上 市 公 司 请务必仔细阅读正文之后的各项信息披露与声明 非银金融 证 券 研 究 报 告 一年内股价与基准指数对比走势： -22% -2% 18% HSCEI 香港交易所 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 21 日 | | 收盘价（港币） | 228.60 | | 恒生中国企业指数 | 6141.78 | | 52 周最高/最低（港币） | 319.80/212.20 | | H 股市值（亿港币） | 2,898.28 | | 流通 H 股（百万股） | 1,267.84 | | 汇率（人民币/港币） | 1.0923 | 财务数据及盈利预测 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|-------|-------|-------| | | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | 18456 ...

非银行金融 2024 年 8 月 22 日 香港交易所(0388.HK) 现货市场边际回暖，24H1营收同比转增 推荐（维持） 事项： 股价：228.60 港元 主要数据 行业 非银行金融 公司网址 www.hkex.com.hk 大股东/持股 香港特别行政区政府./5.90% 实际控制人 总股本(百万股) 1267.84 流通 A 股(百万股) 流通 B/H 股(百万股) 总市值（亿港元） 2,898 流通 A 股市值(亿元) 每股净资产(港元) 41.57 资产负债率(%) 86.47 行情走势图 相关研究报告 【平安证券】香港交易所（0388.HK）*季报点评*业绩 高基数下 承压 ，互联 互通功 能有望 更好 发挥*推荐 20240424 【平安证券】香港交易所（0388.HK）*年报点评*业绩 符合预期，投资收益亮眼*推荐20240216 【平安证券】香港交易所（0388.HK）*季报点评*投资 驱动业绩高增，高基数下交易延续承压*推荐20230427 证券分析师 | --- | --- | |--------|-----------------------------| | 王维逸 | 投资咨询资 ...

非银行金融 2024 年 8 月 22 日 香港交易所(0388.HK) 现货市场边际回暖，24H1营收同比转增 推荐（维持） 事项： 股价：228.60 港元 主要数据 行业 非银行金融 公司网址 www.hkex.com.hk 大股东/持股 香港特别行政区政府./5.90% 实际控制人 总股本(百万股) 1267.84 流通 A 股(百万股) 流通 B/H 股(百万股) 总市值（亿港元） 2,898 流通 A 股市值(亿元) 每股净资产(港元) 41.57 资产负债率(%) 86.47 行情走势图 相关研究报告 【平安证券】香港交易所（0388.HK）*季报点评*业绩 高基数下 承压 ，互联 互通功 能有望 更好 发挥*推荐 20240424 【平安证券】香港交易所（0388.HK）*年报点评*业绩 符合预期，投资收益亮眼*推荐20240216 【平安证券】香港交易所（0388.HK）*季报点评*投资 驱动业绩高增，高基数下交易延续承压*推荐20230427 证券分析师 | --- | --- | |--------|-----------------------------| | 王维逸 | 投资咨询资 ...

