Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [2][9]. Core Views - The report highlights that the Hong Kong Exchanges has shown strong performance across various business segments, achieving record high mid-year results for 2025. The company reported revenue and other income of HKD 140.76 billion, a year-on-year increase of 32.53%, and a net profit attributable to shareholders of HKD 85.19 billion, up 39.1% year-on-year [6][9]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of HKD 140.76 billion, representing a 32.53% increase year-on-year. The net profit attributable to shareholders was HKD 85.19 billion, reflecting a 39.1% year-on-year growth [6][9]. - Revenue breakdown by fee types shows significant growth: trading and trading system usage fees increased by 49.12%, listing fees by 12.55%, settlement and clearing fees by 48.47%, and market data fees by 14.04% [6][9]. Market Activity - The report notes a substantial increase in trading activity across various markets. The average daily turnover for stock securities rose by 122.1%, with the Stock Connect programs showing increases of 31.6% and 196.0% respectively [6][9]. - The derivatives market also saw growth, with trading fees increasing by 13.8% due to heightened activity in stock options and warrants [6][9]. Future Projections - The report projects that from 2025 to 2027, the company will achieve revenues of HKD 283.44 billion, HKD 303.43 billion, and HKD 322.26 billion respectively, with net profits of HKD 176.18 billion, HKD 188.76 billion, and HKD 200.46 billion [2][10]. - The expected price-to-earnings (PE) ratios for these years are 31.75, 29.63, and 27.90 respectively, indicating a positive outlook for the company's valuation [2][10].

Core Viewpoint - Goldman Sachs reports that Hong Kong Exchanges and Clearing Limited (00388) exceeded expectations in Q2 performance, primarily driven by higher-than-expected investment income [1] Group 1: Financial Performance - Core profit, excluding investment income, showed a strong year-on-year growth of approximately 40%, aligning with expectations [1] - The average daily turnover in the cash market nearly doubled year-on-year during the period [1] Group 2: Earnings Forecast - Following the Q2 performance and recent market turnover trends, Goldman Sachs has raised its earnings per share forecasts for HKEX for 2025, 2026, and 2027 by 3%, 1%, and 2% respectively [1] - The target price for HKEX has been increased from HKD 500 to HKD 509 [1] Group 3: Management Insights - Management indicated that with the decline in HIBOR and the reduction of external investment portfolios due to funding headquarters acquisitions, the outlook for investment income is expected to weaken [1] - Goldman Sachs' forecasts already incorporate these factors, predicting a year-on-year decline in investment income of approximately 17% and 11% for the current and next year, respectively [1] - Despite the anticipated decline in investment income, strong profit growth is expected to continue in the second half of the year [1]

管理层表明在HIBOR回落，加上资助总部购置而减持外部投资组合下，投资收益前景将转弱。高盛的 预测已纳入相关因素，目前预期今明两年投资收入将同比跌约17%及11%，但仍相信强劲的盈利增长将 于下半年持续。 高盛发布研报称，香港交易所(00388)第二季业绩胜预期，主要来自于高于预期的投资收益所带动。撇 除投资收益的核心利润同比强劲增长约40%，符合预期，期内现货市场日均成交额几乎同比翻倍。计入 第二季业绩及近期市场成交量表现，高盛将港交所2025至2027年每股盈利预测分别上调3%、1%及2%， 重申"买入"评级，目标价从500港元上调至509港元。 ...

