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港交所CEO陈翊庭:多项互联互通优化措施在筹备中
在加强金融合作,携手利用金融科技方面,陈翊庭介绍,在共建深港通的过程中,与深交所建立了紧密 的合作关系,并延伸到了金融科技领域。比如,正在与深交所合作建设香港交易所综合基金平台,这个 平台将有助于拓宽香港基金的分销网络、提高市场效率和降低交易成本。"在深圳设立的技术子公司港 交所科技(深圳)有限公司目前已经有200多名员工,技术实力不断提升,可以为集团提供各种IT技术 服务。希望深化两地的金融合作,共同推动大湾区金融科技的创新发展。" 在深化互联互通机制,促进资本市场开放方面,香港交易所一直致力于发挥超级联系人的优势,深化香 港与内地金融市场的互联互通,推动中国资本市场的双向开放。在过去十多年里,与内地金融机构紧密 合作,陆续推出了沪港通、深港通、债券通、互换通等互联互通机制,为国际投资者提供了投资中国的 便捷渠道,也为内地资金配置海外资产提供了方便。这不仅提升了内地市场的国际化水平,也为香港市 场注入了源源不断的资金和活力。 陈翊庭透露,目前,正在与沪深交易所就沪深港通纳入REITs、引入大宗交易机制以及人民币柜台纳入 港股通交易等优化措施进行紧密合作,希望可以尽快落实,为境内外投资者提供更多投资选择和便利 ...
港交所 CEO陈翊庭:多项互联互通优化措施在筹备中
Group 1 - The Hong Kong Stock Exchange (HKEX) is actively promoting the economic and financial development of the Greater Bay Area, serving as a core financial infrastructure [1] - Recent reforms in listing rules have provided diverse and convenient channels for new economy companies to list in Hong Kong, including those with dual-class share structures and biotech firms without revenue [1] - New economy sectors, such as healthcare, renewable energy, and TMT, account for over 60% of new stock financing in Hong Kong, with total financing reaching HKD 127.9 billion from January to July, ranking first globally [1] Group 2 - HKEX is enhancing connectivity with mainland financial markets through mechanisms like Stock Connect and Bond Connect, facilitating international investment in China and providing mainland funds access to overseas assets [2] - Ongoing collaborations with the Shanghai and Shenzhen stock exchanges aim to optimize Stock Connect by including REITs and introducing block trading mechanisms [2] - HKEX is also focusing on green finance and low-carbon transition, seeking to explore carbon market cooperation opportunities with more financial institutions in the Greater Bay Area [2]
港交所CEO陈翊庭:新经济公司已经成为香港新股市场融资主力军
香港交易所集团行政总裁陈翊庭表示,"今年1至7月,香港金融市场共融资1279亿港元,全球排名第 一。目前正在处理的上市申请超过200家公司,其中有不少是来自粤港澳大湾区的高科技企业。" 8月30日,围绕"面向世界的粤港澳大湾区金融全面合作发展 "的主题,第七届粤港澳大湾区金融发展论 坛在广州南沙举办。 陈翊庭表示:"目前正在与沪深交易所就大宗交易纳入互联互通机制,以及人民币柜台纳入港股通交易 的优化措施进行紧密合作,希望可以尽快落实,为境内外投资者提供更多选择和便利。" 根据陈翊庭介绍,港交所和深交所的合作还延伸到了金融科技领域,比如正与深交所合作建设香港交易 所综合基金平台,将有助于拓宽香港基金分销网络、提高市场效率并降低交易成本。 南方财经记者庞成翁榕涛广州报道 在优化上市制度方面,香港交易所为新经济公司提供了方便且多元化的上市渠道,包括允许同股不同权 架构公司,以及没有营业收入的生物科技企业在香港上市,也为高科技企业专门定制了上市规则,目前 至少六成融资额来自于医药、新能源和TMT等新经济行业,新经济公司已经成为了香港新股市场的融 资主力军。 2024年10月,香港交易所和香港证监会共同优化了审批流程, ...
业绩稳健夯实底气 港股公司拟中期分红超3800亿港元
Core Viewpoint - The article highlights the robust mid-term dividend distribution among Hong Kong-listed companies, driven by strong performance and a growing trend towards returning value to shareholders [1][5]. Group 1: Dividend Distribution Overview - As of August 28, 277 Hong Kong-listed companies announced mid-term dividend plans, with a total proposed dividend exceeding 380 billion HKD [1]. - Major state-owned enterprises, such as China Mobile and China Petroleum, are leading in dividend payouts, with each company distributing over 10 billion HKD [2]. - China Mobile plans to distribute a mid-term dividend of 2.75 HKD per share, reflecting a 5.8% year-on-year increase, while China Telecom aims to distribute approximately 182.3 billion HKD, with a payout ratio of 72% [2]. Group 2: Notable Companies and Their Dividends - CITIC Bank has increased its mid-term dividend to 104.6 billion RMB, achieving a payout ratio of 30.7% [3]. - Several companies, including China CRRC and Midea Real Estate, are initiating their first mid-term dividends, with China CRRC proposing a cash dividend of 31.57 billion RMB at a payout ratio of 43.57% [4]. - Aneng Logistics is also distributing its first dividend post-listing, with a total of 0.16 HKD per share, alongside a special dividend of 0.04 HKD per share [4]. Group 3: Factors Driving Dividend Growth - The trend of increasing dividends is supported by stable corporate performance, with nearly 60% of Hong Kong-listed companies reporting profit growth or returning to profitability [5][6]. - The regulatory environment is encouraging companies to enhance cash dividend distributions, particularly under the new "National Nine Articles" which strengthens dividend regulations [5]. - The established culture of high dividends in the Hong Kong market is attracting long-term investors, especially in a low-interest-rate environment, making dividend-paying stocks appealing [6].