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (HKEX) [4] Core Views - HKEX's Q2 2024 performance was strong, driven by a recovery in the Hong Kong stock market [1][6] - Q2 2024 revenue and other income reached HKD 5.42 billion, up 8% YoY and 4% QoQ [6] - Net profit attributable to shareholders in Q2 2024 was HKD 3.155 billion, up 9% YoY and 6% QoQ [6] - The company's investment income from funds increased by 37% YoY in Q2 2024, reaching HKD 366 million [6] - The report forecasts revenue growth of 7%, 8%, and 11% for 2024, 2025, and 2026, respectively [6] Financial Performance Summary Revenue and Profit - H1 2024 revenue and other income were HKD 10.621 billion, up 0.4% YoY [2][6] - Core business revenue in H1 2024 was HKD 9.69 billion, down 0.4% YoY [2] - EBITDA for H1 2024 was HKD 7.661 billion, down 3% YoY [2] - Net profit attributable to shareholders in H1 2024 was HKD 6.125 billion, down 3% YoY [2] Segment Performance - Trading and transaction system usage fees in H1 2024 were HKD 3.29 billion, up 3% YoY, driven by increased derivatives trading [6] - Clearing and settlement fees in H1 2024 were HKD 2.125 billion, up 5% YoY, due to higher average daily turnover in Stock Connect [6] - Listing fees in H1 2024 were HKD 725 million, down 8% YoY [6] - Investment income net in H1 2024 was HKD 2.521 billion, down 6% YoY, mainly due to reduced investment income from margin and clearing funds [6] Market Performance Spot Market - H1 2024 average daily turnover (ADT) in the spot market was HKD 1.104 trillion, down 4% YoY but up 17% compared to H2 2023 [6] - Q2 2024 ADT in the spot market was HKD 1.216 trillion, up 18% YoY and 22% QoQ [6] - Northbound ADT in H1 2024 was RMB 1.302 trillion, up 19% YoY, while Southbound ADT was HKD 375 billion, up 11% YoY [6] ETP Market - H1 2024 ETPs ADT reached HKD 14.4 billion, up 4% YoY, marking a half-year high [6] IPO Market - H1 2024 saw 30 new listings on HKEX, raising HKD 13.4 billion, down 25% YoY [6] - Q2 2024 IPO market showed recovery with 18 new listings, up 50% QoQ, raising HKD 8.6 billion, up 79% QoQ [6] - As of June 2024, there were 107 IPO applications in the pipeline [6] Financial Forecasts - Revenue for 2024, 2025, and 2026 is forecasted at HKD 21.927 billion, HKD 23.768 billion, and HKD 26.393 billion, respectively, with growth rates of 7%, 8%, and 11% [6][7] - Net profit attributable to shareholders for 2024, 2025, and 2026 is projected at HKD 12.398 billion, HKD 12.98 billion, and HKD 14.324 billion, respectively, with growth rates of 5%, 5%, and 10% [6][7] - EPS for 2024, 2025, and 2026 is estimated at HKD 9.78, HKD 10.24, and HKD 11.30, respectively [6][7] Valuation Metrics - P/E ratios for 2024, 2025, and 2026 are 23.38x, 22.33x, and 20.23x, respectively [7] - P/B ratios for 2024, 2025, and 2026 are 4.51x, 3.75x, and 3.16x, respectively [7]

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 met expectations, with revenue and other income increasing by 0.43% year-on-year to HKD 10.621 billion, while net profit attributable to shareholders decreased by 2.96% to HKD 6.125 billion [2][3] - The main business remains stable, with a 2.6% year-on-year increase in core business revenue to HKD 7.9 billion in H1 2024, driven by a rebound in trading sentiment due to policy benefits and capital inflows [3][4] - The derivatives segment showed strong trading sentiment, with average daily contract volume increasing by 12% year-on-year to 1.5326 million contracts, although revenue from this segment decreased by 13% year-on-year to HKD 2.9 billion [3][4] Summary by Relevant Sections Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been raised to HKD 12.383 billion, HKD 13.558 billion, and HKD 14.486 billion respectively, with corresponding growth rates of 4.39%, 9.49%, and 6.84% [4] - The current market capitalization corresponds to a P/E ratio of 23.82x for 2024, 21.75x for 2025, and 20.36x for 2026 [4] Market Data - The closing price of the stock is HKD 232.00, with a one-year low of HKD 212.20 and a high of HKD 319.80 [6] - The market capitalization of the Hong Kong stock is approximately HKD 294.14 billion [6] Basic Data - The book value per share is HKD 39.02, with a debt-to-asset ratio of 85.30% and a total share capital of 1,267.84 million shares [7]

非银金融/多元金融 Q2现货ADT同环比改善，LME+互联互通+衍生品延续高增 香港交易所（00388.HK） 2024 年 08 月 21 日 ——2024H1 香港交易所业绩点评 投资评级：买入（维持） | --- | --- | |--------------------|---------------| | 日期 | 2024/8/21 | | 当前股价(港元) | 228.60 | | 一年最高最低(港元) | 319.80/212.20 | | 总市值(亿港元) | 2,898.28 | | 流通市值(亿港元) | 2,898.28 | | 总股本(亿股) | 12.68 | | 流通港股(亿股) | 12.68 | | 近 3 个月换手率(%) | 23.86 | 股价走势图 香港交易所 恒生指数 -30% -20% -10% 0% 10% 20% 2023-08 2023-12 2024-04 2024-08 数据来源：聚源 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 相关研究报告 《多元化发展战略保持韧性，关注政策 面积极催化—2024Q1 香港交易所业绩 点评》-2024 ...

