Core Viewpoint - CICC has raised its profit forecasts for Hong Kong Exchanges and Clearing (HKEX) for 2025 and 2026 by 7.3% and 4.0% to HKD 165 billion and HKD 173 billion respectively, maintaining an outperform rating and increasing the target price by 8% to HKD 500, indicating a potential upside of 15.3% [1] Group 1 - HKEX's Q2 2025 main fee income met expectations, while profits exceeded both CICC's and market forecasts [2] - Q2 2025 total revenue increased by 33% year-on-year and 5% quarter-on-quarter to HKD 72.2 billion, with main fee income rising by 31% year-on-year and 1% quarter-on-quarter to HKD 55.4 billion, and profits up by 41% year-on-year and 9% quarter-on-quarter to HKD 44.4 billion [2] - For the first half of the year, total revenue rose by 33% year-on-year to HKD 140.8 billion, and profits increased by 39% year-on-year to HKD 85.2 billion [2] Group 2 - Q2 trading and settlement income grew by 40% year-on-year but decreased by 5% quarter-on-quarter, with active spot trading and weakening marginal performance in derivatives [2] - Spot trading and settlement income increased by 65% year-on-year but decreased by 4% quarter-on-quarter, with an average daily turnover (ADT) of HKD 2,377 billion, up 95% year-on-year [2] - The number of IPOs completed in Q2 was 27, raising HKD 907.5 billion, a significant increase of 960% year-on-year and 386% quarter-on-quarter [2] Group 3 - Total investment income in Q2 increased by 31% year-on-year and 16% quarter-on-quarter to HKD 16.8 billion, with a 17% year-on-year and 6% quarter-on-quarter increase when excluding non-recurring foreign exchange gains [3] - Margin and clearing house fund income rose by 25% year-on-year and 24% quarter-on-quarter to HKD 10.1 billion, driven by increased margin requirements and higher open interest in derivatives [3] - Proprietary fund income, excluding foreign exchange impacts, grew by 6% year-on-year but fell by 19% quarter-on-quarter to HKD 3.9 billion, attributed to an increase in fund scale [3]

智通财经APP获悉，中金发布研报称，港股市场持续高活跃下，上调香港交易所(00388)25e/26e盈利预 测7.3%/4.0%至165/173亿港元。公司当前交易于33x/32x 25e/26e P/E，维持跑赢行业评级，上调目标价 8%至500港币(对应38x/37x 25e/26e P/E及15.3%上行空间)。 中金主要观点如下： 港交所2Q25主营费类收入符合预期、盈利超出该行及市场预期 港交所2Q25总收入同比+33%/环比+5%至72.2亿港币，剔除投资收益后、主营费类收入同比+31%/环比 +1%至55.4亿港币，盈利同比+41%/环比+9%至44.4亿港币，主营费类收入符合该行预期，盈利超预期、 主因汇兑收益(同比多增1.4亿港币)及杂项收益(包括因购置地产后租赁修订产生的一次性收益等)超预 期。累计来看，上半年总收入同比+33%至140.8亿港币，盈利同比+39%至85.2亿港币。 2Q交易及结算收入同比+40%/环比-5%，现货交易保持活跃、衍生品高位边际走弱 1)现货：交易及结算收入(包括交收指示费)同比+65%/环比-4%，对应2Q ADT同比+95%/环比-2%至2,377 亿港币 ...

