开源证券：继续看好券商板块 金十数据6月27日讯，开源证券指出，提经济、稳股市政策态度延续，货币政策适度宽松，证券行业基 本面向好，估值处于低位，基准约束有望带来资金回补，当下继续看好券商板块。选股方面推荐三条主 线：（1）低估值、零售业务具有优势的头部券商；（2）高beta弹性的金融科技标的；（3）受益于港 股市场IPO扩容和活跃度提升的香港交易所及海外业务占比高的头部券商。 ...

Summary of Hong Kong Stock Exchange Conference Call Company Overview - The Hong Kong Stock Exchange (HKEX) generates revenue primarily from trading fees, settlement fees, listing fees, custody fees, and investment income, with trading and settlement fees accounting for 40%-65% of total revenue, highly correlated with market turnover [2][4][6]. Core Insights and Arguments - **Revenue Growth**: Since its listing in 2000, HKEX's revenue has increased from HKD 2.312 billion to HKD 22.4 billion, an 8.7x growth, while net profit rose from HKD 879 million to HKD 13.1 billion, a 13.8x increase. The compound annual growth rate (CAGR) for revenue is approximately 10%, and for net profit, about 12% [3]. - **Profitability Metrics**: HKEX maintains a return on equity (ROE) typically between 20%-25%, with a median around 25%. The net profit margin is approximately 60%, placing it among the top exchanges globally [3]. - **Investment Income Growth**: Investment income has significantly increased from 7% to over 20% of total revenue, attributed to the high interest rate environment set by the Federal Reserve [2][4]. - **Market Activity Expectations**: Anticipation of increased trading activity in the Hong Kong market is a key driver for HKEX's investment outlook, supported by regulatory encouragement for mainland companies to list in Hong Kong [2][8]. Business Segmentation - **Revenue Sources**: The main revenue sources include trading fees, settlement fees, listing fees, custody services, and investment income. Trading and settlement fees are the largest contributors, with their combined share of total revenue ranging from 40% to 65% [4][5]. - **Business Segments**: HKEX's operations are divided into five main segments: cash market, derivatives trading, commodity futures, company projects, and data connectivity, with cash and derivatives markets accounting for about 70% of total revenue [2][4]. Competitive Advantages - **Regional Monopoly**: HKEX is the only exchange group in Hong Kong, providing it with significant pricing power [6]. - **Integrated Services**: The exchange offers a full range of services from trading to clearing, enhancing operational efficiency and reducing costs [6]. - **Diverse Product Offering**: HKEX has a rich product portfolio, including equities, futures, derivatives, and various innovative financial instruments [6][7]. Market Trends and Future Outlook - **A-Share Listings**: As of June 2024, nine A-share companies have listed on HKEX, with nearly 100 more expressing intent to do so, indicating a strong trend expected to continue over the next three years [9]. - **Southbound Capital Inflow**: The proportion of southbound capital has increased from 10%-20% to 20%-25%, significantly impacting turnover rates and overall market liquidity [11]. - **Global Fund Flows**: There is a notable correlation between global fund inflows to HKEX and the Federal Reserve's interest rate policies, with expectations of a favorable macro environment for capital inflows [12]. Valuation and Investment Potential - **Valuation Metrics**: HKEX's historical valuation has ranged between 30-35x PE, with potential for recovery as profitability improves. The current PE is around 35x, with expectations to reach approximately 40x by the end of 2025 [16]. - **Future Profit Projections**: Net profit for 2025 is projected to grow by about 30%, with ROE expected to reach around 30% [15][16]. - **IPO Activity**: HKEX is anticipated to regain its position as a leading global IPO venue, with expected issuance volumes of HKD 150 billion to 200 billion in 2025 [14][15]. Additional Insights - **Data Business Growth Potential**: HKEX's information and data business currently accounts for less than 10% of total revenue, indicating significant growth potential compared to other major exchanges [15]. - **Market Positioning**: Despite a lower total market capitalization of approximately USD 5.5 trillion, HKEX has room for growth in daily trading volumes, which typically range from HKD 100 billion to 200 billion [13].

