Core Viewpoint - Market participants have suggested that Hong Kong Exchanges and Clearing Limited (HKEX) should extend trading hours, similar to Nasdaq's proposed 24-hour trading mechanism starting in the second half of 2026. However, HKEX emphasizes the need for careful consideration before making such changes [1] Group 1 - HKEX's CEO, Charles Li, stated that the exchange is open to suggestions for providing more convenience to investors [1] - The extension of trading hours is seen as having a significant overall impact on the market, presenting considerable challenges that require thorough examination [1] - HKEX highlighted the importance of consulting all market participants regarding any potential changes to trading hours [1] Group 2 - The current trading structure allows for several hours of buffer time to address any issues that may arise, which would be lost in a continuous 24-hour trading model [1] - The need for a cautious approach is underscored by the potential risks associated with a non-stop trading environment [1]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [1] Core Views - The report highlights a significant increase in performance driven by high market activity, with the IPO market returning to the global forefront [1] - For the first half of 2025, the company achieved a revenue of HKD 14.076 billion, representing a year-on-year increase of 32.5%, and a net profit attributable to shareholders of HKD 8.519 billion, up 39.1% year-on-year [1] Revenue Structure - The revenue structure shows a continued rise in market activity, leading to an increase in the proportion of trading and settlement fees. In the first half of 2025, trading and trading system usage fees, settlement and clearing fees, and custody services accounted for 62.0% of total revenue, up 5.9 percentage points year-on-year [2] - The listing fees from the Stock Exchange accounted for 5.8% of total revenue, down 1.0 percentage point year-on-year, while net investment income accounted for 20.4%, down 3.3 percentage points year-on-year [2] Market Activity - The report notes that the stock market's trading activity remains robust, with the IPO fundraising amount returning to the top globally. In the first half of 2025, the total amount raised through IPOs reached HKD 109.4 billion, a staggering increase of 716% year-on-year [4] - The average daily turnover of Hong Kong stocks reached HKD 1.110 trillion, a year-on-year increase of 196%, indicating a significant rise in participation from mainland investors [3] Financial Performance - For the first half of 2025, the total revenue from the cash segment, including trading and settlement fees, reached HKD 5.995 billion, a year-on-year increase of 71% [3] - The report projects that the company will maintain high trading volumes in 2025, benefiting from the favorable conditions in the Hong Kong capital market and the valuation recovery of Chinese stocks [9] Earnings Forecast - The report raises the earnings forecast for the company, estimating EPS for 2025, 2026, and 2027 to be HKD 13.72, HKD 15.03, and HKD 16.90 respectively, with corresponding PE ratios of 32, 29, and 26 times [9] - The target price is set at HKD 494.0, based on a 36 times PE valuation for 2025 [5]

Group 1 - The core viewpoint of the article is that the Hong Kong Stock Exchange (HKEX) is considering the implementation of a 24-hour trading mechanism, as indicated by the CEO's openness to suggestions regarding extended trading hours [3]. - HKEX has been actively seeking to provide more convenience for investors and is open to all related suggestions, but any changes to trading hours will require careful consideration and consultation with all market participants [3].

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is committed to enhancing market efficiency but emphasizes the need for caution regarding the extension of trading hours, as it could significantly impact the market and requires thorough consultation with all market participants [1] Group 1 - HKEX's CEO, Charles Li, clarified that the exchange is open to suggestions for extending trading hours but highlighted the complexities and challenges involved [1] - The potential implementation of a 24-hour trading mechanism was misunderstood by some market participants, leading to speculation about HKEX's intentions [1] - The exchange recognizes the importance of having time to rectify issues that may arise during trading, which would be compromised in a continuous trading environment [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported a significant increase in revenue and profit for the first half of the year, driven by active trading in the Hong Kong stock market and strong inflows from southbound capital [1] Group 1: Financial Performance - Revenue exceeded 14 billion HKD, with profit reaching 8.519 billion HKD, both showing a year-on-year growth of over 30% [1] - The average daily trading volume surged to 111 billion HKD, nearly three times that of the same period last year, contributing to the strong performance [1] - Income from the Stock Connect program rose to 1.813 billion HKD, marking a record high for the first half of the year [1] Group 2: Market Reaction - Following the earnings announcement, HKEX's stock price initially dropped over 1.24% but quickly rebounded, closing up 1.71% at 441.2 HKD per share [1] - As of August 21, the stock price increased by an additional 0.68% to 444.2 HKD, approaching its yearly high [1] - Year-to-date, HKEX's stock price has risen over 52%, significantly outperforming the Hang Seng Index, which has increased by 25% [1]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [2][9]. Core Views - The report highlights that the Hong Kong Exchanges has shown strong performance across various business segments, achieving record high mid-year results for 2025. The company reported revenue and other income of HKD 140.76 billion, a year-on-year increase of 32.53%, and a net profit attributable to shareholders of HKD 85.19 billion, up 39.1% year-on-year [6][9]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of HKD 140.76 billion, representing a 32.53% increase year-on-year. The net profit attributable to shareholders was HKD 85.19 billion, reflecting a 39.1% year-on-year growth [6][9]. - Revenue breakdown by fee types shows significant growth: trading and trading system usage fees increased by 49.12%, listing fees by 12.55%, settlement and clearing fees by 48.47%, and market data fees by 14.04% [6][9]. Market Activity - The report notes a substantial increase in trading activity across various markets. The average daily turnover for stock securities rose by 122.1%, with the Stock Connect programs showing increases of 31.6% and 196.0% respectively [6][9]. - The derivatives market also saw growth, with trading fees increasing by 13.8% due to heightened activity in stock options and warrants [6][9]. Future Projections - The report projects that from 2025 to 2027, the company will achieve revenues of HKD 283.44 billion, HKD 303.43 billion, and HKD 322.26 billion respectively, with net profits of HKD 176.18 billion, HKD 188.76 billion, and HKD 200.46 billion [2][10]. - The expected price-to-earnings (PE) ratios for these years are 31.75, 29.63, and 27.90 respectively, indicating a positive outlook for the company's valuation [2][10].

