上 市 公 司 非银金融 2025 年 04 月 30 日 香港交易所 (00388) ——成交额高增驱动业绩创新高，关注中概股回流、A+H 上市维持港股高活跃度 事件：4 月 30 日，港交所披露 1Q25 年报，业绩超预期。1Q25 港交所实现总营收 68.57 亿港元/yoy+32%； 主营收 63.15 亿/yoy+36%(剔除公司资金投资收益及慈善基金捐款收益)；净利润 40.77 亿港元 /yoy+37%/qoq+8%，1Q25 港交所 EBITDA 利润率为 78%/yoy+6pct。成交量高增驱动港交所 1Q25 总 营收、净利润均创同期历史新高，经营效率同比提升（雇员费用下降、EBITDA 利润率改善）。 财务数据及盈利预测 | 港元 | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 22374 | 6,857 | 27836 | 28802 | 29577 | | 同比增长率（%） | 9% | 32 | 24% | 3% | 3% | | 归母净利润（ ...

Group 1 - The core viewpoint of the article highlights that Hong Kong Exchanges and Clearing Limited (HKEX) experienced a significant increase in its stock price, rising over 2% [1] - The net profit for Q1 reached HKD 40.77 billion, marking a year-on-year growth of 37% [1]

Core Insights - The Hong Kong Stock Exchange (HKEX) reported record highs in average daily trading amounts for the first quarter, with figures reaching 2,427 billion HKD for total trading, 1,099 billion HKD for Stock Connect, and 394 billion HKD for Exchange-Traded Products (ETPs) [1] Group 1 - The average daily trading amount for the Hong Kong Stock Exchange reached a new high of 2,427 billion HKD [1] - The average daily trading amount for Stock Connect also hit a record high of 1,099 billion HKD [1] - The average daily trading amount for ETPs reached a new peak of 394 billion HKD [1]

Group 1 - The Hong Kong Stock Exchange (HKEX) reported record high revenue and profit for the first quarter of 2025, with total revenue and other income reaching HKD 6.857 billion, a 32% increase compared to Q1 2024 and a 7% increase from Q4 2024 [1] - The main business revenue increased by 36% year-on-year, driven by higher trading volumes in the spot, derivatives, and commodities markets, leading to increased trading and settlement fees [1] - Shareholder profit attributable to the company was HKD 4.077 billion, up 37% from Q1 2024 and 8% from Q4 2024 [1] Group 2 - The financing activities in the Hong Kong market remained active, positioning it among the top five globally for new stock market financing, with the largest two refinancing issuances since April 2021 [2] - There are currently 120 new stock listing applications in process, reinforcing Hong Kong's status as a leading destination for global equity fundraising [2] - The company is implementing several strategic initiatives in 2025, including a partnership with a clearing company to enhance fixed income and currency products, launching new products to boost market liquidity, and expanding the range of recognized securities exchanges for secondary listings [2]

Group 1 - The core point of the article is that Hong Kong Exchanges and Clearing Limited reported a net profit of HKD 4.08 billion for the first quarter, exceeding the forecast of HKD 3.99 billion [1] - The company's total revenue and other income reached HKD 6.86 billion, surpassing the expected HKD 6.77 billion [1] - Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to HKD 5.25 billion, slightly above the forecast of HKD 5 billion [1]

智通财经4月30日电，香港交易所第一季度净利润40.8亿港元，预估39.9亿港元。 ...

Financial Data and Key Metrics Changes - HKEX reported record-breaking trading volumes and exceptional financial results for 2024, with a revenue increase of 32% compared to the previous quarter and a profit after tax increase of 37% [12][56]. Business Line Data and Key Metrics Changes - The company highlighted a robust IPO pipeline and strong daily market turnover despite recent market volatility, indicating stability in its business lines [13]. Market Data and Key Metrics Changes - HKEX's market has remained stable with strong daily turnover, reflecting resilience in the face of macroeconomic and geopolitical challenges [12][13]. Company Strategy and Development Direction - The company aims to focus on its strengths in China, drive international connectivity, and foster innovation and sustainability across its markets to position itself for sustained growth [12]. - HKEX has made a strategic investment by purchasing office floors at Exchange Square to establish its permanent headquarters, enhancing stakeholder engagement and providing long-term cost savings [13]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in HKEX's ability to navigate challenges and emphasized the importance of continuous improvement in trading systems to remain competitive [46]. - The CEO noted that despite an increase in profit tax from around 10% to approximately 16%, the company is focused on increasing turnover to offset the impact [51][52]. Other Important Information - HKEX achieved carbon neutrality across its operations by the end of 2024, demonstrating its commitment to sustainability [9]. - The company is considering changes to its auditor for the 2026 financial year, emphasizing the importance of corporate governance [27]. Q&A Session Summary Question: Concerns about PwC's quality of work due to team changes - Management acknowledged the concern and stated that they are evaluating the situation and will consider changing auditors for the 2026 financial year [27][28]. Question: Inquiry about capitalization costs and profit tax impact - The CEO confirmed an investment of approximately HKD 1 billion in system improvements and noted that profit tax is expected to rise to around 16% [48][51]. Question: Suggestion for increasing dividends for family offices - Management reiterated the company's tradition of paying 90% of profit attributable to shareholders and emphasized that dividend increases depend on profit growth [55][56]. Question: Concerns about minority shareholder interests and stock price manipulation - Management acknowledged the issue and stated that they monitor practices related to placements and are open to feedback [60][61]. Question: Inquiry about the recent property purchase price and AGM participation for Mainland investors - Management defended the property purchase as a strategic investment and indicated that they are considering system upgrades to allow Mainland investors to participate in AGMs [64][66].

