根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交 易及結算所有限公司有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會 對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全 部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 香港，2025 年 8 月 8 日 於本公告日期，香港交易所董事會包括 12 名獨立非執行董事，分別是唐家成先生（主席）、 聶雅倫先生、白禮仁先生、陳健波先生、謝清海先生、張明明女士、車品覺先生、周胡慕芳女士、 丁晨女士、梁柏瀚先生、任志剛先生及張懿宸先生，以及一名身兼香港交易所集團行政總裁的執行 董事陳翊庭女士。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及 80388（人民幣櫃台） 沒收未領取的 2019 年度第一次中期股息 按照香港交易及結算所有限公司（「香港交易所」）《組織章程細則》的規定，凡在股息派 付日期起計六年後仍未領取的股息將予沒收及復歸香港交易所。因此，香港交易所於 2019 年 9 月 26 日派付而於 2025 年 9 月 26 日仍為未 ...

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (388) with a target price of HKD 500.0, representing a potential upside of 15.8% from the previous closing price [5][32]. Core Insights - The Hong Kong financial market is experiencing a robust recovery, with multiple indicators reaching historical highs. The average daily trading volume for the Hong Kong Stock Exchange (HKEX) in the first half of 2025 reached HKD 240.2 billion, a significant increase of 118% year-on-year, marking the highest level since 2010 [3][8]. - The market capitalization of the Hong Kong market increased to HKD 42.7 trillion by the end of June 2025, reflecting a 33% year-on-year growth, driven by the recovery of Chinese mainland economic conditions and the optimization of listing regulations by HKEX [4][15]. - The report highlights the strong performance of various market segments, including a 195% year-on-year increase in the average daily trading volume of the Stock Connect program, indicating a significant rise in participation from mainland investors [10][15]. Summary by Sections Market Performance - The average daily trading volume for HKEX reached HKD 240.2 billion in the first half of 2025, up from HKD 110.4 billion in the same period of 2024, marking a 118% increase [8]. - The Stock Connect program's average daily trading volume was HKD 110.96 billion, a 195% increase year-on-year, showcasing enhanced participation from mainland investors [10][15]. - The derivatives market also showed strong growth, with average daily trading volume for futures and options increasing by 11% year-on-year, and the trading volume for RMB currency futures rising by 43% [3][10]. Market Capitalization and New Listings - As of June 30, 2025, the total market capitalization of Hong Kong reached HKD 42.7 trillion, a 33% increase from HKD 32.1 trillion a year earlier [4][15]. - In the first half of 2025, HKEX processed over 200 listing applications, with new stock financing totaling USD 14.1 billion, a staggering 695% increase year-on-year [4][15]. Financial Projections - The report forecasts total revenue for HKEX to reach HKD 26.1 billion in 2025, reflecting a year-on-year growth of 16.7% [7]. - Net profit is projected to be HKD 15.2 billion in 2025, with a growth rate of 16.6% [7]. - The report anticipates a diluted earnings per share of HKD 12.0 for 2025, representing a 16.6% increase from the previous year [7]. Regulatory Environment - HKEX announced a series of optimized listing rules effective August 4, 2025, aimed at lowering barriers to entry and enhancing market competitiveness [22]. - The new regulations include reducing the minimum public float requirement from 15% to 10%, which is expected to attract more quality companies to list in Hong Kong [25][22]. Investment Themes - The report emphasizes two main investment themes: growth driven by technology and stable dividend yields from undervalued state-owned enterprises [26][27]. - It highlights opportunities in the AI sector, electric vehicles, and innovative pharmaceuticals, alongside a focus on undervalued state-owned enterprises benefiting from policy support [26][27].

