管理层表明在HIBOR回落，加上资助总部购置而减持外部投资组合下，投资收益前景将转弱。高盛的 预测已纳入相关因素，目前预期今明两年投资收入将同比跌约17%及11%，但仍相信强劲的盈利增长将 于下半年持续。 高盛发布研报称，香港交易所(00388)第二季业绩胜预期，主要来自于高于预期的投资收益所带动。撇 除投资收益的核心利润同比强劲增长约40%，符合预期，期内现货市场日均成交额几乎同比翻倍。计入 第二季业绩及近期市场成交量表现，高盛将港交所2025至2027年每股盈利预测分别上调3%、1%及2%， 重申"买入"评级，目标价从500港元上调至509港元。 ...

24小时交易革命！港交所230家IPO排队背后的全球金融博弈 1. 全球IPO冠军的回归2025年上半年，港交所IPO融资额达1094亿港元（约140亿美元），同比增长超700%，一举超越纳斯达克和纽交所，重夺全球IPO募资 榜首。蓝思科技（募资54.8亿港元）、富卫集团（36.6亿港元）等巨头领衔，7月单月9只新股上市再吸金193.8亿港元。目前排队企业达230家，主板占比 86%（197家），立讯精密、胜宏科技等A股龙头密集递交申请，"A+H"双平台战略成主流。 2. 外资回流与中东资本入场北向资金占港股日均成交额23%，剩余交易中机构投资者主导，中东、东南亚及欧美资金显著增加。上半年外资在新股基石投资 中的参与度创五年新高，沙特公共投资基金（PIF）等主权基金频繁现身。港交所CEO陈翊庭直言："中东时差红利是延长交易时间的核心动因"——迪拜与 香港时差仅4小时，延长交易可直击中东资本"交易空窗期"。 ⚡ 二、24小时交易：传统交易所的生死保卫战 1. 全球交易所的"时间竞赛" - 美国：纽交所申请延长交易至22小时，纳斯达克计划2026年实现全天候交易； 当纽交所、纳斯达克竞相延长交易至22小时，当迪拜 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) achieved record high revenue and profit in the first half of 2025, driven by increased trading volumes in spot and derivatives markets, as well as the success of the Stock Connect programs with mainland China [1][3]. Financial Performance - HKEX reported a total revenue (including other income) of HKD 14.1 billion, a year-on-year increase of 33% [3]. - Main business revenue reached HKD 13 billion, up 32% year-on-year [3]. - Net profit after tax was HKD 8.5 billion, reflecting a 39% increase compared to the previous year [3]. - Average daily trading volume increased by 95% year-on-year, leading to a 39% rise in spot revenue and a 29% increase in stock and financial derivatives revenue [3]. IPO and Financing Activity - The Hong Kong market saw strong IPO activity with 44 new listings, raising HKD 109.4 billion, which is over eight times the amount from the same period last year [4]. - The refinancing scale exceeded HKD 240 billion, marking the highest semi-annual record since 2021 [4]. - HKEX approved 50 IPO applications in the first half of the year, with over 230 IPO applications currently in the pipeline [4]. Strategic Initiatives - HKEX has introduced the "Tech Company Fast Track," resulting in 50 new applications under the 18A and 18C categories [5]. - The exchange is preparing for a potential influx of international funds returning to Chinese assets, as global investors seek diversified investment opportunities [6]. - HKEX plans to optimize its mechanisms, including shortening the settlement cycle for the spot market to enhance efficiency [7]. Market Dynamics - The average daily trading volume for the Stock Connect programs reached new highs, with the Shanghai-Hong Kong Stock Connect daily average increasing by 32% year-on-year, and the Hong Kong Stock Connect averaging HKD 111 billion, nearly three times the amount from the previous year [3]. - International investors currently dominate the secondary market, with retail investors accounting for only 10% of the market [6].

