Group 1: Stablecoin Regulation in Hong Kong - The implementation of the Stablecoin Regulation began on August 1, with 77 applications received by the Hong Kong Monetary Authority (HKMA) by August 31, from various sectors including banks, tech companies, and e-commerce [1] - The HKMA reiterated that only a limited number of stablecoin licenses will be issued in the initial phase of the regulation [1] Group 2: Market Developments - Hong Kong Exchanges and Clearing Limited (HKEX) announced an optimization of its collateral arrangements, reducing the financing cost for non-cash collateral from 0.5% to 0.25% [3] - The total trading amount of Hong Kong Stock Connect by brokers reached HKD 12.76 trillion in the first half of 2025, with cross-border business stock reaching CNY 19.7 trillion [4] Group 3: Corporate Actions - JD Group announced a voluntary public acquisition offer for CECONOMY AG at a price of €4.60 per share [5] - New World Development's controlling shareholder is considering injecting approximately HKD 10 billion into the company, seeking partners for a joint venture [6] - Weihai Bank entered into a conditional agreement to issue up to 430 million domestic shares [7][8] - Zheshang Bank plans to invest CNY 9.94 billion to increase its stake in Zheshang Financial Leasing to 54.04% [9] Group 4: Industry Performance - BYD reported August sales of 373,600 new energy vehicles, a slight increase from 373,100 units year-on-year, with a cumulative sales growth of 23% for the first eight months [13] - Geely's total vehicle sales in August reached 250,200 units, a year-on-year increase of approximately 38% [14] - NIO delivered 31,305 vehicles in August, marking a 55.2% year-on-year growth [16] - XPeng Motors achieved a record delivery of 37,709 smart electric vehicles in August, a 169% increase year-on-year [16] Group 5: Regulatory Approvals - Fuhong Hanlin received FDA approval for two products, BILDYOS® and BILPREVDA®, for specific osteoporosis treatments, marking a significant milestone in the company's international market presence [18][19]

Group 1 - Hong Kong Stock Exchange (HKEX) announced optimization of collateral arrangements for its securities and derivatives clearing houses to enhance market efficiency and reduce costs for participants [1] - The interest calculation method for cash collateral will be adjusted to align with international market standards, calculated daily as the overnight reference rate minus fees [1] - The financing cost for non-cash collateral will be reduced from 0.5% per annum to 0.25% [1] Group 2 - The new arrangements will be uniformly adopted by the Central Clearing and Settlement System, Hong Kong Futures Clearing Corporation, and Hong Kong Stock Options Clearing Limited, applicable to all accepted currencies [1] - The fee for the period from October 2025 to December 2026 will be set at 0.8%, decreasing by 10 basis points annually until it reaches 0.5% by the end of 2028 [1] - The new policies have been approved by the Hong Kong Securities and Futures Commission and will take effect on October 2, 2025 [1] Group 3 - HKEX's Chief Operating Officer emphasized the commitment to enhancing the vitality, resilience, and competitiveness of the Hong Kong market through these new arrangements [2] - The measures aim to improve the efficiency of collateral usage, facilitating participants in executing various trading strategies and managing investment risks [2] - Recent initiatives to increase position limits for stock options and index derivatives have significantly enhanced the capital efficiency of settled positions [2]

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%。 ...

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140.76亿元，较2024年上半年上升33%；股东应占溢 利为85.19亿元，较2024年上半年上升39%。 ...

目錄 | 02 | 戰略及財務摘要 | | --- | --- | | 12 | 主席報告 | | 16 | 管理層討論及分析 | | 18 | 業務回顧 | | 35 | 財務檢討 | | 41 | 企業管治及其他資料 | | 47 | 股東資料 | | 49 | 核數師的獨立審閱報告 | | 50 | 簡明綜合財務報表（未經審核） | | 52 | 簡明綜合收益表（未經審核） | | 53 | 簡明綜合全面收益表（未經審核） | | 54 | 簡明綜合財務狀況表（未經審核） | | 55 | 簡明綜合股本權益變動表（未經審核） | | 56 | 簡明綜合現金流動表（未經審核） | | 57 | 簡明綜合財務報表附註（未經審核） | | 79 | 詞彙 | 除另有註明外，本中期業績報告內的財務數字均以港元為單位 戰略及 財務摘要 香港交易所今年開局良好，上半年收入及 溢利均創下集團半年度歷史新高。現貨市 場、衍生產品市場及滬深港通的成交量均 創半年新高，新股市場融資額重回全球交 易所榜首。我們於2025年上半年繼續落 實多項戰略舉措，包括豐富旗下產品生態 圈，優化我們的上市制度，開拓商品業務 新方向，以及在 ...

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 ...