Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The report highlights that the recent interest rate cuts by the Federal Reserve and supportive policies from the Chinese government are expected to catalyze a recovery in the Hong Kong stock market, benefiting the Hong Kong Stock Exchange (HKEX) [2][3] - The report predicts a rebound in the average daily trading volume (ADT) for Hong Kong stocks, with forecasts of HKD 1,117 billion for 2024, HKD 1,324 billion for 2025, and HKD 1,529 billion for 2026, indicating a year-on-year growth of 5.2%, 6.2%, and 7.7% respectively [2][3] - The report anticipates an improvement in the company's performance and valuation, projecting net profit for 2024 to be HKD 12.473 billion, with a corresponding earnings per share (EPS) of HKD 9.8 [2][3] Financial Summary - Revenue for 2024 is projected at HKD 21,536 million, reflecting a year-on-year increase of 5.0% [3][6] - Net profit for 2024 is estimated at HKD 12,473 million, with a year-on-year growth of 5.2% [3][6] - The report indicates that the EBITDA margin is expected to remain stable around 79.9% for 2024 [3][6] - The price-to-earnings (P/E) ratio is projected to decrease from 28.5 times in September 2023 to 26.3 times in 2024, indicating a favorable valuation trend [2][3] Market Activity and Trends - The report notes that the trading activity in the Hong Kong stock market has improved, with a recent increase of 14.9% in HKEX's stock price from September 19 to September 24, outperforming the Hang Seng Index by 7.3% [2][3] - The report emphasizes that the liquidity improvement is expected to directly benefit HKEX's trading and settlement business, with trading settlement revenue accounting for 56% of total revenue in the first half of 2024 [2][3] - The report also highlights the potential for a rebound in investment scale and profitability, with investment income expected to contribute 24% to total revenue in 2024 [2][3]

香港交易所(00388) / 非银金融 / 公司跟踪研究报告 / 2024.09.12 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-11 | | 收盘价 ( 港元 ) | 220.80 | | 流通股本 ( 亿股 ) | 12.68 | | 每股净资产 ( 港元 ) | 39.02 | | 总股本 ( 亿股 ) | 12.68 | | 最近 12 月市场表现 | | -28% -21% -13% -6% 2% 9% 香港交易所 恒生指数 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《二季度交投活跃显著改善，上半年 整体业绩稳健》 2024-08-21 2. 《业绩继续改善，美联储降息交易或 重返市场主线》 2024-07-12 3. 《交投活跃度进一步改善，阿尔法优 势仍在》 2024-06-14 ❖ 市场环境方面：1）现货方面，8 月港股市场触 ...

Financial Performance - In the first half of 2024, the total revenue and other income of HKEX was HKD 10.621 billion, remaining stable compared to HKD 10.575 billion in the same period of 2023[14]. - Shareholder profit attributable to the company was HKD 6.125 billion, a decrease of 3% from HKD 6.312 billion in the first half of 2023[15]. - The EBITDA margin for the first half of 2024 was 73%, down 2 percentage points from the same period in 2023[14]. - The basic earnings per share for the first half of 2024 was HKD 4.84, down 3% from HKD 4.99 in the same period of 2023[15]. - Total revenue and other income for Q2 2024 reached HKD 54.20 billion, an 8% increase from HKD 50.17 billion in Q2 2023, driven by higher trading volumes in spot and derivative markets[17]. - Net profit attributable to shareholders for Q2 2024 was HKD 31.55 billion, reflecting a 9% increase from HKD 28.94 billion in Q2 2023[17]. - The EBITDA margin for Q2 2024 was 74%, up 1 percentage point from the same quarter last year[17]. - Revenue and other income for the first half of 2024 decreased by 2% to HKD 10,621 million compared to the same period in 2023, primarily due to a decline in average daily trading volume of equity securities products[42]. - The operating profit for the first half of 2024 was HKD 6,963 million, compared to HKD 6,312 million for the same period in 2023[85]. - The profit for the period was HKD 6,186 million, down 2.9% from HKD 6,368 million in the previous year[139]. Trading Volume and Market Activity - The average daily trading volume of LME's metal contracts increased by 29% year-on-year in the first half of 2024[5]. - The number of new listings and fundraising amounts in the second quarter rose by 50% and 79% respectively compared to the first quarter of 2024[5]. - For the six months ended June 30, 2024, the average daily trading amount of equity securities on the exchange was HKD 100.3 billion, a decrease of 3% compared to HKD 102.9 billion for the same period in 2023[16]. - The