Group 1 - Morgan Stanley's stake in Alibaba-W decreased from 6.01% to 5.97% as of May 9 [1] - The average share price during this period was 123.2462 HKD [1]

Group 1 - Deutsche Bank's stake in Bilibili-W decreased from 23.24% to 22.84% as of May 9 [1]

智通财经5月14日电，香港交易所信息显示，贝莱德在美团-W的持股比例于05月09日从5.97%升至 6.01%。 ...

智通财经5月13日电，香港交易所信息显示，花旗集团在中国财险的持股比例于05月07日从8.00%降至 7.89%。 ...

智通财经5月12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05月06日从5.99%升 至6.08%，平均股价为123.4291港元。 ...

Group 1 - BlackRock's stake in Li Auto-W decreased from 5.00% to 4.93% on May 6 [1]

Group 1 - The central bank and relevant departments have issued a document to support the launch of cross-border cooperation products at the Guangzhou Futures Exchange with the Hong Kong Stock Exchange [1] - The initiative aims to establish convenient trading rules for the spot and futures market, facilitating internal and external market interactions [1] - There is a focus on exploring new models for international cooperation in futures products [1] Group 2 - The Guangzhou Futures Exchange is encouraged to apply for specific futures and options products to allow participation from foreign traders in an orderly manner [1] - Support is provided for the construction of a commodity futures delivery center in Nansha, enhancing the integrated service system covering the spot and futures market [1]

智通财经5月12日电，香港交易所信息显示，摩根大通在美团-W的持股比例于05月06日从5.05%降至 4.99%，平均股价为138.1327港元。 ...

Investment Rating - The investment rating for Hong Kong Exchanges is "Buy" with a 12-month target price of HK$398, indicating an upside potential of 6.9% from the current price of HK$372.40 [1][3]. Core Insights - The report revises the earnings per share (EPS) estimates for Hong Kong Exchanges for 2025E, 2026E, and 2027E by +2%, +4%, and +4% respectively, based on disclosed April 2025 volumes and May 2025 month-to-date volumes [1]. - The target price increase of 3% from HK$386 to HK$398 is derived from a three-stage Dividend Discount Model (DDM), implying a price-to-earnings (P/E) ratio of 34.5X for 2025E [1][2]. Financial Estimates - Market capitalization is reported at HK$472.1 billion (approximately $60.7 billion) [3]. - Revenue estimates for the upcoming years are as follows: 2024E at HK$22,374 million, 2025E at HK$25,342.7 million, 2026E at HK$25,220.8 million, and 2027E at HK$26,277.5 million [3]. - EPS estimates have been updated to: 2025E at HK$11.53, 2026E at HK$11.25, and 2027E at HK$11.65 [3]. - The report indicates a dividend per share (DPS) of HK$10.38 for 2025E, with a dividend yield of 2.8% [3]. Valuation Metrics - The P/E ratios for the upcoming years are projected as follows: 2025E at 32.3X, 2026E at 33.1X, and 2027E at 32.0X [3]. - The price-to-book (P/B) ratios are estimated at 8.5X for 2025E, 8.2X for 2026E, and 6.5X for 2027E [3]. - Return on equity (ROE) is projected to be 26.7% for 2025E, 25.2% for 2026E, and 22.8% for 2027E [3].

Investment Rating - The report maintains an "Outperform" rating for the company [5][39]. Core Views - The company's Q1 2025 performance shows significant growth driven by the buoyancy of the Hong Kong stock market, with revenue reaching HKD 6.831 billion, a year-on-year increase of 31.3% and a quarter-on-quarter increase of 8.2%. Net profit attributable to shareholders was HKD 4.077 billion, up 37.3% year-on-year and 7.9% quarter-on-quarter [1][8]. - The revenue structure is dominated by trading fees and transaction system usage fees, which accounted for 46.1% and 29.0% of total revenue, respectively, totaling over 75% [1][8]. - The company exhibits a high EBITDA margin of 76.6% in Q1 2025, reflecting significant scale effects [1][8]. - The effective tax rate has increased significantly due to the OECD's "Pillar Two" rules, which may keep the tax rate above 15% in the future, slightly impacting net profit [1][12]. Summary by Sections Company Performance - In Q1 2025, the average daily trading volume (ADT) for cash securities reached HKD 225.4 billion, a remarkable year-on-year increase of 153.0% [2][20]. - The company has a light asset model with high gross margins, where operating expenses were HKD 1.516 billion, with personnel costs making up 64.4% of total expenses [3][35]. - The company maintains a stable dividend payout ratio of around 90%, with a historical dividend yield of 2%-3% over the past decade [3][35]. Market Dynamics - The report highlights that southbound capital is a key driver of trading volume, with the southbound trading ADT for Q1 2025 being HKD 1.099 billion, accounting for 24.4% of the total ADT [2][20]. - The number of mainland companies listing in Hong Kong has become dominant, contributing to a rich pool of quality investment targets [2][26]. Financial Forecasts - Revenue projections for the company show a steady growth trajectory, with expected revenues of HKD 26.237 billion in 2025, reflecting a year-on-year growth of 17.3% [4][47]. - The net profit attributable to shareholders is forecasted to reach HKD 15.428 billion in 2025, with a growth rate of 18.2% [4][47]. - The report anticipates a slight downward adjustment of 5.56% in net profit estimates for 2025-2027 due to the increased tax rate [3][39].