Core Viewpoint - Bank of America has reduced its stake in Bilibili-W from 6.25% to 6.07% as of July 8 [1] Company Summary - The reduction in Bank of America's holding indicates a slight decrease in confidence or a strategic shift regarding Bilibili-W [1]

Group 1 - The core viewpoint is that Hong Kong Exchanges and Clearing Limited (HKEX) is expected to report strong earnings growth in Q2 2025, with a projected year-on-year increase of 31% and a quarter-on-quarter increase of 1% [1] - For Q2 2025, total revenue is anticipated to reach HKD 68.7 billion, representing a year-on-year increase of 27% and a flat quarter-on-quarter performance, while the main fee income is expected to be HKD 54.8 billion, up 30% year-on-year [1] - The trading activity in spot and commodity markets remains high, while derivatives trading shows a marginal decline; spot trading ADT is projected to be HKD 2,381 billion, a 96% increase year-on-year [1] Group 2 - The IPO market is expected to remain active, with 27 IPOs completed in Q2 2025, raising HKD 884 billion, which is a significant increase of 932% year-on-year [1] - The investment income is projected to grow by 15% year-on-year to HKD 13.9 billion, driven by a favorable interest rate environment and increased margin requirements in a high volatility market [1] - The long-term growth potential for HKEX is supported by the expected increase in daily trading volume, with a projected CAGR of 14% for the next decade, leading to a profit CAGR of 12% [2] Group 3 - The current valuation of HKEX is at 34x/32x P/E for 2025/2026, with a target price of HKD 465, indicating an 11% upside potential [2]

Core Viewpoints - Hong Kong Stock Exchange (HKEX) reported a significant increase in market activity, with the average daily turnover (ADT) reaching HKD 2,376.77 billion in Q2 2025, a year-on-year increase of 95.46% [1][2][3] - The influx of southbound capital has contributed to high trading volumes, with a total net purchase of HKD 2,728.63 billion from April to June 2025, marking a 24.77% increase year-on-year [3][4] - The number of new IPOs in Q2 2025 rose to 27, up by 9 from the same period last year, with total IPO fundraising amounting to HKD 880.43 billion, a year-on-year increase of 906.67% [1][3][5] Market Performance - As of June 2025, the market capitalization of the Hong Kong securities market stood at HKD 42.68 trillion, reflecting a 6.84% increase quarter-on-quarter and a 32.82% increase year-on-year [2] - The Hang Seng Index increased by 4.12% in Q2 2025, while the Hang Seng Tech Index experienced a slight decline of 1.70% [2] IPO and Trading Activity - The surge in IPO activity was driven by major A-share companies listing in Hong Kong, including notable firms like CATL and Hengrui Medicine, which collectively raised HKD 737.72 billion, accounting for 83.79% of the total IPO fundraising in Q2 [3][5] - Derivatives and commodity contracts saw increased trading volumes due to heightened demand for risk hedging, with average daily trading volumes for futures and options reaching 1.54 million contracts in Q2, a 15.34% increase year-on-year [3][4] Investment and Future Outlook - Despite a decline in investment returns due to lower HIBOR rates, the overall yield remains high, with expectations of continued growth in Q2 performance [4][5] - The company maintains a "buy" rating, projecting a target price of HKD 480.08 per share based on a 40x PE ratio for 2025, indicating a favorable outlook for future market activity and valuation recovery [7]

Investment Rating - The investment rating for Hong Kong Exchanges is "Buy" with a 12-month target price of HK$450, indicating an upside potential of 10.2% from the current price of HK$408.20 [3][2]. Core Insights - The report revises the earnings per share (EPS) estimates for Hong Kong Exchanges for 2025E, 2026E, and 2027E down by -1.8%, -1.5%, and -1.2% respectively, based on updated volume data for June 2025 and July 2025 [1][2]. - The investment income estimates have also been updated to reflect the latest HIBOR forecasts, but the overall investment thesis remains unchanged [1]. - The target price is derived from a 3-stage Dividend Discount Model (DDM), implying a price-to-earnings (P/E) ratio of 37X for 2026E [2][3]. Financial Projections - Market capitalization is reported at HK$517.5 billion (approximately $65.9 billion) [3]. - Revenue projections for the upcoming years are as follows: 2024E at HK$22,374 million, 2025E at HK$25,351.9 million, 2026E at HK$26,573 million, and 2027E at HK$28,025.7 million [3]. - EPS estimates are revised to HK$10.32 for 2025E, HK$11.49 for 2026E, and HK$12.04 for 2027E [3]. - The report indicates a dividend per share (DPS) of HK$9.26 for 2025E, with a projected dividend yield of 3.5% [3]. Risks and Methodology - The report identifies potential downside risks including increased competition from onshore capital markets, lower trading velocity in the cash market, fee pressure from reduced fees in China, and a sustained deflationary environment in China [2]. - The methodology for the target price is based on a 3-stage DDM approach, which is a standard valuation method used in the industry [2].