智通财经6月26日电，香港交易所信息显示，摩根大通（JPMorgan）在哔哩哔哩-W的持股比例于06月23 日从12.80%降至12.58%。 ...

香港交易所信息显示， 贝莱德在 快手-W的持股比例于06月19日从4.78%升至5.12%。 ...

Group 1 - Morgan Stanley increased its stake in AIA Group from 7.99% to 8.04% as of June 18 [1] - The average share price for this transaction was HKD 68.2840 [1]

Group 1 - The Hong Kong Stock Exchange (HKEX) celebrated its 25th anniversary, highlighting its role as the heart of Hong Kong's financial industry [1] - The Chief Executive of the Hong Kong Special Administrative Region, John Lee, acknowledged the HKEX's contributions to the prosperity and development of Hong Kong over the past quarter-century [1] - HKEX has strengthened its role as a "super connector" and "super value creator," enhancing the interconnection between mainland and Hong Kong capital markets [1] Group 2 - The Hong Kong government plans to collaborate closely with HKEX and regulatory bodies to enhance market liquidity in response to current global challenges [1]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) celebrates its 25th anniversary, highlighting its role in connecting China and the world, and its continuous reforms to enhance the capital market [1][3][8]. Group 1: Achievements and Developments - HKEX has transformed from a local exchange to an international financial market with a diverse investor base and a rich product ecosystem over the past 25 years [8]. - The average daily trading volume in the securities market has increased from HKD 13 billion in 2000 to over HKD 240 billion in 2025, representing a growth of more than 17 times [12]. - The derivatives market has seen significant growth, with an average daily trading volume of 1.76 million contracts in 2025, compared to just 37,500 contracts in 2000 [12]. - HKEX has maintained its position as the world's leading fundraising market, completing 31 initial public offerings (IPOs) in 2025 with a total fundraising amount exceeding HKD 88.4 billion [12]. Group 2: Future Initiatives and Collaborations - HKEX is committed to promoting market connectivity and sustainable development, welcoming collaboration with mainland exchanges to enhance mutual access [5][8]. - The Hong Kong government has implemented reforms that have reshaped the listing system, including the introduction of the "mutual access mechanism" and specific regulations that have created new opportunities for market participants [10]. - HKEX announced a new charitable initiative with a donation of at least HKD 25 million to support caregivers, reflecting its commitment to community support [12].

Group 1 - BlackRock's shareholding in Li Ning decreased from 5.08% to 4.14% as of June 17 [1]

Group 1 - JPMorgan increased its stake in Bilibili-W from 12.79% to 13.04% as of June 16 [1] - The average share price for this transaction was HKD 163.1448 [1]

Group 1 - The core viewpoint emphasizes the need to develop a multi-tiered market system in China's capital market, leveraging the strengths of various exchanges for complementary and differentiated growth [1] - The CEO of Hong Kong Exchanges and Clearing (HKEX) highlighted the importance of the "people, goods, and venues" framework in capital market development, focusing on collaboration with industry peers [1] - Currently, over 100 companies are waiting to list on HKEX, showcasing China's strong capabilities in resource allocation for listings, which has garnered admiration from international peers [1] Group 2 - HKEX's CEO explained that A-share companies are keen on listing in Hong Kong to build overseas business platforms and access more financing channels, leading to an "A+H" linkage effect that boosts trading volumes in both markets [2] - There is significant potential for foreign institutional investors to increase their asset allocation in China, particularly in the context of shifting perceptions regarding the safety of U.S. assets [2] - HKEX is preparing to launch RMB-denominated government bond futures, which is seen as a crucial step in enhancing the market ecosystem and attracting global capital [2] Group 3 - The infrastructure and mechanism construction of the capital market are deemed essential, with increasing demands for trading experience, such as providing all-day trading services [3] - HKEX plans to advance the connectivity mechanism by incorporating RMB counters into the Hong Kong Stock Connect, facilitating mainland investors' participation without currency conversion [3] - Continuous investment in technology platform development is highlighted as a critical aspect for exchanges to enhance their systems [3]