Core Viewpoint - The Hong Kong Stock Exchange announced that the Harvest Tech 50 ETF (03169) will be included as a qualified security in the Central Clearing System and will start trading on March 6, 2026, providing investors with a convenient investment tool to access core assets in the US and China technology sectors [1] Group 1: Fund Overview - The Harvest Tech 50 ETF aims to offer a one-stop investment solution focusing on core assets in the two major global technology innovation hubs, China and the US, capitalizing on opportunities driven by artificial intelligence [1] - The ETF closely tracks the Solactive Harvest Tiger G2Tech50 Select Index, which creatively includes 50 of the most influential technology companies globally, comprising 30 leading Chinese tech firms listed in Hong Kong and 20 global tech giants listed in the US [1] Group 2: Index Composition - The index maintains a regional weight of approximately 62% in Hong Kong stocks and 38% in US stocks, aiming to balance risk diversification and growth potential [1] - A clear weight limit is set for individual components, with a maximum of 8% for Hong Kong stocks and 5% for US stocks, to reduce the impact of individual stock volatility on overall performance [1]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [2][7] Core Views - The company achieved record high performance in 2025, with total revenue and other income reaching HKD 29.161 billion, a year-on-year increase of 30% [5] - The net profit attributable to shareholders was HKD 17.700 billion, up 36% year-on-year, driven by a significant increase in trading volume [5] - The average daily trading volume (ADT) in the Hong Kong stock market reached a historical high of HKD 2,498 billion, representing an 89.5% year-on-year increase [5] - The IPO market saw a remarkable turnaround, with 119 new listings and total fundraising of HKD 286.9 billion, a 226% increase year-on-year, reclaiming the top position globally [5] - The company is diversifying its asset strategy and enhancing global connectivity, including establishing a new subsidiary in Dubai [5][6] Financial Summary - Total market capitalization is HKD 519,052.42 million [4] - The stock price has seen a 52-week increase of 37.85% [4] - Revenue projections for 2025-2027 are HKD 31.960 billion, HKD 34.331 billion, and HKD 37.597 billion, respectively, with growth rates of 9.60%, 7.42%, and 9.51% [7][8] - Net profit projections for the same period are HKD 20.463 billion, HKD 22.043 billion, and HKD 24.357 billion, with growth rates of 15.61%, 7.72%, and 10.50% [7][8]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [2][7] Core Insights - The company achieved record high performance in 2025, with total revenue and other income reaching HKD 29.161 billion, a year-on-year increase of 30% [5] - Shareholder profit attributable to the company was HKD 17.700 billion, up 36% year-on-year, driven by a 32% increase in main business revenue due to a surge in trading volume [5] - The IPO market saw a significant rebound, with 119 new listings raising a total of HKD 286.9 billion, a 226% increase year-on-year, reclaiming the top position globally for IPO fundraising [5] Financial Performance - In 2025, the average daily trading volume (ADT) for Hong Kong stocks reached HKD 2,498 billion, a remarkable 89.5% increase year-on-year, with southbound funds becoming a crucial liquidity source [5][6] - The derivatives market also showed strong performance, with an average daily contract volume of 1.66 million, a 7% increase year-on-year, and stock options being a particularly active segment with a 22% increase [5] - The company’s strategic initiatives included diversifying