Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [2][9]. Core Views - The report highlights that the Hong Kong Exchanges has shown strong performance across various business segments, achieving record high mid-year results for 2025. The company reported revenue and other income of HKD 140.76 billion, a year-on-year increase of 32.53%, and a net profit attributable to shareholders of HKD 85.19 billion, up 39.1% year-on-year [6][9]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of HKD 140.76 billion, representing a 32.53% increase year-on-year. The net profit attributable to shareholders was HKD 85.19 billion, reflecting a 39.1% year-on-year growth [6][9]. - Revenue breakdown by fee types shows significant growth: trading and trading system usage fees increased by 49.12%, listing fees by 12.55%, settlement and clearing fees by 48.47%, and market data fees by 14.04% [6][9]. Market Activity - The report notes a substantial increase in trading activity across various markets. The average daily turnover for stock securities rose by 122.1%, with the Stock Connect programs showing increases of 31.6% and 196.0% respectively [6][9]. - The derivatives market also saw growth, with trading fees increasing by 13.8% due to heightened activity in stock options and warrants [6][9]. Future Projections - The report projects that from 2025 to 2027, the company will achieve revenues of HKD 283.44 billion, HKD 303.43 billion, and HKD 322.26 billion respectively, with net profits of HKD 176.18 billion, HKD 188.76 billion, and HKD 200.46 billion [2][10]. - The expected price-to-earnings (PE) ratios for these years are 31.75, 29.63, and 27.90 respectively, indicating a positive outlook for the company's valuation [2][10].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is open to suggestions regarding extended trading hours but emphasizes the need for careful consideration due to the significant impact on the market [1] Group 1: Trading Hours Discussion - Market participants suggested extending trading hours during the HKEX mid-year performance meeting [1] - HKEX CEO Charles Li clarified that while the exchange is open to ideas, extending trading hours poses substantial challenges and requires thorough consultation with all market participants [1] - The potential risks of a 24-hour trading mechanism were highlighted, including the lack of time to rectify errors that could occur without a break [1]

Core Viewpoint - Goldman Sachs reports that Hong Kong Exchanges and Clearing Limited (00388) exceeded expectations in Q2 performance, primarily driven by higher-than-expected investment income [1] Group 1: Financial Performance - Core profit, excluding investment income, showed a strong year-on-year growth of approximately 40%, aligning with expectations [1] - The average daily turnover in the cash market nearly doubled year-on-year during the period [1] Group 2: Earnings Forecast - Following the Q2 performance and recent market turnover trends, Goldman Sachs has raised its earnings per share forecasts for HKEX for 2025, 2026, and 2027 by 3%, 1%, and 2% respectively [1] - The target price for HKEX has been increased from HKD 500 to HKD 509 [1] Group 3: Management Insights - Management indicated that with the decline in HIBOR and the reduction of external investment portfolios due to funding headquarters acquisitions, the outlook for investment income is expected to weaken [1] - Goldman Sachs' forecasts already incorporate these factors, predicting a year-on-year decline in investment income of approximately 17% and 11% for the current and next year, respectively [1] - Despite the anticipated decline in investment income, strong profit growth is expected to continue in the second half of the year [1]

管理层表明在HIBOR回落，加上资助总部购置而减持外部投资组合下，投资收益前景将转弱。高盛的 预测已纳入相关因素，目前预期今明两年投资收入将同比跌约17%及11%，但仍相信强劲的盈利增长将 于下半年持续。 高盛发布研报称，香港交易所(00388)第二季业绩胜预期，主要来自于高于预期的投资收益所带动。撇 除投资收益的核心利润同比强劲增长约40%，符合预期，期内现货市场日均成交额几乎同比翻倍。计入 第二季业绩及近期市场成交量表现，高盛将港交所2025至2027年每股盈利预测分别上调3%、1%及2%， 重申"买入"评级，目标价从500港元上调至509港元。 ...

