香港交易所表示，将从2026年1月2日起优化香港场外结算公司的履约抵押品安排。 来源：滚动播报 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [4]. Core Insights - The company achieved record high performance in the first three quarters of 2025, with revenue and other income reaching HKD 21.851 billion, a year-on-year increase of 36.63%, and net profit attributable to shareholders reaching HKD 13.419 billion, up 44.8% year-on-year [1][15][24]. Summary by Sections 1. Revenue and Profit Growth - In Q3 2025, the company reported a revenue of HKD 7.775 billion, representing a year-on-year growth of 44.73%, and a net profit of HKD 4.9 billion, marking a historical high with a year-on-year increase of 55.80% [1][15]. - The growth in revenue is primarily driven by increased trading activity, with trading fees and settlement fees contributing significantly to the revenue increase [16][55]. 2. Market Dynamics - The proportion of southbound trading has been steadily increasing, accounting for 53% of the overall trading volume in the Hong Kong stock market by Q3 2025, up from 12% in 2019 [2]. - The average daily trading amount (ADT) for the Hong Kong stock market increased by 126% year-on-year to HKD 256.4 billion, with the southbound trading ADT growing by 229% to HKD 125.9 billion [16]. 3. IPO Activity - The acceleration of A-share companies listing in Hong Kong is expected to enhance the revenue elasticity of the Hong Kong Stock Exchange, with over 170 A-share companies planning to list in Hong Kong by November 2025 [3][64]. - The IPO market in Hong Kong is projected to raise HKD 280 billion (approximately USD 36 billion) in 2025, marking a 137% increase from 2024 [65]. 4. Business Model and Competitive Advantage - The company operates a vertically integrated business model with multiple exchanges and clearing companies, enhancing operational efficiency and cost control [4][42]. - The diversified product offerings, including stocks, derivatives, commodities, and data services, create a robust ecosystem that mitigates the impact of market volatility on performance [7][50]. 5. Financial Projections - Revenue projections for 2025-2027 are estimated at HKD 24.81 billion, HKD 26.97 billion, and HKD 28.95 billion, respectively, with net profits expected to be HKD 14.50 billion, HKD 15.95 billion, and HKD 17.55 billion [8][10].

智通财经APP获悉，12月4日，港交所(00388)发布香港交易所11月市场概况。证券市场市价总值于2025 年11月底为48.0万亿港元，较去年同期的34.0万亿港元上升41%。2025年11月的平均每日成交金额为 2,307亿港元，较去年同期的1,615亿港元上升43%。 2025年首十一个月的平均每日成交金额为2,558亿港元，较去年同期的1,309亿港元上升95%。 2025年首十一个月的衍生权证平均每日成交金额为80亿港元，较去年同期的52亿港元上升54%。 2025年首十一个月的牛熊证平均每日成交金额为106亿港元，较去年同期67亿港元上升58%。 2025年首十一个月的交易所买卖基金平均每日成交金额为341亿港元，较去年同期的158亿港元上升 116%。 2025年首十一个月的杠杆及反向产品平均每日成交金额为35亿港元，较去年同期的29亿港元上升21%。 2025年首十一个月有93家新上市公司，较去年同期的61家上升52%。 2025年首十一个月的期货及期权平均每日成交量为1,692,878张合约，较去年同期的1,571,189张上升 8%。 2025年首十一个月的股票期权平均每日成交量为895 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 香港交易及結算所有限公司 | | | 呈交日期: | 2025年12月2日 | | | I. 法定/註冊股本變動 | 不適用 | | | 備註： | | | | 香港交易所並無法定股本，及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00388 | | 說明 | 股份 | | | | | | 多櫃檯證券代號 | 80388 | RMB 說明 | | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 ...

Core Insights - The Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA) hosted the second Joint Climate Finance Conference on November 26 in Dubai, focusing on climate finance and innovation [1][2] - The conference attracted nearly 250 participants from the Middle East and Asia, emphasizing the importance of collaboration in addressing climate-related financial risks [1][2] Group 1: Conference Highlights - The event served as a platform for discussions on leveraging financial and technological strengths to support energy transition and sustainable development goals [2] - Findings from the joint research, "Scaling Sustainable Debt in Emerging Markets," were presented, highlighting the role of sustainable debt in expanding climate finance in emerging markets [2] Group 2: Strategic Partnerships and Contributions - Strategic partners included the Dubai International Financial Centre Authority, Nasdaq Dubai, and Hong Kong Exchanges and Clearing Limited, showcasing a collaborative effort across regions [3] - Key speakers from various sectors contributed to the dialogue, emphasizing the conference's role in knowledge sharing and collaboration [3] Group 3: Future Outlook - Mark Steward, Chief Executive of the DFSA, noted that tokenization and emerging technologies could enhance the transparency and efficiency of climate finance, facilitating a global transition [3] - Darryl Chan, Deputy Chief Executive of the HKMA, highlighted the unique position of Dubai and Hong Kong in driving climate action and capturing growth opportunities in green sectors [4]