24小时交易革命！港交所230家IPO排队背后的全球金融博弈 1. 全球IPO冠军的回归2025年上半年，港交所IPO融资额达1094亿港元（约140亿美元），同比增长超700%，一举超越纳斯达克和纽交所，重夺全球IPO募资 榜首。蓝思科技（募资54.8亿港元）、富卫集团（36.6亿港元）等巨头领衔，7月单月9只新股上市再吸金193.8亿港元。目前排队企业达230家，主板占比 86%（197家），立讯精密、胜宏科技等A股龙头密集递交申请，"A+H"双平台战略成主流。 2. 外资回流与中东资本入场北向资金占港股日均成交额23%，剩余交易中机构投资者主导，中东、东南亚及欧美资金显著增加。上半年外资在新股基石投资 中的参与度创五年新高，沙特公共投资基金（PIF）等主权基金频繁现身。港交所CEO陈翊庭直言："中东时差红利是延长交易时间的核心动因"——迪拜与 香港时差仅4小时，延长交易可直击中东资本"交易空窗期"。 ⚡ 二、24小时交易：传统交易所的生死保卫战 1. 全球交易所的"时间竞赛" - 美国：纽交所申请延长交易至22小时，纳斯达克计划2026年实现全天候交易； 当纽交所、纳斯达克竞相延长交易至22小时，当迪拜 ...

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][11] Core Views - The report highlights that the Hong Kong Stock Exchange (HKEX) has shown strong performance in the first half of 2025, with total revenue reaching 14.076 billion HKD, a year-on-year increase of 33%, and net profit attributable to shareholders at 8.519 billion HKD, up 39% year-on-year [2][6] - The report emphasizes the recovery of trading sentiment and the potential for performance and valuation recovery, driven by increased trading activity and improved market conditions [4][6] Financial Performance Summary - For the first half of 2025, the trading fees and transaction system usage fees increased by 49%, settlement and clearing fees by 48%, and listing fees by 13% [6] - The average daily trading volume in the cash market reached 240.2 billion HKD, more than double that of the first half of 2024, with the average daily trading volume for the Stock Connect program also showing significant growth [6] - The report projects a strong growth trajectory for the company, with net profit forecasts for 2025, 2026, and 2027 revised to 18.8 billion HKD, 20 billion HKD, and 21.1 billion HKD respectively, reflecting year-on-year growth rates of 44%, 6%, and 5% [6][8]

Core Viewpoint - CICC has raised its profit forecasts for Hong Kong Exchanges and Clearing (HKEX) for 2025 and 2026 by 7.3% and 4.0% to HKD 165 billion and HKD 173 billion respectively, maintaining an outperform rating and increasing the target price by 8% to HKD 500, indicating a potential upside of 15.3% [1] Group 1 - HKEX's Q2 2025 main fee income met expectations, while profits exceeded both CICC's and market forecasts [2] - Q2 2025 total revenue increased by 33% year-on-year and 5% quarter-on-quarter to HKD 72.2 billion, with main fee income rising by 31% year-on-year and 1% quarter-on-quarter to HKD 55.4 billion, and profits up by 41% year-on-year and 9% quarter-on-quarter to HKD 44.4 billion [2] - For the first half of the year, total revenue rose by 33% year-on-year to HKD 140.8 billion, and profits increased by 39% year-on-year to HKD 85.2 billion [2] Group 2 - Q2 trading and settlement income grew by 40% year-on-year but decreased by 5% quarter-on-quarter, with active spot trading and weakening marginal performance in derivatives [2] - Spot trading and settlement income increased by 65% year-on-year but decreased by 4% quarter-on-quarter, with an average daily turnover (ADT) of HKD 2,377 billion, up 95% year-on-year [2] - The number of IPOs completed in Q2 was 27, raising HKD 907.5 billion, a significant increase of 960% year-on-year and 386% quarter-on-quarter [2] Group 3 - Total investment income in Q2 increased by 31% year-on-year and 16% quarter-on-quarter to HKD 16.8 billion, with a 17% year-on-year and 6% quarter-on-quarter increase when excluding non-recurring foreign exchange gains [3] - Margin and clearing house 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 open interest in derivatives [3] - Proprietary fund income, excluding foreign exchange impacts, grew by 6% year-on-year but fell by 19% quarter-on-quarter to HKD 3.9 billion, attributed to an increase in fund scale [3]