average daily trading amount of derivatives, including warrants and callable bull/bear contracts, was HKD 10.1 billion, down 20% from HKD 12.6 billion year-over-year[16]. - The average daily trading amount for the Stock Connect (Shanghai and Shenzhen) was RMB 130.2 billion, a 19% increase from RMB 109.3 billion in the previous year[16]. - The average daily trading amount for the Hong Kong Stock Connect was HKD 37.5 billion, an 11% increase from HKD 33.8 billion year-over-year[16]. - The average daily trading volume of LME fee-paying metal contracts increased by 29% year-on-year, reflecting a strong market performance[28]. - The average daily trading volume of stock options contracts increased by 16% to 747,000 contracts compared to the previous quarter[22]. - The average daily trading volume of derivative contracts reached a new high, increasing by 12% compared to the first half of 2023[39]. - The average daily trading volume of southbound and northbound ETFs reached HKD 1.5 billion and RMB 1.1 billion, respectively, in the first half of 2024[50]. Operating Expenses and Costs - Operating expenses increased by 7% to HKD 2.794 billion, driven by higher employee and IT costs[14]. - Operating expenses increased by 5% in Q2 2024, primarily due to higher employee and IT costs, although some legal costs related to the nickel market incident were partially recovered[17]. - Employee-related expenses rose by 13% to HKD 1,937 million, primarily due to salary adjustments and one-time retirement benefits for senior management[80]. - IT maintenance costs increased by 10% to HKD 421 million, attributed to system upgrades and inflation adjustments during renewals[81]. - Total operating expenses increased by 7% to HKD 2,794 million for the six months ended June 30, 2024, compared to HKD 2,622 million for the same period in 2023[80]. Capital Expenditure and Investments - Capital expenditure for Q2 2024 was HKD 334 million, representing a 28% increase from HKD 261 million in Q2 2023[18]. - Capital expenditures for the first half of 2024 amounted to HKD 0.612 billion, an increase from HKD 0.501 billion in the same period of 2023, focusing on the development of trading and settlement systems[97]. - The company plans to launch a new derivatives product platform by 2028 to enhance trading, clearing, and risk management capabilities[31]. - The company committed to achieving carbon neutrality by 2024 and net-zero emissions by 2040, with a donation of HKD 74 million to support social initiatives in the first half of 2024[32]. Regulatory and Compliance - The exchange plans to implement measures for trading during adverse weather conditions starting September 23, 2024, enhancing market resilience[30]. - The exchange is optimizing its ESG framework for climate information disclosure, effective January 1, 2025, to align with international standards[29]. - A consultation document was issued on June 28, 2024, proposing to lower the minimum price fluctuation for stocks in the Hong Kong securities market to improve liquidity and competitiveness[47]. - The exchange implemented measures to enhance market surveillance and compliance, including the completion of the 2023 compliance assessment and the launch of the 2024 annual plan[53]. Shareholder Information - The board declared an interim dividend of HKD 4.36 per share for the year ending December 31, 2024[126]. - The interim dividend payment will be issued on September 17, 2024[126]. - The company encourages shareholders to view communications electronically to support environmental sustainability[130]. - The total number of shares granted under the share award scheme since its adoption is 18,223,863 shares, accounting for approximately 1.7% of the total issued shares as of the adoption date[121]. Strategic Initiatives and Future Outlook - The company announced a significant technology investment project to develop the "Navigator Star Derivatives Platform" to enhance market competitiveness[5]. - The company is actively expanding the list of eligible assets for structured products, aiming to enhance market efficiency and liquidity[64]. - The company is committed to adhering to the ISSB climate-related disclosure standards, which were released in June 2023[198]. - The HKEX is exploring potential mergers and acquisitions to strengthen its market position and expand its service offerings[198].

