EF001 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，香港交易所董事會包括12名獨立非執行董事，分別是唐家成先生（主席）、聶雅倫先生、白禮仁先生、陳健波先 生、謝清海先生、張明明女士、車品覺先生、周胡慕芳女士、丁晨女士、梁柏瀚先生、任志剛先生及張懿宸先生，以及一名身兼香 港交易所集團行政總裁的執行董事陳翊庭女士。 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算所有限公司有關其股份在香港聯合交 | | | --- | --- | | 易所有限公司上市的事宜。證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 香港交易及結算所有限公司 | | 股份代號 | 00388 | | 多櫃檯股份代號及貨幣 | 8038 ...

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算所有限公司有關其股 份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及 80388（人民幣櫃台） （除另有註明外，於本公告中的財務數字均以港元為單位） 2025 年全年業績、 股息及暫停辦理股份過戶登記手續 1 戰略及財務摘要 集團行政總裁陳翊庭表示： 2025 年，香港交易所充分發揮作為全球超級聯繫人的角色，重登全球新股融資中心榜首，成交量以及業績均創新高。對集團 來說，今年是持續發展、積極開拓、銳意改革的一年。我們不斷革新產品生態圈和市場微結構，確保緊貼全球投資者趨勢， 包括全球資金多元配置和亞洲創新的崛起。雖然我們的市場於 2025 年表現亮麗，但我們仍精益求精、加快戰略佈局，持續推 動證券市場多項重大改革，為擴大多元資產生態圈進行戰略性投資，如投資迅清結算 20%的股權，推動首批 ...

Core Viewpoint - Huayuan Securities initiates coverage on Hong Kong Exchanges and Clearing Limited (HKEX) with a "Buy" rating, highlighting its unique ecological position connecting "capital" and "goods," along with regional monopoly, scarcity, and commercial viability [1] Group 1: Financial Performance - From 2015 to 2024, HKEX's revenue and other income are expected to grow at a compound annual growth rate (CAGR) of 6.3%, while net profit attributable to shareholders is projected to grow at a CAGR of 5.8% [1] - In Q3 2025, the average daily turnover (ADT) of stock securities products increased by 150% year-on-year to HKD 267.9 billion, with southbound and northbound trading volumes growing by 285% and 144% respectively [1] - For the first three quarters of 2025, revenue from spot trading increased by 75% year-on-year to HKD 11.1 billion, accounting for 51% of total revenue [1] Group 2: Derivatives and Commodity Performance - In Q3 2025, the average daily trading volume of derivative contracts decreased by 7% year-on-year to 727,000 contracts, while stock options saw a 30% increase in daily trading volume [2] - The commodity segment's revenue and other income grew by 9.5% year-on-year, with the average daily trading volume of LME metal contracts increasing by 3% [3] Group 3: Investment and Strategic Initiatives - Investment income for Q3 2025 decreased by 16% year-on-year to HKD 1.02 billion, primarily due to reduced investable funds from property redemptions [4] - HKEX is advancing strategic measures, including the launch of LME-approved warehousing facilities, adjustments to minimum price fluctuations, and the introduction of new products like the Hang Seng Biotechnology Index futures [5] Group 4: IPO Contributions and Market Dynamics - In the first three quarters of 2025, 69 IPOs raised a total of HKD 188.3 billion, marking a new high since 2022, with a significant increase in the number of IPO applications [6] - The top ten stocks by trading volume in Q3 2025 included seven internet and technology companies, contributing 30% to the total market ADT [7]

香港放大招。 今日（2月25日），中国香港特区政府财政司司长陈茂波在立法会发表2026至2027财政年度政府财政预 算案，提出多项优化证券市场和促进经济发展的措施。港交所计划在上半年就推动"T+1"结算周期的具 体实施方案咨询市场，并推进修订"同股不同权"企业上市要求、便利海外发行人第二上市等多项工作。 在硬科技方面，陈茂波指出，香港特区政府推出100亿港元"创科产业引导基金"，引领市场资本投资生 命健康科技、AI（人工智能）与机械人、未来产业等策略性新兴领域。 陈茂波宣布 2月25日，陈茂波在立法会发表2026至2027财政年度政府财政预算案。陈茂波表示，为持续优化证券市 场，吸引发行人和提升市场效率，港交所将推进以下工作： 1.在第一季度修订"同股不同权"企业上市要求、便利海外发行人第二上市、优化首次公开招股流程，以 及为生物科技和特专科技公司申请上市提供更多弹性等咨询市场； 2.在上半年落实完善结构性产品上市框架，以及就推动"T+1"结算周期的具体实施方案咨询市场； 陈茂波还表示，香港可协助内地航天产业与全球市场对接，并提供科研、融资、风险管理及法律等专业 服务。引进办将牵头物色合适的航天企业来港发展。 ...

