Core Viewpoint - Hong Kong Stock Exchange is enhancing its collateral arrangements for securities and derivatives clearinghouses to improve market efficiency and reduce costs for participants [1] Group 1: Changes in Collateral Arrangements - The exchange will adjust the interest calculation method for cash collateral, aligning it with international market standards and calculating it daily based on the overnight reference rate minus fees [1] - The new fee structure for cash collateral will set the fee at 0.8% from October 2025 to December 2026, decreasing by 10 basis points annually until it reaches 0.5% by the end of 2028 [1] - The financing cost for non-cash collateral will be reduced from 0.5% per year to 0.25% [1]

人民财讯9月1日电，香港交易所披露2025年中期业绩报告，集团2025年上半年收入及其他收益和溢利创 历来半年度新高。2025年上半年收入及其他收益为140.76亿港元，较2024年上半年上升33%；股东应占 溢利为85.19亿港元，较2024年上半年上升39%。 ...

Core Viewpoint - The Hong Kong Stock Exchange reported record high interim results for the first half of 2025, with significant increases in revenue and profit compared to the previous year [1] Financial Performance - The total revenue and other income for the first half of 2025 reached 14.076 billion, representing a 33% increase from the first half of 2024 [1] - The profit attributable to shareholders for the first half of 2025 was 8.519 billion, marking a 39% increase compared to the first half of 2024 [1]

Financial Performance - The group achieved a record high in revenue and profit for the first half of 2025, with revenue and other income reaching HKD 14.08 billion, a 33% increase compared to HKD 10.62 billion in the first half of 2024[18]. - Shareholder profit amounted to HKD 8.52 billion, reflecting a 39% increase from HKD 6.13 billion in the same period last year[18]. - The main business revenue rose by 34% to HKD 12.95 billion, driven by record trading volumes in the spot and stock options markets[19]. - EBITDA for the first half of 2025 was HKD 10.94 billion, a 43% increase from HKD 7.66 billion in the previous year, with an EBITDA margin of 79%, up 6 percentage points[18]. - Basic earnings per share increased by 39% to HKD 6.74, compared to HKD 4.84 in the first half of 2024[19]. - The operating profit for the first half of 2025 was HKD 10,196 million, up from HKD 6,125 million in the first half of 2024[121]. - The total comprehensive income for the six months ended June 30, 2025, was HKD 9,045 million, compared to HKD 6,179 million in 2024, marking a 46.5% increase[186]. Trading Activity - The average daily trading amount of equity securities on the exchange was HKD 222.8 billion for the six months ending June 30, 2025, up 122% from HKD 100.3 billion in the same period of 2024[20]. - The average daily trading amount for the Stock Connect (Shanghai and Shenzhen) was RMB 171.3 billion, a 32% increase from RMB 130.2 billion in the previous year[20]. - The average daily trading amount of the Hong Kong Stock Connect reached HKD 111.0 billion, a significant increase of 196% from HKD 37.5 billion in the same period last year[20]. - The average daily trading amount in the securities market reached HKD 240.2 billion, a year-on-year increase of 118%[34]. - The average daily trading volume of LME metal contracts increased by 3% year-on-year, maintaining robust trading activity despite market volatility[37]. - The average daily trading amount for the Shanghai-Hong Kong Stock Connect reached RMB 171.3 billion, a 32% increase compared to the first half of 2024[60]. - The average daily trading volume of derivative contracts reached 1,700,322 contracts, an 11% increase compared to the first half of 2024, setting a new half-year record[82]. Operating Expenses - Operating expenses increased by 6% to HKD 2.97 billion, primarily due to a HKD 90 million fine paid to the FCA related to the 2022 nickel market incident[18]. - Operating expenses increased by 5% due to higher employee costs, but were partially offset by a decrease in charitable donations[24]. - The company’s operating expenses increased to HKD 2,973 million, compared to HKD 2,794 million in the previous year, reflecting a rise of 6.4%[185]. - Operating expenses increased by 22% in H1 2025, primarily due to a one-time FCA fine of $90 million and legal costs of $50 million related to the nickel market incident[94]. Capital Expenditure - The company announced a capital expenditure of HKD 1.81 billion for the purchase of a permanent headquarters property[19]. - Capital expenditure for the headquarters property was HKD 1.805 billion, marking a significant investment in company infrastructure[25]. - The company completed the acquisition of three full floors of the Trading Plaza for HKD 1.8 billion as part of its strategy to establish a permanent headquarters, with a total investment of HKD 6.3 billion planned for the entire project[110]. - The group incurred capital expenditures of HKD 2,559 million for the acquisition of the Hong Kong Stock Exchange headquarters property during the period[189]. Market Developments - The company plans to implement new measures to enhance market competitiveness and attractiveness in the second half of 2025, including shortening the settlement cycle for the spot market[4]. - The company has received a record number of new stock listing applications in the past six months, indicating strong market interest[4]. - The introduction of the "Tech Company Fast Track" aims to assist technology and biotech companies in preparing for listings more efficiently, enhancing market quality and transparency[39]. - The launch of the first Hang Seng Tech Index call options ETF and the first individual stock leveraged and inverse products further strengthens Hong Kong's position as a leading ETP market in the region[39]. Charity and Community Initiatives - The first half of 2025 saw a significant increase in donations from the Hong Kong Stock Exchange Charity Fund, rising 160% to HKD 78 million[19]. - The company plans to allocate at least HKD 25 million for a new flagship charity program focused on supporting caregivers as part of its community initiatives[115]. Governance and Compliance - Hong Kong Exchanges and Clearing Limited (HKEX) has complied with all provisions of the Corporate Governance Code, except for the rotation of directors as per B.2.2, for the six months ending June 30, 2025[152]. - The company has adopted the Standard Code as its code of conduct for directors in securities trading, with all directors confirming compliance for the six months ending June 30, 2025[154]. - The audit committee, along with external auditors, has reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2025[139]. Shareholder Information - The interim dividend declared for the year ending December 31, 2025, is HKD 6.00 per share[171]. - The record date for the interim dividend is September 5, 2025, with the payment date set for September 16, 2025[172]. - The company purchased a total of 53,767 shares for a total amount of HKD 19 million under the share incentive plan during the six months ended June 30, 2025[168].

