Market Overview - US stock indices experienced a decline on Friday, with the Hang Seng Index ADR closing at 26,438.20 points, down 192.34 points or 0.72% from the Hong Kong close [1] - The highest price for the ADR was 26,561.50, while the lowest was 26,387.05, with a trading volume of 35.1282 million [1] Major Blue-Chip Stocks - Most large-cap stocks fell, with HSBC Holdings closing at HKD 145.765, down 1.04% from the Hong Kong close [2] - Tencent Holdings closed at HKD 513.995, down 0.77% from the Hong Kong close [2] Stock Performance Summary - Tencent Holdings (00700) latest price: HKD 518.000, up 1.17% with an ADR price of USD 65.700, down 0.77% [3] - Alibaba Group (09988) latest price: HKD 142.900, down 0.07% with an ADR price of USD 144.110, down 1.38% [3] - HSBC Holdings (00005) latest price: HKD 147.300, up 1.59% with an ADR price of USD 93.160, down 1.04% [3] - Other notable stocks include AIA Group (01299) up 2.48%, and NetEase (099999) up 2.40% [3]

Core Viewpoint - The Hong Kong IPO market is experiencing a robust start in 2026, with over 20 companies completing IPOs and total fundraising reaching approximately 10 times that of the same period last year, indicating strong confidence in Hong Kong as an international financing platform [1][2]. Group 1: IPO Market Dynamics - The total fundraising amount for Hong Kong IPOs in 2026 has surpassed $10 billion, setting a historical high for the same period, reflecting high recognition of Hong Kong as an international financing platform [2]. - The number of companies waiting to go public continues to increase, with 488 companies currently in the queue, suggesting a sustained active IPO market [1][2]. - The structure of the IPO market is evolving, with an increase in international companies considering listings in Hong Kong, alongside a rise in large and innovative IPO projects [2]. Group 2: Financing Trends - The convertible bond market for Chinese companies is thriving, driven by the diversification of refinancing industries and products, particularly in technology and AI sectors [2][3]. - The flexibility and cost-effectiveness of products like convertible bonds are gaining acceptance among issuers, reflecting an improvement in the functionality and inclusiveness of the Hong Kong refinancing market [3]. Group 3: International Investment Interest - International long-term funds are increasingly participating in the Hong Kong equity financing market, with net inflows from overseas funds reaching $8.6 billion in January 2026, significantly higher than the previous month [4]. - High-quality global long-term funds and sovereign wealth funds are playing a crucial role as cornerstone and anchor investors, indicating strong confidence in quality Hong Kong projects [4]. Group 4: Sector-Specific Insights - The AI industry and innovative pharmaceuticals are key areas of interest for international funds, with a preference for companies that demonstrate long-term leadership in their respective sectors [5][6]. - The technology sector is evolving, with a more complete and investment-worthy ecosystem forming around AI, as various companies in the AI supply chain enter the capital market [6]. - The innovative pharmaceutical sector is maturing, with a shift in investor focus from early-stage research to clinical progress quality and commercialization capabilities [7].