Dealers say that the introduction of multilateral compression for US dollar/CNH cross-currency swaps at Hong Kong Exchanges and Clearing OTC Clear will help to relieve growing regulatory capital, margin and settlement limit pressures amid a recent boom in trading of the offshore renminbi contracts.A first run, involving five financial institutions, was conducted by HKEX OTCC using post-trade ...

Core Points - The charity run organized by Hong Kong Exchanges and Clearing Limited (HKEX) marked the conclusion of the exchange's 25th anniversary celebration [1] - The event raised HK$9.7 million (approximately $1.3 million) for over 160 social welfare member agencies, focusing on six key areas [2] - Participation included over 400 officials and business leaders from various financial institutions, showcasing strong industry engagement [3] - HKEX chairman Carlson Tong emphasized the resilience of Hong Kong's capital markets and the importance of community support [4] Fund Allocation - The raised funds will be distributed among agencies focusing on children and youth, elderly care, family and child welfare, medical and health services, rehabilitation and aftercare, and community development [2] Industry Participation - The event saw participation from senior members of HKEX, Securities and Futures Commission, J.P. Morgan, DBS, Standard Chartered, among others, highlighting collaboration within the financial sector [3] Community Commitment - HKEX's commitment to community engagement was reiterated by its chairman, reflecting a shared purpose among industry leaders [4]

机构：长江证券 研究员：吴一凡/程泽宇 海内外宏观环境：1）国内方面，经济景气度有所下降，供需两端同步走弱。10 月中国制造业PMI 为 49.00%，环比下降0.80pct，处于荣枯线下方。需求端，10 月制造业PMI 新订单指数、新出口订单指数 分别为48.8%、45.9%，环比分别-0.90pct、-1.90pct。供给端，10 月制造业生产指数为49.7%，环 比-2.20pct。2）海外方面，降息预期有所降温，海外流动性边际收紧。2025 年10 月，美联储宣布再次 降息25bp 至3.75%-4.00%。根据CME group 提供的美联储降息预期数据显示，2025 年12 月预计再次降 息25bp，2025年全年预计降息75bp。8 月，失业率为4.30%，环比+0.1pct，就业市场整体降温；9 月， CPI 同比增速为3.00%，较上月上升0.1pct。 投资建议：截止10 月底，公司PE 为34.77x，处于2016 年以来历史39%的分位，具备一定的配置性价 比，预计伴随互联互通政策持续加码香港资本市场，港股市场流动性将持续抬升，市场整体活跃度及估 值有望随之提升。预计公司2025-20 ...

Group 1 - The Hang Seng Index Company and Hong Kong Exchanges and Clearing Limited announced the quarterly index review results for the Hang Seng Stock Connect China Enterprises Index as of September 30, 2025 [1] - The number of constituent stocks remains at 80, with four new additions: China Hongqiao Group (01378), Innovent Biologics (01801), Yum China (09987), and North Huachuang (002371) [1] - Four stocks were removed from the index: New Energy (02688), Huaneng Lancang River Hydropower (600025), and Inner Mongolia Yili Industrial Group (600887) [1] Group 2 - The changes will take effect on December 8, 2025 [1]

Group 1 - The Hang Seng Index Company and Hong Kong Exchanges and Clearing Limited announced the quarterly index review results for the Hang Seng Stock Connect China Enterprises Index as of September 30, 2025 [1] - The number of constituent stocks remains at 80, with four new additions: China Hongqiao Group (01378), Innovent Biologics (01801), Yum China Holdings (09987), and North Huachuang (002371.SZ) [1][2] - Four stocks were removed from the index: New Energy (02688), Huaneng Lancang River Hydropower (600025.SH), and Inner Mongolia Yili Industrial Group (600887.SH) [1][3] Group 2 - The changes will take effect on December 8, 2025 [1]