Core Viewpoint - Goldman Sachs reports that Hong Kong Exchanges and Clearing Limited (00388) exceeded expectations in Q2 performance, primarily driven by higher-than-expected investment income [1] Group 1: Financial Performance - Core profit, excluding investment income, showed a strong year-on-year growth of approximately 40%, aligning with expectations [1] - The average daily turnover in the cash market nearly doubled year-on-year during the period [1] Group 2: Earnings Forecast - Following the Q2 performance and recent market turnover trends, Goldman Sachs has raised its earnings per share forecasts for HKEX for 2025, 2026, and 2027 by 3%, 1%, and 2% respectively [1] - The target price for HKEX has been increased from HKD 500 to HKD 509 [1] Group 3: Management Insights - Management indicated that with the decline in HIBOR and the reduction of external investment portfolios due to funding headquarters acquisitions, the outlook for investment income is expected to weaken [1] - Goldman Sachs' forecasts already incorporate these factors, predicting a year-on-year decline in investment income of approximately 17% and 11% for the current and next year, respectively [1] - Despite the anticipated decline in investment income, strong profit growth is expected to continue in the second half of the year [1]

管理层表明在HIBOR回落，加上资助总部购置而减持外部投资组合下，投资收益前景将转弱。高盛的 预测已纳入相关因素，目前预期今明两年投资收入将同比跌约17%及11%，但仍相信强劲的盈利增长将 于下半年持续。 高盛发布研报称，香港交易所(00388)第二季业绩胜预期，主要来自于高于预期的投资收益所带动。撇 除投资收益的核心利润同比强劲增长约40%，符合预期，期内现货市场日均成交额几乎同比翻倍。计入 第二季业绩及近期市场成交量表现，高盛将港交所2025至2027年每股盈利预测分别上调3%、1%及2%， 重申"买入"评级，目标价从500港元上调至509港元。 ...

24小时交易革命！港交所230家IPO排队背后的全球金融博弈 1. 全球IPO冠军的回归2025年上半年，港交所IPO融资额达1094亿港元（约140亿美元），同比增长超700%，一举超越纳斯达克和纽交所，重夺全球IPO募资 榜首。蓝思科技（募资54.8亿港元）、富卫集团（36.6亿港元）等巨头领衔，7月单月9只新股上市再吸金193.8亿港元。目前排队企业达230家，主板占比 86%（197家），立讯精密、胜宏科技等A股龙头密集递交申请，"A+H"双平台战略成主流。 2. 外资回流与中东资本入场北向资金占港股日均成交额23%，剩余交易中机构投资者主导，中东、东南亚及欧美资金显著增加。上半年外资在新股基石投资 中的参与度创五年新高，沙特公共投资基金（PIF）等主权基金频繁现身。港交所CEO陈翊庭直言："中东时差红利是延长交易时间的核心动因"——迪拜与 香港时差仅4小时，延长交易可直击中东资本"交易空窗期"。 ⚡ 二、24小时交易：传统交易所的生死保卫战 1. 全球交易所的"时间竞赛" - 美国：纽交所申请延长交易至22小时，纳斯达克计划2026年实现全天候交易； 当纽交所、纳斯达克竞相延长交易至22小时，当迪拜 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) achieved record high revenue and profit in the first half of 2025, driven by increased trading volumes in spot and derivatives markets, as well as the success of the Stock Connect programs with mainland China [1][3]. Financial Performance - HKEX reported a total revenue (including other income) of HKD 14.1 billion, a year-on-year increase of 33% [3]. - Main business revenue reached HKD 13 billion, up 32% year-on-year [3]. - Net profit after tax was HKD 8.5 billion, reflecting a 39% increase compared to the previous year [3]. - Average daily trading volume increased by 95% year-on-year, leading to a 39% rise in spot revenue and a 29% increase in stock and financial derivatives revenue [3]. IPO and Financing Activity - The Hong Kong market saw strong IPO activity with 44 new listings, raising HKD 109.4 billion, which is over eight times the amount from the same period last year [4]. - The refinancing scale exceeded HKD 240 billion, marking the highest semi-annual record since 2021 [4]. - HKEX approved 50 IPO applications in the first half of the year, with over 230 IPO applications currently in the pipeline [4]. Strategic Initiatives - HKEX has introduced the "Tech Company Fast Track," resulting in 50 new applications under the 18A and 18C categories [5]. - The exchange is preparing for a potential influx of international funds returning to Chinese assets, as global investors seek diversified investment opportunities [6]. - HKEX plans to optimize its mechanisms, including shortening the settlement cycle for the spot market to enhance efficiency [7]. Market Dynamics - The average daily trading volume for the Stock Connect programs reached new highs, with the Shanghai-Hong Kong Stock Connect daily average increasing by 32% year-on-year, and the Hong Kong Stock Connect averaging HKD 111 billion, nearly three times the amount from the previous year [3]. - International investors currently dominate the secondary market, with retail investors accounting for only 10% of the market [6].