24小时交易革命！港交所230家IPO排队背后的全球金融博弈 1. 全球IPO冠军的回归2025年上半年，港交所IPO融资额达1094亿港元（约140亿美元），同比增长超700%，一举超越纳斯达克和纽交所，重夺全球IPO募资 榜首。蓝思科技（募资54.8亿港元）、富卫集团（36.6亿港元）等巨头领衔，7月单月9只新股上市再吸金193.8亿港元。目前排队企业达230家，主板占比 86%（197家），立讯精密、胜宏科技等A股龙头密集递交申请，"A+H"双平台战略成主流。 2. 外资回流与中东资本入场北向资金占港股日均成交额23%，剩余交易中机构投资者主导，中东、东南亚及欧美资金显著增加。上半年外资在新股基石投资 中的参与度创五年新高，沙特公共投资基金（PIF）等主权基金频繁现身。港交所CEO陈翊庭直言："中东时差红利是延长交易时间的核心动因"——迪拜与 香港时差仅4小时，延长交易可直击中东资本"交易空窗期"。 ⚡ 二、24小时交易：传统交易所的生死保卫战 1. 全球交易所的"时间竞赛" - 美国：纽交所申请延长交易至22小时，纳斯达克计划2026年实现全天候交易； 当纽交所、纳斯达克竞相延长交易至22小时，当迪拜 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) achieved record high revenue and profit in the first half of 2025, driven by increased trading volumes in spot and derivatives markets, as well as the success of the Stock Connect programs with mainland China [1][3]. Financial Performance - HKEX reported a total revenue (including other income) of HKD 14.1 billion, a year-on-year increase of 33% [3]. - Main business revenue reached HKD 13 billion, up 32% year-on-year [3]. - Net profit after tax was HKD 8.5 billion, reflecting a 39% increase compared to the previous year [3]. - Average daily trading volume increased by 95% year-on-year, leading to a 39% rise in spot revenue and a 29% increase in stock and financial derivatives revenue [3]. IPO and Financing Activity - The Hong Kong market saw strong IPO activity with 44 new listings, raising HKD 109.4 billion, which is over eight times the amount from the same period last year [4]. - The refinancing scale exceeded HKD 240 billion, marking the highest semi-annual record since 2021 [4]. - HKEX approved 50 IPO applications in the first half of the year, with over 230 IPO applications currently in the pipeline [4]. Strategic Initiatives - HKEX has introduced the "Tech Company Fast Track," resulting in 50 new applications under the 18A and 18C categories [5]. - The exchange is preparing for a potential influx of international funds returning to Chinese assets, as global investors seek diversified investment opportunities [6]. - HKEX plans to optimize its mechanisms, including shortening the settlement cycle for the spot market to enhance efficiency [7]. Market Dynamics - The average daily trading volume for the Stock Connect programs reached new highs, with the Shanghai-Hong Kong Stock Connect daily average increasing by 32% year-on-year, and the Hong Kong Stock Connect averaging HKD 111 billion, nearly three times the amount from the previous year [3]. - International investors currently dominate the secondary market, with retail investors accounting for only 10% of the market [6].