摩根士丹利:上调港交所目标价至508港元
摩根士丹利发布研究报告,鉴于港交所超预期的第二季度业绩及强劲的日均成交量(ADV),将今年ADV 预测略微上调至2300亿港元,但2026年和2027年的ADV预测保持不变。同时,摩根士丹利上调了港交 所2025年至2027年的每股盈利预测,并维持"增持"评级,目标价从股500港元上调至508港元。 ...
大行评级|大摩:上调港交所目标价至508港元 上调2025至27年每股盈测
Ge Long Hui A P P· 2025-08-27 06:21
Core Viewpoint - Morgan Stanley has updated its forecast for Hong Kong Exchanges and Clearing (HKEX) based on better-than-expected Q2 performance and strong average daily trading volume (ADV) to date [1] Summary by Category Performance Forecast - Morgan Stanley has slightly raised its ADV forecast for HKEX to HKD 230 billion for the current year, compared to the year-to-date ADV of HKD 245 billion as of August 22 [1] - The ADV forecasts for 2026 and 2027 remain unchanged at HKD 240 billion and HKD 265 billion, respectively [1] Earnings Projections - The earnings per share (EPS) forecasts for HKEX from 2025 to 2027 have been increased by 3.8%, 1.1%, and 1.1%, leading to growth rates of 25%, 5.3%, and 10.4% [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating on HKEX, with the target price raised from HKD 500 to HKD 508 [1]
港交所多项市场数据创新高
Jin Rong Shi Bao· 2025-08-26 01:28
Core Insights - Hong Kong Stock Exchange (HKEX) has implemented various measures to enhance market activity, resulting in significant performance improvements in 2025 [1][2] - The exchange aims to continue enhancing its platform, infrastructure, and product offerings to provide diverse options, ample liquidity, and efficient connectivity for investors and issuers [1] Market Performance - In the first half of 2025, HKEX achieved record highs in multiple market metrics, with an average daily trading amount of HKD 240.2 billion, a year-on-year increase of 118% [2] - The average daily trading volume for futures and options exceeded 1.7 million contracts, up 11% year-on-year [2] - The Hong Kong ETF market saw a significant increase, with an average daily trading amount of HKD 33.8 billion, rising 184% compared to the same period last year [2] - Northbound and southbound trading through the Stock Connect also reached record highs, with an average daily trading amount of RMB 171.3 billion, a 32% increase from the first half of 2024 [2] Revenue Growth - HKEX reported a record revenue and other income of HKD 14.076 billion in the first half of 2025, a 33% increase from the same period in 2024 [3] - The increase in trading activity significantly contributed to revenue growth, with trading fees and system usage fees reaching HKD 4.906 billion, up 49.11% year-on-year [3] - Clearing and settlement fees amounted to HKD 3.155 billion, reflecting a year-on-year growth of 48.47% [3] - Nearly 90% of HKEX's profits are allocated for dividends, with a total interim dividend of approximately HKD 7.6 billion [3] IPO Market - HKEX regained the top position globally in terms of fundraising in the first half of 2025, welcoming 44 new listings, a 716% increase year-on-year [4] - Notable IPOs included CATL, which raised HKD 41 billion, marking the largest IPO on HKEX since February 2021 [4] - The number of companies waiting to go public reached 207, indicating a robust pipeline for new listings [4] - The total amount raised through refinancing reached HKD 244.8 billion, the highest for a half-year since 2021 [4] Strategic Initiatives - HKEX is advancing several strategic initiatives to solidify its role as a global hub, including extending the duration of interest rate swap contracts to 30 years to meet diverse risk management needs [5] - Plans to include RMB-denominated stocks in the Stock Connect are underway, enhancing connectivity between Hong Kong and mainland markets [5] - The introduction of the "Specialized Technology Company Route" allows tech firms to submit IPO applications confidentially, promoting a more accessible listing process [6] - HKEX has expanded its product offerings, including new stock options and the first Nasdaq-100 ETF listed in Asia, enhancing investor choices [6] Future Outlook - Despite various external uncertainties, HKEX remains cautiously optimistic about the market outlook for the second half of 2025, with confidence in its ability to adapt to changing conditions [6][7]
港交所(00388)多頭排列格局
Ge Long Hui· 2025-08-25 03:34
Group 1 - The core viewpoint is that Hong Kong Exchanges and Clearing Limited (HKEX) is showing a bullish trend, with a recent price increase and potential for further gains, particularly targeting a resistance level of 456 HKD [1][3]. - The stock price of HKEX reached 459.6 HKD, marking a 2.54% increase, surpassing the previously mentioned resistance level [1][3]. - Technical indicators suggest a strong upward trend, with the stock price above key moving averages, indicating a positive market sentiment [3][5]. Group 2 - Recent trading volumes in the Hong Kong market have been robust, with daily turnover exceeding 200 billion HKD, contributing positively to HKEX's performance [2]. - The influx of significant IPOs in the Hong Kong market is expected to benefit HKEX directly, enhancing its revenue potential [2]. - The Relative Strength Index (RSI) is at 63, indicating strong buying momentum without entering overbought territory, further supporting a bullish outlook [5]. Group 3 - Investors are advised to consider various structured products, including call warrants with leverage ratios of 12.3 and 11.6 times, which present lower holding costs compared to similar products [8]. - For bearish investors, options such as put warrants with leverage ratios of 8.7 and 8.6 times are available, providing hedging opportunities [8][11]. - Recent performance of leveraged products has shown significant returns, with some products achieving gains of 25% and 17%, outperforming the underlying stock's increase of 1.54% [5].