asset classes and enhancing global connectivity, with significant progress in fixed income and currency businesses [5][6] Earnings Forecast - Projected revenues for 2025, 2026, and 2027 are HKD 31.960 billion, HKD 34.331 billion, and HKD 37.597 billion respectively, with growth rates of 9.60%, 7.42%, and 9.51% [7][8] - Expected net profits for the same years are HKD 20.463 billion, HKD 22.043 billion, and HKD 24.357 billion, reflecting growth rates of 15.61%, 7.72%, and 10.50% [7][8] - The report indicates a price-to-earnings (P/E) ratio of 25.40 for 2026, decreasing to 21.34 by 2028 [7][8]

第 1 頁 共 10 頁 v 1.2.0 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 香港交易及結算所有限公司 | | | | 呈交日期: | 2026年3月3日 | | | | I. 法定/註冊股本變動 | 不適用 | | | | 備註： | | | | | 香港交易所並無法定股本，及其股本並無股份面值。 | | | | FF301 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | | --- | --- | | 已符合適用的公眾持股量要求（見下方） | ✔ | | 未符合適用的公眾持股量要求（見下方） | | | 根據《主板上市規則》第13.32B條或第19A.28B條 / 《GEM上市規則》第17. ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong growth in revenue and profit for the year 2025, driven by high market activity and a favorable economic environment [1] Group 1: Financial Performance - HKEX achieved a total revenue of HKD 23.745 billion, representing a year-over-year increase of 37% [1] - The net profit attributable to shareholders reached HKD 17.754 billion, up 36% year-over-year [1] - The return on equity (ROE) for the year was 30.5%, an increase of 6.3 percentage points year-over-year [1] Group 2: Revenue Breakdown - Revenue from trading fees and trading system usage increased by 44%, while clearing and settlement fees rose by 49% [1] - Revenue from various segments showed diverse growth: cash equities up 58%, equity securities and derivatives up 18%, commodities up 13%, and market data fees up 8% [1] - The revenue from the cash equities segment was particularly strong, with daily average trading volume increasing by 93% to HKD 231.5 billion [2] Group 3: IPO Market and Trading Volume - The IPO market in Hong Kong was robust, with 119 IPOs raising HKD 645.9 billion, a 236% increase year-over-year [2] - Daily average trading volume for the Shanghai-Hong Kong Stock Connect was HKD 212.4 billion, up 42% year-over-year, while the Hong Kong Stock Connect averaged HKD 121.1 billion, up 151% [2] Group 4: Derivatives and Investment Income - The derivatives segment saw a daily average trading volume of HKD 18.3 billion, a 55% increase year-over-year, with trading fees rising by 48% [3] - Investment income for HKEX reached HKD 5.111 billion, a 4% increase year-over-year, driven by higher margins and increased fund sizes [4] Group 5: Future Outlook - HKEX is expected to maintain its position as a key player in the primary market, supported by the recovery of IPO activities from mainland companies [5] - Despite short-term fluctuations in the secondary market, the long-term outlook remains positive, with expectations of increased liquidity and market recovery [5] - Profit forecasts for 2026-2028 have been slightly adjusted, with projected net profits of HKD 19.1 billion, HKD 20 billion, and HKD 21 billion respectively, reflecting year-over-year growth [5]

2025 年EBITDA 为227.96 亿港元，较2024 上升40%，EBITDA 利润率为79%，较2024 上升5 个百分点。 股东应占盈利为177.54 亿港元，较2024 年上升36%。 交易费及结算费显著增长。2025 年，港交所核心成交额2498 亿港元，同比去年1318 亿港元增长90%， 2025Q4 单季度核心成交额2298 亿港元，同比增长23%，环比下滑20%。对应港交所2025 年交易费同比 增长44%、结算及交收费同比增长49%，细拆到各部来看，现货分部的交易费同比增长80%、结算及交 收费同比增长58%；股本证券衍生品分部交易费同比增长10%、结算及交收费同比增长34%；商品分部 交易费同比增长11%、结算及交收费同比增长12%。 IPO 重回高位。2025 年香港新股市场融资额稳居全球首位，受境内外发行人上市宗数增加带动，全年 119 家公司赴港上市，总集资2869 亿港元（2024 年三倍多，2021 年以来最佳）。宁德时代、紫金黄金 国际等龙头及赛力斯、三一重工等企业登陆，7 家国际企业及5 家特专科技公司来港上市。截至年末， 待处理IPO 申请345 宗（2024 年8 ...

