Core Viewpoint - The Hong Kong IPO market is experiencing a surge, and the Hong Kong Stock Exchange (HKEX) is considering allowing more companies to submit IPO applications confidentially to maintain its leading position as a global listing center [1] Group 1: Proposed Changes - The proposal aims to expand the scope of confidential applications beyond just technology and biotech sectors to include traditional industries [1] - A market consultation document is expected to be released by HKEX by the end of February, which will include these suggestions [1] - The content and timing of the document may be adjusted around the Lunar New Year holiday and the upcoming fiscal budget announcement [1] Group 2: Current Confidential Application Criteria - Currently, only overseas-listed companies with a market capitalization of at least 10 billion HKD and strong performance, as well as biotech or advanced technology companies, can submit confidential IPO applications [1] - This confidentiality is intended to protect research-intensive companies from the risks associated with early disclosure [1] - Other issuers are required to disclose detailed business overviews, audited financial statements, and equity structures months before listing, which has deterred some companies concerned about the uncertainty of the listing window [1] Group 3: Regulatory Response - The Hong Kong Securities and Futures Commission (SFC) declined to comment on the matter but stated it will continue to work closely with HKEX to explore measures to enhance the competitiveness of the Hong Kong listing market [1] - The goal is to ensure that Hong Kong remains the preferred listing destination for quality enterprises [1]

- The "Hong Kong CCASS Preferred 20 Portfolio" was constructed using a two-step screening method: "select brokers first, then select stocks"[3][4] - The first step involves selecting top-performing brokers by standardizing and equally weighting their excess Sharpe ratio and monthly win rate, then selecting the top 10 brokers[4][16] - The second step involves equally distributing funds to the 10 selected brokers, aggregating their latest holdings, and retaining the top 20 stocks by weight for equal allocation[5][17] - The portfolio has shown significant outperformance over the Hang Seng Index, with an annualized excess return rate of 19.3% and an excess Sharpe ratio of 2.45 over the period from 2020 to 2025[3][12][15] - The portfolio demonstrated defensive characteristics during market adjustments, achieving a positive return of 2.05% from October 8, 2025, to December 31, 2025, while the Hang Seng Index fell by 4.47% and the Hang Seng Technology Index dropped by 15.32%[3][12] - The latest holdings of the portfolio as of February 2026 include a low valuation and high dividend yield configuration, with the banking and non-bank financial sectors accounting for about 45%, the energy sector about 10%, and the technology and internet sectors about 20%[6][19][22] Portfolio Performance Metrics - Annualized return: 19.3%[15] - Annualized volatility: 7.9%[15] - Sharpe ratio: 2.45[15] - Maximum drawdown: -7.6%[15] - Monthly win rate: 75.3%[15]

Core Insights - The report titled "ESG Value Accounting Report for Hong Kong Listed Companies (2025)" highlights the progress in ESG value accounting both domestically and internationally, emphasizing the standardization of ESG practices and the increasing quality of ESG disclosures among Hong Kong listed companies [1][2]. Group 1: ESG Value Accounting Progress - The report indicates that the number of companies publishing ESG reports in Hong Kong increased from 1,657 in 2018 to 2,541 in 2025, reflecting a significant rise in disclosure rates across various industries [2]. - The report notes that 1,235 companies, accounting for 48.37% of Hong Kong listed companies, generated a positive net impact on ESG in 2024, with a notable improvement in the quality of carbon emission data [2][3]. Group 2: Investment Applications of ESG Value Accounting - ESG value accounting demonstrates significant predictive power for stock returns, with factors such as ESG net value and risk-opportunity value contributing to the construction of enhanced indices that achieved positive excess returns during the backtesting period from January 2018 to November 2025 [2][17]. - The report discusses the integration of ESG data into corporate valuation models, allowing for a more comprehensive reflection of corporate value by adjusting cash flow forecasts and expected returns based on ESG metrics [17]. Group 3: Future Trends in ESG Value Accounting - The report anticipates that ESG value accounting will drive the standardization and verification of corporate ESG disclosures, facilitating the integration of ESG factors into strategic decision-making and resource allocation [3][34]. - It emphasizes the role of ESG value accounting in promoting sustainable finance and guiding capital allocation towards sustainable sectors, thereby enhancing the overall transparency and credibility of corporate sustainability efforts [3][38].