香港交易所(0388.HK):ADT延续高增 业绩再创新高
Ge Long Hui· 2025-08-25 03:34
Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported record-high revenues and profits in the first half of 2025, driven by increased trading activity in the stock market and derivatives [1][4]. Financial Performance - Total revenue for the first half of 2025 reached HKD 14.08 billion, a year-on-year increase of 32.5%, with Q2 revenue growing by 33.2% year-on-year and 5.3% quarter-on-quarter to HKD 7.22 billion [1]. - Net profit attributable to shareholders was HKD 8.52 billion, up 39.1% year-on-year, with Q2 net profit increasing by 40.8% year-on-year and 9.0% quarter-on-quarter to HKD 4.44 billion [1]. - EBITDA margin stood at 79%, reflecting a 6 percentage point increase year-on-year [1]. Revenue Breakdown - Trading fees, system usage fees, and settlement fees totaled HKD 8.06 billion, accounting for 57.3% of total revenue, with a year-on-year increase of 48.9% [2]. - Investment income netted HKD 2.88 billion, representing 20.4% of total revenue, with a year-on-year growth of 14.0% [2]. - Listing fee income was HKD 0.82 billion, making up 5.8% of total revenue, and increased by 12.6% year-on-year [2]. Market Activity - Average daily trading volume for stock securities reached HKD 222.8 billion, a half-year record, with a year-on-year increase of 122.1% [3]. - The derivatives market saw an average daily trading volume of HKD 17.4 billion, up 72.3% year-on-year [3]. - Northbound and southbound trading average daily transaction amounts were RMB 171.3 billion and HKD 111.0 billion, respectively, both achieving half-year highs [3]. New Listings - The number of new listings in Hong Kong reached 44 in the first half of 2025, a 46.7% increase year-on-year, raising a total of HKD 109.4 billion, which is a 716.4% increase [4]. - As of the end of Q2 2025, there were 207 listing applications pending, representing a 146.4% increase from the end of the previous year [4]. Investment Outlook - The company is viewed as a rare asset with balanced growth potential, maintaining a "buy" rating [4]. - The financial performance in the first half of 2025 has led to an upward revision of net profit forecasts for 2025-2027 [4].
香港交易所(0388.HK):受益港股流动性改善 盈利续创新高
Ge Long Hui· 2025-08-25 03:34
Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has achieved record-high profits in the first half of the year, driven by increased trading activity and the expansion of its services, presenting a historical opportunity for quality mainland enterprises to list in Hong Kong, which is expected to enhance HKEX's long-term profitability [1][3]. Summary by Relevant Sections Financial Performance - HKEX's revenue and net profit for the first half of 2025 are projected to be HKD 14.08 billion and HKD 8.52 billion, respectively, representing year-on-year increases of 32.5% and 39.1% [1]. - The trading-related income has significantly contributed to the company's performance, with trading fees and system usage fees increasing by 49% and 48% year-on-year, contributing 47% and 30% to revenue growth [2]. - The average daily turnover (ADT) in the Hong Kong cash market reached HKD 240.2 billion, a year-on-year increase of 118% [2]. Growth Drivers - The growth of HKEX is attributed to the expansion of the Hong Kong stock market and the broadening of its service boundaries, with an increasing number of quality mainland enterprises seeking to list in Hong Kong [3]. - The company's business model allows for long-term performance growth in line with the expansion of the Hong Kong stock market, with revenue stability around 1.2% of the total market capitalization since 2015 [3]. Market Outlook - The expectation of improved overseas liquidity and domestic economic stabilization policies is anticipated to further enhance trading and financing activities in the Hong Kong stock market, driving revenue growth beyond expectations [1]. - The ongoing internationalization of mainland enterprises and supportive external policies are expected to attract more quality companies to list in Hong Kong, thereby increasing the market's appeal [3].