机构：国泰海通证券 研究员：刘欣琦/张轩铭/吴浩东 本报告导读： 受益于港股交投活跃度维持高位，保证金投资规模增长对冲收益率下降影响，港交所四季度利润好于预 期；港股市场扩容以及自身服务边界拓宽，港股市场IPO 持续活跃，提升港交所中长期盈利中枢。 投资要点： 维持"增持" 评级，调升目标价至 502港元，对应25 年 35xPE。公司2025 年总收入/净利润291.6/177.5 亿 港元，同比+30% /+36%；单季度利润增速放缓，4Q25 港交所总收入/净利润73.1/43.4 亿港元，同比 +15%/+15%。海外流动性预期改善、国内稳经济政策等因素有望助推港股投融资活跃度维持高位，驱 动公司业绩稳步增长。预计公司26-28 年净利润188/197/207 亿港元，分别同比+6%/+5%/+5%，目标价 550 港元，对应26 年37 xPE，维持"增持"评级。 业绩拆分看、现货分部高增为盈利核心驱动。港股交投活跃度改善下交易相关收入提升是公司业绩增长 的主因，2025 年港交所现货、股本证券衍生品、商品、数据及连接、公司项目分部收入分别为147、 69、32、23、22 亿港元，分别同比+56% ...

Core Insights - The Hong Kong Stock Exchange (HKEX) achieved a total revenue of HKD 29.16 billion in 2025, representing a year-on-year increase of 30.3%, with a notable increase in trading activity driving record revenue and profit levels [1] - The company reported a net profit attributable to shareholders of HKD 17.75 billion, up 36.0% year-on-year, although growth rates showed signs of slowing in the fourth quarter [1] - The exchange regained its position as the global leader in new stock financing, with 119 new listings in 2025, raising HKD 286.9 billion, a significant increase from the previous year [4] Revenue Breakdown - Total revenue for 2025 was HKD 29.16 billion, with main business revenue at HKD 27.1 billion, reflecting a year-on-year increase of 31.8% [1] - Trading fees, system usage fees, and settlement fees accounted for HKD 17.38 billion (59.6% of total revenue), showing a year-on-year increase of 45.9% [1] - Investment income netted HKD 5.11 billion (17.5% of total revenue), with a year-on-year increase of 3.7% [2] Market Activity - The average daily trading volume for equity securities reached HKD 231.5 billion, a record high, with a year-on-year increase of 92.9% [3] - The derivatives market also saw significant growth, with an average daily trading volume of HKD 18.3 billion, up 55.1% year-on-year [3] - Northbound and southbound trading recorded average daily transaction amounts of RMB 2.124 trillion and HKD 1.211 trillion, respectively, both achieving annual highs [3] New Listings and Future Outlook - The number of new listings increased by 67.6% year-on-year, with a strong contribution from new economy sectors [4] - The pipeline for new listings remains robust, with 345 applications pending as of Q4 2025, a 310.7% increase from the previous year [4] - The company is expected to continue benefiting from a favorable market environment, with revised profit forecasts for 2026-2028 indicating strong growth potential [4]