Hong Kong Exchanges and Clearing (SEHK:00388) Q4 2025 Earnings call February 25, 2026 08:30 PM ET Company ParticipantsBonnie Y. Chan - CEOGary Lam - Head of Greater China Financials ResearchGregory Yu - Head of MarketsHerbert Hui - Group CFORichard Xu - Managing DirectorVanessa Lau - COONone - Company RepresentativeConference Call ParticipantsBetty Li - AnalystMichael Fang - AnalystThomas Wang - AnalystNoneGood afternoon, ladies and gentlemen. Welcome to HKEX 2025 Annual Results Analyst Presentation. Today, ...

Hong Kong Exchanges and Clearing (SEHK:00388) Q4 2025 Earnings call February 25, 2026 08:30 PM ET Speaker6Good afternoon, ladies and gentlemen. Welcome to HKEX 2025 Annual Results Analyst Presentation. Today, we are very pleased to have our Chief Executive Officer, Ms. Bonnie Y. Chan, our COO, Ms. Vanessa Lau, our Group CFO, Mr. Herbert Hui, our Group CIO, Mr. Richard Leung, and our Head of Market, Mr. Gregory Yu. Bonnie and Herbert will first give a presentation about our business highlights, strategic pro ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 本文资讯内容根据网络，冠通期货编辑整理而成，仅供投资者参考。 发布日期：2026/2/26 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.14%报 5183.70 美元/盎司， COMEX 白银期货涨 1.95%报 89.21 美元/盎司。 2. 美油主力合约收跌 0.09% ...

2025 Annual Results Analyst Presentation Bonnie Y Chan Chief Executive Officer, HKEX Group Herbert Hui Group Chief Financial Officer, HKEX Group 26 February 2026 Disclaimer The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, inducement, invitation or recommendation to subscribe for, buy or sell any securities or other products or to provide any investment advice or service of any kind. This document is solely intended for dist ...

1 商务部定于2月26日15:00举行新闻发布会,: 绍近期商务领域重点工作有关情况 2美国2月21日当周首次申请失业救济人数公布 3 华为将于2月26日在西班牙马德里举办主题 为"Now is Your Run"的创新产品发布会 2026年2月26日 星期四 42月26日有4000亿元14天期逆回购到期 1 隔夜市场 欧洲三大股指收盘全线上涨，德国DAX指数涨0.76%报25175.94点，法国CAC40指数涨0.47%报8559.07点，英国富时100指数涨1.18%报10806.41点。 2 德国总理默茨抵京开启任内首次访华 德国总理默茨于25日至26日对中国进行正式访问。25日上午，默茨乘机抵达北京首都国际机场，开启他就任以来的首次访华行程。他也是农历马年中方接待 访华的首位外国领导人。（央视新闻） 3 商务部新闻发言人就美国贸易代表格里尔相关言论答记者问 2月25日，商务部新闻发言人就美国贸易代表格里尔针对中国履行中美第一阶段经贸协议情况301调查相关言论答记者问。去年以来，中美双方先后举行5轮 经贸磋商，取得一系列重要成果，就延长对等关税暂停期、农产品贸易、出口管制、减少投资限制等达成多项共识。在 ...

Investment Rating - The report assigns a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) as a first coverage [4]. Core Insights - The report highlights that Hong Kong Exchanges and Clearing Limited experienced a significant increase in revenue and net profit for the first three quarters of 2025, with revenue and net profit growing by 37% and 45% year-on-year, reaching HKD 21.9 billion and HKD 13.4 billion respectively [4]. - The EBITDA margin improved by 5 percentage points to 79% due to scale effects, with Q3 alone showing an 8% and 10% quarter-on-quarter growth in revenue and net profit [4]. - The report emphasizes the strong performance in spot trading and stock options, with average daily trading amounts (ADT) for stock securities products increasing by 150% year-on-year to HKD 267.9 billion in Q3 [5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the revenue from spot trading increased by 75% year-on-year to HKD 111 billion, accounting for 51% of total revenue [5]. - The average daily trading amount for southbound and northbound trading increased by 285% and 144% respectively, contributing to the overall growth in trading volume [5]. - The financial derivatives segment saw a decline in average daily contract volume by 7% year-on-year, while stock options trading increased by 30% [5]. Strategic Initiatives - Hong Kong Exchanges and Clearing Limited has implemented several strategic measures, including the launch of LME-approved warehousing facilities and adjustments to minimum price fluctuations in the securities market [6][7]. - The company is also focusing on enhancing market vitality and technological empowerment, with plans to shorten the settlement cycle for the cash market [6][7]. IPO Contributions - In the first three quarters of 2025, there were 69 successful IPOs on the Hong Kong Exchange, raising a total of HKD 188.3 billion, marking the highest level since 2022 [8]. - The report notes that internet and technology stocks were the main contributors to trading volume, with the top ten stocks accounting for 30% of the total market ADT [8]. Profit Forecast and Valuation - The report projects that the net profit for Hong Kong Exchanges and Clearing Limited will reach HKD 17.9 billion, HKD 20.3 billion, and HKD 22.1 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 37.5%, 13.1%, and 9.0% [9]. - The current price-to-earnings (P/E) ratios are forecasted to be 29.1, 25.7, and 23.6 for the years 2025, 2026, and 2027 [9].