智通财经7月10日电，香港交易所信息显示，贝莱德在药明生物的持股比例于07月04日从5.26%降至 4.91%。 ...

Core Viewpoint - The report from CICC maintains the earnings forecast for Hong Kong Exchanges and Clearing Limited (HKEX) unchanged, with a target price of HKD 465, indicating an 11% upside potential based on projected P/E ratios [1] Group 1: Earnings Forecast and Performance - HKEX is expected to report a 2Q25 revenue of HKD 6.87 billion, reflecting a year-on-year increase of 27% and a quarter-on-quarter flat performance, with core fee income projected to rise by 30% year-on-year [1] - For the first half of the year, total revenue and profit are anticipated to increase by 29% and 34% respectively, reaching HKD 13.73 billion and HKD 8.20 billion [1] Group 2: Trading Activity Insights - The report highlights sustained high activity in spot and commodity trading, with a marginal decline in derivatives trading; 2Q average daily turnover (ADT) is expected to be HKD 238.1 billion, up 96% year-on-year [2] - The number of IPOs in 2Q reached 27, raising HKD 88.4 billion, marking a significant increase of 932% year-on-year [2] Group 3: Investment Income and Market Conditions - Investment income is projected to grow by 15% year-on-year to HKD 1.39 billion, driven by a favorable margin environment despite a decline in HIBOR rates [3] - The report notes that the decline in short-term interest rates may enhance margin income, supported by increased collateral requirements in a high-volatility market [3] Group 4: Long-term Growth Potential - The dual resonance of "assets + funds" is expected to enhance HKEX's mid-to-long-term value, with potential increases in market capitalization from "A+H" listings and the return of Chinese concept stocks [4] - If the average daily turnover reaches HKD 210 billion by 2025, HKEX's profit could grow by 18% to HKD 15.4 billion, with a projected CAGR of 14% for ADT over the next decade [4]

Group 1 - The core viewpoint of the article highlights the successful IPO of Geekplus (stock code: 2590.HK), marking it as the first listed company in the global AMR warehouse robot market [1][3] - Geekplus has maintained the top position in the global warehouse mobile robot market for six consecutive years, establishing its largest production base in Lujiang, which significantly contributes to the local high-quality development [3] - The IPO is noted as the largest H-share IPO for a robotics company to date and the largest non-"A+H" tech IPO in Hong Kong this year, with a public offering oversubscription of 133.62 times and international placement oversubscription of 30.17 times [3] Group 2 - The successful listing of Geekplus amplifies the "magnetic effect" of industry leaders, accelerating the gathering of robotics industries in the He-Lu Industrial New City [5] - Various projects, including Whale Robot Innovation Practice Base and Tianchuang Electronic Mobile Charging Robot, have been signed and established, contributing to a comprehensive robotics industry chain in the region [5] - The collaboration between Geekplus and other companies in different sectors fosters resource sharing and synergistic development, enhancing the overall industrial ecosystem in Lujiang [5]

Core Viewpoint - FWD Group Limited has officially listed on the Hong Kong Stock Exchange on July 7, 2025, under stock code 1828, marking a significant milestone for the company and highlighting Hong Kong's advantages as a listing location [1][4][9] Group 1: Company Overview - FWD Group serves approximately 30 million customers across ten Asian markets, focusing on life and health insurance [9] - The company was founded in 2013 and has been operating in some of the fastest-growing insurance markets globally, emphasizing a customer-centric approach and technology-driven operations [9] Group 2: Leadership Statements - Li Ka-shing, the founder of FWD Group, stated that the listing is a crucial milestone for the company and reflects the strong appeal of its business and strategies [1][4] - Professor Mark T. H. Ma, Chairman of FWD Group, welcomed new investors and noted the enthusiastic market response to the IPO, indicating significant opportunities in meeting the unique needs of customers across Asia [4] - CEO Huang Qingfeng expressed gratitude to customers, partners, and employees for their support, emphasizing the company's commitment to creating innovative insurance experiences [6] Group 3: Use of Proceeds - FWD Group plans to use the net proceeds from the global offering to enhance capital strength and financial flexibility, including reducing overall debt to support business growth and expand customer and channel coverage [8]

Group 1 - Morgan Stanley increased its stake in Kuaishou-W from 4.92% to 5.05% on July 3, with an average share price of 60.8413 HKD [1]

智通财经7月7日电，香港交易所信息显示，摩根大通在阿里巴巴-W的持股比例于07月02日从5.88%升至 6.18%，平均股价为109.5704港元。 ...