| --- | --- | |------------------------|------------| | 基本数据 | 2024-10-14 | | 收盘价 ( 港元 ) | 322.60 | | 流通股本 ( 亿股 ) | 12.68 | | 每股净资产 ( 港元 ) | 39.02 | | 总股本 ( 亿股 ) | 12.68 | | 最近 12 月市场表现 | | -24% -11% 2% 15% 28% 42% 香港交易所 恒生指数 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《如何看待港交所后续反弹空间？》 2024-09-25 2. 《交投活跃度仍承压——港交所月度 跟踪（2024 年 8 月）》 2024-09-12 3. 《二季度交投活跃显著改善，上半年 整体业绩稳健》 2024-08-21 香港交易所(00388) / 非银金融 / 公司跟踪研究报告 / 2024.10.15 四季度公司有望迎来季度业绩高点 ——港交所 ...

线 开源证券 公 司 研 究 香港交易所 （00388.HK） 2024 年 09 月 26 日 | --- | --- | |-------------------------------|---------------| | 投资评级：买入（维持） \n日期 | 2024/9/25 | | 当前股价 ( 港元 ) | 262.60 | | 一年最高最低 ( 港元 ) | 299.00/212.20 | | 总市值 ( 亿港元 ) | 3,329.34 | | 流通市值 ( 亿港元 ) | 3,329.34 | | 总股本 ( 亿股 ) | 12.68 | | 流通港股 ( 亿股 ) | 12.68 | | 近 3 个月换手率 (%) | 27.19 | -30% -20% -10% 0% 10% 20% 2023-09 2024-01 2024-05 香港交易所 恒生指数 数据来源：聚源 相关研究报告 《Q2 现货 ADT 同环比改善，LME+ 互联互通+衍生品延续高增—2024H1 香港交易所业绩点评》-2024.8.21 《多元化发展战略保持韧性，关注政 策面积极催化—2024Q1 香港交易所 业绩点 ...

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The report highlights that the recent interest rate cuts by the Federal Reserve and supportive policies from the Chinese government are expected to catalyze a recovery in the Hong Kong stock market, benefiting the Hong Kong Stock Exchange (HKEX) [2][3] - The report predicts a rebound in the average daily trading volume (ADT) for Hong Kong stocks, with forecasts of HKD 1,117 billion for 2024, HKD 1,324 billion for 2025, and HKD 1,529 billion for 2026, indicating a year-on-year growth of 5.2%, 6.2%, and 7.7% respectively [2][3] - The report anticipates an improvement in the company's performance and valuation, projecting net profit for 2024 to be HKD 12.473 billion, with a corresponding earnings per share (EPS) of HKD 9.8 [2][3] Financial Summary - Revenue for 2024 is projected at HKD 21,536 million, reflecting a year-on-year increase of 5.0% [3][6] - Net profit for 2024 is estimated at HKD 12,473 million, with a year-on-year growth of 5.2% [3][6] - The report indicates that the EBITDA margin is expected to remain stable around 79.9% for 2024 [3][6] - The price-to-earnings (P/E) ratio is projected to decrease from 28.5 times in September 2023 to 26.3 times in 2024, indicating a favorable valuation trend [2][3] Market Activity and Trends - The report notes that the trading activity in the Hong Kong stock market has improved, with a recent increase of 14.9% in HKEX's stock price from September 19 to September 24, outperforming the Hang Seng Index by 7.3% [2][3] - The report emphasizes that the liquidity improvement is expected to directly benefit HKEX's trading and settlement business, with trading settlement revenue accounting for 56% of total revenue in the first half of 2024 [2][3] - The report also highlights the potential for a rebound in investment scale and profitability, with investment income expected to contribute 24% to total revenue in 2024 [2][3]

香港交易所(00388) / 非银金融 / 公司跟踪研究报告 / 2024.09.12 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-11 | | 收盘价 ( 港元 ) | 220.80 | | 流通股本 ( 亿股 ) | 12.68 | | 每股净资产 ( 港元 ) | 39.02 | | 总股本 ( 亿股 ) | 12.68 | | 最近 12 月市场表现 | | -28% -21% -13% -6% 2% 9% 香港交易所 恒生指数 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《二季度交投活跃显著改善，上半年 整体业绩稳健》 2024-08-21 2. 《业绩继续改善，美联储降息交易或 重返市场主线》 2024-07-12 3. 《交投活跃度进一步改善，阿尔法优 势仍在》 2024-06-14 ❖ 市场环境方面：1）现货方面，8 月港股市场触 ...