Group 1 - The core viewpoint is that Hong Kong Exchanges and Clearing Limited (HKEX) is showing a bullish trend, with a recent price increase and potential for further gains, particularly targeting a resistance level of 456 HKD [1][3]. - The stock price of HKEX reached 459.6 HKD, marking a 2.54% increase, surpassing the previously mentioned resistance level [1][3]. - Technical indicators suggest a strong upward trend, with the stock price above key moving averages, indicating a positive market sentiment [3][5]. Group 2 - Recent trading volumes in the Hong Kong market have been robust, with daily turnover exceeding 200 billion HKD, contributing positively to HKEX's performance [2]. - The influx of significant IPOs in the Hong Kong market is expected to benefit HKEX directly, enhancing its revenue potential [2]. - The Relative Strength Index (RSI) is at 63, indicating strong buying momentum without entering overbought territory, further supporting a bullish outlook [5]. Group 3 - Investors are advised to consider various structured products, including call warrants with leverage ratios of 12.3 and 11.6 times, which present lower holding costs compared to similar products [8]. - For bearish investors, options such as put warrants with leverage ratios of 8.7 and 8.6 times are available, providing hedging opportunities [8][11]. - Recent performance of leveraged products has shown significant returns, with some products achieving gains of 25% and 17%, outperforming the underlying stock's increase of 1.54% [5].

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported record-high revenues and profits in the first half of 2025, driven by increased trading activity in the stock market and derivatives [1][4]. Financial Performance - Total revenue for the first half of 2025 reached HKD 14.08 billion, a year-on-year increase of 32.5%, with Q2 revenue growing by 33.2% year-on-year and 5.3% quarter-on-quarter to HKD 7.22 billion [1]. - Net profit attributable to shareholders was HKD 8.52 billion, up 39.1% year-on-year, with Q2 net profit increasing by 40.8% year-on-year and 9.0% quarter-on-quarter to HKD 4.44 billion [1]. - EBITDA margin stood at 79%, reflecting a 6 percentage point increase year-on-year [1]. Revenue Breakdown - Trading fees, system usage fees, and settlement fees totaled HKD 8.06 billion, accounting for 57.3% of total revenue, with a year-on-year increase of 48.9% [2]. - Investment income netted HKD 2.88 billion, representing 20.4% of total revenue, with a year-on-year growth of 14.0% [2]. - Listing fee income was HKD 0.82 billion, making up 5.8% of total revenue, and increased by 12.6% year-on-year [2]. Market Activity - Average daily trading volume for stock securities reached HKD 222.8 billion, a half-year record, with a year-on-year increase of 122.1% [3]. - The derivatives market saw an average daily trading volume of HKD 17.4 billion, up 72.3% year-on-year [3]. - Northbound and southbound trading average daily transaction amounts were RMB 171.3 billion and HKD 111.0 billion, respectively, both achieving half-year highs [3]. New Listings - The number of new listings in Hong Kong reached 44 in the first half of 2025, a 46.7% increase year-on-year, raising a total of HKD 109.4 billion, which is a 716.4% increase [4]. - As of the end of Q2 2025, there were 207 listing applications pending, representing a 146.4% increase from the end of the previous year [4]. Investment Outlook - The company is viewed as a rare asset with balanced growth potential, maintaining a "buy" rating [4]. - The financial performance in the first half of 2025 has led to an upward revision of net profit forecasts for 2025-2027 [4].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has achieved record-high profits in the first half of the year, driven by increased trading activity and the expansion of its services, presenting a historical opportunity for quality mainland enterprises to list in Hong Kong, which is expected to enhance HKEX's long-term profitability [1][3]. Summary by Relevant Sections Financial Performance - HKEX's revenue and net profit for the first half of 2025 are projected to be HKD 14.08 billion and HKD 8.52 billion, respectively, representing year-on-year increases of 32.5% and 39.1% [1]. - The trading-related income has significantly contributed to the company's performance, with trading fees and system usage fees increasing by 49% and 48% year-on-year, contributing 47% and 30% to revenue growth [2]. - The average daily turnover (ADT) in the Hong Kong cash market reached HKD 240.2 billion, a year-on-year increase of 118% [2]. Growth Drivers - The growth of HKEX is attributed to the expansion of the Hong Kong stock market and the broadening of its service boundaries, with an increasing number of quality mainland enterprises seeking to list in Hong Kong [3]. - The company's business model allows for long-term performance growth in line with the expansion of the Hong Kong stock market, with revenue stability around 1.2% of the total market capitalization since 2015 [3]. Market Outlook - The expectation of improved overseas liquidity and domestic economic stabilization policies is anticipated to further enhance trading and financing activities in the Hong Kong stock market, driving revenue growth beyond expectations [1]. - The ongoing internationalization of mainland enterprises and supportive external policies are expected to attract more quality companies to list in Hong Kong, thereby increasing the market's appeal [3].