Financial Data and Key Metrics Changes - HKEX reported record-breaking trading volumes and exceptional financial results for 2024, with revenue increasing by 32% compared to the previous quarter and profit after tax rising by 37% [13][56] - The company achieved carbon neutrality across its operations by the end of 2024 [9] Business Line Data and Key Metrics Changes - The market remained stable despite recent volatility, with strong daily market turnover and a robust IPO pipeline [14] - HKEX signed an agreement to establish its permanent group headquarters at Exchange Square, which will enhance stakeholder engagement and provide long-term cost savings [14] Market Data and Key Metrics Changes - The company emphasized its focus on China strengths and driving international connectivity to foster innovation and sustainability across its markets [13] Company Strategy and Development Direction - HKEX aims to solidify and elevate Hong Kong's position as an international financial center and a super connector between China and the rest of the world [15] - The company plans to invest approximately HKD 1 billion in improving its trading and transaction systems to remain competitive [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained growth despite challenging macroeconomic and geopolitical conditions [13] - The company acknowledged the need to adapt to changes in profit tax, projecting an increase from around 10% to approximately 16% [51] Other Important Information - HKEX has a tradition of paying out 90% of its profit attributable to shareholders, which is considered high compared to global peers [55] - The company is considering system upgrades to allow Mainland investors to participate in AGMs [66] Q&A Session Summary Question: Concerns about PwC's quality of work due to team changes - Management acknowledged the importance of corporate governance and stated that they would evaluate the need for a new auditor for the 2026 financial year [27][28] Question: Inquiry about capitalization costs and profit tax impact - Management confirmed an investment of about HKD 1 billion for system improvements and projected an increase in profit tax from around 10% to 16% [49][51] Question: Suggestion to increase dividends for family offices - Management reiterated the 90% payout ratio and emphasized that dividends depend on profit levels [55][56] Question: Concerns about minority shareholders' interests during placements - Management acknowledged the issue and stated that they would consider feedback regarding placements and related practices [60][61] Question: Inquiry about the property purchase price and AGM participation for Mainland investors - Management defended the property purchase as a strategic investment and confirmed ongoing discussions to allow Mainland investors to participate in AGMs [64][66]

智通财经APP获悉，针对全球最新变化，港交所与香港证监会已根据香港特区政府的指示做好准备，并 已与部分相关企业接触。若仍未在香港市场上市的"中概股"希望回流，会为其香港上市提供适当的指引 与协助。有关具体措施会根据具体情况调整，务必切合实际需要。相关检讨将进一步便利新兴产业公司 和海外企业在港上市。中概股回流已成大趋势，港交所已经在做相关的准备，关注相关标的：香港交易 所(00388)、耀才证券(01428)、中信证券(06030)、中金公司(03908)。 中概股回流的路径、企业的准备以及港股市场的投资机会，都受到市场高度关注。此前4月13日，香港 特区政府财政司司长陈茂波就表示，已指示香港证监会和香港交易所做好准备，迎接中概股回流，并称 香港必须成为中概股回流的首选上市地。 香港财经事务及库务局发言人表示，在海外上市的"中概股"一直有回流香港市场的意向，配合相关需 求，港交所近年推出一系列上市制度改革，包括针对"中概股"和其他海外发行人的融资需求对有关上市 机制作出了全面检讨，以进一步便利"中概股"在港上市。自2018年上市制度改革截至2025年3月底，已 有33家"中概股"发行人回流香港。 目前，香港特 ...

3、港交所与香港证监会已根据特区政府的指示做好准备，并已与部分相关企业接触。若仍未在香港市 场上市的"中概股"希望回流，会为其香港上市提供适当的指引与协助。 4、腾讯对其混元大模型研发体系进行了全面重组，主要围绕算力、算法和数据三大核心板块刷新团队 部署，加码研发投入。 2、国家发展改革委下达今年第二批810亿元超长期特别国债资金，继续大力支持消费品以旧换新。 智通财经4月29日晚间新闻精选 5、9天6板红墙股份：广东科创、何元杰、韩强减持计划已实施完毕。万科A：拟出售7295.6万股库存股 补充流动性。浪潮信息：一季度净利润同比增长53%。工业富联：第一季度净利润同比增长25%。中远 海控：第一季度净利润同比增长73.12%。中金黄金：一季度净利润同比增长33%。贵州茅台：一季度净 利润268.47亿元 同比增长11.56%。工商银行第一季度净利润841.6亿元 同比下降4%。7天5板永安药 业："牛磺酸价格暴涨几倍"等传闻不实。 1、习近平在上海考察时强调，不断增强科技创新策源功能和高端产业引领功能，加快建成具有全球影 响力的科技创新高地。 ...