机构：国联民生证券 研究员：刘雨辰/耿张逸 事件：香港交易所公布2025 年业绩报告。2025 年公司累计实现收入及其他收益291.6 亿港元， yoy+30%；累计实现归母净利润177.5 亿港元，yoy+36%。其中2025Q4 公司实现收入及其他收益73.1 亿 港元，yoy+15%/qoq-6%；实现归母净利润43.4 亿港元，yoy+15%/qoq-12%。 业绩概览：港股市场景气度向好，公司业绩连续第二年创新高。公司2025 年实现收入及其他收益291.6 亿港元，yoy+30%；累计实现归母净利润177.5 亿港元，yoy+36%，业绩连续第二年创新高，主因（1） 2025 年现货及衍生品市场ADT创年度累计新高，使得交易及结算费增加；（2）2025 年香港新股市场 延续强劲增长，融资总额位居全球新股市场榜首，年度累计融资额也为公司2021 年以来历史新高，使 得上市费增加。 分部业绩：各业务均同比增长,投资收益率同比下滑。公司2025 年（1）实现交易及交易系统使用费 103.33 亿港元，yoy+44%,主因港股现货及衍生品市场ADT创历史新高。（2）实现结算费及交收费70.42 亿港元，y ...

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [2] Core Insights - The company achieved a record high in performance for 2025, with total revenue and other income reaching HKD 29.16 billion, a year-on-year increase of 30%, and net profit attributable to shareholders amounting to HKD 17.75 billion, up 36% year-on-year [7] - The strong performance is attributed to increased trading and settlement fees due to record average daily trading (ADT) in the cash and derivatives markets, as well as robust growth in the Hong Kong IPO market, which led to a significant rise in listing fees [7] - The report forecasts continued revenue growth, with projected total revenues of HKD 29.63 billion in 2026, HKD 30.34 billion in 2027, and HKD 31.15 billion in 2028, reflecting growth rates of 1.6%, 2.4%, and 2.7% respectively [2][8] Financial Performance Summary - For 2025, the company reported: - Total revenue of HKD 29,161 million, with a growth rate of 30.3% - Net profit attributable to shareholders of HKD 17,754 million, with a growth rate of 36.0% - Earnings per share (EPS) of HKD 14.00, with a projected PE ratio of 30 [2][8] - The breakdown of revenue sources includes: - Trading and transaction system fees: HKD 10.33 billion, up 44% - Settlement and clearing fees: HKD 7.04 billion, up 49% - Listing fees: HKD 1.79 billion, up 21% - Investment income: HKD 5.11 billion, up 4% [7][8] Market Performance - The report highlights that the Hong Kong stock market's trading activity has improved significantly, which is expected to sustain the company's revenue growth [7] - The average daily trading volume in the cash market reached HKD 249.8 billion, a 90% increase year-on-year, with northbound trading ADT at HKD 212.4 billion, up 42%, and southbound trading ADT at HKD 121.1 billion, up 151% [7] - The IPO market saw 118 companies listed on the main board, raising HKD 286.8 billion, a 227% increase year-on-year [7]

Core Viewpoint - Everbright Securities maintains an "Overweight" rating for Hong Kong Exchanges and Clearing (HKEX), citing its unique position and strong financial performance in the first three quarters of 2025, with expectations for continued growth in the fourth quarter due to active market sentiment and policy support for mainland companies listing in Hong Kong [1] Financial Performance - In the first three quarters of 2025, HKEX achieved total revenue of HKD 21.85 billion, a year-on-year increase of 36.6%, with the growth rate accelerating by 4.1 percentage points compared to the first half of the year; Q3 revenue growth was 44.7% year-on-year and 7.7% quarter-on-quarter [2] - The net profit attributable to shareholders for the first three quarters was HKD 13.42 billion, up 44.8% year-on-year, with a growth rate increase of 5.7 percentage points compared to the first half; Q3 net profit growth was 55.8% year-on-year and 10.3% quarter-on-quarter [2] Revenue Breakdown - Trading fees, system usage fees, and settlement fees accounted for HKD 13.1 billion (60.0% of total revenue), up 60.5% year-on-year, with Q3 growth rates of 83.6% year-on-year and 28.2% quarter-on-quarter, driven by heightened trading activity in the Hong Kong stock market [2] - Investment income for the first three quarters was HKD 3.89 billion (17.8% of total revenue), a year-on-year increase of 4.4%, with a narrowing growth rate compared to the first half; net investment income from funds was HKD 1.3 billion, down 7.8% year-on-year [3] - Listing fee revenue was HKD 1.27 billion (5.8% of total revenue), up 17.1% year-on-year, benefiting from increased market volatility and demand for structured products [3] Market Activity - The average daily trading volume for stock securities on the exchange reached HKD 238.7 billion in the first three quarters, a record high, with a year-on-year increase of 132.4%; Q3 growth was 149.9% year-on-year [4] - The average daily trading volume for derivatives was HKD 17.7 billion, up 67.0% year-on-year, with Q3 growth of 59.5% year-on-year [4] - Northbound and southbound trading average daily volumes were RMB 206.4 billion and HKD 125.9 billion, respectively, both record highs, with year-on-year increases of 67.4% and 228.7% [4] New Listings - In the first three quarters of 2025, HKEX saw 69 new listings, a year-on-year increase of 53.3%, raising a total of HKD 188.3 billion, which is a 238.7% increase year-on-year; Zijin Mining's listing in Q3 was the second-largest globally this year, raising HKD 28.7 billion [5] - As of the end of Q3 2025, there were 297 listing applications pending, representing a 253.6% increase from the end of the previous year [5]