智通财经APP获悉，中金发布研报称，港股市场持续高活跃下，上调香港交易所(00388)25e/26e盈利预 测7.3%/4.0%至165/173亿港元。公司当前交易于33x/32x 25e/26e P/E，维持跑赢行业评级，上调目标价 8%至500港币(对应38x/37x 25e/26e P/E及15.3%上行空间)。 中金主要观点如下： 港交所2Q25主营费类收入符合预期、盈利超出该行及市场预期 港交所2Q25总收入同比+33%/环比+5%至72.2亿港币，剔除投资收益后、主营费类收入同比+31%/环比 +1%至55.4亿港币，盈利同比+41%/环比+9%至44.4亿港币，主营费类收入符合该行预期，盈利超预期、 主因汇兑收益(同比多增1.4亿港币)及杂项收益(包括因购置地产后租赁修订产生的一次性收益等)超预 期。累计来看，上半年总收入同比+33%至140.8亿港币，盈利同比+39%至85.2亿港币。 2Q交易及结算收入同比+40%/环比-5%，现货交易保持活跃、衍生品高位边际走弱 1)现货：交易及结算收入(包括交收指示费)同比+65%/环比-4%，对应2Q ADT同比+95%/环比-2%至2,377 亿港币 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company's performance in H1 2025 showed significant growth, with revenue reaching HKD 14.076 billion, a year-on-year increase of 32.5%, and net profit attributable to shareholders at HKD 8.519 billion, up 39.1% [1][9] - The increase in trading volume, particularly from southbound funds, has been a key driver of the company's performance, with the average daily trading (ADT) for H1 2025 reaching HKD 222.8 billion, a 122.1% increase year-on-year [2][13] - The company has maintained a high EBITDA margin of 77.7% in H1 2025, reflecting its efficient business model and strong profitability [1][3] Summary by Sections Financial Performance - In H1 2025, the company achieved an EBITDA margin of 77.7%, with operating expenses of HKD 2.973 billion, of which staff costs accounted for 65.6% [3][24] - The annualized return on equity (ROE) increased to 30.76%, nearing the peak levels seen in 2015 [1][9] Market Dynamics - The southbound trading activity has significantly contributed to the trading volume, with southbound funds showing strong buying power, while international intermediaries have reduced net selling since early July [2][18] - The IPO market in Hong Kong has rebounded, with H1 2025 IPO amounts reaching HKD 109 billion, reclaiming the top position globally [2][13] Investment Recommendations - The company has adjusted its profit forecasts for 2025-2027 upwards by 3.99%, 5.37%, and 5.53% respectively, based on the strong performance in H1 2025 [4][26] - The ongoing dual opening of capital markets and the company's strategic initiatives are expected to enhance its revenue and profit growth potential [4][24]

