智通财经网·2026-02-26 09:13Group 1 - Hong Kong Exchanges and Clearing (HKEX) reported a net profit of HKD 4.3 billion for Q4 2025, a 12% quarter-on-quarter decline but a 15% year-on-year increase, exceeding Morgan Stanley's expectations by 19% [1] - For the full fiscal year 2025, HKEX's net profit reached HKD 17.8 billion, a 36% year-on-year increase, surpassing market expectations by 2% [1] - The strong performance was primarily driven by revenue, with trading and settlement fee income experiencing a moderate quarter-on-quarter decline of 14% to 16%, despite a seasonal weakness in trading volume, which saw an average daily turnover decrease of 21% [1] Group 2 - The strong net investment income of HKD 1.2 billion, a 20% quarter-on-quarter increase, was a key factor in the better-than-expected performance [1] - Even excluding the non-recurring income of HKD 163 million, the pre-tax profit of HKD 5 billion still recorded a 16% year-on-year growth, exceeding Morgan Stanley's forecast by 15% [1] - HKEX has over 400 active listing applications entering 2026, a significant increase from 297 in Q3 2025, indicating a recovery in trading volume after a seasonal lull in December 2025 [2]