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]

投资收益对净利润贡献超3 成，保证金规模提升带动投资收益同步上行。2Q25 港交所投资收益15.4亿港 元/yoy+31%/qoq+16%，净利润贡献度为35%。投资收益分拆：公司资金：1H25 公司资金投资收益同比 提升16%至10.4 亿港元，主因美元兑港元因汇率上行而产生非经常性汇兑收益1.63 亿港元。保证金及结 算所基金：主营保证金规模提升带动投资收益提升13%。 投 资分析意见：上调25E 盈利预测，维持买入评级。我们预计随着更多境外优质中国资产回流港股、 中国内地-中国香港两地互联互通延伸至IPO 层面，港股市场市值进一步扩容，交投活跃度有望再提 升，因此我们上调港股ADT 假设和IPO 数量假设，从而上调港交所盈利预测，我们预计港交所2025- 2027E净利润分别为169、179、188 亿港元（原25E 预测为165 亿港元），yoy 分别+30%、+6%、+5%， 维持买入评级。 机构：申万宏源研究 研究员：罗钻辉/金黎丹 事件：8 月20 日，港交所披露1H25 年报，业绩符合预期。1H25 港交所实现总营收140.8 亿港 元/yoy+33%；主营收129.5 亿港元/yoy+34% ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong financial results for Q2 2025, with total revenue and profit exceeding expectations, driven by foreign exchange gains and miscellaneous income [1][2]. Financial Performance - Total revenue for Q2 2025 increased by 33% year-on-year and 5% quarter-on-quarter to HKD 72.2 billion, while main fee income rose by 31% year-on-year and 1% quarter-on-quarter to HKD 55.4 billion [1]. - Profit for Q2 2025 grew by 41% year-on-year and 9% quarter-on-quarter to HKD 44.4 billion, surpassing market expectations [1]. - For the first half of 2025, total revenue reached HKD 140.8 billion, up 33% year-on-year, and profit was HKD 85.2 billion, up 39% year-on-year [1]. Trading and Settlement Revenue - Trading and settlement revenue for Q2 increased by 40% year-on-year but decreased by 5% quarter-on-quarter [1]. - Spot trading revenue rose by 65% year-on-year but fell by 4% quarter-on-quarter, with average daily turnover (ADT) reaching HKD 2,377 billion [1]. - Northbound ADT increased by 19% year-on-year but decreased by 21% quarter-on-quarter, while southbound ADT surged by 154% year-on-year [1]. - Derivatives trading revenue saw a modest increase of 1% year-on-year but a significant decline of 14% quarter-on-quarter [1]. Investment Income - Total investment income for Q2 2025 increased by 31% year-on-year and 16% quarter-on-quarter to HKD 16.8 billion [2]. - Excluding non-recurring foreign exchange gains, investment income grew by 17% year-on-year and 6% quarter-on-quarter [2]. - Margin and clearing fund income rose by 25% year-on-year and 24% quarter-on-quarter to HKD 10.1 billion, driven by increased margin requirements and higher volumes in derivatives [2]. IPO Activity - In Q2 2025, HKEX completed 27 IPOs, raising HKD 907.5 billion, marking a significant increase of 960% year-on-year and 386% quarter-on-quarter [1]. - As of the end of July, there were 207 IPO applications in process, with 9 approved and awaiting listing, indicating continued high activity in the IPO market [1]. Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 has been raised by 7.3% and 4.0% respectively, now projected at HKD 165 billion and HKD 173 billion [2]. - The current trading multiples are 33x and 32x for 2025 and 2026 P/E, with a target price increase of 8% to HKD 500, reflecting a potential upside of 15.3% [2].

