今年以来，港交所在促进市场活跃度方面出台一系列举措，推动港交所业绩全面提升。展望未来， 港交所表示，将继续致力于提升平台、基础设施及产品，为投资者和发行人提供多元化的产品、充裕的 流动性和高效的互联互通机制，助力其应对不断变化的全球宏观经济环境。 现货市场日均交易额创新高、新股市场融资额重回全球交易所榜首、收入同比增长33%……受益于 上半年市场回暖，港交所业绩节节攀升。近日披露的上半年业绩显示，港交所多项业务创新高。 今年以来，港交所在促进市场活跃度方面出台一系列举措，推动港交所业绩全面提升。展望未来， 港交所表示，将继续致力于提升平台、基础设施及产品，为投资者和发行人提供多元化的产品、充裕的 流动性和高效的互联互通机制，助力其应对不断变化的全球宏观经济环境。 收入方面，半年报显示，2025年上半年，港交所收入及其他收益创新高，达140.76亿港元，较2024 年上半年增长33%。从收入结构看，交易活跃度的增加作出了巨大贡献。2025年上半年，交易费及交易 系统使用费达49.06亿港元，同比增长49.11%；结算及交收费31.55亿港元，同比增长48.47%。值得一提 的是，半年报显示，港交所近九成利润用于 ...

机构：华创证券 研究员：徐康 事项： 香港交易所发布2025 年中报。25H1 实现营业收入140.76 亿港元（同比+32.5%），归母净利润85.19 亿 港元（同比+39.1%）。25Q2 实现营业收入72.19亿港元（同比+33.2%/环比+5.3%），归母净利润44.42 亿港元（同比+40.8%/环比+9.0%）。 评论： 收入结构方面，市场活跃度持续上行，带动交易费、结算费占比上升。港交所的收入来源主要包括： 1）交易及交易系统使用费；2）结算及交收费；3）联交所上市费用；4）存管、托管及代理人服务费； 5）投资收益；6）市场数据费等。25H1，交易费及交易系统使用费+结算及交收费+存管、托管及代理 人服务费合计收入占比62.0%（同比+5.9pct），联交所上市费占比5.8%（同比-1.0pct），投资收益净额 占比20.4%（同比-3.3pct）。 现货：市场交易活跃度持续激活，IPO 募资额重回全球首位。 （1）25H1 现货部门交易费及交易系统使用费+结算及交收费+存管、托管及代理人服务费合计59.95 亿 港元（同比+71%）。25Q1 港股受益于科技板块行情的显著推动，现货市场成交强 ...

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) celebrated its 25th anniversary, evolving from a local exchange to a leading global international exchange [1] - In 2025, HKEX's IPO financing amount is expected to reclaim the global top position after six years, with 31 IPO projects raising a total of 884 billion HKD this year, surpassing last year's total [1][2] - The daily trading volume in the securities market has increased from approximately 130 billion HKD in 2000 to over 2400 billion HKD, representing a more than 17-fold increase [1] - The market capitalization has grown from 86 billion HKD in 2000 to 4960 billion HKD, an increase of over 56 times [1] - The number of listed companies on the Hong Kong stock market has surged from 790 to over 2600 [1] IPO Trends - From 2009 to 2021, HKEX ranked first globally in IPO fundraising seven times, but faced a decline starting in 2022, only returning to the top five in 2023 due to large companies like Midea listing [2] - Between 2014 and 2024, HKEX's cumulative IPO fundraising reached 303 billion USD, surpassing NASDAQ and NYSE, with mainland companies becoming a significant pillar of this market [2] - As of June 8, 2023, there are 165 mainland companies queued to list on HKEX, a significant increase from nearly 80 in mid-January [2] Market Reforms and Innovations - HKEX has implemented various reforms over the past 25 years, adapting to market needs and attracting a diverse range of investors and products [3] - The exchange has shifted its listing rules to accommodate unprofitable companies, particularly in the biotech and internet sectors, which are now seen as valuable listings [3] - HKEX aims to position itself as a leading fundraising hub for new economy and biotech companies, as well as a global offshore RMB business center [3] Cross-Border Financial Cooperation - The launch of the Cross-Border Payment System on June 22 aims to enhance financial cooperation between mainland China and Hong Kong, facilitating cross-border remittances [5] - Since the introduction of various mutual market access programs, the total balance of foreign investment in onshore stocks has increased over five times, with mainland companies now accounting for 81% of the total market capitalization of HKEX [5] - The mutual access mechanisms have expanded from stocks to include bonds, ETFs, and interest rate swaps, with further developments planned [6] Future Outlook - HKEX is focused on enhancing its market resilience and vibrancy, with ongoing improvements to trading systems and infrastructure [6] - The recent policy changes allow companies listed on HKEX in the Guangdong-Hong Kong-Macao Greater Bay Area to also list on the Shenzhen Stock Exchange, potentially increasing the number of "H+A" listed companies [6]