Group 1: Hong Kong Stock Exchange Developments - Hong Kong Stock Exchange (HKEX) CEO Charles Li stated that HKEX will research a 24-hour trading mechanism, taking into account international experiences and local market conditions [1] - HKEX plans to enhance its competitiveness through strategic investments in data platform optimization and trading settlement system upgrades [1] - The exchange is also exploring shortening the settlement cycle for the cash market, with a potential T+1 settlement system supported by its technology by the end of this year [1] Group 2: Market Overview - The S&P 500 index fell for four consecutive days, with the index closing down 0.24% at 6395.78 points [2] - Major technology stocks mostly declined, with Intel dropping approximately 7% [2] - The Nasdaq China Golden Dragon Index rose by 0.33%, with notable gains from Tiger Brokers and JinkoSolar [2] Group 3: Financial Regulatory Updates - The National Financial Regulatory Administration is seeking public opinion on the draft of the "Commercial Bank M&A Loan Management Measures," which includes provisions for equity acquisition loans [3] Group 4: Federal Reserve Insights - The Federal Reserve's July meeting minutes indicated a moderate GDP growth in the first half of the year, with a focus on inflation risks over labor market concerns [4] - There was a notable dissent among Fed officials regarding interest rate decisions, marking a significant moment since 1993 [4] Group 5: Corporate Earnings Reports - Alibaba Group announced plans to spin off its subsidiary, Zhaima, for an independent listing on the Hong Kong Stock Exchange [5] - Baidu Group reported a total revenue of RMB 327.13 billion for Q2 2025, a year-on-year decrease of 4%, while net profit increased by 33% to RMB 73.22 billion [8] - Huazhu Group's total revenue for Q2 2025 was RMB 64.26 billion, with a net profit of RMB 15.44 billion, reflecting a 44.7% year-on-year increase [9] - China Oriental Group expects a net profit increase of no less than 70% for the first half of 2025, projecting at least RMB 2.20 billion [10] - Lijun Pharmaceutical reported a net profit of RMB 12.81 billion for the first half of 2025, a 9.4% increase year-on-year [11] - BOSS Zhipin reported a net profit of RMB 7.16 billion for Q2 2025, a 69.87% increase year-on-year [12] - New World Development reported a significant increase in net profit to HKD 887 million, a 1076% rise year-on-year [13] - Yimuyou Group expects a net profit of no less than RMB 2.6 billion for the first half of 2025, representing a growth of over 90% [14] - Yongsheng Medical reported a net profit of HKD 51.63 million, a 55.1% increase year-on-year [15] - Lepu Biopharma achieved a revenue increase of 249.59% for the first half of 2025, marking its first profit [16] - Huya Technology expects a net profit of USD 30 million to 38 million for the first half of 2025, a significant increase from the previous year [17] - Kingsoft reported a net profit of RMB 816 million for the first half of 2025, a 20.41% increase year-on-year [18] - Zhong An Online reported a net profit of RMB 668 million, a 1103.54% increase year-on-year [19] - Yaoshi Bang reported a net profit of RMB 78.12 million, a 258% increase year-on-year [20] - Crystal International reported a net profit of USD 98.27 million, a 17% increase year-on-year [21] - Ocean Group expects a turnaround with a projected net profit of RMB 9.5 billion to 11 billion for the first half of 2025 [22] - Kingsoft Cloud reported an adjusted EBITDA of approximately RMB 725 million, a 672.62% increase year-on-year [23] Group 6: Pharmaceutical Developments - Heyou Pharmaceutical's IND application for a combination therapy for NSCLC has been approved by the CDE [24] - Shengbela reported a net profit of RMB 327 million, marking a turnaround from a previous loss, with significant growth in various business segments [25]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [1] Core Views - The report highlights that Hong Kong Exchanges achieved record high quarterly profits supported by trading volume, with a 33% year-on-year increase in revenue to HKD 14.076 billion and a 39% increase in net profit to HKD 8.519 billion for the first half of 2025 [1][2] - The trading fee income from the stock market saw a significant increase of 112% to HKD 2.556 billion, driven by a 122% year-on-year growth in average daily trading volume [2] - The report anticipates continued growth in net profit for 2025-2027, projecting HKD 17 billion, HKD 18 billion, and HKD 19.6 billion respectively, with corresponding EPS of HKD 13.48, HKD 14.22, and HKD 15.43 [3] Summary by Sections Performance Overview - In 1H25, the revenue breakdown by business lines showed significant growth rates: cash market at 62%, derivatives at 15%, commodities at 8%, data and connectivity at 5%, and company projects at 28% [1] - The trading and transaction system usage fees increased by 49%, while listing fees rose by 30% due to a recovery in the IPO market [2] Revenue and Profit Forecast - The report forecasts revenue growth rates of 26% for 2025, followed by 6% and 7% in subsequent years, with net profit growth rates of 31%, 6%, and 9% respectively [3][7] - The projected P/E ratios for the next three years are 33, 31, and 29 times [3]