[Table_MainInfo] 公司研究/金融/综合金融服务 证券研究报告 香港交易所（388.HK）公司半年报点评 [Table_InvestInfo] 沪股通日均交易额创历史新高，上半年归 母净利润同比小幅下滑 [Table_Summary] 投资要点： 【事件】香港交易所发布 2024 年中期业绩：2024 年上半年实现收入及其他 收益 106.21 亿港元，同比+0.4%，归母净利润 61.25 亿港元，同比-3.0%。上 半年 ROE（未年化） 11.8%，同比-0.7pct。2024Q2 实现收入及其他收益 54.2 亿港元，同比+8.0%，归母净利润 31.55 亿港元，同比+8.6%；二季度 ROE（未 年化）为 6.2%，同比+0.3pct。 二季度交投大幅回升。2024 年上半年现货分部实现收入及其他收益 41.29 亿 港元，同比-1.8%，收入占比 39%。上半年现货市场日均交易额同比-4%至 1104 亿港元。Q2 交投大幅回升，日均成交金额为 1216 亿港元，同比+18%，环比 +22%。沪深港通北向及南向每日平均成交额分别为 1302 亿元和 375 亿港元， 分别+19.1 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 23 日 香港交易所(00388.HK) H1 业绩整体持平，交投转暖驱动 Q2 新高 ■事件：近日，公司披露 2024 年半年报，2024H1 实现收入及其他收益 106 亿 港元，同比+0.4%；归母净利润 61 亿港元，同比-3%；EPS 为 4.84 港元，同比 -3%。2024Q2 单季实现收入及其他收益 54 亿港元，同比+8%；归母净利润 32 亿港元，同比+9%；EPS 为 2.49 港元，同比+9%。 ■H1 收入整体持平，Q2 单季业绩创新高。1）从 2024H1 业绩来看：各业务分 部表现不一，合计主要业务收入同比基本持平，雇员、资讯技术费用增加带动 营运支出同比+7%，拖累归母净利润同比-3%。2）从 2024Q2 单季业绩来看：收 入及其他收益、净利润指标均创历年 Q2 新高，主要受益于①市场交投回暖 （2024Q2 联交所 ADT 同比+18%/环比+22%至 1216 亿港元，衍生品合约 ADV 同比 +19%，LME 收费交易金属合约 ADV 亦创 10 年季度新高值，同比+27%），交易及 结算费增 ...

现货市场边际回暖，IPO 环比正增长 主要数据 行业 交易所 股价 231.8 港元 目标价 286.7 港元 股票代码 388 已发行股本 12.68 亿股 市值 2938.9 亿港元 52 周高/低 315.9/212.2 港元 每股净现值 41.6 港元 主要股东 香港特别行政区政 府 5.9% | --- | --- | --- | --- | --- | --- | --- | |----------------------|------------|------------|------------|------------|------------|----------| | 盈利摘要 | | | | | | 股价表现 | | 截至12月31日财政年度 | 2022年实际 | 2023年实际 | 2024年预测 | 2025年预测 | 2026年预测 | 350 | | 总收入(百万港元) | 18,456 | 20,516 | 21,213 | 22,243 | 23,367 | 300 | | 变动(%) | -11.9% | 11.2% | 3.4% | 4.9% | 5.1% | 250 ...

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [7] Core Views - The report indicates that the Hong Kong Exchanges has the basic conditions for recovery in capital market system construction and innovation, supported by a series of connectivity policies. It anticipates a gradual increase in market liquidity due to expectations of interest rate cuts by the Federal Reserve, which may lead to a revival in market activity and valuations [6][5] - Revenue and other income are projected to reach HKD 218.34 billion, HKD 226.85 billion, and HKD 242.67 billion for the years 2024, 2025, and 2026 respectively. The attributable net profit is expected to be HKD 126.77 billion, HKD 130.63 billion, and HKD 138.60 billion for the same years, corresponding to PE ratios of 22.86, 22.19, and 20.91 [6][5] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue and other income of HKD 106.21 billion, a year-on-year increase of 0.43%. The attributable net profit was HKD 61.25 billion, a decrease of 3.0% year-on-year. The second quarter of 2024 showed a strong performance with net profit increasing by 8.64% and 6.23% quarter-on-quarter [5][6] - The breakdown of revenue sources shows that trading and trading system usage fees increased by 3.39%, while listing fees decreased by 7.64%. Other fees such as settlement and custody services also showed varied growth rates [5][6] Market Activity - The report highlights a significant increase in trading activity in the commodity market, with the average daily trading volume of LME metal contracts rising by 29.1%, leading to a 42.7% increase in trading fees from the commodity segment [6][5] - The report notes a decline in IPO activity, with listing fees dropping by 3.8% and the number of new listings at 30, raising HKD 11.3% less than the previous year [5][6] Future Projections - The report projects that the company will see a steady increase in revenue and net profit over the next three years, with specific figures outlined for each year [6][5] - The anticipated growth in revenue is supported by expected improvements in market liquidity and overall market activity, driven by favorable macroeconomic conditions [6][5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 303.4 HKD per share, reflecting a potential upside based on expected market recovery and valuation adjustments [3][13]. Core Insights - The company reported stable overall performance for the first half of 2024, with total revenue of 10.621 billion HKD, remaining flat compared to the same period last year. The core average daily turnover (ADT) was 1,104 billion HKD, down 3% year-on-year, indicating a stagnation in trading activity [6][8]. - The