Group 1: Fixed Income Market Insights - The fixed income market is experiencing a weak sentiment, with a preference for short to medium-term credit instruments as the stock market remains strong since June, leading to adjustments in the bond market [2][4] - Recommendations include focusing on city investment bonds with maturities of three years or less, high-quality city rural commercial bank bonds, and high-grade central state-owned enterprise real estate bonds with maturities of one year or less [2][4] - The bond curve is expected to remain steep, and investors are advised to avoid ultra-long-term bonds and credit ETF securities [2] Group 2: Transportation Sector Recovery - The transportation sector is entering a recovery phase, with expectations of a seasonal increase in demand as the peak season approaches [6] - The industry has seen a slowdown in volume growth, with retail sales and express delivery volumes showing year-on-year increases of 4.0%, 8.3%, and 15.1% respectively [6] - Recommendations include focusing on the e-commerce express delivery sector and leading international logistics companies like SF Express [6] Group 3: Beverage Industry Outlook - The liquor sector is showing signs of stabilization, with government policies aimed at boosting domestic demand providing support [6] - Major liquor companies are focusing on maintaining investor interests through long-term and interim dividend plans, with current dividend yields for leading brands exceeding 3.5% [6] - The sector is expected to enter a phase of healthy recovery, with strong fundamentals among leading companies [6] Group 4: AI and Technology Sector - The AI technology revolution is anticipated to drive corporate profit growth, providing a counterbalance to macroeconomic uncertainties [4] - Industrial Fulian's stock has surged approximately 69% since mid-July, reflecting renewed market interest in its growth potential within the AI industry [14] - The report emphasizes the importance of understanding the investment ceiling for AI computing power and the potential for significant growth in the sector [14] Group 5: Logistics and Delivery Sector - The logistics sector is expected to benefit from a price recovery due to the "anti-involution" policy, which aims to improve service quality and profitability [30] - ZTO Express reported a revenue increase of 9.8% year-on-year, although net profits declined due to intense price competition [30] - The outlook for the second half of the year remains positive, with expectations of improved profitability as the industry adjusts pricing strategies [30] Group 6: Insurance Sector Performance - Zhong An Insurance reported a significant increase in net profit for the first half of 2025, driven by strong growth in underwriting profits across various business lines [19] - The company’s overall performance reflects improvements in both insurance and investment segments, with a notable turnaround in its banking operations [19] - The report maintains a "buy" rating based on the positive trends across multiple business areas [19] Group 7: Power Generation Sector - Guiguan Electric's performance is in line with expectations, with a forecast for increased hydropower generation in the upcoming quarter due to favorable water conditions [26] - The company reported a revenue decline of 13.99% year-on-year, but net profits showed resilience [26] - The report suggests maintaining a "buy" rating based on anticipated growth in hydropower output [26] Group 8: E-commerce and Retail Sector - Salted Fish Shop's revenue and net profit for the first half of 2025 exceeded market expectations, driven by strong performance in its membership and retail channels [13] - The company reported a year-on-year revenue increase of 19.6%, with significant growth in its snack and retail segments [13] - The report highlights the importance of channel and product category growth in sustaining performance [13]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - In the production industry, attention should be paid to major green projects such as the Yarlung Zangbo River hydropower project and the Sichuan - Tibet Railway, and efforts should be made to strengthen ecological civilization construction [1]. - The Hong Kong Stock Exchange will study the 24 - hour trading mechanism, following the example of Nasdaq's plan to implement a five - day, 24 - hour trading mechanism in the second half of 2026 [1]. - Since January 1, 2025, parenting subsidies are exempt from personal income tax, and relevant departments will establish an information - sharing mechanism [1]. 