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported significant growth in its performance for the first half of 2025, reclaiming its position as the world's leading exchange in terms of new stock market financing [1][7] - The increase in trading volumes across the cash market, derivatives market, and Stock Connect with mainland China reached new highs, reflecting strong market confidence [1][7] Financial Performance - Total revenue and other income for HKEX reached HKD 14.076 billion, marking a 33% increase compared to HKD 10.621 billion in the first half of 2024 [2] - Major business revenue grew by 34%, driven by record trading volumes in the cash and stock options markets [2] - Net investment income was HKD 1.044 billion, a 16% increase year-on-year, attributed to foreign exchange gains and improved management of company funds [3] New Listings and Market Activity - HKEX saw 44 new listings in the first half of 2025, raising HKD 1,094 billion, which is over eight times the amount raised in the same period of 2024, setting a record since 2021 [3] - The refinancing scale exceeded HKD 2,400 billion, also a record since 2021, with approximately 230 companies currently in the IPO queue [3] Foreign Participation and Market Initiatives - The participation of foreign investors in the secondary market has increased, with retail investors accounting for about 10% and northbound capital averaging 23% of daily trading volume [6] - HKEX has introduced initiatives such as the "Tech Company Fast Track" to support high-tech and biotech companies in listing, enhancing the diversity of listed companies [6] - Future measures planned by HKEX include shortening settlement cycles, expanding paperless listing mechanisms, and optimizing IPO pricing regulations to enhance market competitiveness [6][7]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is considering extending trading hours to a five-day, 24-hour trading mechanism, which could significantly stimulate broker stocks and the exchange itself [2][5]. Group 1: Trading Hours Extension - HKEX CEO Charles Li mentioned that the exchange is studying the implementation of a 24-hour trading system, taking into account international experiences and local market conditions [3]. - The process of extending trading hours will depend on system upgrades, risk management improvements, and regulatory framework maturity [3]. Group 2: Market Performance and Broker Stocks - The Hong Kong Securities ETF has surged over 64% this year, outperforming A-share broker stocks, indicating strong market momentum [2][5]. - Analysts believe that A-share broker stocks still have revaluation opportunities, especially in light of the positive market conditions and increasing trading volumes [5][6]. Group 3: Capital Expenditure and Market Competitiveness - HKEX is committed to strategic investments to maintain global competitiveness, focusing on optimizing data platforms and upgrading trading and settlement systems [3]. - The exchange has recently implemented a reduction in minimum price fluctuation for certain stocks, aimed at lowering trading costs and enhancing efficiency [4]. Group 4: Institutional Investment Trends - As of the second quarter, active equity funds are underweight in both A-share and Hong Kong broker sectors, suggesting potential for increased institutional investment as market conditions improve [6]. - Current valuations for A-share and Hong Kong broker sectors are relatively low, with price-to-book ratios at 1.66x and 1.17x respectively, indicating potential for value reallocation [6].

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is considering a 24-hour trading mechanism in response to global competition and market trends, particularly observing Nasdaq's plans for implementation in 2026 [1] Group 1: Strategic Investments - HKEX's CEO, Charles Li, emphasized the importance of strategic investments to maintain global competitiveness, particularly in data platform optimization and trading settlement system upgrades [1] - The company is committed to increasing capital expenditure in these areas without hesitation [1] Group 2: Trading Hours Extension - The discussion around extending trading hours is ongoing, with HKEX adopting a cautious and gradual approach [1] - The company plans to study the implementation of a 24-hour trading mechanism by learning from international peers while considering local market conditions [1] Group 3: Settlement Cycle - HKEX is actively engaging with market participants to explore shortening the settlement cycle for the cash market [1] - The technical systems are expected to support a T+1 settlement cycle by the end of this year, although the actual implementation will depend on feedback from various market participants [1]

Core Viewpoint - Goldman Sachs reports that Hong Kong Stock Exchange (HKEX) exceeded expectations in Q2 performance, primarily driven by higher-than-expected investment income [1] Financial Performance - Core profit, excluding investment income, showed a strong year-on-year growth of approximately 40%, aligning with expectations [1] - The average daily turnover in the cash market nearly doubled year-on-year during the period [1] Earnings Forecast - Following the Q2 performance and recent market turnover trends, Goldman Sachs has raised its earnings per share (EPS) forecasts for HKEX for 2025, 2026, and 2027 by 3%, 1%, and 2% respectively [1] - The rating remains "Buy," with the target price increased from HKD 500 to HKD 509 [1] Investment Income Outlook - Management indicated that with the decline in HIBOR and the reduction of external investment portfolios due to funding headquarters acquisitions, the outlook for investment income is expected to weaken [1] - Goldman Sachs' forecasts already incorporate these factors, predicting a year-on-year decline in investment income of approximately 17% and 11% for the next two years [1] - Despite this, strong profit growth is anticipated to continue in the second half of the year [1]