report highlights a significant increase in trading volumes for LME contracts, which offset declines in spot market revenues. The investment income continued to provide a hedge against market fluctuations, with net returns from margin and settlement funds rising to 1.64% [6][13]. - The ETF and benchmark derivatives segments showed continued growth, with average daily trading volumes for ETPs reaching a new high of 144 billion HKD, up 4% year-on-year. The report also notes the introduction of new ETPs, including the first covered call options ETF and the first virtual asset spot ETF in Asia [6][9]. Financial Summary - Revenue (million HKD): - 2022: 18,456 - 2023: 20,516 - 2024E: 22,177 - 2025E: 23,682 - 2026E: 25,452 - Growth Rate (%): - 2023: 11.2% - 2024E: 8.1% - 2025E: 6.8% - 2026E: 7.5% [2][6]. - Net Profit (million HKD): - 2022: 10,078 - 2023: 11,862 - 2024E: 12,798 - 2025E: 13,669 - 2026E: 14,694 - EPS (HKD/share): - 2022: 7.96 - 2023: 9.37 - 2024E: 10.11 - 2025E: 10.80 - 2026E: 11.61 [2][6]. Business Segment Performance - The report indicates a decline in trading fees and listing revenues, with trading fees from stock products at 1.424 billion HKD, down 7% year-on-year. However, LME trading fees increased significantly, with a 30% rise in trading volumes for fee-based metal contracts [8][10]. - The derivatives segment saw a 16% decrease in trading fees, but the average daily contract volume for key products like the Hang Seng Tech Index futures increased by 15% [10][12]. - The investment income from the company's projects rose from 4.80% in 2023H1 to 5.33% in 2024H1, contributing positively to overall financial performance despite a decline in margin levels [13][14].

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) with a target price of HKD 253.8 [1][2][6]. Core Views - The report highlights that the trading activity is showing marginal improvement, demonstrating resilience in performance despite a slight decline in net profit [1][2]. - The core drivers of the company's performance are linked to the trading activity in the Hong Kong stock market, with expectations of improved liquidity as the Federal Reserve enters a rate-cutting cycle [2][6]. Financial Performance Summary - For the first half of 2024, the company reported total revenue of HKD 10.621 billion, a year-on-year increase of 0.4%, and a net profit of HKD 6.125 billion, a year-on-year decrease of 3.0% [1]. - In Q2 2024, the revenue was HKD 5.420 billion, reflecting a quarter-on-quarter increase of 4.2%, while net profit was HKD 3.155 billion, up 6.2% quarter-on-quarter [1]. - The revenue structure shows a decrease in the proportion of listing fees and net investment income, with trading and transaction system usage fees, settlement and clearing fees, and custodian services accounting for 56.1% of total revenue [1][2]. Revenue Breakdown - The average daily trading volume for stock products in H1 2024 was HKD 100.3 billion, a year-on-year decrease of 2.5%, but showed a quarter-on-quarter increase of 25.5% in Q2 2024 [2]. - The average daily trading volume for northbound trading reached RMB 130.2 billion, a year-on-year increase of 19.1%, while southbound trading averaged HKD 37.5 billion, a year-on-year increase of 10.9% [2]. - The listing fees for H1 2024 were HKD 431 million, down 3.8% year-on-year, with 29 new listings on the main board, a decrease of 4 from the previous year [2]. Future Outlook - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be HKD 9.76, HKD 10.59, and HKD 11.45 respectively, with corresponding price-to-earnings (PE) ratios of 23, 22, and 20 times [2][6]. - The report anticipates that the unique monopolistic position and diversified business model of the exchange will continue to drive growth in various business segments [2].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 52周内股价走势图 -26% -19% -13% -6% 0% 7% 香港交易所 恒生指数 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/72024/8 本报告导读： 投资要点： 股票研究 /[Table_Date] 2024.08.22 | --- | --- | --- | --- | |----------|--------------------|---------------------------|---------------------------| | | 刘欣琦(分析师) | 吴浩东(分析师) | 王思玥(研究助理) | | | 021-38676647 | 010-83939780 | 021-38031024 | | | liuxinqi@gtjas.com | wuhaodon ...