Core Viewpoint - Hong Kong Stock Exchange reported a record high performance for 2025, with total revenue and other income reaching HKD 29.16 billion, a year-on-year increase of 30%, and net profit attributable to shareholders at HKD 17.75 billion, up 36% year-on-year [1] Financial Performance - For 2025, the company achieved total revenue and other income of HKD 29.16 billion, a year-on-year increase of 30%, and net profit attributable to shareholders of HKD 17.75 billion, up 36% year-on-year, marking the second consecutive year of record high performance [1] - In Q4 2025, the company reported revenue and other income of HKD 7.31 billion, a year-on-year increase of 15% but a quarter-on-quarter decrease of 6%, with net profit attributable to shareholders at HKD 4.34 billion, also up 15% year-on-year but down 12% quarter-on-quarter [1] Segment Performance - The company reported growth across all business segments, with trading and transaction system fees reaching HKD 10.33 billion, up 44% year-on-year, driven by record high average daily trading (ADT) in the cash and derivatives markets [2] - Settlement and clearing fees amounted to HKD 7.04 billion, a 49% year-on-year increase, attributed to record high average daily trading volume in the Shanghai and Shenzhen Stock Connect [2] - Listing fees reached HKD 1.79 billion, up 21% year-on-year, due to strong growth in equity financing activities in the Hong Kong market [2] - Net investment income was HKD 5.11 billion, a 4% year-on-year increase, with net investment income from company funds at HKD 1.87 billion, up 7% year-on-year, and an annualized investment return of 5.06%, down 0.03 percentage points year-on-year [2] Market Performance - The Hong Kong stock market showed improved trading activity, with the cash market ADT reaching a historical high of HKD 249.8 billion in 2025, a 90% year-on-year increase [3] - Northbound ADT was HKD 212.4 billion, up 42% year-on-year, while southbound ADT reached HKD 121.1 billion, a significant increase of 151% year-on-year [3] - The ETP market also performed well, with ETPs ADT reaching HKD 36.7 billion, a 94% year-on-year increase [3] - In the IPO market, the Hong Kong Stock Exchange saw 118 companies listed, raising HKD 286.8 billion, a remarkable 227% year-on-year increase [3] Future Outlook - The company is expected to benefit from the active trading environment in the Hong Kong stock market, with projected total revenues of HKD 29.6 billion, HKD 30.3 billion, and HKD 31.2 billion for 2026, 2027, and 2028 respectively, reflecting year-on-year growth of 1.6%, 2.4%, and 2.7% [4] - Net profit attributable to shareholders is projected to be HKD 18.1 billion, HKD 18.4 billion, and HKD 18.8 billion for the same years, with year-on-year growth of 1.7%, 2.1%, and 1.9% [4] - Earnings per share (EPS) are expected to be HKD 14.24, HKD 14.54, and HKD 14.82 for 2026, 2027, and 2028 respectively, with corresponding price-to-earnings (PE) ratios of 29 for 2026 and 2027, and 28 for 2028 [4]

研究员：徐康 机构：华创证券 事项： 香港交易所发布2025 年年报。2025 年实现营业收入291.61 亿港元（同比+30.3%），归母净利润177.54 亿港元（同比+36.0%）。2025Q4 实现营业收入73.10 亿港元（同比+14.6%），归母净利润43.35 亿港元 （同比+14.7%）。 评论： （2）2025 年联交所上市费9.64 亿港元（同比+8.6%）。上市费主要由上市年费及新上市企业上市费构 成，其中上市年费占比较高。2025 年，香港交易所共迎来119 只新股上市（同比增加48 家），总融资 额达2869 亿港元（同比+227%），居全球榜首， 其中两家公司更跻身年度全球新股融资额前五名。截 至2025/12/31，处理中的IPO 申请数目增加至345 宗（同比+311%），市场显著回暖。香港市场仍是中 国内地企业优选的集资市场，一系列支持性政策效果逐步显现，优质企业一方面通过港股上市吸引国际 资金，拓展国际化业务布局；另一方面借助港股市场的国际化平台，提升全球影响力。 股本证券及金融衍生品分部：成交量再创新高，上市活跃。（1）2025 年，分部交易费及交易系统使用 费+结算及交 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported its 2025 financial results, which met expectations, showing significant growth in revenue and net profit compared to the previous year [1] Revenue Breakdown - Total revenue for HKEX in 2025 reached HKD 29.16 billion, a year-on-year increase of 30% - Main revenue was HKD 27.11 billion, up 32% year-on-year, excluding investment income and charitable donations - Net profit for 2025 was HKD 17.75 billion, reflecting a 36% year-on-year increase - In Q4 2025, main revenue was HKD 6.67 billion, up 11% year-on-year but down 11% quarter-on-quarter; net profit was HKD 4.34 billion, up 15% year-on-year but down 12% quarter-on-quarter [1][2] Revenue by Fee Type - Revenue by fee type for 2025 was as follows: - Trading fees: HKD 10.33 billion (38%) - Clearing and settlement fees: HKD 7.04 billion (26%) - Investment income: HKD 5.11 billion (19%) - Listing fees: HKD 1.79 billion (7%) - Custody and agency services fees: HKD 1.50 billion (6%) - Market data fees: HKD 1.17 billion (4%) - Year-on-year growth rates for various fees included: - Trading fees: +44% - Clearing and settlement fees: +49% - Listing fees: +21% - Custody and agency services fees: +31% - Market data fees: +8% - Investment income: +4% [2] Market Activity - Average Daily Turnover (ADT) for Hong Kong stocks in 2025 was HKD 249.8 billion, a 90% year-on-year increase - Q4 2025 ADT was HKD 229.8 billion, up 23% year-on-year but down 20% quarter-on-quarter - Southbound ADT for 2025 was HKD 121.1 billion, up 151% year-on-year, contributing 24.2% to total ADT - Northbound ADT for 2025 was RMB 212.4 billion, up 42% year-on-year [3] IPO Market - HKEX maintained its position as the global leader in IPO fundraising, with 119 new listings in 2025 and total IPO proceeds of HKD 286.9 billion, a 226% year-on-year increase - Over two-thirds of IPO proceeds came from new economy companies - As of January 26, 2026, there were over 400 IPO applications in process, including more than 50 applications under specific listing rules [3] Investment Income - Investment income for HKEX in 2025 was HKD 5.11 billion, a 4% year-on-year increase - Q4 2025 investment income was HKD 1.22 billion, up 2% year-on-year and quarter-on-quarter - The contribution of investment income to net profit was 28% [3] Profit Forecast and Rating - The company has adjusted its profit forecasts downward for 2026 and 2027, while introducing a forecast for 2028 - Expected net profits for 2026, 2027, and 2028 are HKD 17.59 billion, HKD 18.36 billion, and HKD 19.51 billion, respectively - The current PE ratio for 2026 is projected at 29.7x, close to historical lows, indicating potential investment value [3]