| | 大股東/董事/最高行政人員名 作出披露的 買入 / 南出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 音音 2 1 1 1 1 1 | 石文出版社 | | CS20250806E00358 | Citigroup Inc. | 1001(L) | 224.953(L) | HKD 417.2400 | 63.494.701(L) | 5.00(L)01/08/2025 | | | | 1403(S) | 123,441(S) | | 13,476,304(S) | 1.06(S) | | | | | | | 49.095.915(P) | 3.87(P) | 格隆汇8月8日丨根据联交所最新权益披露资料显示，2025年8月1日，香港交易所(00388.HK)获Citigroup Inc.在场内以每股均价417.24港元增好仓22.5万股，涉 资约9385.94万港元。 增持后，Citigroup Inc.最新持好仓数目为63,494,701 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is expected to experience significant profit growth and an upward shift in valuation due to a thriving primary and secondary market, supported by favorable policies, leading to a potential "Davis Double Play" [1][3]. Group 1: Market Position and Strategy - HKEX is a globally leading exchange group, uniquely positioned as the only exchange platform in Hong Kong, encompassing the Stock Exchange, Futures Exchange, and London Metal Exchange, which creates a comprehensive service ecosystem [1]. - The strategic direction of HKEX focuses on connecting China with the world, capital with opportunities, and the present with the future, leveraging its unique regional and regulatory resources to enhance innovation and international expansion [1]. Group 2: Financial Performance and Business Model - The company's light capital structure ensures high profit margins and return on equity (ROE), with trading fees and system usage fees contributing significantly to revenue, accounting for 53% of total income [2]. - HKEX maintains a net profit margin and EBITDA margin around 58% and 75%, respectively, while the median ROE over the past decade has reached 23% [2]. Group 3: Valuation Drivers - The dual resonance of assets and funds is driving the valuation of HKEX upward, with improved asset structure and favorable policies supporting the listing of A-share companies in Hong Kong [3]. - The influx of southbound funds, driven by the valuation discount of Hong Kong stocks and the anticipated near-term interest rate cuts by the Federal Reserve, is expected to sustain market liquidity and activity [3]. Group 4: Profit Forecast and Investment Rating - The projected net profit for HKEX from 2025 to 2027 is estimated at HKD 153 billion, 166 billion, and 178 billion, reflecting year-on-year growth rates of +17%, +9%, and +7% respectively [3]. - Given the regional monopoly advantages and high shareholder return attributes, HKEX is assigned a PE valuation of 50 times, with a target price of HKD 515, indicating a potential upside of 23% from current levels [3].

Core Viewpoint - The Chuanghua Trading Service Hong Kong Stock Connect Selected 100 Index (CES100) has shown significant growth, with a year-to-date increase of 28.54% as of August 6, 2023, indicating strong market performance and investor interest in Hong Kong stocks [1]. Group 1: Index Performance - The CES100 index opened lower but closed higher, rising by 0.27% to 5469.54 points, with a trading volume of 78.721 billion [1]. - Over the past month, the CES100 index has increased by 5.92%, and over the last three months, it has risen by 11.41% [1]. Group 2: Index Composition - The top ten holdings of the CES100 index include Tencent Holdings (10.49%), HSBC Holdings (9.88%), Alibaba-W (9.5%), Xiaomi Group-W (7.3%), and AIA Group (5.82%) [2]. - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with financials making up 27.54%, consumer discretionary 26.34%, and communication services 14.51% of the holdings [2]. Group 3: Fund Tracking - Public funds tracking the CES100 index include Huaan CES Hong Kong Stock Connect Selected 100 ETF Link A, Huaan CES Hong Kong Stock Connect Selected 100 ETF Link C, and Huaan CES Hong Kong Stock Connect Selected 100 ETF [2].

Investment Rating - The report maintains a "Strong Buy" investment rating for Hong Kong Exchanges and Clearing Limited (HKEX) with a target price of HKD 515.00, indicating a potential upside of 23% from the current price of HKD 417.0 [2][6]. Core Views - The report highlights the dual resonance of assets and funds driving the valuation of HKEX upwards, with expectations of high profit growth and an upward shift in valuation amid a thriving primary and secondary market in Hong Kong [6][7]. - The anticipated net profits for HKEX from 2025 to 2027 are projected to be HKD 153 billion, HKD 166 billion, and HKD 178 billion, representing year-on-year growth rates of 17%, 9%, and 7% respectively [6][7]. Summary by Sections Company Overview - HKEX is recognized as a global leader in the exchange sector, benefiting from government backing and a unique position as the only exchange platform in Hong Kong, which provides it with significant regional monopoly advantages [6][9]. - The strategic vision of HKEX focuses on connecting China with the world, capital with opportunities, and the present with the future, leveraging its unique resources to enhance its international presence [6][21]. Financial Performance - The financial overview indicates robust performance with a high return on equity (ROE) of 25.1% and a stable profit margin, with net profit margins around 58% and EBITDA margins around 75% [2][36]. - Revenue growth from 2012 to 2024 shows a compound annual growth rate (CAGR) of 10%, with total revenue increasing from HKD 72.1 billion to HKD 223.7 billion [36][41]. Business Model and Competitive Advantages - HKEX operates a light capital business model that ensures high profitability and a strong correlation between performance and trading activity, with trading fees and system usage fees contributing significantly to revenue [6][24]. - The exchange's competitive barriers include its unique government endorsement and the absence of direct competitors in the region, which solidifies its market position [24][25]. Valuation Drivers - The report identifies a dual resonance of asset quality and fund availability as key drivers for HKEX's valuation enhancement, with favorable market conditions and policy support for secondary listings boosting trading activity [6][7]. - The anticipated influx of southbound capital and the low interest rate environment are expected to sustain market liquidity and trading volumes, further supporting HKEX's growth [6][21]. Revenue Structure - The revenue structure is diversified, with significant contributions from trading fees, investment income, and settlement fees, reflecting the exchange's comprehensive service offerings [41][45]. - In 2024, the revenue from the cash segment is projected to be HKD 94.22 billion, with trading and settlement fees being the primary revenue sources [48].

