摩根士丹利发布研报，预期港交所2025年第四季收入及盈利将从2025年第三季的历史高位回落。该行估 计港交所2025年第四季盈利将同比下跌2%，主要受成本黏性同比上升7%以及最低税率要求推高税率的 影响。同时，该行给予港交所"增持"评级，目标价508港元。 研报显示，港交所2025年第四季日均成交额为2300亿港元，同比上升23%，但按季下跌20%。期货日均 成交量同比下跌16%，期权日均成交量则同比上升8%。第四季收入将同比增长4%，核心业务同比约 12%的增长成为主要带动因素，疲弱的净投资收益则对收入增长形成部分抵销。大摩预期港交所净投资 收益将同比及按季均录得下跌，主要源于保证金资金规模缩减。 对于港交所2026年整体走势，大摩认为1月市场活动相对活跃，将为全年走势提供支撑。该行预期2026 年下半年港交所将迎来利好格局，一方面得益于市场活动持续活跃，另一方面PPI压力趋缓的迹象日趋 明确也将为其营造有利环境。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 ...

大摩预期，港交所2025年第四季均成交额为2,300亿港元，同比上升23%，惟按季下跌20%。期货日均成 交量同比下跌16%，期权日均成交量则同比上升8%。第四季收入将同比增长4%，受核心业务约12%的 同比增长带动，部分被疲弱的净投资收益所抵销。大摩预期港交所净投资收益将同比(基数较高)及按季 均录得下跌，主要由于保证金资金规模缩减所致。 智通财经APP获悉，摩根士丹利发布研报称，预期港交所(00388)去年第四季收入及盈利将从2025年第三 季的历史高位回落。今年1月市场活动相对活跃，该行认为这对今年走势构成支持。该行预期踏入今年 下半年将形成利好格局，受惠于市场活动活跃及PPI压力趋缓的迹象日趋明确。该行估计港交所2025年 第四季盈利将同比下跌2%，反映成本黏性(同比升7%)及最低税率要求导致税率上升的影响。评级"增 持"，目标价508港元。 ...

摩根士丹利发布研报称，预期港交所(00388)去年第四季收入及盈利将从2025年第三季的历史高位回 落。今年1月市场活动相对活跃，该行认为这对今年走势构成支持。该行预期踏入今年下半年将形成利 好格局，受惠于市场活动活跃及PPI压力趋缓的迹象日趋明确。该行估计港交所2025年第四季盈利将同 比下跌2%，反映成本黏性(同比升7%)及最低税率要求导致税率上升的影响。评级"增持"，目标价508港 元。 大摩预期，港交所2025年第四季均成交额为2,300亿港元，同比上升23%，惟按季下跌20%。期货日均成 交量同比下跌16%，期权日均成交量则同比上升8%。第四季收入将同比增长4%，受核心业务约12%的 同比增长带动，部分被疲弱的净投资收益所抵销。大摩预期港交所净投资收益将同比(基数较高)及按季 均录得下跌，主要由于保证金资金规模缩减所致。 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) has appointed Jalal Almarhoon as Managing Director and Chief Representative for the Middle East, effective February 10, 2026, to enhance its business development in the region [1] Group 1: Appointment Details - Jalal Almarhoon will be based in the newly established Riyadh office and will report to Xu Jingwei, head of the Global Listing Services Department at HKEX [1] - His responsibilities include leading HKEX's business expansion in Saudi Arabia and the broader Middle East, overseeing primary and secondary market initiatives, and promoting HKEX as the preferred listing venue for issuers in the region [1] Group 2: Strategic Importance - HKEX aims to strengthen its presence in the Middle East as the region plays an increasingly significant role in global capital flows [1] - The appointment is part of HKEX's strategy to enhance connections between Hong Kong, mainland China, and the Middle East in terms of capital, issuers, and investors [1] Group 3: Background of the Appointee - Jalal Almarhoon has over 20 years of experience in financial markets in the Gulf region and previously served as Managing Director at BNP Paribas and Head of Strategic Corporate Clients in Saudi Arabia [1] - He has also held senior positions at Societe Generale and Standard Chartered Bank, and holds a Bachelor's degree in Business Administration from Hanze University of Applied Sciences in the Netherlands [1]

伦敦证券交易所集团（LSEG）股价延续跌势，跌幅超1% 来源：滚动播报 ...