Core Viewpoint - Hong Kong Stock Exchange reported strong financial performance for 2025, with revenue and net profit showing significant year-on-year growth, driven by increased trading activity and listing fees. Financial Performance - In 2025, the company achieved revenue and other income of HKD 29.161 billion, a year-on-year increase of 30.3% [1] - The net profit attributable to shareholders reached HKD 17.754 billion, reflecting a year-on-year growth of 36.0% [1] Revenue Breakdown - Revenue from trading and trading system usage fees increased by 43.73%, while listing fees rose by 20.55% [1] - Settlement and clearing fees grew by 49.29%, and custody and agency service fees increased by 31.15% [1] - Market data fees and investment income saw smaller increases of 7.83% and 3.73%, respectively [1] - The growth in trading and settlement fees was attributed to heightened trading activity in the cash, derivatives, and commodities segments [1] Trading Activity - The average daily turnover of stock securities on the exchange increased by 92.9% year-on-year [2] - The average daily turnover for Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect rose by 41.5% and 151.2%, respectively [1] - Derivatives trading fees grew by 10.3%, driven by increased activity in stock options and warrants [1] - The average daily trading volume of LME metal contracts increased by 7.7%, contributing to a 10.6% rise in commodity trading fees [1] Listing Fees - Listing fees from the cash market increased by 8.6%, with 119 new companies listed, raising funds that grew by 236.1% year-on-year [2] - Derivatives market listing fees rose by 38.4% to HKD 825 million, primarily due to a significant increase in new derivative warrants and structured products [2] Investment Income - In Q4 2025, the company reported net investment income of HKD 1.218 billion, reflecting a quarter-on-quarter increase of 2% and a year-on-year increase of 20% [2] - The average investment amount increased by 20.08% year-on-year, while the annualized investment return rate decreased slightly to 1.32% [2] - The company's total investment income reached HKD 1.870 billion, a year-on-year increase of 6.98% [2] Future Outlook - The liquidity in the Hong Kong stock market is expected to continue rising due to a series of connectivity policies, which may enhance overall market activity and valuations [3] - Projections for 2026-2028 indicate revenues of HKD 32.614 billion, HKD 34.403 billion, and HKD 36.326 billion, with net profits of HKD 20.353 billion, HKD 21.424 billion, and HKD 22.593 billion, respectively [3] - Corresponding PE valuations are expected to be 25.88, 24.58, and 23.31 times [3]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [9] Core Views - The overall performance of Hong Kong Exchanges reached a historical high, with revenue and other income for 2025 amounting to HKD 291.61 billion, a year-on-year increase of 30.3%, and a net profit attributable to shareholders of HKD 177.54 billion, up 36.0% year-on-year [5][9] - The report anticipates that with a series of connectivity policies, market liquidity in Hong Kong will continue to rise, leading to increased market activity and valuation [9] Summary by Relevant Sections Financial Performance - In 2025, the company achieved revenue of HKD 291.61 billion, representing a 30.3% increase year-on-year, and a net profit of HKD 177.54 billion, which is a 36.0% increase year-on-year [5][9] - Revenue breakdown by fee type shows significant growth: trading and trading system usage fees increased by 43.73%, listing fees by 20.55%, and settlement and clearing fees by 49.29% [9] Market Activity - The trading activity in the cash, derivatives, and commodities markets saw substantial increases, with the average daily turnover of stock securities rising by 92.9% year-on-year [9] - The report highlights that the number of new listings and the amount raised in the Hong Kong market have also increased significantly, with 119 new companies listed in 2025, raising funds that grew by 236.1% year-on-year [9] Future Projections - The company is projected to achieve revenue and other income of HKD 326.14 billion, HKD 344.03 billion, and HKD 363.26 billion for the years 2026, 2027, and 2028 respectively, with net profits expected to be HKD 203.53 billion, HKD 214.24 billion, and HKD 225.93 billion [9][10] - Corresponding PE ratios are forecasted to be 25.88, 24.58, and 23.31 for the years 2026, 2027, and 2028 [9]

