Group 1 - Morgan Stanley's shareholding in Hong Kong increased from 6.97% to 7.01% as of August 15 [2] - The average share price during this period was 436.4319 HKD [2]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenue and profit for the first half of 2025, with total revenue and other income reaching HKD 14.076 billion, a 33% increase from the same period in 2024, and shareholder profit rising by 39% to HKD 8.519 billion [1][2][12] Financial Performance - Total revenue and other income for H1 2025 was HKD 14.076 billion, up 33% from HKD 10.621 billion in H1 2024 [2] - Shareholder profit for H1 2025 was HKD 8.519 billion, compared to HKD 6.125 billion in H1 2024, marking a 39% increase [2] - Basic earnings per share increased to HKD 6.74 from HKD 4.84, a 39% rise [2] - Interim dividend declared at HKD 6.00 per share, up 38% from HKD 4.36 in the previous year [2] Market Activity - The average daily trading volume for equity securities reached HKD 222.84 billion, a 122% increase from HKD 100.3 billion in the previous year [7] - The average daily trading volume for derivatives and warrants was HKD 17.4 billion, up 72% from HKD 10.1 billion [7] - The average daily trading volume for Hong Kong Stock Connect was HKD 111.04 billion, a 196% increase from HKD 37.5 billion [7] - The number of new listings in H1 2025 was 44, raising a total of HKD 1.094 billion, a more than sevenfold increase year-on-year [8][9] Strategic Developments - HKEX is focusing on enhancing its product ecosystem, optimizing listing systems, and expanding into new commodity business directions [2][12] - A cooperation agreement was signed with the Hong Kong Monetary Authority to explore improvements in post-trade securities infrastructure, including the development of an international central securities depository [12] - HKEX plans to include Renminbi-denominated stocks in the Stock Connect program to facilitate trading for mainland investors [13] - The introduction of a "Tech Company Fast Track" aims to streamline the listing process for technology and biotech firms [13] Future Outlook - The CEO expressed optimism for the second half of 2025, emphasizing the commitment to enhancing platform infrastructure and product offerings to adapt to the changing global macroeconomic environment [2][12] - The company remains cautious about external uncertainties, including geopolitical risks and interest rate fluctuations, while maintaining a positive outlook for market performance [14]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenue and profit for the first half of 2025, driven by strong market performance and strategic initiatives [1][2][12]. Financial Performance - HKEX's revenue and other income reached HKD 14.076 billion, a 33% increase from HKD 10.621 billion in the first half of 2024 [2]. - Shareholder profit was HKD 8.519 billion, up 39% from HKD 6.125 billion in the same period last year [2]. - The average daily trading volume for equity products was HKD 240.24 billion, a significant increase of 118% year-on-year [7][8]. - The average daily trading volume for Hong Kong Stock Connect reached HKD 111.04 billion, nearly three times that of the previous year [9]. Market Highlights - The number of new listings in Hong Kong surged, with 44 companies raising a total of HKD 1,094 billion, marking a more than sevenfold increase compared to the previous year [8][9]. - HKEX's stock price increased by nearly 50% year-to-date in 2025, reflecting strong market sentiment [3]. Strategic Developments - HKEX is focusing on enhancing its product ecosystem, optimizing listing processes, and expanding its commodity business [2][12]. - A partnership with the Hong Kong Monetary Authority aims to improve post-trade securities infrastructure, which is crucial for the long-term development of fixed income and currency products [12][13]. - The introduction of the "Tech Company Fast Track" aims to facilitate the listing of technology and biotech firms, enhancing market quality and transparency [13]. Future Outlook - HKEX plans to continue improving its platform and product offerings to provide diverse options and liquidity for investors [2][12]. - The company remains cautiously optimistic about the market outlook for the second half of 2025, despite external uncertainties [14].

Core Viewpoint - Morgan Stanley's report indicates that Hong Kong Exchanges and Clearing Limited (HKEX) experienced a 41% year-on-year increase in net profit for the second quarter, reaching HKD 4.44 billion, exceeding both Morgan Stanley's and market expectations by 7% and 8% respectively [1] Financial Performance - The significant growth in net profit was primarily driven by improved net investment income and rental income adjustments [1] - Core business performance remained strong, aligning with expectations [1] Trading Activity - The average daily trading volume increased by 95% year-on-year to HKD 238 billion, largely fueled by southbound trading [1] - In July, the average daily trading volume further increased to HKD 263 billion [1] Analyst Rating - Morgan Stanley maintains an "Overweight" rating on HKEX, expressing optimism about the potential for continued profit growth [1] - The target price set by Morgan Stanley for HKEX is HKD 500 [1]