香港本地股方面，长实集团涨0.77%，收报47.18港元；新鸿基地产涨2.85%，收报133.5港元；恒基 地产跌0.67%，收报32.74港元。 中资金融股方面，中国银行无升跌，收报4.72港元；建设银行跌0.86%，收报8.08港元；工商银行 跌0.91%，收报6.5港元；中国平安跌0.83%，收报71.9港元；中国人寿涨0.64%，收报34.34港元。 石油石化股方面，中国石油化工股份涨2.72%，收报5.66港元；中国石油股份涨0.85%，收报9.46港 元；中国海洋石油涨1.29%，收报25.12港元。 新华社香港2月12日电 香港恒生指数12日跌233.84点，跌幅0.86%，收报27032.54点。全日主板成交 2387.05亿港元。 国企指数跌93.0点，收报9175.18点，跌幅1.0%。恒生科技指数跌91.01点，收报5408.98点，跌幅 1.65%。 蓝筹股方面，腾讯控股跌2.28%，收报535.5港元；香港交易所跌0.96%，收报414港元；中国移动跌 0.32%，收报78.2港元；汇丰控股跌0.21%，收报139.5港元。 ...

摩根士丹利发布研报，预期港交所2025年第四季收入及盈利将从2025年第三季的历史高位回落。该行估 计港交所2025年第四季盈利将同比下跌2%，主要受成本黏性同比上升7%以及最低税率要求推高税率的 影响。同时，该行给予港交所"增持"评级，目标价508港元。 研报显示，港交所2025年第四季日均成交额为2300亿港元，同比上升23%，但按季下跌20%。期货日均 成交量同比下跌16%，期权日均成交量则同比上升8%。第四季收入将同比增长4%，核心业务同比约 12%的增长成为主要带动因素，疲弱的净投资收益则对收入增长形成部分抵销。大摩预期港交所净投资 收益将同比及按季均录得下跌，主要源于保证金资金规模缩减。 对于港交所2026年整体走势，大摩认为1月市场活动相对活跃，将为全年走势提供支撑。该行预期2026 年下半年港交所将迎来利好格局，一方面得益于市场活动持续活跃，另一方面PPI压力趋缓的迹象日趋 明确也将为其营造有利环境。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 ...

Core Viewpoint - Morgan Stanley anticipates that Hong Kong Exchanges and Clearing Limited (HKEX) will see a decline in revenue and profit in Q4 2025 from the historical high in Q3 2025, despite a relatively active market in January providing support for this year's performance [1] Revenue and Profit Forecast - The firm estimates that HKEX's profit in Q4 2025 will decrease by 2% year-on-year, influenced by cost stickiness (up 7% year-on-year) and an increase in tax rate due to minimum tax requirements [1] - Q4 2025 average daily turnover is projected to be HKD 230 billion, representing a 23% year-on-year increase but a 20% quarter-on-quarter decline [1] Trading Volume Insights - Daily trading volume for futures is expected to decline by 16% year-on-year, while daily trading volume for options is anticipated to increase by 8% year-on-year [1] Revenue Growth Drivers - Q4 revenue is expected to grow by 4% year-on-year, driven by approximately 12% growth in core business, although this will be partially offset by weak net investment income [1] Net Investment Income Outlook - Morgan Stanley predicts that HKEX's net investment income will decline year-on-year and quarter-on-quarter, primarily due to a reduction in the scale of margin funds [1] Rating and Target Price - The rating for HKEX is set at "Overweight" with a target price of HKD 508 [1]