2025 年及4Q25 业绩高于我们预期 港交所25 年总收入同比+30%至291.6 亿港币，盈利同比+36%至177.5 亿港币；其中4Q 总收入同比 +15%/环比-6%至73.1 亿港币、剔除投资收益后的主营费类收入同比+17%/环比-11%至60.0亿港币，盈利 同比+15%/环比-12%至43.35 亿港币；业绩超我们预期，主因自有资金及保证金投资收益、上市费超预 期。 机构：中金公司 研究员：樊优/姚泽宇 4Q 交易及结算收入同比+14%/环比-15%、上市费同环比高增。1）现货：交易及结算收入（包括交收指 示费）同比+15%/环比-22%，对应4Q ADT同比+23%/环比-20%至2,298 亿港币，其中南下ADT同比 +35%/环比-31%至1,057 亿港币、占港股23.0%，北上ADT同比持平/环比-14%至2,311 亿元、占A 股 6.6%。2）衍生品：交易及结算收入同比持平/环比-3%，其中股指ADV 同比-14%/环比+3%至75.3 万 张、个股期权同比+10%/环比-6%至86.0 万张。3）商品：交易及结算收入同比+27%/环比+16%，对应 LME ADV 同比+21% ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) achieved record high performance in 2025, benefiting from significantly increased trading activity and IPO fundraising, which returned to the top globally, leading to enhanced profitability [1][11]. Group 1: Financial Performance - In 2025, HKEX reported a 30.33% year-on-year increase in revenue and other income to HKD 29.161 billion, with non-investment income rising by 37.30% to HKD 23.862 billion [1]. - Operating expenses increased by 5.33% to HKD 6.068 billion, while EBITDA grew by 40.02% to HKD 22.796 billion, and net profit attributable to shareholders rose by 36.05% to HKD 17.754 billion [1]. Group 2: Market Activity - The average daily trading (ADT) in the Hong Kong stock market reached HKD 249.822 billion in 2025, a significant increase of 89.55% year-on-year, with southbound capital inflow hitting a record high of HKD 1,301.455 billion, up 74.92% [2]. - The Hang Seng Index and Hang Seng Tech Index saw annual increases of 27.77% and 23.45%, respectively, driven by the revaluation of new economy sectors such as technology and pharmaceuticals [2]. Group 3: IPO Market - In 2025, the Hong Kong IPO market returned to the global top spot after four years, with 119 new listings, three times the number from the previous year, and total IPO fundraising amounting to HKD 286.885 billion, a 226.92% increase year-on-year [4]. - The surge in IPO fundraising was largely driven by major A-share companies listing in Hong Kong, contributing to half of the total IPO fundraising amount [4]. Group 4: Business Segments - The cash market segment achieved revenue and other income of HKD 14.704 billion in 2025, a year-on-year increase of 56.06%, with main business income rising by 57.80% to HKD 14.415 billion [6]. - The stock and financial derivatives segment reported total revenue of HKD 6.863 billion, a 10.62% increase, with main business income growing by 18.05% to HKD 4.160 billion [8]. - The commodities segment saw total revenue of HKD 3.171 billion, up 13.43%, driven by increased trading volumes and prices [9]. - The data and connectivity segment's revenue grew by 6.77% to HKD 2.270 billion, with network fees increasing by 11.62% [10]. Group 5: Future Outlook - The ongoing trend of A+H listings and the successful implementation of the "Specialized Technology Company" listing system are expected to enhance profitability and business diversification for HKEX [1][5]. - The bond market ecosystem is being developed, with plans to strengthen clearing, settlement, and custody services, which are anticipated to create new growth opportunities [10].