香港交易所2025年上半年收入及其他收益为140.76亿港元，同比增长33%：股东应占溢利为85.19亿港 元，同比增长39%。 香港新股市场于2025年延续强劲增长，上半年集资额居全球首位，共迎来44家上市公司，新股集资总额 达1094亿港元，同比增长716%。准备来香港上市的公司络绎不绝，截至2025年6月30日，正在处理的上 市申请共207宗。 香港交易所集团行政总裁陈翊庭表示："过去六个月收到的新股上市申请创历史新高，在2025年下半 年，我们将积极推进多项进一步提升市场竞争力和吸引力的新措施，包括计划缩短现货市场结算周期的 准备工作，扩大无纸化上市机制，落实优化首次公开招股市场的定价新规和推出下调证券交易最低上落 价位的第一阶段。" 本报讯(记者毛艺融)8月20日，香港交易所公布2025年中期业绩，上半年收入和溢利均创半年度历史新 高，并在多项业务上取得重要战略进展。 展望未来，陈翊庭透露，将继续致力于提升香港交易所的平台、基础设施及产品，为投资者和发行人提 供多元化的产品、充裕的流动性和高效的互联互通机制。 ...

摩根大通发布研报称，香港交易所(00388)的日均交易量持续在高位横行，相信是受到资金流动、南向 通、IPO及A股市场改善等影响。该行表示，市场对港交所中期前景的可见性通常会导致PE倍数的重 估，因此将目标价由400港元上调至500港元，评级由"中性"升至"增持"。 小摩表示，基于预期港交所更高的日均交易量预测，预计2025至27财年分别达2,350亿、2,500亿及2,520 亿港元，将其每股盈测相应上调5%至16%。另外，该行预计，港交所上半年利润为49.3亿港元，即次季 为23.99亿港元。 ...

Core Viewpoint - Morgan Stanley has upgraded its outlook on Hong Kong Exchanges and Clearing (HKEX) due to sustained high average daily trading volumes influenced by capital flows, southbound trading, IPOs, and improvements in the A-share market [1] Group 1: Market Performance - HKEX's average daily trading volume is expected to remain high, with projections for fiscal years 2025 to 2027 reaching HKD 235 billion, HKD 250 billion, and HKD 252 billion respectively [1] - The market's visibility regarding HKEX's mid-term prospects typically leads to a revaluation of its PE multiples [1] Group 2: Financial Projections - Morgan Stanley has raised its target price for HKEX from HKD 400 to HKD 500 and upgraded its rating from "Neutral" to "Overweight" [1] - The bank has adjusted its earnings per share estimates upward by 5% to 16% in line with the anticipated higher average daily trading volumes [1] - For the first half of the year, HKEX's profit is projected to be HKD 4.93 billion, with the second quarter expected to contribute HKD 2.399 billion [1]

2025年第二季收入及其他收益以及溢利均创历年季度新高。主要业务收入按年上升32%，源于现货市场 成交量上升使交易及结算费增加，以及保证金金额增加使投资收益净额增加。公司资金的投资收益净额 为5.28亿元，2024年第二季为3.66亿元，源于內部管理的公司资金的投资收益上升。EBITDA利润率为 80%，较2024年第二季上升6个百分点。 本文源自：财华网 【财华社讯】香港交易所(00388.HK)公布，截至2025年6月30日止三个月，收入及其他收益为72.19亿元 (港元,下同)，按年上升33%；股东应占溢利为44.42亿元，按年上升41%。基本每股盈利3.51元。 ...

Core Insights - Hong Kong Stock Exchange (HKEX) reported strong trading performance in the first half of 2025, achieving multiple historical highs driven by favorable market conditions and increased investor interest in non-USD assets [1] Trading Performance - The average daily trading amount in the securities market reached HKD 240.2 billion, a year-on-year increase of 118% [1] - The average daily trading volume for futures and options exceeded 1.7 million contracts, up 11% year-on-year [1] - The Hong Kong ETF market saw significant growth, with an average daily trading amount of HKD 33.8 billion, a 184% increase compared to the same period last year [1] Northbound and Southbound Trading - The trading volume for the Stock Connect (Northbound and Southbound) reached record highs for the half-year period [1] - The average daily trading amount for the Bond Connect Northbound also increased by 3% year-on-year, setting a new high [1] IPO Market - The Hong Kong IPO market continued its strong growth in 2025, leading globally in fundraising with a total of HKD 109.4 billion raised from 44 new listings, representing a 716% year-on-year increase [1] Metal Market - Despite increased volatility in the metal market due to sanctions and tariffs, the trading volume for LME metal contracts remained robust, with an average daily trading volume up 3% year-on-year [1]

花旗发表研报指，港交所第二季度总收入达72亿港元，按季升5%，按年增长33%，超出市场预期6%， 主要受投资收益表现优于预期，超出市场共识15%推动，来自于港币兑美元贬值带来的外汇一次性收 益。归属股东净利润达44亿港元，按季升9%，按年增长41%，较市场共识高出8%。营运开支为19亿港 元，按季下降2%，按年增长6%，基本符合预期。公司宣布派发中期股息每股6港元，派息比率达89%。 花旗认为，港交所核心业务表现基本符合预期，本次业绩超预期主要受一次性因素驱动，包括1.35亿港 元的外汇收益及季度内7600万港元的租约修改收益；予其"买入"评级，目标价为490港元。 ...