Market Overview - The Hong Kong stock market showed mixed performance, with the Hang Seng Index closing at 25,166 points, up 0.17%, while the Hang Seng Technology Index fell by 0.01% [1][5] - The market turnover decreased to HKD 285.29 billion, with significant net selling from southbound funds amounting to HKD 14.68 billion [1][5] - Notable stock movements included Sunny Optical Technology (2382HK) rising by 9.7% due to a 52.56% year-on-year increase in net profit for the first half of the year [1][5] U.S. Market Insights - The S&P 500 index fell for four consecutive days, influenced by a general decline in technology stocks, while the Dow Jones saw a slight increase of 16 points to 44,938 points [2] - Initial jobless claims in the U.S. for August 9 were reported at 224,000, lower than the previous figure of 227,000, indicating a slight improvement in the labor market [2] Sector Performance - The semiconductor, communication, and artificial intelligence sectors in the Hong Kong market showed renewed activity, with ZTE Corporation (0763HK) rising by 3.8% and accumulating a 10.7% increase for the week [3] - The report emphasizes the investment value of Hong Kong stocks centered on Chinese assets, particularly in technology sectors such as artificial intelligence, robotics, and semiconductors [3] Key Company Updates - Hong Kong Exchanges and Clearing Limited (00388) reported a 39% year-on-year increase in net profit to HKD 8.519 billion for the first half of the year, with a significant rise in trading volumes [9] - The average daily trading amount in the securities market reached HKD 240.2 billion, up 118% year-on-year, indicating robust market activity [9] Investment Recommendations - The report suggests focusing on sectors with strong growth potential, including artificial intelligence, robotics, and new consumer sectors supported by policy initiatives [3][9] - Specific companies to watch include BeiGene (6160HK) and CSPC Pharmaceutical Group (1093HK), which are highlighted for their innovation and market position in the biopharmaceutical industry [9]

花旗发表报告，更新对港交所模型，以计入2025年第二季业绩及7月的市场成交量。考虑到第二季的投 资收益超出预期，以及日均成交假设上调1至2%，该行将2025至2027财年的每股盈利预测上调3%。随 着盈利变动，该行将港交所目标价由490港元上调至500港元。由于香港日均成交额强劲(本季以来为 2580亿港元，相对去年第二季的2380亿港元)，加上2025财年市盈率34倍的合理估值，维持"买入"评 级。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company's performance in H1 2025 showed significant growth, with revenue reaching HKD 14.076 billion, a year-on-year increase of 32.5%, and net profit attributable to shareholders at HKD 8.519 billion, up 39.1% [1][9] - The increase in trading volume, particularly from southbound funds, has been a key driver of the company's performance, with the average daily trading (ADT) for H1 2025 reaching HKD 222.8 billion, a 122.1% increase year-on-year [2][13] - The company has maintained a high EBITDA margin of 77.7% in H1 2025, reflecting its efficient business model and strong profitability [1][3] Summary by Sections Financial Performance - In H1 2025, the company achieved an EBITDA margin of 77.7%, with operating expenses of HKD 2.973 billion, of which staff costs accounted for 65.6% [3][24] - The annualized return on equity (ROE) increased to 30.76%, nearing the peak levels seen in 2015 [1][9] Market Dynamics - The southbound trading activity has significantly contributed to the trading volume, with southbound funds showing strong buying power, while international intermediaries have reduced net selling since early July [2][18] - The IPO market in Hong Kong has rebounded, with H1 2025 IPO amounts reaching HKD 109 billion, reclaiming the top position globally [2][13] Investment Recommendations - The company has adjusted its profit forecasts for 2025-2027 upwards by 3.99%, 5.37%, and 5.53% respectively, based on the strong performance in H1 2025 [4][26] - The ongoing dual opening of capital markets and the company's strategic initiatives are expected to enhance its revenue and profit growth potential [4][24]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) reported a significant increase in revenue for the first half of 2025, achieving HKD 14.076 billion, which represents a year-on-year growth of 33% [1]. Group 1: Financial Performance - HKEX's total revenue for the first half of 2025 reached HKD 14.076 billion, marking a 33% increase compared to the previous year [1]. Group 2: Strategic Initiatives - The CEO of HKEX, Charles Li, emphasized the importance of strategic investments in areas such as data platform optimization and trading settlement system upgrades to maintain global competitiveness [3]. - HKEX is committed to a collaborative development approach involving investors, enterprises, products, infrastructure, and technology [3]. Group 3: Market Adaptation - In response to the market's interest in extended trading hours, HKEX is studying the implementation of a 24-hour trading mechanism, similar to Nasdaq's plans for 2026, while ensuring a cautious and gradual approach [3]. - HKEX has validated the stability of its trading and settlement systems during adverse weather conditions, maintaining an average daily trading volume of over HKD 200 billion during recent severe weather events [3]. Group 4: Settlement Cycle - HKEX is actively discussing with market participants the possibility of shortening the settlement cycle for the cash market, with the technical systems ready to support a T+1 settlement cycle by the end of this year [3].

