Financial Performance - In the first half of 2025, the company's total revenue reached HKD 14,076 million, a 33% increase compared to HKD 10,621 million in the same period of 2024[10]. - The company reported a net profit attributable to shareholders of HKD 8,519 million, up 39% from HKD 6,125 million in the first half of 2024[10]. - The EBITDA for the first half of 2025 was HKD 10,939 million, reflecting a 43% increase from HKD 7,661 million in the same period of 2024[10]. - The company announced a mid-term dividend of HKD 6.00 per share, a 38% increase from HKD 4.36 per share in the previous year[10]. - For Q2 2025, revenue and other income reached HKD 7.219 billion, a 33% increase from Q2 2024[17]. - Revenue for the six months ended June 30, 2025, was HKD 11,034 million, a 37% increase from HKD 8,062 million for the same period in 2024[127]. - The company reported a net profit of HKD 8,562 million for the six months ended June 30, 2025, compared to HKD 6,186 million in 2024, reflecting a 38% increase[128]. Trading Activity - The average daily trading value of equity securities on the exchange was HKD 222.84 billion, representing a 122% increase from HKD 100.3 billion in the previous year[11]. - The average daily trading value of the Hong Kong Stock Connect was HKD 111.04 billion, a significant increase of 196% from HKD 37.5 billion in the same period last year[11]. - The average daily trading amount in the securities market reached HKD 240.2 billion, a year-on-year increase of 118%[23]. - The average daily trading volume of stock options increased by 25% to 8,684 thousand contracts compared to 696 thousand contracts in the first half of 2024[11]. - The average daily trading volume of derivative contracts reached 1,700,322, marking an 11% increase compared to the first half of 2024, driven by growth in stock options and futures[65]. - The average daily trading volume of structured products reached HKD 17.4 billion, a 72% increase from the previous year, driven by a positive market sentiment[72]. Market Developments - The company received a record number of new stock listing applications in the past six months, indicating strong market interest[3]. - The total fundraising amount from new listings in the first half of 2025 was HKD 109.4 billion, up 716% year-on-year, making Hong Kong the top global market for new listings[23]. - The number of new stock listings in Hong Kong increased significantly, with fundraising amounting to over eight times that of the first half of 2024, making it the top global exchange for new stock fundraising[39]. - The introduction of the "Tech Company Fast Track" aims to assist technology and biotech companies in preparing for listing more efficiently, enhancing market quality and transparency[28]. - The average daily trading volume for the Hong Kong ETF market reached HKD 33.8 billion, a 184% increase compared to the same period last year[23]. Strategic Initiatives - The company plans to implement new measures to enhance market competitiveness, including shortening the settlement cycle for the cash market and expanding the paperless listing mechanism[3]. - The company is actively pursuing strategic initiatives to enhance its product ecosystem and optimize its listing regime[3]. - A strategic cooperation agreement was signed with the Hong Kong Monetary Authority's subsidiary to explore optimizing post-trade securities infrastructure, including the development of an international central securities depository platform[27]. - The company aims to achieve carbon neutrality by the end of 2024 and has set science-based greenhouse gas reduction targets[32]. - The company is developing a comprehensive fund platform to enhance the efficiency of fund distribution and solidify Hong Kong's position as a global wealth and asset management center[57]. Operating Expenses - Operating expenses rose by 6% year-on-year, primarily due to a HKD 90 million fine paid to the FCA and legal fees recovered in the previous year related to the 2022 nickel market incident[13]. - Operating expenses increased by 6% to HKD 2,973 million for the six months ended June 30, 2025, compared to HKD 2,794 million in the same period of 2024[98]. - Professional fees surged by HKD 43 million (93%) due to legal costs related to the 2022 nickel market incident, with HKD 50 million recognized in the first half of 2024[100]. Investment and Financial Position - Net investment income from company funds was HKD 1.044 billion, up from HKD 901 million in the first half of 2024, attributed to non-recurring foreign exchange gains from USD to HKD[13]. - The annualized net investment return increased to 5.73% for the six months ended June 30, 2025, compared to 5.33% in 2024[88]. - As of June 30, 2025, total financial assets increased by 15% to HKD 348,366 million compared to HKD 303,984 million on December 31, 2024[105]. - Cash and cash equivalents rose by 29% to HKD 173,897 million from HKD 134,365 million[105]. - The group’s total operating income after trading-related expenses was HKD 13,912 million, showcasing effective cost management[136]. Employee and Community Engagement - The group organized 55 internal courses for employees to enhance their professional knowledge and skills during the six months ended June 30, 2025[126]. - The company’s charity fund contributions amounted to HKD 78 million, reflecting its commitment to social responsibility[136]. - The group has initiated a new employee stock incentive plan to enhance workforce motivation and retention[157]. Future Outlook - Future guidance indicates a projected revenue growth of 20% for the next quarter[157]. - The company plans to explore strategic acquisitions to bolster its product offerings and market reach[157]. - The overall market expansion strategy includes partnerships with local firms to facilitate entry into new regions[157].