金融界8月5日消息，上证指数高开高走，中证沪港深互联互通周期指数 (沪港深通周期，H30547)报 2087.84点。 从中证沪港深互联互通周期指数持仓的市场板块来看，上海证券交易所占比44.04%、香港证券交易所 占比41.04%、深圳证券交易所占比14.92%。 从中证沪港深互联互通周期指数持仓样本的行业来看，金融占比58.03%、原材料占比19.29%、工业占 比10.27%、能源占比6.73%、房地产占比5.68%。 资料显示，该指数系列样本每半年调整一次，样本调整实施时间分别为每年6月和12月第二个星期五的 下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个 定期调整日前，权重因子一般固定不变。特殊情况下将对该指数系列样本进行临时调整。当样本退市 时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处 理。当中证沪港深互联互通综合指数和中证沪港深500指数样本发生变动时，将进行相应调整。 数据统计显示，中证沪港深互联互通周期指数近一个月上涨2.36%，近三个月上涨12.58%，年至今上涨 12.44%。 据了解，"中证沪港深主 ...

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7月31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8月4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 | | | | | | | ...

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is optimizing its initial public offering (IPO) pricing and public market regulations to enhance competitiveness and attract a diverse range of international investors [2][3]. IPO Pricing and Public Market Reform Summary - The Hong Kong Stock Exchange (HKEX) received 1,253 unique responses to its consultation document, leading to the adoption of most suggestions with slight revisions [2]. - The minimum allocation for the book-building portion of IPOs has been reduced from 50% to 40% of the initially proposed shares [2]. - Two mechanisms for allocation to the public subscription portion have been introduced: - Mechanism A replaces the existing allocation and replenishment mechanism with a specified allocation ratio based on oversubscription multiples, allowing a maximum reallocation percentage increase from 20% to 35% [2][3]. - Mechanism B introduces a new option where issuers can pre-select a public subscription allocation ratio between 10% and 60%, with no replenishment mechanism [2]. - The existing cornerstone investor six-month lock-up period will remain unchanged, and the proposed increase in pricing flexibility will not be implemented [2]. Initial Public Holding and Free Float Requirements - New minimum public holding and free float requirements have been established for issuers at the time of listing, with specific thresholds based on market capitalization [3][4]. - The new regulations will take effect on August 4, 2025, and will apply to all issuers and new listing applicants [3][4]. Continuous Public Holding Consultation - HKEX is conducting further consultations on continuous public holding requirements, aiming to provide issuers with greater flexibility while ensuring shareholder protection [6][7]. - The current and proposed continuous public holding requirements have been compared, with new thresholds introduced for different types of issuers [7][8]. - The public consultation period for these proposals will end on October 1, 2025 [8].

Group 1 - Hong Kong Exchanges and Clearing Limited (HKEX) has published a consultation summary regarding the optimization of initial public offering (IPO) market pricing and public market regulations [1][3] - The main changes in listing regulations include requiring issuers to allocate at least 40% of the initially proposed shares to the book-building portion during the IPO [3] - New listing applicants can choose between Mechanism A or Mechanism B for share allocation, with Mechanism A's maximum percentage for public subscription increased from 20% to 35% and Mechanism B allowing a pre-selected allocation between 10% and 60% [3] Group 2 - The new regulations will take effect on August 4, 2025, and will apply to all issuers and new listing applicants publishing listing documents on or after that date [3] - HKEX aims to enhance the robustness of IPO pricing and allocation mechanisms while balancing the participation needs of various local and international investors [3] - Initial public holding requirements have been revised to provide issuers with greater flexibility and certainty, along with new initial free float requirements to ensure sufficient tradable shares at listing [3] Group 3 - The Hang Seng Index fell by 3.47% to close at 24,507.81 points, while the Hang Seng Tech Index dropped by 4.94% to 5,397.40 points during the week of July 28 to August 1 [4] - Dongwu Securities reported that August should continue to focus on increasing the allocation of funds to higher-risk assets, highlighting the low cost of funds in Hong Kong and the attractiveness of high dividend yields [4]