Investment Rating - The report provides a "Buy" rating for stocks such as Tonghuashun and Zhongxin Holdings, and a "Hold" rating for stocks like Jiangsu Jinzheng and Hong Kong Exchanges [5]. Core Insights - The report emphasizes the clear classification of quasi-financial holding companies, focusing on industrial and financial synergy as the core logic. Leading institutions like Huajin Capital and CITIC Limited exemplify this trend through diversified project layouts [4]. - A-share quasi-financial holding companies show significant investment differentiation, with clear exit paths and controllable cycles. Investment directions are primarily divided into two main lines: one focusing on strategic emerging industries, while the other relies on industrial resources for supply chain layout [4]. - Hong Kong quasi-financial holding companies exhibit significant differences in tiered layouts, with investments leaning towards certainty and longer exit cycles. The report notes a shift in investment strategies towards mature and collaborative projects [4]. - The overarching trend across markets is the integration of industry and finance, with a focus on head effects and industrial empowerment. Hard technology and healthcare are identified as long-term core allocation tracks [4]. Summary by Sections A-share Quasi-Financial Holding Companies Investment and Exit Projects - Investment industry distribution shows a clear focus on strategic emerging industries and industrial-financial synergy. Companies like Huajin Capital and Aijian Group have significant early investments in emerging industries [15][18]. - Investment rounds are concentrated in later stages, primarily Pre-IPO, reflecting the need for predictable returns and compliance with state-owned asset assessments [37]. - Investment amounts are polarized, with Huajin Capital favoring small investments under 1 million CNY, while companies like Zhongyou Capital prefer large investments over 50 million CNY [60][64]. Hong Kong Quasi-Financial Holding Companies Investment and Exit Projects - Investment distribution shows a tiered characteristic, with leading institutions achieving balanced layouts across multiple tracks, while smaller institutions focus on specific sectors [4]. - The report highlights a trend towards investments in healthcare, enterprise services, and information technology, with emerging sectors like ESG-related investments beginning to gain traction [4]. - Exit cycles are lengthening, with IPOs remaining the core exit channel, but the report notes an increase in mergers and post-listing reductions as alternative exit strategies [4]. Investment Recommendations - For A-shares, Tonghuashun is recommended as a leading financial information service provider benefiting from market activity and AI empowerment. Nanhua Futures is also highlighted for its advantages in the expanding derivatives market [4]. - In the Hong Kong market, the Hong Kong Stock Exchange is noted for its unique position benefiting from interconnectivity and interest rate cuts, while comprehensive groups like CITIC Limited show strong anti-cyclical capabilities [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - The Hong Kong Stock Exchange achieved record high overall performance in 2025, with revenue and other income reaching HKD 291.61 billion, a year-on-year increase of 30.3%, and net profit attributable to shareholders at HKD 177.54 billion, up 36.0% year-on-year [6][9]. - The report anticipates continued liquidity improvement in the Hong Kong stock market due to a series of connectivity policies, with projected revenues and other income for 2026-2028 at HKD 326.14 billion, HKD 344.03 billion, and HKD 363.26 billion, respectively [2][9]. Summary by Sections Financial Performance - In 2025, the company reported a revenue of HKD 291.61 billion, a 30.3% increase year-on-year, and a net profit of HKD 177.54 billion, reflecting a 36.0% growth [6][9]. - Revenue breakdown shows significant growth in trading and listing-related fees, with trading and transaction system usage fees increasing by 43.73%, listing fees by 20.55%, and settlement and clearing fees by 49.29% [9][10]. Market Activity - The report highlights a substantial increase in trading activity, with the average daily turnover of stock securities rising by 92.9% year-on-year, and significant increases in the average daily turnover for both Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect [9][10]. - The number of new listings in the stock market reached 119, with fundraising amounts increasing by 236.1% year-on-year, contributing to a rise in listing fees [9][10]. Future Projections - The company is expected to see continued revenue growth, with forecasts for net profit attributable to shareholders of HKD 203.53 billion, HKD 214.24 billion, and HKD 225.93 billion for 2026-2028 [2][10]. - The projected price-to-earnings (PE) ratios for the upcoming years are 25.88, 24.58, and 23.31, indicating a favorable valuation trend [2][10].