摩根士丹利发布研报称，预期港交所(00388)去年第四季收入及盈利将从2025年第三季的历史高位回 落。今年1月市场活动相对活跃，该行认为这对今年走势构成支持。该行预期踏入今年下半年将形成利 好格局，受惠于市场活动活跃及PPI压力趋缓的迹象日趋明确。该行估计港交所2025年第四季盈利将同 比下跌2%，反映成本黏性(同比升7%)及最低税率要求导致税率上升的影响。评级"增持"，目标价508港 元。 大摩预期，港交所2025年第四季均成交额为2,300亿港元，同比上升23%，惟按季下跌20%。期货日均成 交量同比下跌16%，期权日均成交量则同比上升8%。第四季收入将同比增长4%，受核心业务约12%的 同比增长带动，部分被疲弱的净投资收益所抵销。大摩预期港交所净投资收益将同比(基数较高)及按季 均录得下跌，主要由于保证金资金规模缩减所致。 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) has appointed Jalal Almarhoon as Managing Director and Chief Representative for the Middle East, effective February 10, 2026, to enhance its business development in the region [1] Group 1: Appointment Details - Jalal Almarhoon will be based in the newly established Riyadh office and will report to Xu Jingwei, head of the Global Listing Services Department at HKEX [1] - His responsibilities include leading HKEX's business expansion in Saudi Arabia and the broader Middle East, overseeing primary and secondary market initiatives, and promoting HKEX as the preferred listing venue for issuers in the region [1] Group 2: Strategic Importance - HKEX aims to strengthen its presence in the Middle East as the region plays an increasingly significant role in global capital flows [1] - The appointment is part of HKEX's strategy to enhance connections between Hong Kong, mainland China, and the Middle East in terms of capital, issuers, and investors [1] Group 3: Background of the Appointee - Jalal Almarhoon has over 20 years of experience in financial markets in the Gulf region and previously served as Managing Director at BNP Paribas and Head of Strategic Corporate Clients in Saudi Arabia [1] - He has also held senior positions at Societe Generale and Standard Chartered Bank, and holds a Bachelor's degree in Business Administration from Hanze University of Applied Sciences in the Netherlands [1]

Core Viewpoint - Citic Lyon has upgraded the weighting of the Hong Kong market to overweight by 20%, citing reduced correlation with the Chinese market and allowing for differentiated allocation [1] Group 1: Market Performance - The Hong Kong IPO market is expected to surpass its performance in 2025, with total IPO and placement fundraising amounting to $82.3 billion last year [1] - The Hong Kong property market has recorded its first annual increase since 2021, which is anticipated to boost the stock market [1] Group 2: Earnings and Valuation - Earnings forecasts for Hong Kong companies are projected to turn positive starting July 2025, ranking second in the Asia-Pacific region after Japan, South Korea, and Taiwan [1] - The valuation of the Hong Kong stock market is attractive relative to regional peers, with a price-to-earnings ratio of 16.7 times, slightly below the 35-year average of 17.2 times [1] - The Hong Kong market is the furthest from its historical highs, indicating potential for catch-up [1] Group 3: Stock Recommendations - Preferred stocks include WH Group (00288), AIA (01299), Hong Kong Exchanges and Clearing (00388), Sun Hung Kai Properties (00016), CK Hutchison Holdings (00001), Techtronic Industries (00669), and Galaxy Entertainment Group (00027), all rated as "outperform" [1] - WH Group is highlighted as a stock with "high confidence" by the firm [1]

| 合約 | 所有賬戶 | | --- | --- | | MSCI 中國 A50 期貨 | 0.50 美元 | 智通财经APP获悉，2月12日，香港交易所(00388)发布通告称，现有的MSCI中国A50期货的流通量提供者计划及活跃交易者计划将于2026 年3月31日完结。香港交易所将于2026年4月自1月1日起至2028年3月31日期间推出下一期的MSCI中国A50期货流通量提供者计划及活跃交 易者计划。MSCI中国A50期货的50%交易费用折扣优惠将维持不变，直至另行通知。 ...