Core Insights - Hong Kong Stock Exchange reported strong financial performance for the first half of 2025, with revenue and other income reaching HKD 14.076 billion, a year-on-year increase of 32.53%, and net profit attributable to shareholders at HKD 8.519 billion, up 39.1% [1] Revenue Breakdown - Revenue from trading and trading system usage fees increased by 49.12%, while listing fees rose by 12.55%, settlement and clearing fees by 48.47%, and custody and agency service fees by 23.25% [1] - Market data fees and investment income also saw growth, with increases of 6.20% and 14.04% respectively, contributing to a diversified revenue stream [1] Market Activity - Significant growth in trading activity was observed, with average daily turnover in the stock market increasing by 122.1% year-on-year, and daily turnover for Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect rising by 31.6% and 196.0% respectively [2] - Derivatives market trading fees grew by 13.8%, driven by increased activity in stock options and warrants [2] - The commodity market also saw a 3.8% increase in average daily turnover for LME metal contracts, leading to a 5.7% rise in trading fees [2] Listing and Investment Income - The number of new listings in the first half of 2025 reached 44, with fundraising amounts increasing by 716.4%, contributing to a 29.6% rise in listing fees [2] - Investment income from margin and clearing house funds increased by 13.02%, with net investment income rising by 15.87% due to increased fund size and favorable exchange rate movements [3] Future Outlook - The company is expected to benefit from ongoing connectivity policies, with projected revenues of HKD 28.344 billion, HKD 30.343 billion, and HKD 32.226 billion for 2025-2027, alongside net profits of HKD 17.618 billion, HKD 18.876 billion, and HKD 20.046 billion [3] - Corresponding PE ratios are forecasted to be 31.75, 29.63, and 27.90 times for the same period, indicating a positive investment outlook [3]

2021 年初至2025 年7 月底，各类中介机构的持股数量变化：港股通累计增持769.68 亿股、中资中介累 计增持46.52 亿股、港资中介累计减持36.91亿股、国际中介累计减持494.76 亿股，南向资金保持强买入 力度，国际中介则从7 月初以来减少净卖出。从交易额占比的角度，根据港交所公告，2025H1 港股通 ADT 为1713 亿港元，占港股ADT 比重为38.4%。一级市场角度，中国内地赴港上市公司数量、募资额 已经居于主导地位。2025 年以来，批量A 股新经济、新消费赴港上市，大量A 股上市公司赴港二次上 市，2025H1港股IPO 金额达1090 亿港元，重回世界第一。 其他业务：联交所衍生品亦受益于港股市场表现，期交所衍生品业务、商品业务、数据及连接业务、投 资收益等业务保持稳健发展。 财务表现：EBITDA 利润率创新高，轻资产模式突出。体现为资本开支少、主要支出为人力支出，同时 盈利质量较高，净利润主要用于股东回报。2025H1，公司营业支出29.73 亿港元，其中职员薪酬支出 19.52 亿港元、占比65.6%。 轻资产模式下高毛利特征明显，EBITDA 利润率常年维持70%以上 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong performance in H1 2025, with total revenue of HKD 14.076 billion (YoY +33%) and net profit attributable to shareholders of HKD 8.519 billion (YoY +39%) [1] Revenue Breakdown - Trading fees and system usage fees increased by 49%, settlement and clearing fees by 48%, listing fees by 13%, custody and agency services fees by 23%, market data fees by 6%, and net investment income by 14% [1] - Revenue from the cash market, equity securities and financial derivatives, commodities, data and connectivity, and corporate projects grew by 62%, 15%, 8%, 5%, and 28% respectively [1] Quarterly Performance - In Q2 2025, total revenue reached HKD 7.219 billion (YoY +33%, QoQ +5%), and net profit attributable to shareholders was HKD 4.442 billion (YoY +41%, QoQ +9%), both setting new quarterly records [1] Market Activity - The Hang Seng Index saw a cumulative increase of 20% in H1 2025, with the average daily turnover in the cash market reaching HKD 240.2 billion, more than double that of H1 2024 [2] - The average daily turnover for the Shanghai-Hong Kong Stock Connect was HKD 171.3 billion (YoY +32%), while the Hong Kong Stock Connect averaged HKD 111 billion, nearly three times that of H1 2024 [2] IPO Activity - In H1 2025, 44 companies went public in Hong Kong, raising HKD 109.4 billion, which is over eight times the amount raised in H1 2024, driven by an increase in listings from mainland and international issuers [2] Derivatives Market - The derivatives market maintained an upward trend, with average daily turnover for structured products reaching HKD 17.4 billion (YoY +72%) and trading fees increasing by 64% [2] - Average daily contracts traded for derivatives reached 1.7 million (YoY +11%), with a decrease in futures contracts but an increase in stock options [2] Commodity Division - The LME trading and settlement fees grew, with average daily trading volume for metal contracts at 715,000 lots (YoY +3%) and trading fees of HKD 766 million (YoY +6%) [3] Investment Income - Investment income increased due to a rise in the average amount of self-owned funds to HKD 36.4 billion (YoY +8%) and an annualized investment return of 5.73% (YoY +0.40 percentage points) [3] - Margin requirements increased, leading to an average amount of margin and clearing funds of HKD 227.2 billion (YoY +15%) [3] Future Outlook - HKEX is expected to maintain high profit growth in 2025, with revised net profit forecasts of HKD 18.8 billion and HKD 20 billion for 2025 and 2026 respectively, reflecting YoY increases of 44% and 6% [4] - The anticipated PE ratios for 2025, 2026, and 2027 are 29.7, 27.9, and 26.5 times respectively, maintaining a "recommended" rating [4]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong financial performance for the first half of 2025, with significant increases in both revenue and net profit, driven by heightened market activity and a resurgence in IPO fundraising [1][2]. Revenue Performance - For H1 2025, HKEX achieved revenue of HKD 14.076 billion, a year-on-year increase of 32.5%, and a net profit of HKD 8.519 billion, up 39.1% year-on-year [1]. - In Q2 2025, revenue reached HKD 7.219 billion, reflecting a 33.2% year-on-year growth and a 5.3% quarter-on-quarter increase, while net profit was HKD 4.442 billion, up 40.8% year-on-year and 9.0% quarter-on-quarter [1]. Revenue Structure - The revenue sources for HKEX include trading and trading system usage fees, settlement and clearing fees, listing fees, custodial services, investment income, and market data fees [1]. - In H1 2025, trading fees, settlement fees, and custodial service fees accounted for 62.0% of total revenue, an increase of 5.9 percentage points year-on-year [1]. Market Activity - The stock market showed robust activity, with the average daily turnover of Hong Kong stocks reaching HKD 222.8 billion, a 122% increase year-on-year, marking a new half-year high [2]. - The average daily turnover for the Stock Connect program was HKD 111 billion, up 196% year-on-year, indicating a significant increase in participation from mainland investors [2]. IPO Market - In H1 2025, HKEX's listing fees amounted to HKD 4.35 billion, a 1% increase year-on-year, with total IPO fundraising reaching HKD 109.4 billion, a remarkable 716% increase year-on-year, reclaiming the top position in the global IPO market [2]. - A total of 44 companies were listed in the Hong Kong market during the first half of 2025, including the largest IPO globally since 2023 [2]. Derivatives Market - The trading fees from derivatives, including warrants and options, totaled HKD 1.298 billion in H1 2025, a 14% increase year-on-year, with average daily trading volume rising by 11% [3]. - Investment income from margin and clearing funds reached HKD 1.831 billion, a 13% increase year-on-year, driven by an increase in average margin size [3]. Strategic Outlook - HKEX is expected to benefit from a favorable capital market environment and ongoing reforms aimed at attracting high-quality companies to list in Hong Kong [4]. - The company has adjusted its earnings forecasts for 2025, 2026, and 2027, projecting EPS of HKD 13.72, 15.03, and 16.90 respectively, with a target price of HKD 494 based on a 36x PE valuation for 2025 [4].

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong mid-term results for 2025, highlighting ongoing efforts to enhance market infrastructure and adapt to changing global client needs [1] Group 1: Market Initiatives - HKEX is open to suggestions for extending trading hours but emphasizes the need for careful consideration due to potential market impacts and the necessity of consulting all market participants [1] - The exchange has already extended the trading hours for its derivatives market until 3 AM from Tuesday to Saturday [1] Group 2: Future Developments - HKEX is developing the "Navigator" derivatives platform to improve trading, clearing, and risk management capabilities in the derivatives market [1] - The company plans to continue enhancing market vitality and competitiveness in the second half of the year, including discussions on shortening the settlement cycle for the cash market and optimizing trading and settlement services [1]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [1] Core Views - The report highlights a significant increase in performance driven by high market activity, with the IPO market returning to the global forefront [1] - For the first half of 2025, the company achieved a revenue of HKD 14.076 billion, representing a year-on-year increase of 32.5%, and a net profit attributable to shareholders of HKD 8.519 billion, up 39.1% year-on-year [1] Revenue Structure - The revenue structure shows a continued rise in market activity, leading to an increase in the proportion of trading and settlement fees. In the first half of 2025, trading and trading system usage fees, settlement and clearing fees, and custody services accounted for 62.0% of total revenue, up 5.9 percentage points year-on-year [2] - The listing fees from the Stock Exchange accounted for 5.8% of total revenue, down 1.0 percentage point year-on-year, while net investment income accounted for 20.4%, down 3.3 percentage points year-on-year [2] Market Activity - The report notes that the stock market's trading activity remains robust, with the IPO fundraising amount returning to the top globally. In the first half of 2025, the total amount raised through IPOs reached HKD 109.4 billion, a staggering increase of 716% year-on-year [4] - The average daily turnover of Hong Kong stocks reached HKD 1.110 trillion, a year-on-year increase of 196%, indicating a significant rise in participation from mainland investors [3] Financial Performance - For the first half of 2025, the total revenue from the cash segment, including trading and settlement fees, reached HKD 5.995 billion, a year-on-year increase of 71% [3] - The report projects that the company will maintain high trading volumes in 2025, benefiting from the favorable conditions in the Hong Kong capital market and the valuation recovery of Chinese stocks [9] Earnings Forecast - The report raises the earnings forecast for the company, estimating EPS for 2025, 2026, and 2027 to be HKD 13.72, HKD 15.03, and HKD 16.90 respectively, with corresponding PE ratios of 32, 29, and 26 times [9] - The target price is set at HKD 494.0, based on a 36 times PE valuation for 2025 [5]