受益港股流动性改善，盈利续创新高 香港交易所(0388) 香港交易所 2025 年半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | | 吴浩东(分析师) | 010-83939780 | wuhaodong@gtht.com | S0880524070001 | [当前价格 Table_CurPrice] (港元)： | 448.00 | | 肖尧(分析师) | 021-23185695 | xiaoyao3@gtht.com | S0880525040115 | | | 本报告导读： 受益于港股交投活跃度显著提振，半年度利润创历史新高；受益港股扩容以及自身 服务边界拓宽，内地优质企业赴港上市将是历史机遇，提升港交所中长期盈利中枢。 投资要点： | 财务摘要(百万港元) | 2 0 23A | 2 0 24A ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved record high revenue and profit in the first half of 2025, with total revenue of 14.08 billion HKD, a year-on-year increase of 32.5% [5] - The increase in revenue was primarily driven by heightened trading activity in the Hong Kong stock market, with average daily trading volume rising by 117.6% to 240.2 billion HKD [5][7] - The report projects continued growth in the second half of 2025, supported by favorable market conditions and increased listings from mainland companies [8] Financial Performance Summary - Total revenue for the first half of 2025 was 14.08 billion HKD, with a net profit of 8.52 billion HKD, reflecting a year-on-year growth of 39.1% [5] - The EBITDA margin improved to 79%, up by 6 percentage points compared to the previous year [5] - The company’s investment income netted 2.88 billion HKD, a 14.0% increase year-on-year, benefiting from non-recurring foreign exchange gains [6] Market Activity Summary - The average daily trading volume for stock securities reached 222.8 billion HKD, marking a 122.1% increase year-on-year [7] - The derivatives market also saw significant growth, with average daily trading volume increasing by 72.3% [7] - The number of new listings in Hong Kong rose to 44 in the first half of 2025, a 46.7% increase year-on-year, with total funds raised amounting to 109.4 billion HKD [8] Earnings Forecast - The report revises the company's net profit forecasts for 2025-2027 to 17.3 billion, 18.5 billion, and 19.5 billion HKD respectively, reflecting an optimistic outlook based on current performance [8][9]

Core Viewpoint - UBS has raised its average daily trading volume forecasts for Hong Kong Exchanges and Clearing (HKEX) for the years 2025 to 2027, reflecting positive market data and institutional targets for the Hang Seng Index [1] Group 1: Trading Volume and Earnings Forecast - The average daily trading volume forecast for HKEX has been increased to HKD 230 billion, HKD 193 billion, and HKD 219 billion for 2025, 2026, and 2027 respectively [1] - Earnings per share estimates have been raised by 5%, 3%, and 2% to HKD 12.5, HKD 10.9, and HKD 11.8 for the same years [1] - The target price for HKEX has been adjusted from HKD 430 to HKD 464, while maintaining a "Neutral" rating [1] Group 2: Southbound Trading and Market Participation - The contribution of southbound trading to HKEX's overall average daily trading volume is expected to nearly double from approximately 16% in Q1 of last year to nearly 28% in the current third quarter [1] - Increased participation from a broader base of domestic investors, particularly retail investors, indicates further potential for growth in southbound trading [1] Group 3: Future Developments - HKEX is exploring the possibility of zero-day options, although the complexity of execution means that a specific timeline is still unclear [1] - The exchange believes that extending trading hours requires comprehensive consideration from various perspectives [1]