Group 1 - The Hong Kong Stock Exchange (HKEX) has received 177 IPO applications since the beginning of 2026, with 24 new companies listed this year [3] - As of February 27, the Hang Seng Index closed at 26,630.54 points, up 249.52 points, representing a 0.95% increase, with a total trading volume of 288.42 billion HKD [3] - The market capitalization of the Hong Kong stock market has risen to 50 trillion HKD, indicating a positive trend and increased activity in new listings [3] Group 2 - The government of the Hong Kong Special Administrative Region has requested HKEX to review listing regulations to facilitate more aerospace companies to list in Hong Kong [3] - Technology stocks showed a positive performance, with notable increases in companies such as SenseTime (up 4.92%), NetEase (up 2.4%), Tencent (up 1.17%), Meituan (up 0.87%), and Baidu (up 0.24%) [3] - Coal stocks also experienced gains, with China Qinfa (up 8.09%), China Coal Energy (up 6.82%), Yanzhou Coal Mining (up 4.09%), and Shougang Resources (up 3.37%) [3]

Core Viewpoint - The Hong Kong stock market showed positive performance on February 27, with the Hang Seng Index rising by 249.52 points, or 0.95%, closing at 26,630.54 points. The total turnover for the day was HKD 288.42 billion [1]. Market Indices - The Hang Seng Index increased by 249.52 points, closing at 26,630.54 points, with a gain of 0.95% [1]. - The National Enterprises Index rose by 45.2 points, closing at 8,859.49 points, reflecting a gain of 0.51% [1]. - The Hang Seng Technology Index gained 28.51 points, closing at 5,137.84 points, with an increase of 0.56% [1]. Blue-Chip Stocks - Tencent Holdings rose by 1.17%, closing at HKD 518 [1]. - Hong Kong Exchanges and Clearing increased by 0.87%, closing at HKD 419 [1]. - China Mobile saw a rise of 0.89%, closing at HKD 79.3 [1]. - HSBC Holdings increased by 1.59%, closing at HKD 147.3 [1]. Local Hong Kong Stocks - Cheung Kong Holdings increased by 3.58%, closing at HKD 49.78 [1]. - Sun Hung Kai Properties rose by 7.12%, closing at HKD 146 [1]. - Henderson Land Development gained 2.9%, closing at HKD 35.44 [1]. Chinese Financial Stocks - Bank of China decreased by 0.22%, closing at HKD 4.64 [1]. - China Construction Bank fell by 0.12%, closing at HKD 7.99 [1]. - Industrial and Commercial Bank of China rose by 0.47%, closing at HKD 6.45 [1]. - Ping An Insurance increased by 0.22%, closing at HKD 68 [1]. - China Life Insurance rose by 0.64%, closing at HKD 31.58 [1]. Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation increased by 0.37%, closing at HKD 5.45 [1]. - China National Petroleum Corporation rose by 0.85%, closing at HKD 9.54 [1]. - CNOOC Limited saw an increase of 2.68%, closing at HKD 25.32 [1].

上述委任根据《证券及期货条例》第77条作出。港交所董事会包括不多于六名由香港财政司司长委任的 董事、不多于六名由股东选出的董事，以及港交所的集团行政总裁。由香港财政司司长委任的其他现任 董事会成员为唐家成、任志刚和丁晨。 香港财政司司长陈茂波表示："陈锦荣先生在金融服务业，特别是会计审计范畴拥有丰富经验，并广泛 参与证券及期货市场相关的公共服务工作，他将可助力港交所推动市场的高质量和可持续发展。" 对于即将卸任的周胡慕芳，陈茂波衷心感谢她过去多年对港交所发展所作出的贡献。 （原标题：香港政府委任陈健波、车品觉和陈锦荣出任港交所董事会成员 任期约2年） 智通财经APP获悉，2月27日，香港政府公布，香港财政司司长再度委任陈健波和车品觉出任港交所 (00388)董事会成员，并委任陈锦荣出任港交所董事会成员。有关续任和委任由该公司2026年举行的股 东周年大会完结起生效，直至2028年举行的股东周年大会完结为止，任期约为2年。 ...