2025 年 8 月 23 日 公司研究 ADT 延续高增，业绩再创新高 ——香港交易所（0388.HK）2025 年半年报点评 增持（维持） 当前价：448.0（港元） 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 市场数据 | 总股本(亿股) | 12.68 | | --- | --- | | 总市值(亿港元)： | 5679.91 | | 一 年 最 低 / 最 高 ( 港 | 218.4 /452 | | 元)： | | | 近 3 月换手率： | 48.8% | 股价相对走势 资料来源：Wind | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 2.6 | 8.3 | 56.1 | | 绝对 | 1.9 | 15.7 | 99.7 | | 资料来源：Wind | | | | 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 资料来源：Wind 相关研报 业 ...

Core Viewpoints - Hong Kong Stock Exchange (HKEX) reported a significant increase in market activity, with the average daily turnover (ADT) reaching HKD 2,376.77 billion in Q2 2025, a year-on-year increase of 95.46% [1][2][3] - The influx of southbound capital has contributed to high trading volumes, with a total net purchase of HKD 2,728.63 billion from April to June 2025, marking a 24.77% increase year-on-year [3][4] - The number of new IPOs in Q2 2025 rose to 27, up by 9 from the same period last year, with total IPO fundraising amounting to HKD 880.43 billion, a year-on-year increase of 906.67% [1][3][5] Market Performance - As of June 2025, the market capitalization of the Hong Kong securities market stood at HKD 42.68 trillion, reflecting a 6.84% increase quarter-on-quarter and a 32.82% increase year-on-year [2] - The Hang Seng Index increased by 4.12% in Q2 2025, while the Hang Seng Tech Index experienced a slight decline of 1.70% [2] IPO and Trading Activity - The surge in IPO activity was driven by major A-share companies listing in Hong Kong, including notable firms like CATL and Hengrui Medicine, which collectively raised HKD 737.72 billion, accounting for 83.79% of the total IPO fundraising in Q2 [3][5] - Derivatives and commodity contracts saw increased trading volumes due to heightened demand for risk hedging, with average daily trading volumes for futures and options reaching 1.54 million contracts in Q2, a 15.34% increase year-on-year [3][4] Investment and Future Outlook - Despite a decline in investment returns due to lower HIBOR rates, the overall yield remains high, with expectations of continued growth in Q2 performance [4][5] - The company maintains a "buy" rating, projecting a target price of HKD 480.08 per share based on a 40x PE ratio for 2025, indicating a favorable outlook for future market activity and valuation recovery [7]