HKEX 2024年 中 期 業 績 報 告 股份代號: 388 (港幣櫃台) 及 80388 (人民幣櫃台) le m WAND Oly 24,00 0 no the late 目錄 02 戰略及財務摘要 12 主席報告 管理層討論及分析 業務回顧 財務檢討 16 18 34 40 企業管治及其他資料 47 股東資料 49 核數師的獨立審閱報告 50 52 53 54 55 56 57 75 詞彙 簡明綜合財務報表（未經審核） 簡明綜合收益表（未經審核） 簡明綜合全面收益表（未經審核） 簡明綜合財務狀況表（未經審核） 簡明綜合股本權益變動表（未經審核） 簡明綜合現金流動表（未經審核） 簡明綜合財務報表附註（未經審核） 除另有註明外，本中期業績報告內的財務數字均以港元為單位 戰略及財務摘要 建議諮詢市場意見、推出「互換通」最新優 香港交易所上半年業績穩健，其中，第二 季度隨著市場回升及交投活躍，集團收入 及其他收益和溢利均創當季新高。集團的 多元化戰略持續顯現成效，衍生產品市場 成交量屢創新高，LME上半年收費交易金 屬合約的平均每日成交量按年升29%。融 資活動保持韌性並出現回暖跡象，第二季 上市新股數目及 ...

[Table_MainInfo] 公司研究/金融/综合金融服务 证券研究报告 香港交易所（388.HK）公司半年报点评 [Table_InvestInfo] 沪股通日均交易额创历史新高，上半年归 母净利润同比小幅下滑 [Table_Summary] 投资要点： 【事件】香港交易所发布 2024 年中期业绩：2024 年上半年实现收入及其他 收益 106.21 亿港元，同比+0.4%，归母净利润 61.25 亿港元，同比-3.0%。上 半年 ROE（未年化） 11.8%，同比-0.7pct。2024Q2 实现收入及其他收益 54.2 亿港元，同比+8.0%，归母净利润 31.55 亿港元，同比+8.6%；二季度 ROE（未 年化）为 6.2%，同比+0.3pct。 二季度交投大幅回升。2024 年上半年现货分部实现收入及其他收益 41.29 亿 港元，同比-1.8%，收入占比 39%。上半年现货市场日均交易额同比-4%至 1104 亿港元。Q2 交投大幅回升，日均成交金额为 1216 亿港元，同比+18%，环比 +22%。沪深港通北向及南向每日平均成交额分别为 1302 亿元和 375 亿港元， 分别+19.1 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 23 日 香港交易所(00388.HK) H1 业绩整体持平，交投转暖驱动 Q2 新高 ■事件：近日，公司披露 2024 年半年报，2024H1 实现收入及其他收益 106 亿 港元，同比+0.4%；归母净利润 61 亿港元，同比-3%；EPS 为 4.84 港元，同比 -3%。2024Q2 单季实现收入及其他收益 54 亿港元，同比+8%；归母净利润 32 亿港元，同比+9%；EPS 为 2.49 港元，同比+9%。 ■H1 收入整体持平，Q2 单季业绩创新高。1）从 2024H1 业绩来看：各业务分 部表现不一，合计主要业务收入同比基本持平，雇员、资讯技术费用增加带动 营运支出同比+7%，拖累归母净利润同比-3%。2）从 2024Q2 单季业绩来看：收 入及其他收益、净利润指标均创历年 Q2 新高，主要受益于①市场交投回暖 （2024Q2 联交所 ADT 同比+18%/环比+22%至 1216 亿港元，衍生品合约 ADV 同比 +19%，LME 收费交易金属合约 ADV 亦创 10 年季度新高值，同比+27%），交易及 结算费增 ...

现货市场边际回暖，IPO 环比正增长 主要数据 行业 交易所 股价 231.8 港元 目标价 286.7 港元 股票代码 388 已发行股本 12.68 亿股 市值 2938.9 亿港元 52 周高/低 315.9/212.2 港元 每股净现值 41.6 港元 主要股东 香港特别行政区政 府 5.9% | --- | --- | --- | --- | --- | --- | --- | |----------------------|------------|------------|------------|------------|------------|----------| | 盈利摘要 | | | | | | 股价表现 | | 截至12月31日财政年度 | 2022年实际 | 2023年实际 | 2024年预测 | 2025年预测 | 2026年预测 | 350 | | 总收入(百万港元) | 18,456 | 20,516 | 21,213 | 22,243 | 23,367 | 300 | | 变动(%) | -11.9% | 11.2% | 3.4% | 4.9% | 5.1% | 250 ...

