2月26日，香港交易所（HK00388，股价415.4港元，市值5267亿港元）公布2025年全年业绩。财报显示，香港交易所2025年收入及其他收益达292亿港元， 同比增长30%；股东应占溢利为178亿港元，同比增长36%。董事会宣派2025年第二次中期股息每股6.52港元，叠加第一次中期股息每股6港元，2025年全年 股息为每股12.52港元，同比增长35%。 在当日下午举行的业绩发布会上，香港交易所财务总监许亮华对包括《每日经济新闻》记者在内的媒体记者介绍称，这是香港交易所连续第二年业绩创历史 新高，营收和净利均录得历史峰值，主要得益于现货、衍生产品及商品市场的成交量齐创历史新高。 香港交易所行政总裁陈翊庭将近年香港市场的强劲反弹归结为两大核心"引擎"。 其一是全球资本寻求多元化配置的"推力"。陈翊庭指出，在当前全球市场不确定性持续的背景下，资金正规律性地流入亚洲寻求增长。今年1月，内地市场 与香港市场的合计交易量占亚太地区总交易量的比例超过75%。 其二是中国发展模式转型带来的"拉力"。陈翊庭表示，中国对科技创新的高度重视，让香港交易所迎来了一批在全球科技创新前沿的企业。2025年，科技板 块占亚太地 ...

陈翊庭预期2026年宏观环境仍将充满变数，同时她表示，尽管前景存在不确定性，全球投资者正积极采 取多元化配置与风险管理策略，以应对市场挑战。这一趋势为资本市场带来了新的发展契机。世界各地 的交易所作为关键的金融市场基础设施，将需要继续肩负起高效地连接资本的使命。 陈翊庭指出，香港交易所的长期战略发展计划（包括大力投资重要基础设施的升级）将确保集团的业务 继续在全球市场保持竞争力，并巩固香港作为全球国际金融中心的地位，促进亚洲区内及亚洲与全球其 他地区之间的资本流动。2026年港交所将继续积极回应全球投资者不断变化的需求，并确保本地市场保 持开放且具竞争力。 （文章来源：新华财经） 2025年贵金属升势强劲，LME同样展现出色表现，其收费金属合约的日均成交量达到创纪录的71.7万 手，同比上升8%。 香港交易所集团行政总裁陈翊庭介绍，2025年，香港交易所共迎来119只新股上市，总集资额达2869亿 港元，同比上升226%，其中两家公司跻身年度全球新股集资额前五名。来自新经济行业的新股集资额 占比为66%，其中有21家公司是根据专为生物科技公司和特专科技公司而设的《上市规则》第十八章系 列上市。港交所也拓展了上 ...

Core Insights - The Hong Kong IPO market has welcomed over 100 companies since 2025, raising more than HKD 270 billion, with over 300 applications currently being processed for 2026 [2][3] Group 1: Market Performance and Drivers - The primary drivers behind the Hong Kong market's performance include the global trend of diversified capital allocation and the shift in China's economic development model [3] - Global investors are increasingly seeking diversified growth and risk management opportunities, with Hong Kong being a key market for this trend [3] - The "DeepSeek moment" in January 2025 highlighted China's strength in advanced technology and its transition to a high-value, innovation-driven growth model [3] Group 2: Competitive Advantages and Future Strategies - The interconnectedness with the mainland market is a significant advantage for the Hong Kong Stock Exchange (HKEX) compared to other international exchanges [4] - HKEX aims to strengthen this advantage by optimizing connectivity with the mainland and promoting the internationalization of the RMB [4] - Over the next decade, HKEX plans to enhance regional cooperation and connect Asian markets with opportunities in China [4] Group 3: Strategic Focus Areas - The first strategic focus is to expand and enhance a diversified asset ecosystem, introducing products tailored for Asian clients, particularly retail and professional investors [5] - The second focus is on technological and operational advancements, including market consultations on settlement cycle reforms and the adoption of emerging technologies like AI [5][6] - The third focus is on developing emerging businesses such as data, analytics, indices, digital currencies, and tokenization, with plans to launch more index products to facilitate investment in Asian assets [6]

