香港交易所（0388.HK）2025 年报点评 推荐（维持） 证 券 研 究 报 告 业绩高增，创新加速 目标价：516.9 港元 事项： ❖ 香港交易所发布 2025 年年报。2025 年实现营业收入 291.61 亿港元（同比 +30.3%），归母净利润 177.54 亿港元（同比+36.0%）。2025Q4 实现营业收入 73.10 亿港元（同比+14.6%），归母净利润 43.35 亿港元（同比+14.7%）。 评论： （1）2025 年现货部门收入 147.04 亿港元（同比+56.1%），其中交易费及交易 系统使用费+结算及交收费+存管、托管及代理人服务费合计 132.91 亿港元（同 比+64.1%）。受中国内地科技发展及大规模市场改革的带动，投资者对中国相 关资产的兴趣在 2025 年持续回升，吸引国际资本流入香港。同时，世界各地 投资者正放眼全球，寻找多元化的增长及风险管理机遇，中国内地投资者参与 程度提升。年内整体平均每日成交金额、沪深港通北向交易平均每日成交金额、 沪深港通南向交易平均每日成交金额均创下新高。现货市场整体平均每日成交 金额达到 2498 亿港元（同比+90%），沪深港通北 ...

Core Insights - The CEO of Hong Kong Exchanges and Clearing (HKEX), Charles Li, discussed the future of the Hong Kong market in his blog titled "Writing a New Chapter in Connectivity" [1] - The Hong Kong IPO market has seen over 100 companies listed in 2025, raising more than 270 billion HKD [1] - HKEX is processing over 300 listing applications, indicating a robust pipeline for future listings [1] Strategic Focus Areas - The first strategic focus is to expand and enhance a diversified asset ecosystem, aiming to provide products and tools needed for global capital allocation, particularly targeting retail and professional investors in Asia [2] - The second strategic focus is on continuous technological and operational advancements, including market infrastructure optimization, consultation on settlement cycle reforms, and the adoption of emerging technologies like AI [2] - The third strategic focus is on developing emerging businesses such as data, analytics, indices, digital currencies, and tokenization to support core operations and enhance market liquidity [2] Market Outlook - Despite increasing global volatility, the Hong Kong market has set multiple new records in 2025, with HKEX launching new products and significant market structure reforms [2] - The company aims to continue its proactive approach and advance its strategies into 2026 [2]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has seen significant activity from mainland companies utilizing its financing platform to accelerate their international expansion strategies in 2025, with over 100 companies listed and total fundraising exceeding HKD 270 billion [1] Group 1: Market Activity - In 2025, the HKEX welcomed over 100 new listings, including the two largest IPOs globally this year, raising more than HKD 270 billion [1] - Looking ahead to 2026, the HKEX is processing over 300 listing applications [1] Group 2: Strategic Focus - HKEX will focus on three strategic areas over the next decade: expanding a diversified asset ecosystem, enhancing technology and operations, and developing emerging businesses [1] - The first strategy involves expanding fixed income, currency, and commodity businesses while attracting more international companies to list in Hong Kong [1] - The second strategy includes ongoing technological advancements, such as consulting on reforms to the settlement cycle, implementing paperless securities measures, upgrading derivatives trading platforms, and incorporating AI and other emerging technologies [1] - The third strategy focuses on developing new businesses, including data, analytics, indices, digital currencies, and tokenization [1] Group 3: Connectivity and Positioning - HKEX aims to deepen connectivity with mainland China and facilitate connections between other Asian markets and Chinese capital, reinforcing Hong Kong's status as a global financial hub [1]