Core Viewpoint - The report from Everbright Securities highlights Hong Kong Exchanges and Clearing Limited (HKEX) as a rare investment target with both offensive and defensive strengths, maintaining an "overweight" rating. The report notes a significant increase in trading activity in the Hong Kong stock market since September 2024, with the company's financial performance reaching historical highs in the first three quarters of the year. The positive market sentiment is expected to continue into the fourth quarter, supported by policy initiatives encouraging more mainland companies to list in Hong Kong and the return of Chinese concept stocks [1]. Financial Performance - In the first three quarters of 2025, HKEX achieved total revenue of HKD 21.85 billion, a year-on-year increase of 36.6%, with growth accelerating by 4.1 percentage points compared to the first half of the year. The third quarter saw revenue growth of 44.7% year-on-year and 7.7% quarter-on-quarter. The net profit attributable to shareholders for the same period was HKD 13.42 billion, up 44.8% year-on-year, with a 5.7 percentage point increase compared to the first half of the year. The third quarter's net profit growth was 55.8% year-on-year and 10.3% quarter-on-quarter [2]. Revenue Breakdown - Trading fees, trading system usage fees, and settlement and clearing fees accounted for HKD 13.1 billion (60.0% of total revenue), reflecting a year-on-year increase of 60.5%. The third quarter saw a year-on-year increase of 83.6% and a quarter-on-quarter increase of 28.2%. The average daily trading volume increased by 126.3% year-on-year to HKD 256.4 billion, with the third quarter showing a year-on-year increase of 141.1% and a quarter-on-quarter increase of 20.5% [2][3]. Investment Income - The net investment income for the first three quarters was HKD 3.89 billion (17.8% of total revenue), a year-on-year increase of 4.4%, with growth slowing by 9.6 percentage points compared to the first half of the year. The net investment income from the company's own funds was HKD 1.3 billion, down 7.8% year-on-year, with an annualized net return of 4.7%, a decrease of 0.8 percentage points. The income from margin and clearing house fund investments was HKD 2.6 billion, up 11.9% year-on-year, with an annualized net return of 1.5%, down 0.2 percentage points [3]. Market Activity - The average daily trading volume for stock securities on the exchange reached HKD 238.7 billion in the first three quarters, a record high, with a year-on-year increase of 132.4%. The third quarter saw a year-on-year increase of 149.9% and a quarter-on-quarter increase of 21.6%. The average daily trading volume in the derivatives market was HKD 17.7 billion, up 67.0% year-on-year, with the third quarter showing a year-on-year increase of 59.5% and a quarter-on-quarter increase of 6.3% [4]. New Listings - In the first three quarters of 2025, the Hong Kong stock market saw a strong increase in new listings, with 69 new companies listed, a year-on-year increase of 53.3%. The total funds raised amounted to HKD 188.3 billion, a year-on-year increase of 238.7%. Notably, Zijin Mining's listing in the third quarter raised HKD 28.7 billion, making it the second-largest new listing globally this year. As of the end of the third quarter, there were 297 listing applications pending, representing a 253.6% increase compared to the end of the previous year [5].