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [7] Core Views - The report indicates that the Hong Kong Exchanges has the basic conditions for recovery in capital market system construction and innovation, supported by a series of connectivity policies. It anticipates a gradual increase in market liquidity due to expectations of interest rate cuts by the Federal Reserve, which may lead to a revival in market activity and valuations [6][5] - Revenue and other income are projected to reach HKD 218.34 billion, HKD 226.85 billion, and HKD 242.67 billion for the years 2024, 2025, and 2026 respectively. The attributable net profit is expected to be HKD 126.77 billion, HKD 130.63 billion, and HKD 138.60 billion for the same years, corresponding to PE ratios of 22.86, 22.19, and 20.91 [6][5] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue and other income of HKD 106.21 billion, a year-on-year increase of 0.43%. The attributable net profit was HKD 61.25 billion, a decrease of 3.0% year-on-year. The second quarter of 2024 showed a strong performance with net profit increasing by 8.64% and 6.23% quarter-on-quarter [5][6] - The breakdown of revenue sources shows that trading and trading system usage fees increased by 3.39%, while listing fees decreased by 7.64%. Other fees such as settlement and custody services also showed varied growth rates [5][6] Market Activity - The report highlights a significant increase in trading activity in the commodity market, with the average daily trading volume of LME metal contracts rising by 29.1%, leading to a 42.7% increase in trading fees from the commodity segment [6][5] - The report notes a decline in IPO activity, with listing fees dropping by 3.8% and the number of new listings at 30, raising HKD 11.3% less than the previous year [5][6] Future Projections - The report projects that the company will see a steady increase in revenue and net profit over the next three years, with specific figures outlined for each year [6][5] - The anticipated growth in revenue is supported by expected improvements in market liquidity and overall market activity, driven by favorable macroeconomic conditions [6][5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 303.4 HKD per share, reflecting a potential upside based on expected market recovery and valuation adjustments [3][13]. Core Insights - The company reported stable overall performance for the first half of 2024, with total revenue of 10.621 billion HKD, remaining flat compared to the same period last year. The core average daily turnover (ADT) was 1,104 billion HKD, down 3% year-on-year, indicating a stagnation in trading activity [6][8]. - The report highlights a significant increase in trading volumes for LME contracts, which offset declines in spot market revenues. The investment income continued to provide a hedge against market fluctuations, with net returns from margin and settlement funds rising to 1.64% [6][13]. - The ETF and benchmark derivatives segments showed continued growth, with average daily trading volumes for ETPs reaching a new high of 144 billion HKD, up 4% year-on-year. The report also notes the introduction of new ETPs, including the first covered call options ETF and the first virtual asset spot ETF in Asia [6][9]. Financial Summary - Revenue (million HKD): - 2022: 18,456 - 2023: 20,516 - 2024E: 22,177 - 2025E: 23,682 - 2026E: 25,452 - Growth Rate (%): - 2023: 11.2% - 2024E: 8.1% - 2025E: 6.8% - 2026E: 7.5% [2][6]. - Net Profit (million HKD): - 2022: 10,078 - 2023: 11,862 - 2024E: 12,798 - 2025E: 13,669 - 2026E: 14,694 - EPS (HKD/share): - 2022: 7.96 - 2023: 9.37 - 2024E: 10.11 - 2025E: 10.80 - 2026E: 11.61 [2][6]. Business Segment Performance - The report indicates a decline in trading fees and listing revenues, with trading fees from stock products at 1.424 billion HKD, down 7% year-on-year. However, LME trading fees increased significantly, with a 30% rise in trading volumes for fee-based metal contracts [8][10]. - The derivatives segment saw a 16% decrease in trading fees, but the average daily contract volume for key products like the Hang Seng Tech Index futures increased by 15% [10][12]. - The investment income from the company's projects rose from 4.80% in 2023H1 to 5.33% in 2024H1, contributing positively to overall financial performance despite a decline in margin levels [13][14].