智通财经网·2026-02-27 01:27Core Viewpoint - Dongwu Securities maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388), anticipating continued growth in IPO issuance and an active trading environment in the Hong Kong market [1] Financial Performance - In 2025, Hong Kong Exchanges achieved revenue and other income of HKD 29.2 billion, a year-on-year increase of 30%, with a net profit attributable to shareholders of HKD 17.8 billion, up 36% [1] - The company's return on equity (ROE) for 2025 was 33.2%, an increase of 7.3 percentage points year-on-year [1] - For Q4 2025, revenue and other income were HKD 7.3 billion, a 15% increase year-on-year but a 6% decrease quarter-on-quarter [1] Trading Volume and IPO Activity - The cash market segment generated revenue of HKD 14.7 billion in 2025, a 56% increase, with a daily average trading volume up 93% to HKD 232 billion [2] - The number of IPOs reached 119 in 2025, a 68% increase, with total fundraising amounting to HKD 286.9 billion, a 226% year-on-year increase [2] - The backlog of IPO applications in Hong Kong increased nearly threefold year-on-year by the end of 2025 [2] Derivatives Market - The revenue from the equity securities and financial derivatives segment was HKD 6.9 billion, an 11% increase, driven by higher trading volumes and increased listing activities [3] - The average daily trading volume of derivatives contracts reached 1.66 million, a 7% increase year-on-year [3] Commodity and Data Segments - The commodities segment reported revenue of HKD 3.2 billion, a 14% increase, with average daily trading volume in LME fees up 8% [4] - The data and connectivity segment generated revenue of HKD 2.3 billion, a 7% increase, attributed to higher usage of trading network services [5] Company Projects - Revenue from company projects was HKD 2.2 billion, a 17% increase, with internal investment income of HKD 1.9 billion, up 7% [6] - The annualized net investment return was 5.06%, a decrease of 3 basis points year-on-year [6]