Group 1 - The Hong Kong stock market opened slightly higher on August 21, with the Hang Seng Index at 25,216 points, up 0.20%, while the Hang Seng Tech Index was at 5,528 points, down 0.23% [1] - Hong Kong Exchanges and Clearing (HKEX) reported record high revenue and net profit for the first half of 2025, with total revenue of HKD 14.076 billion, a year-on-year increase of 33%, and net profit of HKD 8.519 billion, up 39% [3] - The increase in trading volume in the cash market, derivatives market, and Stock Connect was attributed to the recovery of the Hong Kong stock market and growing global investor interest in non-USD assets [3] Group 2 - HKEX CEO Charles Li indicated that the exchange will explore a 24-hour trading mechanism, which positively impacted the stock price, reaching a high of HKD 447, up 1.31% [4] - Domestic brokerage stocks saw a significant rise, with Guotai Junan International up over 5% and Guotai Haitong up over 2%, while other firms like Zhongzhou Securities and China Galaxy also experienced gains [4] - Various cross-border ETFs, including the Hong Kong Stock Connect Innovative Drug ETF and Hong Kong Securities ETF, showed strong performance, with increases of over 1% [5]

Group 1: Electric Equipment - Haopeng Technology - The company achieved revenue of 2.763 billion yuan in H1 2025, a year-on-year increase of 19.29% [6] - The net profit attributable to shareholders was 97 million yuan, up 252.49% year-on-year, with a non-recurring net profit of 80 million yuan, increasing by 366.27% [6] - The company expects net profits of 259 million, 387 million, and 503 million yuan for 2025-2027, representing year-on-year growth of 183.9%, 49.3%, and 30.0% respectively [8] Group 2: Non-Banking Financial - Hong Kong Stock Exchange - The company reported a revenue of 14.076 billion HKD and a net profit of 8.519 billion HKD in H1 2025, reflecting year-on-year increases of 33% and 39% respectively [10] - The average daily trading volume in the Hong Kong stock market reached approximately 240.2 billion HKD, a year-on-year increase of 117.6% [11] - The company is expected to achieve a net profit of 16.623 billion HKD in 2025, with a price-to-earnings ratio of 33.6 times based on the closing price on August 20 [12] Group 3: Nonferrous Metals - Jinli Permanent Magnet - The company achieved revenue of approximately 3.507 billion yuan in H1 2025, a year-on-year increase of 4.33%, with a net profit of 305 million yuan, up 154.81% [17] - Domestic sales revenue was 2.994 billion yuan, increasing by 8.17%, while overseas sales revenue was 513 million yuan, down 13.58% [17] - The company expects EPS of 0.47, 0.59, and 0.72 yuan for 2025-2027, with corresponding price-to-book ratios of 5.1, 4.6, and 4.1 [19] Group 4: Agriculture, Forestry, Animal Husbandry, and Fishery - Lihua Co., Ltd. - The company reported revenue of 8.353 billion yuan and a net profit of 149 million yuan in H1 2025, with a year-on-year increase of 7.02% but a decrease in net profit by 74.10% [21] - The chicken business revenue was 635 million yuan, down 6.76% year-on-year, while the pig business revenue was 1.947 billion yuan, up 117.65% [22] - The company expects net profits of 586 million, 1.474 billion, and 1.942 billion yuan for 2025-2027, with a year-on-year change of -61.5%, +151.5%, and +31.8% respectively [23] Group 5: Non-Banking Financial - Ruida Futures - The company achieved total revenue of 1.047 billion yuan and a net profit of 228 million yuan in H1 2025, with year-on-year increases of 4.49% and 66.49% respectively [26] - The asset management business saw a revenue increase of 223.83% to 121 million yuan, driven by product scale expansion and investment returns [26] - The company is expected to achieve a net profit of 423 million yuan in 2025, reflecting a year-on-year increase of 10.5% [28] Group 6: Steel - Hualing Steel - The company reported revenue of 62.794 billion yuan in H1 2025, a year-on-year decrease of 17.02%, while net profit increased by 31.31% to 1.748 billion yuan [29] - The company’s high-end products accounted for 68.5% of total sales, with a focus on product structure optimization [30] - The company expects EPS of 0.44, 0.51, and 0.55 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13, 11, and 10 [31] Group 7: Automotive - Yixin Group - The company achieved total revenue of 5.452 billion yuan and a net profit of 549 million yuan in H1 2025, with year-on-year increases of 22% and 33.93% respectively [33] - The financing total reached 32.7 billion yuan, with a significant contribution from financial technology services, which saw a revenue increase of 124% [34] - The company is expected to achieve a net profit of 1.143 billion yuan in 2025, reflecting a year-on-year increase of 41.2% [35] Group 8: Automotive - Fuyao Glass - The company reported revenue of 21.45 billion yuan and a net profit of 4.8 billion yuan in H1 2025, with year-on-year increases of 16.9% and 37.3% respectively [36] - The company’s gross margin improved to 37.1%, with a net margin of 22.4% [37] - The company expects revenue growth of 15% annually from 2025 to 2027, with net profits of 9.3 billion, 10.6 billion, and 12.4 billion yuan [38] Group 9: Nonferrous Metals - Bowei Alloy - The company achieved revenue of 10.221 billion yuan and a net profit of 676 million yuan in H1 2025, with year-on-year increases of 15.21% and 6.05% respectively [40] - The new materials segment generated revenue of 7.935 billion yuan, up 23.83%, while the renewable energy segment saw a revenue decrease of 10.10% [41] - The company expects EPS of 1.97, 2.05, and 2.21 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13.4, 12.9, and 11.9 [42]