Core Insights - The article emphasizes two main driving forces behind the recent market performance: the trend of global capital diversification and the shift in China's economic development model [1][3]. Group 1: Global Capital Diversification - Global capital is increasingly seeking diversified growth and risk management opportunities due to ongoing macroeconomic uncertainties, leading to a shift in capital allocation patterns [1]. - Hong Kong has become a focal point for this trend, with the most active trading days in its stock market occurring after September 2024, indicating a growing interest from global investors [1]. - The Asian market, particularly Hong Kong, is experiencing a surge in IPOs, with over 100 companies listed since 2025, raising more than 270 billion HKD [2]. Group 2: China's Economic Transition - China's economic model is transitioning from traditional manufacturing to high-value, innovation-driven industries, attracting capital inflows [1]. - The "DeepSeek moment" in January 2025 highlighted China's strengths in frontier technology and its evolving growth model [1]. Group 3: Future of Hong Kong Market - The long-term outlook for the Asian market, including Hong Kong, is positive, with expectations of continued economic growth and development of financial markets [4]. - Hong Kong is positioned to become a core global financial market, leveraging its unique connectivity with mainland China's capital markets [6][7]. Group 4: Strategic Initiatives - The Hong Kong Stock Exchange (HKEX) aims to enhance its multi-asset ecosystem, focusing on products and tools that meet the evolving needs of global investors [8]. - There is a commitment to improving technology and operations to facilitate easier investment and risk management for both Asian and international investors [10]. - The development of emerging businesses, including data analytics, indices, and digital currencies, is a priority to support core operations and enhance market liquidity [11]. Group 5: Market Records and Future Plans - Despite macroeconomic volatility, the Hong Kong market has set multiple records in 2025, with HKEX launching new products and market structure reforms [12]. - The management team of HKEX plans to share updates on strategic initiatives through a series of short videos, emphasizing their commitment to enhancing connectivity in the global capital market [12].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is poised for a busy year in 2025, with a surge in large IPOs and record market transactions, while also focusing on enhancing connectivity between Asian markets and opportunities in China [1][6]. Market Performance - The past year's market performance has been driven by two main factors: the global trend of diversified capital allocation and the shift in China's economic development model. Investors are increasingly seeking diversified growth and risk management opportunities globally [2][5]. - Since the end of 2024, the Hong Kong market has seen significant activity, with the 20 most active trading days occurring after September 2024, indicating a shift in investor behavior towards Asian markets [2][5]. IPO Activity - As of 2025, the Hong Kong IPO market has welcomed over 100 new companies, raising more than 270 billion HKD, with expectations of over 300 companies currently processing listing applications for 2026 [3]. Asian Economic Trends - Asia is becoming a central player in the global economy, contributing nearly double its share to global GDP since 1990, and attracting about 40% of global foreign direct investment. Asian companies represent 55% of global listed companies, accounting for 27% of total global stock market capitalization [5][6]. Future Outlook for HKEX - The long-term outlook for the Asian market is positive, with expectations of continued economic growth driving the development of regional financial markets and attracting global capital. HKEX is positioned to leverage its unique connectivity with mainland China to enhance its role as a global financial hub [6][7]. - HKEX aims to strengthen its advantages in connectivity with mainland markets, optimizing mechanisms to support further opening of the Chinese capital market and the internationalization of the Renminbi [7].

Core Viewpoint - The CEO of Morgan Stanley Asia stated that under the trend of global capital diversification, Shanghai and Hong Kong can attract capital [1] Group 1 - The global trend of capital diversification is influencing investment decisions [1] - Shanghai and Hong Kong are positioned to benefit from this trend, enhancing their appeal to investors [1]

Group 1 - The core viewpoint of the article emphasizes that under the trend of global capital diversification, both Shanghai and Hong Kong are positioned to attract significant capital inflows [1] Group 2 - The article highlights the increasing interest of global investors in diversifying their capital allocation, particularly towards Asian markets [1] - It mentions that the strategic importance of Shanghai and Hong Kong is growing as financial hubs in the context of this diversification trend [1] - The article suggests that the regulatory environment and market opportunities in these cities are favorable for attracting foreign investments [1]