3. Summary by Industry Upstream - **Energy**: The price of liquefied natural gas has declined [1]. - **Agriculture**: The price of eggs has continued to rise [1]. Midstream - **Chemical**: The operating rate of PX has increased [2]. - **Energy**: The coal consumption of power plants has increased [2]. - **Agriculture**: The operating rate of pork products has increased [2]. Downstream - **Real Estate**: The sales of commercial housing in first - and second - tier cities have seasonally declined [2]. - **Service**: The number of domestic flights has remained stable at a high level [2]. Key Industry Price Indicators (as of August 20) [33] | Industry | Indicator | Price | YoY | | --- | --- | --- | --- | | Agriculture | Spot price of corn | 2315.7 yuan/ton | -0.18% | | | Spot price of eggs | 6.7 yuan/kg | 5.16% | | | Spot price of palm oil | 9528.0 yuan/ton | 0.06% | | | Spot price of cotton | 15239.3 yuan/ton | 0.23% | | | Average wholesale price of pork | 20.0 yuan/kg | -1.04% | | Non - ferrous metals | Spot price of copper | 78748.3 yuan/ton | -0.91% | | | Spot price of zinc | 22142.0 yuan/ton | -1.80% | | | Spot price of aluminum | 20606.7 yuan/ton | -0.82% | | | Spot price of tin | 121933.3 yuan/ton | -1.51% | | | Spot price of aluminum | 16668.8 yuan/ton | -0.63% | | | Spot price of rebar | 3242.0 yuan/ton | 2.57% | | Ferrous metals | Spot price of iron ore | 780.8 yuan/ton | -1.76% | | | Spot price of wire rod | 3392.5 yuan/ton | 2.79% | | | Spot price of glass | 14.3 yuan/square meter | -1.38% | | Non - metals | Spot price of natural rubber | 14875.0 yuan/ton | 0.11% | | | China Plastic City Price Index | 805.3 | -0.34% | | Energy | Spot price of WTI crude oil | 61.8 dollars/barrel | 2.22% | | | Spot price of Brent crude oil | 65.8 dollars/barrel | -0.50% | | | Spot price of liquefied natural gas | 3940.0 yuan/ton | -3.19% | | | Coal price | 784.0 yuan/ton | 0.26% | | | Spot price of PTA | 4727.0 yuan/ton | -0.10% | | Chemical | Spot price of polyethylene | 7438.3 yuan/ton | 0.13% | | | Spot price of urea | 1782.5 yuan/ton | 0.28% | | | Spot price of soda ash | 1290.0 yuan/ton | -0.96% | | | National cement price index | 129.2 | 1.18% | | Real Estate | Building materials composite index | 114.7 points | 2.24% | | | National concrete price index | 93.0 points | -0.39% |

Domestic Market Overview - The domestic market experienced a rebound, reaching new highs, with the Shanghai Composite Index closing at 3766.21 points, up 1.04%, and the Shenzhen Component Index closing at 11926.74 points, up 0.89% [1][10] - Among the 30 sectors tracked, 29 saw gains, with consumer services, food and beverage, and non-bank financials leading the increases, while only comprehensive finance experienced a slight decline [1][10] - The total trading volume for the entire A-share market was 24,484 billion, showing a slight decrease from the previous day [1][10] Overseas Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones up 0.04%, the S&P 500 down 0.24%, and the Nasdaq down 0.67% [2][10] - Notable movements included a more than 2% increase for Travelers Group and over 1% for Walmart, while major tech stocks like Apple and Amazon saw declines of nearly 2% and over 1%, respectively [2][10] News Highlights - The report highlights significant political and economic developments, including President Xi Jinping's emphasis on stability and development in Tibet, which may influence regional investment opportunities [3][12][13] - The Hong Kong Stock Exchange plans to implement new measures to enhance market competitiveness and attract listings, which could impact the IPO landscape [15][16] - IDC forecasts that the market size for China's large model development platforms will reach 1.69 billion yuan in 2024, indicating growth potential in the AI sector [17]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported significant growth in its performance for the first half of 2025, reclaiming its position as the world's leading exchange in terms of new stock market financing [1][7] - The increase in trading volumes across the cash market, derivatives market, and Stock Connect with mainland China reached new highs, reflecting strong market confidence [1][7] Financial Performance - Total revenue and other income for HKEX reached HKD 14.076 billion, marking a 33% increase compared to HKD 10.621 billion in the first half of 2024 [2] - Major business revenue grew by 34%, driven by record trading volumes in the cash and stock options markets [2] - Net investment income was HKD 1.044 billion, a 16% increase year-on-year, attributed to foreign exchange gains and improved management of company funds [3] New Listings and Market Activity - HKEX saw 44 new listings in the first half of 2025, raising HKD 1,094 billion, which is over eight times the amount raised in the same period of 2024, setting a record since 2021 [3] - The refinancing scale exceeded HKD 2,400 billion, also a record since 2021, with approximately 230 companies currently in the IPO queue [3] Foreign Participation and Market Initiatives - The participation of foreign investors in the secondary market has increased, with retail investors accounting for about 10% and northbound capital averaging 23% of daily trading volume [6] - HKEX has introduced initiatives such as the "Tech Company Fast Track" to support high-tech and biotech companies in listing, enhancing the diversity of listed companies [6] - Future measures planned by HKEX include shortening settlement cycles, expanding paperless listing mechanisms, and optimizing IPO pricing regulations to enhance market competitiveness [6][7]