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文件的內容概 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，概不對因本文件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。 （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） 截至 2024 年 6 月 30 日止六個月的 簡明綜合財務報表 （未經審核） 於 2024 年 8 月 21 日，香港交易及結算所有限公司（香港交易所或本公司）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、巴雅博先生、陳健波先生、 謝清海先生、張明明女士、周胡慕芳女士、梁頴宇女士、梁柏瀚先生、任志剛先生、任景信先生 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。 1 簡明綜合收益表（未經審核） （財務數字以港元為單位） | --- | --- | --- | --- | |-------------------------------| ...

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。 （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） （除另有註明外，於本公告中的財務數字均以港元為單位） 2024 年中期業績、 中期股息及暫停辦理股份過戶登記手續 1 戰略及財務摘要 | --- | |------------------------------------------------------------------------------------------------------| | 集團行政總裁陳翊庭表示： | | 香港交易所上半年業績穩健，其中，第二季度隨著市場回升及交投活躍，集團收入及其他收益和溢利均創當季新 | | 高。集團的多元化戰略持續顯現成效，衍生產品市場成交量屢創新高，LME 上半年收費交易金屬合 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 356.00 [1][6][20] Core Insights - The report highlights a recovery in the spot market transaction volume, with an expected increase in trading activity leading to a rise in net profit for Q2 2024 [3][4] - The number of IPOs has increased quarter-on-quarter, indicating potential value in company allocations [1][4] - The report anticipates a decrease in investment yield due to a decline in HIBOR rates, despite an increase in margin size driven by improved market performance [3][4] Financial Projections - Revenue and other income are projected to grow from HKD 20,516 million in 2023 to HKD 21,715 million in 2024, reflecting an 11.16% increase [3] - Net profit attributable to the parent company is expected to rise from HKD 11,862 million in 2023 to HKD 12,751 million in 2024, a 7.49% increase [3] - The report provides EPS estimates of HKD 9.36 for 2023 and HKD 10.06 for 2024, with a PE ratio projected to decrease from 28.63 in 2023 to 24.00 in 2024 [3][20] Market Activity - The average daily trading volume (ADT) in the Hong Kong market is expected to increase to HKD 122 billion in Q2 2024, up from HKD 99 billion in Q1 2024, marking a 22% quarter-on-quarter increase [4][9] - The report notes that the number of IPOs in Q2 2024 has risen to 18 from 12 in Q1 2024, indicating a positive trend in market activity [4][9] Valuation Metrics - The company is currently trading at a PE ratio of 24x for 2024E, suggesting it is at the lower end of its long-term valuation range [4][20] - The report estimates a dividend yield of 3.14% for 2023, increasing to 3.75% in 2024 [3][20]

Investment Rating - The report maintains a "Buy" rating on Hong Kong Exchanges (HKEX) with a 12-month target price of HK$345, indicating an upside potential of 37.9% from the current price of HK$250.20 [7][12][14]. Core Insights - HKEX has initiated a consultation on reducing minimum spreads in the Hong Kong Securities market to lower transaction costs and enhance liquidity, aligning with the HKSAR government's budget speech on improving market efficiency [2][3]. - The proposed changes will be implemented in two phases, with Phase 1 targeting price bands between HK$10 and HK$50, reducing minimum spreads by 50% to 60%, and Phase 2 focusing on price bands between HK$0.5 and HK$10, reducing spreads by 50% [3][4]. - The expected impact of these changes is significant, with over 75% of the market (by average daily trading volume) projected to achieve optimal bid-ask spread levels after the implementation of the proposed changes [4][6]. Summary by Sections Consultation Details - The consultation period for the proposed changes will end on September 20, 2024, with a timeline for implementation that includes a 6-month observation period for Phase 1 before moving to Phase 2 [3][6]. Market Impact - The bid-ask spread reduction is expected to affect over 280 securities, representing approximately 29% of equity average daily trading (ADT) in Phase 1 and 24% in Phase 2, based on data from 2021-2023 [4][6]. - A reduction of 15 basis points in bid-ask spread is anticipated to improve trading velocity by 18 percentage points, potentially increasing HKEX's ADT by 30% [6][12]. Financial Projections - The report projects a 7% compound annual growth rate (CAGR) in HKEX's ADT from 2024 to 2026, indicating that the anticipated changes are not heavily reliant on improvements in Chinese corporate earnings [6][12]. - Revenue projections for HKEX are estimated to grow from HK$20.52 billion in FY23 to HK$23.64 billion by FY26, with earnings per share (EPS) expected to increase from HK$9.37 to HK$10.50 over the same period [14].