 trillion RMB, representing a quarter-on-quarter growth of 25% [1] Group 2: Future Developments - The "Swap Connect" will accelerate its development in 2025 with several optimization measures, including an increase in the daily net limit to 45 billion RMB starting October 13, 2025 [1] - The maximum remaining term for interest rate swap contracts will be extended to 30 years, and the reference rates will be expanded to include the one-year Loan Prime Rate (LPR 1Y) [1] - The range of eligible collateral will be broadened to include onshore government bonds and policy financial bonds [1] Group 3: Market Support - To better meet the needs of foreign investors in managing RMB interest rate risks, a dynamic adjustment mechanism for "Swap Connect" quote providers has been established under the guidance of the People's Bank of China [1] - Recently, three new "northbound swap connect" quote providers have been added, expanding the total number of quote providers to 23 institutions, which enhances market liquidity and the attractiveness of RMB assets for global investors [1]

(本文来自第一财经) 香港交易所公告，2025年第三季度收入及其他收益为77.75亿港元，较2024年第三季度增长45%；股东 应占溢利为49.00亿港元，较2024年第三季度增长56%。 ...

人民财讯11月5日电，港交所11月5日发布业绩报告，2025年第三季收入及其他收益达77.75亿港元，创 历季新高，较2024年第三季上升45%。第三季度净利润也创下历季新高，达49亿港元，较2024年第三季 上升56%。 ...

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenues and profits for Q3 2025, continuing a trend of strong performance over the past three quarters [1][2] - The company capitalized on global asset diversification trends and the attractiveness of Chinese assets, leading to significant international capital inflow into the Hong Kong securities market [2] Financial Performance - Q3 2025 revenue and other income reached HKD 77.75 billion, a 45% increase from Q3 2024; EBITDA margin improved to 81%, up 7 percentage points; net profit attributable to shareholders was HKD 49.00 billion, a 56% increase [1] - For the first three quarters of 2025, total revenue and other income amounted to HKD 218.51 billion, a 37% increase from the same period in 2024; EBITDA margin was 79%, up 5 percentage points; net profit attributable to shareholders was HKD 134.19 billion, a 45% increase [1] Market Activity - The new stock market maintained a global leading position with a high number of IPO applications, particularly from thriving sectors like technology; as of September 30, 2025, there were 297 IPO applications in process [2] - Average daily trading volume in the cash market reached HKD 2,564 billion, more than double that of the first three quarters of 2024; average daily contracts in the derivatives market increased by 11% to 1.7 million contracts [3] Strategic Initiatives - HKEX is focused on enhancing market liquidity and promoting global connectivity through strategic reforms, aiming to build a diversified asset ecosystem for the long-term development of Hong Kong's capital market [2] - The company is also seeing increased participation from mainland Chinese investors, contributing to record high average daily trading amounts across various trading channels [2]

Core Insights - Hong Kong Stock Exchange reported a significant increase in third-quarter revenue and other income, reaching 7.775 billion, a year-on-year increase of 45% [2] - The profit attributable to shareholders was 4.9 billion, reflecting a year-on-year growth of 56% [2] Financial Performance - Third-quarter revenue and other income: 7.775 billion, up 45% year-on-year [2] - Profit attributable to shareholders: 4.9 billion, up 56% year-on-year [2]