Core Viewpoint - Hong Kong's inclusion in the LME delivery network is a significant step in building a commodity trading ecosystem, enhancing its status as an international financial and shipping center [1][3]. Group 1: Government Initiatives - The Hong Kong government has established a dedicated task force to review all aspects related to gold trading, with plans to announce a scheme within the year to develop Hong Kong into an international gold trading center, including support for physical gold delivery [3]. - Financial Secretary Paul Chan highlighted the importance of this initiative in serving national development strategies and reinforcing Hong Kong's international financial position [3]. Group 2: Market Operations - The Hong Kong Stock Exchange (HKEX) chairman stated that Hong Kong serves as a natural hub connecting mainland China and the world, with all eight approved warehouses now operational, holding over 8,000 tons of LME registered warrants [3]. - The collaboration between HKEX and LME aims to build a commodity trading ecosystem in Hong Kong, enhancing the region's international competitiveness [3]. Group 3: Business Impact - GKE Metal Group's CEO noted that the registration of LME warrants for copper, nickel, and tin has reduced delivery times, optimized logistics costs, and increased international influence for businesses, indicating a shift from initial transactions to regular operations [3].

Financial Performance Highlights - HKEX achieved record half-yearly revenue and other income of HK$14.1 billion, a 33% year-over-year increase[9] - Profit attributable to shareholders reached HK$8.5 billion in 1H 2025, up 39% year-over-year[11] - Core business revenue increased by 34% year-over-year to HK$13.0 billion in 1H 2025[16] - EBITDA increased by 43% year-over-year to HK$10.9 billion in 1H 2025[16] - Headline Average Daily Turnover (ADT) increased by 118% year-over-year[12] Business Segment Performance - Stock Connect revenue reached a record high of HK$1.813 billion, a 51% year-over-year increase[38] - Northbound Stock Connect ADT increased by 32% year-over-year[12] - Southbound Stock Connect ADT nearly tripled compared to 1H 2024[12] - Derivatives Average Daily Volume (ADV) reached a record half-yearly high of 1.7 million contracts, up 11% year-over-year[12] - LME ADV increased by 3% year-over-year[12] Strategic Initiatives and Market Dynamics - IPO funds raised reached HK$109.4 billion, more than 8 times that of 1H24[38]

本文源自：金融界AI电报 摩根大通将香港交易所的评级从中性上调至增持，因为市场预期随着资金持续流入香港市场交易量将增 加。 ...

Market Overview - The Hang Seng Index (HSI) closed at 24,951.48, down by 171.42 points or 0.68% as of August 19, 16:00 Eastern Time [1] - The index reached a high of 25,154.24 and a low of 24,938.43 during the trading session, with a trading volume of 39.6558 million [1] - The 52-week high for the index is 25,778.47, while the 52-week low is 17,034.99 [1] Blue-Chip Stocks Performance - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 99.581, up 0.54% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 588.764, down 0.63% compared to the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) saw a price of HKD 592.500, an increase of HKD 5.500 or 0.94%, but its ADR price was HKD 588.764, down HKD 3.736 compared to the Hong Kong close [3] - Alibaba Group (09988) closed at HKD 118.300, down HKD 0.300 or 0.25%, with an ADR price of HKD 116.979, down HKD 1.321 [3] - HSBC Holdings (00005) had a closing price of HKD 99.050, up HKD 0.600 or 0.61%, with an ADR price of HKD 99.581, up HKD 0.531 [3] - Xiaomi Group (01810) closed at HKD 52.400, down HKD 0.650 or 1.23%, with an ADR price of HKD 52.255, down HKD 0.145 [3] - AIA Group (01299) closed at HKD 74.200, down HKD 0.400 or 0.54%, with an ADR price of HKD 73.722, down HKD 0.478 [3]

Market Overview - The Hang Seng Index recently peaked at 25,700 points but has since declined, with a current support level around 25,000 points, indicating potential downward adjustment risks [1][2] - The distribution of bull and bear certificates shows 69% are bullish and 31% bearish, suggesting a prevailing bullish sentiment despite the recent market pullback [1][3] Investment Products - For investors considering bull certificates, it is advised to select products with a recovery price not too close to the current market price to mitigate risks [1] - Specific products mentioned include: - Bull certificate 65915 with a recovery price of 24,818 points and a leverage of 50-60 times [1] - Bear certificate 65929 with a recovery price of 25,688 points and a leverage of 40 times [2] - Call warrant 18057 with an exercise price of 25,627 points and a leverage of 10 times, expiring in December [1] - Put warrant 19402 with an exercise price of 24,477 points and a leverage of 8 times, expiring in January [1] Individual Stock Analysis - Xiaomi (01810) is experiencing volatility ahead of its earnings announcement, with a current price around 51-52 HKD after a recent drop to 50.1 HKD [5][6] - Investors are favoring call warrants for Xiaomi, such as warrant 17257 with an exercise price of 61 HKD and a leverage of 5 times, expiring in April [5] - Hong Kong Exchanges and Clearing (00388) is benefiting from high trading volumes and new IPOs, with a suggested call warrant 17568 at an exercise price of 530.5 HKD and a leverage of 7 times [8][9] Sector Focus - The semiconductor sector is currently in focus, with companies like SMIC (00981) and Hua Hong Semiconductor (01347) facing price adjustments [12][13] - Investment products for SMIC include call warrant 18978 with an exercise price of 62.88 HKD and a leverage of 3 times, and put warrant 13689 with an exercise price of 42.5 HKD, also with a leverage of 3 times [12] - For Hua Hong, call warrant 19312 with an exercise price of 55 HKD and a leverage of 2 times is available [12] Risk Management - Investors are advised to monitor support and resistance levels closely when selecting products, particularly for high-leverage options [18][19] - The current support level for Xiaomi is around 49.2 HKD, while the resistance level is at 57.5 HKD [6][9]

