Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (388 HK) with a target price of HKD 542 [7]. Core Insights - The report anticipates a decline in average daily trading (ADT) leading to a 24% quarter-on-quarter drop in net profit for 4Q25, with total revenue expected to be HKD 6.456 billion, reflecting a 17% decrease from the previous quarter [1][5]. - Despite the expected short-term challenges, the report suggests that factors such as the appreciation of the Renminbi, potential interest rate cuts by the Federal Reserve, and a strong IPO market will support liquidity in the Hong Kong stock market, benefiting the exchange's performance and valuation [1][2]. Summary by Sections Trading - The report estimates trading revenue for 4Q25 at HKD 42.1 billion, a 16% decrease quarter-on-quarter, primarily due to a 20% decline in ADT to HKD 2.298 billion [2]. - Southbound trading activity has also decreased, with a 31% drop in southbound ADT to HKD 529 billion, accounting for 23% of total ADT [2]. IPO Market - The IPO market remains robust, with 50 IPOs expected in 4Q25, raising HKD 980 billion, compared to 25 IPOs and HKD 790 billion in the previous quarter [3]. - The report highlights a strong pipeline of high-quality IPOs, with 395 companies currently awaiting approval [3]. Investment Income - Net investment income is projected to decline by 32% quarter-on-quarter to HKD 6.97 billion due to changes in margin rebate calculations and a high overnight HIBOR environment [4]. - The report notes that the reduction in margin requirements may also lead to a contraction in the investment income base [4]. Profit Forecast and Valuation - The report adjusts the net profit forecasts for 2025, 2026, and 2027 to HKD 171 billion, HKD 185 billion, and HKD 188 billion respectively, with a target price based on DCF methodology set at HKD 542 [5][14].

Core Viewpoint - The Hong Kong IPO market is experiencing a surge, and the Hong Kong Stock Exchange (HKEX) is considering allowing more companies to submit IPO applications confidentially to maintain its leading position as a global listing center [1] Group 1: Proposed Changes - The proposal aims to expand the scope of confidential applications beyond just technology and biotech sectors to include traditional industries [1] - A market consultation document is expected to be released by HKEX by the end of February, which will include these suggestions [1] - The content and timing of the document may be adjusted around the Lunar New Year holiday and the upcoming fiscal budget announcement [1] Group 2: Current Confidential Application Criteria - Currently, only overseas-listed companies with a market capitalization of at least 10 billion HKD and strong performance, as well as biotech or advanced technology companies, can submit confidential IPO applications [1] - This confidentiality is intended to protect research-intensive companies from the risks associated with early disclosure [1] - Other issuers are required to disclose detailed business overviews, audited financial statements, and equity structures months before listing, which has deterred some companies concerned about the uncertainty of the listing window [1] Group 3: Regulatory Response - The Hong Kong Securities and Futures Commission (SFC) declined to comment on the matter but stated it will continue to work closely with HKEX to explore measures to enhance the competitiveness of the Hong Kong listing market [1] - The goal is to ensure that Hong Kong remains the preferred listing destination for quality enterprises [1]

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]