Macro News - The Chinese government emphasizes the importance of advancing the biopharmaceutical industry, focusing on high-quality technological supply and policy support to enhance innovation and produce more effective medicines [1] - The Ministry of Finance and the State Taxation Administration announced that childcare subsidies will be exempt from personal income tax starting January 1, 2025, and a mechanism for information sharing will be established [1] - The State Council has issued guidelines for local governments to prioritize projects with certain returns, ensuring the completion of essential projects based on economic and financial conditions [1] Industry News - The Hong Kong Stock Exchange is considering a 24-hour trading mechanism by mid-2026, pending system upgrades and regulatory framework improvements [2] - The National Financial Regulatory Administration is seeking opinions on a draft for managing commercial bank merger loans, which will support domestic mergers and acquisitions through various financial mechanisms [2] Overseas News - On August 20, U.S. stock indices showed mixed results, with the Dow Jones Industrial Average rising by 16.04 points to 44,938.31, while the S&P 500 and Nasdaq Composite fell by 15.59 points and 142.09 points, respectively [3] - Google launched a range of new consumer hardware products, including smartphones, smartwatches, and wireless earbuds, showcasing advancements in artificial intelligence [3]

Group 1 - The Ministry of Finance and the State Taxation Administration announced that childcare subsidies will be exempt from personal income tax starting January 1, 2025 [2] - The China Securities Regulatory Commission (CSRC) stated that the capabilities of the futures market in serving the real economy are continuously improving, with 131 listed commodity futures and options, 84 of which are industrial products, accounting for 64% [2] - The Hong Kong Stock Exchange reported record high revenue and profit for the first half of 2025, with revenue and other income reaching HKD 14.076 billion, a 33% year-on-year increase, and net profit attributable to shareholders at HKD 8.519 billion, a 39% increase [3] Group 2 - The People's Bank of New Zealand announced a 25 basis point reduction in the official cash rate to 3.0%, the lowest level in three years [4] - ByteDance clarified that it has no collaboration with Chipone Technology regarding AI chips [6] - Muyuan Foods reported a net profit increase of 1169.77% year-on-year for the first half of the year and plans to distribute a dividend of 9.32 CNY per share [7] Group 3 - The brain-computer interface industry is expected to see significant development opportunities driven by technological breakthroughs, policy support, and capital investment [17] - Goldman Sachs indicated that successful "anti-involution" actions could enhance corporate profitability, with potential industry profit increases of 53% by 2027 under normal profit margin recovery scenarios [18]