Core Viewpoint - Singapore Exchange (SGX) shares rose by 3.7%, reaching an all-time high following the announcement of the integration of its foreign exchange business with the Chicago Mercantile Exchange Group's (CME Group) spot currency trading platform [1] Group 1 - The integration allows traders to share liquidity between SGX's foreign exchange services and CME Group's Spot+, EBS spot, non-deliverable forward foreign exchange, and spot precious metals [1]

Investment Rating - The industry investment rating is maintained at "Overweight" [1][27]. Core Insights - The report highlights that the overall performance of the Beijing Stock Exchange (BSE) is expected to show significant results in 2026, with a focus on high-quality development and investment opportunities in various sectors [6][25]. Summary by Sections BSE Market Overview - As of January 30, 2026, the BSE has 292 constituent stocks with an average market capitalization of 3.207 billion [4][10]. - The BSE 50 Index experienced a decline of 3.59%, closing at 1531.55 points, while the Shanghai and Shenzhen indices showed minor fluctuations [4][10]. - The average daily trading volume for the week was 28.731 billion, an increase of 7.20% from the previous week, with a turnover rate of 5.88% [4][15]. Sector Performance - The top five performing sectors on the BSE for the week were: - Oil and Petrochemicals: 33.99% - Media: 4.97% - Agriculture, Forestry, Animal Husbandry, and Fishery: 4.69% - Transportation: 2.28% - Communication: 2% [4][17]. New Stocks - One new stock was issued during the week, Meidel (920119.BJ), with updates on the status of other companies in the review process [5][22]. Key News - The BSE released a revised "Guidelines for the Preparation of Sustainable Development Reports" to enhance the quality of sustainability disclosures among listed companies [6][24]. - The first IPO of the year was accepted, with Beijing Huadian Guangda Environment Co., Ltd. aiming to raise approximately 260 million by issuing up to 32.2 million shares [6][24]. Investment Strategy - The report suggests focusing on the following sectors for investment in 2026: 1. Data Centers: KLT and Shuguang Data Creation 2. Robotics: Suzhou Axis, Audiwei, JunChuang Technology, and Fuheng New Materials 3. Semiconductors: Hualing Co. and Kaide Quartz 4. Consumer Goods: Taihu Snow, Boshenglong, Lusi Co., Kangbiter, and Thunder God Technology 5. Military Information Technology: Chengdian Guangxin and Xingtuzhihui [6][25].

Group 1 - The core point of the article highlights that the Singapore Exchange reported a significant year-on-year increase in stock market trading volume for January, with a growth of 66% reaching 34.6 billion Singapore dollars [1]

2月9日，沪深北交易所同步宣布，推出优化再融资一揽子措施，旨在通过系统性制度调整，提升资本市 场服务科技创新和新质生产力发展的效能。 具体来看，此次推出的优化措施主要围绕四个关键方向展开，力求兼顾市场活力与秩序。 四是加强全过程监管。在提升服务便利度的同时，把防风险、强监管摆在更突出位置，对上市公司再融 资活动实施全链条、穿透式监管，严厉打击违规行为，努力构建活而有序的市场秩序。 其中，交易所明确压严压实上市公司信息披露第一责任人和中介机构"看门人"职责，建立再融资预案披 露工作机制，严防上市公司"带病"申报再融资。督促引导上市公司在披露再融资预案后，及时决策，及 时申报。 值得一提的是，针对此前频现的"忽悠式重组"，交易所优化完善再融资预案公告要求，对于以取得上市 公司控制权为目的的锁价定增，上市公司及发行对象应当公开承诺在批文有效期内完成发行。 此外，在募集资金监管方面，新措施明确严肃惩处违规变更募集资金用途、擅自延长临时补充流动资金 期限等情形。加大事中事后监管力度，从严处理再融资违法违规行为。 业内人士认为，此次交易所推出优化再融资一揽子措施政策信号明确，意在"扶优限劣"，在稳定市场预 期的同时，引导 ...

沪深北交易所优化再融资。 2月9日，为更好服务科技创新和新质生产力发展，上海证券交易所（下称"上交所"）、深圳证券交易所（下称"深交所"）、北京证券交易所（下 称"北交所"）推出优化再融资一揽子措施，进一步提高再融资灵活性和便利度。 整体来看，本次再融资优化主要有四方面内容：一是加大对优质上市公司支持力度；二是更好适应科技创新企业再融资需求，提高对科技创新企业 的包容性适应性；三是提升再融资灵活性、便利性；四是加强再融资全过程监管。 研究推出交易所主板上市公司"轻资产、高研发投入"认定标准 在提高对科技创新企业的包容性适应性上，一方面，沪深交易所研究推出交易所主板上市公司"轻资产、高研发投入"认定标准。 具体而言，上交所修订了《上海证券交易所发行上市审核规则适用指引第6号——轻资产、高研发投入认定标准》，深交所修订了《深圳证券交易 所股票发行上市审核业务指引第8号——轻资产、高研发投入认定标准》，并均向社会公开征求意见，意见反馈截止时间为2026年2月16日。 其中，沪深交易所明确，主板上市公司"轻资产"认定标准，为实物资产占总资产比重不高于20%。 此外，沪深交易所均明确，上市公司股票被实施退市风险警示或者 ...