Group 1 - The core point of the article highlights the stark contrast between the thriving financial sector in Hong Kong and the struggling local service industries, particularly the restaurant sector, which is experiencing a significant number of closures [11][12][16]. - In the first half of this year, nearly 300 shops in Hong Kong closed, with 70% being restaurants, indicating a severe downturn in the local dining scene [3][5]. - The vacancy rate in key commercial areas such as Central, Tsim Sha Tsui, Mong Kok, and Causeway Bay reached 12.1% in the first quarter, the highest in nearly four and a half years, surpassing even the rates during the pandemic [4][11]. Group 2 - Despite the struggles in the local service sector, the Hong Kong stock market has seen a surge in IPO activity, with 52 companies listed by July 25, raising a total of HKD 127.36 billion (approximately USD 16.27 billion), marking a new high since 2021 [7][10]. - The article notes that the retail sales in Hong Kong have been declining year-on-year for 14 consecutive months until stabilizing in May this year, contrasting with the rising Hang Seng Index, which reached a three-year high on August 14 [11][12]. - The article discusses the "High-end Talent Pass Scheme," which aims to attract talent to Hong Kong, but notes that only half of the applicants choose to renew their visas after two years, indicating challenges in retaining talent due to local living conditions [25][28].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has taken a significant step in establishing a commodities trading ecosystem by approving eight recognized warehouses for the London Metal Exchange (LME) in Hong Kong, with over 8,000 tons of LME-approved metals now stored [1] Group 1: Market Development - The establishment of LME delivery warehouses in Hong Kong is expected to reduce delivery costs for mainland metal users and attract more companies to participate in Hong Kong's commodities industry chain [1] - Hong Kong's role as an international financial center positions it to connect China, the world's largest industrial metal consumer, with the LME, the most active metal trading market globally [1] Group 2: Future Opportunities - The HKEX and LME plan to maintain close communication with the industry to explore unlimited opportunities in developing the commodities ecosystem in Hong Kong [1]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is initiating discussions to shorten the settlement cycle for the stock market to T+1, aiming to enhance market efficiency and align with international standards [1][2] Group 1: HKEX's Proposal - HKEX released a discussion paper on July 16 regarding the shortening of the settlement cycle to T+1, seeking consensus with industry participants [1] - The transition to T+1 is expected to improve market efficiency and reduce systemic risk, while also aligning Hong Kong's market with other international markets [2] Group 2: Role of Regulatory Bodies - The Hong Kong Monetary Authority (HKMA) emphasized the crucial role of banks in facilitating the transition to T+1 and has urged recognized institutions to prepare for the change [1] - Recognized institutions have indicated their readiness based on experiences from markets that have already implemented T+1 or T+0 settlement cycles [1] Group 3: Preparations and Considerations - Recognized institutions are advised to consider the impact of accelerated settlement on their operations, liquidity, and service to clients, particularly international investors [1] - Sufficient resources should be allocated to enhance operations, systems, and infrastructure in preparation for the shorter settlement cycle [1] - The HKMA will continue to monitor market developments and provide further guidance to support the transition to T+1 when appropriate [1]

Market Overview - On Monday, the three major US stock indices showed mixed results, while the Hang Seng Index ADR declined, closing at 25,129.61 points, down by 47.24 points or 0.19% compared to the Hong Kong closing [1]. Company Performance - Most large-cap blue-chip stocks experienced declines, with HSBC Holdings closing at HKD 99.979, up by 1.55% compared to the Hong Kong closing; Tencent Holdings closed at HKD 586.613, down by 0.07% [3]. - Notable stock movements include Alibaba W, which closed at HKD 118.600, up by 0.500 or 0.42%; and Xiaomi Group-W, which closed at HKD 53.050, up by 0.200 or 0.38% [4]. - Other significant performers include AIA Group, which closed at HKD 74.600, down by 0.350 or 0.47%; and JD Group-SW, which closed at HKD 124.000, up by 3.200 or 2.65% [4].