HKEX(HK:00388) Ge Long Hui·2025-08-20 08:03Core Viewpoint - Morgan Stanley's report indicates that Hong Kong Exchanges and Clearing Limited (HKEX) experienced a 41% year-on-year increase in net profit for the second quarter, reaching HKD 4.44 billion, exceeding both Morgan Stanley's and market expectations by 7% and 8% respectively [1] Financial Performance - The significant growth in net profit was primarily driven by improved net investment income and rental income adjustments [1] - Core business performance remained strong, aligning with expectations [1] Trading Activity - The average daily trading volume increased by 95% year-on-year to HKD 238 billion, largely fueled by southbound trading [1] - In July, the average daily trading volume further increased to HKD 263 billion [1] Analyst Rating - Morgan Stanley maintains an "Overweight" rating on HKEX, expressing optimism about the potential for continued profit growth [1] - The target price set by Morgan Stanley for HKEX is HKD 500 [1]