衍生品分部：股票衍生品市场表现优于期交所产品。25A 衍生权证、牛熊证及权证每日平均成交金额 183 亿港元（YoY+55%）、交易费同比上涨48%至6.47 亿港元，主要由于新上市衍生权证、牛熊证及权 证的名义金额增幅较低（+27%）。25A 衍生品合约每日平均成交合约1663 千张（YoY+7%），其中期 交所衍生产品合约成交合约张数同比下降6%，交易费同比-7%，股票期权合约成交张数同比增长 22%、交易费用收入同30比%增长 商品分部：量价齐升，LME 交易收入稳健上升。LME 收费交易金属 合约25A 平均每日成交量757 千手（YoY+8%），同时考虑到2025 年1 月1 日起交易及结算费率上行， 推动LME 交易费15.62 亿港元（YoY+11%）、结算费7.09 元（YoY+12%）。 投资净收益（也即投资收益净额）：规模效应显现。港交所2025 年实现投资净收入51.11 亿港元 （YOY+4%），一方面公司自有资金25 年投资净收益达到18.7 亿港元（YOY+7%）、投资净回报率 5.06%（YOY-3BP），另一方面保证金要求调高使得资金规模增加，25 年保证金及结算所基金的投资收 ...

Core Viewpoint - The company Tibet Tianlu announced the sale of 25 million shares of China Power Construction, generating a total transaction amount of 184 million yuan, which represents 4.78% of the company's audited net assets attributable to shareholders for the most recent fiscal year [1] Summary by Relevant Sections - **Share Sale Details** - The company sold 25 million shares of China Power Construction through a centralized bidding trading system [1] - The total transaction amount reached 184 million yuan [1] - After the sale, the company retains 41.77 million shares of China Power Construction [1] - **Financial Impact** - The preliminary financial assessment indicates a net investment gain of approximately 45.75 million yuan after deducting costs and related transaction taxes [1] - This gain is expected to impact the current net profit by approximately 45.75 million yuan, accounting for 43.87% of the company's audited net profit attributable to shareholders for the most recent fiscal year [1]