Summary of Key Points Core Viewpoint - Geely Automobile Holdings Limited reported its unaudited sales data for February 2026, showing a total vehicle sales of 206,160 units, representing a year-on-year growth of approximately 1% [2]. Brand Performance - Geely brand sales in February were 154,934 units, a decrease of 11% compared to the same month last year [3]. - The Galaxy series under the Geely brand sold 73,125 units, down 4% year-on-year [3]. - Lynk & Co brand sales reached 27,359 units, marking a significant year-on-year increase of 59% [2][3]. - Zeekr brand sales were 23,867 units, reflecting a year-on-year growth of 70% [2][3]. New Energy Vehicles - Sales of Battery Electric Vehicles (BEVs) in February totaled 67,832 units, a decline of 6% compared to the previous year [2][3]. - Sales of Plug-in Hybrid Electric Vehicles (PHEVs) reached 49,656 units, showing a substantial year-on-year increase of 89% [2][3]. Export Performance - The group's export volume in February was 60,879 units, representing a remarkable year-on-year growth of 138% [2][3]. - Cumulative exports for the year reached 121,385 units, up 129% compared to the same period last year [2][3]. Proton Sales - Proton achieved sales of 14,286 units in February 2026, reflecting a year-on-year growth of approximately 14% [2]. - Cumulative sales for the first two months of 2026 reached 30,392 units, an increase of about 25% compared to the same period last year [2].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced a management entrustment agreement with CNOOC Refining and Fudao Chemical, effective from March 1, 2026, to February 28, 2029, to enhance operational efficiency and resource allocation [1] Group 1 - The agreement involves CNOOC entrusting CNOOC Refining to manage the daily operations of Fudao Chemical [1] - CNOOC Refining's wholly-owned subsidiary, Dongfang Petrochemical, is the main raw material supplier for Fudao Chemical, providing significant industrial synergy [1] - Dongfang Petrochemical possesses advanced and mature capabilities in the production and operation of chemical products such as acrylonitrile, positioning it favorably for cost reduction and efficiency improvement at Fudao Chemical [1]

鉴于中海石油炼化的全资附属公司东方石化为富岛化工的主要原料供应商，其具备产业协同优势，且在 富岛化工降本增效方面处于更有利位置。此外，东方石化在丙烯腈等化工产品的生产经营方面拥有先 进、成熟且广泛的能力与经验。为了进一步推动资源配置与管理的优化，以及提升富岛化工的经营效 率，各方已同意订立本次交易。 中海石油化学(03983)发布公告，于2026年2月28日，本公司、中海石油炼化及富岛化工签订委托管理协 议，据此，本公司委托中海石油炼化对富岛化工日常生产经营进行管理。委托管理协议期限由2026年3 月1日起至2029年2月28日止。 ...

吉利汽车(00175)发布公告，集团于2026年2月的汽车总销量为20.62万部，较去年同期增长约1%。除上 述所披露的销量外，宝腾于2026年2月实现汽车销量14,286部，较去年同期增长约14%。此外，宝腾于 2026年首两个月累计实现汽车销量30,392部，较去年同期增长约25%。 ...

智通财经APP讯，吉利汽车(00175)发布公告，集团于2026年2月的汽车总销量为20.62万部，较去年同期 增长约1%。除上述所披露的销量外，宝腾于2026年2月实现汽车销量14,286部，较去年同期增长约 14%。此外，宝腾于2026年首两个月累计实现汽车销量30,392部，较去年同期增长约25%。 ...

智通财经APP讯，理想汽车-W(02015)发布公告，2026年2月，理想汽车交付新车26,421辆。截至2026年 2月28日，理想汽车历史累计交付量为1,594,304辆。 理想汽车OTA 8.3版本于春节前正式推送，VLA司机大模型、智能座舱和智能电动三大核心系统同步进 化。春节高峰出行期间，全国超过4,000座理想超充站持续为用户提供稳定便捷的补能体验。2026年2月 14日至2月23日，理想汽车累计提供充电服务超过145万次，总充电量超过4,200万度。本公司计划于二 季度推出全新一代理想L9。 截至2026年2月28日，理想汽车在全国已有539家零售中心，覆盖160个城市;售后维修中心及授权服务中 心548家，覆盖223个城市。理想汽车在全国已投入使用 4,054座理想超充站，拥有22,447个充电桩。 ...

新京报贝壳财经讯 3月1日，理想汽车公布2026年2月交付数据。2月份，理想汽车交付新车26421辆。截 至2026年2月28日，理想汽车历史累计交付量为1594304辆。 ...

每经AI快讯，3月1日，吉利汽车在港交所公告，2月汽车销量206160辆，同比增长约1%。 ...