今年3月9日，纳斯达克总裁Tal Cohen宣布，计划在其股票交易所推出周一至周五全天24小时交易服 务，预计服务将在2026年下半年启动，但需获得监管部门批准并与业内其他公司协调。此前，芝加哥期 权交易所全球市场公司在2月份表示，正在等待监管部门批准，将把其股票交易所的交易时间延长至每 周五天、每天24小时。纽约证券交易所于10月提交申请，计划在平日提供22小时交易服务。 最近，港交所动作频频，各种优化交易措施相继出台。7月28日，香港交易所正式宣布，香港证券市场 下调最低上落价位的第一阶段于8月4日生效。所谓最低上落价位是每只股票的最小价格变动单位，这项 措施将有助于降低市场的交易成本并提升交易效率。 香港交易所发布的消息显示，本次第一阶段的调整则会主要涉及到股价10港元至20港元以及20港元至50 港元的股票，这两大范围的最低上落价位将分别由0.02港元调整为0.01港元以及由0.05港元调整为0.02港 申万宏源 中信建投 中信证券 中金公司 申万宏源 中信建投证券 分时图 日K线 周K线 月K线 5.54 0.06 1.09% 1.28% 0.91% 0.36% 0.00% 0.36% 0.91% ...

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][11] Core Views - The report highlights that the Hong Kong Stock Exchange (HKEX) has shown strong performance in the first half of 2025, with total revenue reaching 14.076 billion HKD, a year-on-year increase of 33%, and net profit attributable to shareholders at 8.519 billion HKD, up 39% year-on-year [2][6] - The report emphasizes the recovery of trading sentiment and the potential for performance and valuation recovery, driven by increased trading activity and improved market conditions [4][6] Financial Performance Summary - For the first half of 2025, the trading fees and transaction system usage fees increased by 49%, settlement and clearing fees by 48%, and listing fees by 13% [6] - The average daily trading volume in the cash market reached 240.2 billion HKD, more than double that of the first half of 2024, with the average daily trading volume for the Stock Connect program also showing significant growth [6] - The report projects a strong growth trajectory for the company, with net profit forecasts for 2025, 2026, and 2027 revised to 18.8 billion HKD, 20 billion HKD, and 21.1 billion HKD respectively, reflecting year-on-year growth rates of 44%, 6%, and 5% [6][8]

Core Viewpoint - CICC has raised its profit forecasts for Hong Kong Exchanges and Clearing (HKEX) for 2025 and 2026 by 7.3% and 4.0% to HKD 165 billion and HKD 173 billion respectively, maintaining an outperform rating and increasing the target price by 8% to HKD 500, indicating a potential upside of 15.3% [1] Group 1 - HKEX's Q2 2025 main fee income met expectations, while profits exceeded both CICC's and market forecasts [2] - Q2 2025 total revenue increased by 33% year-on-year and 5% quarter-on-quarter to HKD 72.2 billion, with main fee income rising by 31% year-on-year and 1% quarter-on-quarter to HKD 55.4 billion, and profits up by 41% year-on-year and 9% quarter-on-quarter to HKD 44.4 billion [2] - For the first half of the year, total revenue rose by 33% year-on-year to HKD 140.8 billion, and profits increased by 39% year-on-year to HKD 85.2 billion [2] Group 2 - Q2 trading and settlement income grew by 40% year-on-year but decreased by 5% quarter-on-quarter, with active spot trading and weakening marginal performance in derivatives [2] - Spot trading and settlement income increased by 65% year-on-year but decreased by 4% quarter-on-quarter, with an average daily turnover (ADT) of HKD 2,377 billion, up 95% year-on-year [2] - The number of IPOs completed in Q2 was 27, raising HKD 907.5 billion, a significant increase of 960% year-on-year and 386% quarter-on-quarter [2] Group 3 - Total investment income in Q2 increased by 31% year-on-year and 16% quarter-on-quarter to HKD 16.8 billion, with a 17% year-on-year and 6% quarter-on-quarter increase when excluding non-recurring foreign exchange gains [3] - Margin and clearing house fund income rose by 25% year-on-year and 24% quarter-on-quarter to HKD 10.1 billion, driven by increased margin requirements and higher open interest in derivatives [3] - Proprietary fund income, excluding foreign exchange impacts, grew by 6% year-on-year but fell by 19% quarter-on-quarter to HKD 3.9 billion, attributed to an increase in fund scale [3]