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香港交易所(0388.HK)2025年半年报点评:市场活跃度高涨驱动业绩高增 新股市场重回全球首位
Ge Long Hui· 2025-08-21 19:30
Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong financial performance for the first half of 2025, with significant increases in both revenue and net profit, driven by heightened market activity and a resurgence in IPO fundraising [1][2]. Revenue Performance - For H1 2025, HKEX achieved revenue of HKD 14.076 billion, a year-on-year increase of 32.5%, and a net profit of HKD 8.519 billion, up 39.1% year-on-year [1]. - In Q2 2025, revenue reached HKD 7.219 billion, reflecting a 33.2% year-on-year growth and a 5.3% quarter-on-quarter increase, while net profit was HKD 4.442 billion, up 40.8% year-on-year and 9.0% quarter-on-quarter [1]. Revenue Structure - The revenue sources for HKEX include trading and trading system usage fees, settlement and clearing fees, listing fees, custodial services, investment income, and market data fees [1]. - In H1 2025, trading fees, settlement fees, and custodial service fees accounted for 62.0% of total revenue, an increase of 5.9 percentage points year-on-year [1]. Market Activity - The stock market showed robust activity, with the average daily turnover of Hong Kong stocks reaching HKD 222.8 billion, a 122% increase year-on-year, marking a new half-year high [2]. - The average daily turnover for the Stock Connect program was HKD 111 billion, up 196% year-on-year, indicating a significant increase in participation from mainland investors [2]. IPO Market - In H1 2025, HKEX's listing fees amounted to HKD 4.35 billion, a 1% increase year-on-year, with total IPO fundraising reaching HKD 109.4 billion, a remarkable 716% increase year-on-year, reclaiming the top position in the global IPO market [2]. - A total of 44 companies were listed in the Hong Kong market during the first half of 2025, including the largest IPO globally since 2023 [2]. Derivatives Market - The trading fees from derivatives, including warrants and options, totaled HKD 1.298 billion in H1 2025, a 14% increase year-on-year, with average daily trading volume rising by 11% [3]. - Investment income from margin and clearing funds reached HKD 1.831 billion, a 13% increase year-on-year, driven by an increase in average margin size [3]. Strategic Outlook - HKEX is expected to benefit from a favorable capital market environment and ongoing reforms aimed at attracting high-quality companies to list in Hong Kong [4]. - The company has adjusted its earnings forecasts for 2025, 2026, and 2027, projecting EPS of HKD 13.72, 15.03, and 16.90 respectively, with a target price of HKD 494 based on a 36x PE valuation for 2025 [4].