Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported a significant increase in revenue and profit for the first half of the year, with total revenue reaching HKD 140.76 billion, a year-on-year growth of 33%, and net profit attributable to shareholders at HKD 85.19 billion, up 39% [1][2] Group 1: Revenue and Profit Growth - The revenue from the Stock Connect program (沪深港通) and other income rose to HKD 18.13 billion, marking a record high for the first half of the year [1][5] - The trading fees and trading system usage fees reached HKD 49.06 billion, a year-on-year increase of 49.11%, while settlement and clearing fees were HKD 31.55 billion, up 48.47% [5] Group 2: Market Activity - The average daily trading volume in the Hong Kong stock market surged to HKD 2,402 billion, an increase of 118% year-on-year, with the average daily trading volume for Southbound Stock Connect reaching HKD 1,110 billion, nearly three times that of the same period last year [5][6] - The IPO market also thrived, with 44 new listings raising HKD 1,094 billion, which is over eight times the amount raised in the same period last year [6] Group 3: Strategic Initiatives - HKEX has implemented several reforms to enhance market efficiency, including the introduction of the "FINI" system to shorten settlement cycles and adjustments to the listing requirements for technology companies [6][7] - The CEO of HKEX indicated that further measures are planned for the second half of the year, including the expansion of paperless listing mechanisms and the implementation of new IPO pricing regulations [7]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported significant growth in its performance for the first half of 2025, reclaiming its position as the world's leading exchange in terms of new stock market financing [1][7] - The increase in trading volumes across the cash market, derivatives market, and Stock Connect with mainland China reached new highs, reflecting strong market confidence [1][7] Financial Performance - Total revenue and other income for HKEX reached HKD 14.076 billion, marking a 33% increase compared to HKD 10.621 billion in the first half of 2024 [2] - Major business revenue grew by 34%, driven by record trading volumes in the cash and stock options markets [2] - Net investment income was HKD 1.044 billion, a 16% increase year-on-year, attributed to foreign exchange gains and improved management of company funds [3] New Listings and Market Activity - HKEX saw 44 new listings in the first half of 2025, raising HKD 1,094 billion, which is over eight times the amount raised in the same period of 2024, setting a record since 2021 [3] - The refinancing scale exceeded HKD 2,400 billion, also a record since 2021, with approximately 230 companies currently in the IPO queue [3] Foreign Participation and Market Initiatives - The participation of foreign investors in the secondary market has increased, with retail investors accounting for about 10% and northbound capital averaging 23% of daily trading volume [6] - HKEX has introduced initiatives such as the "Tech Company Fast Track" to support high-tech and biotech companies in listing, enhancing the diversity of listed companies [6] - Future measures planned by HKEX include shortening settlement cycles, expanding paperless listing mechanisms, and optimizing IPO pricing regulations to enhance market competitiveness [6][7]

Core Viewpoint - Goldman Sachs reports that Hong Kong Stock Exchange (HKEX) exceeded expectations in Q2 performance, primarily driven by higher-than-expected investment income [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] Earnings Forecast - Following the Q2 performance and recent market turnover trends, Goldman Sachs has raised its earnings per share (EPS) forecasts for HKEX for 2025, 2026, and 2027 by 3%, 1%, and 2% respectively [1] - The rating remains "Buy," with the target price increased from HKD 500 to HKD 509 [1] Investment Income Outlook - 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 next two years [1] - Despite this, strong profit growth is anticipated to continue in the second half of the year [1]

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][11] Core Views - The report highlights that the Hong Kong Stock Exchange (HKEX) has shown strong performance in the first half of 2025, with total revenue reaching 14.076 billion HKD, a year-on-year increase of 33%, and net profit attributable to shareholders at 8.519 billion HKD, up 39% year-on-year [2][6] - The report emphasizes the recovery of trading sentiment and the potential for performance and valuation recovery, driven by increased trading activity and improved market conditions [4][6] Financial Performance Summary - For the first half of 2025, the trading fees and transaction system usage fees increased by 49%, settlement and clearing fees by 48%, and listing fees by 13% [6] - The average daily trading volume in the cash market reached 240.2 billion HKD, more than double that of the first half of 2024, with the average daily trading volume for the Stock Connect program also showing significant growth [6] - The report projects a strong growth trajectory for the company, with net profit forecasts for 2025, 2026, and 2027 revised to 18.8 billion HKD, 20 billion HKD, and 21.1 billion HKD respectively, reflecting year-on-year growth rates of 44%, 6%, and 5% [6][8]

Core Viewpoint - CICC has raised its profit forecasts for Hong Kong Exchanges and Clearing (HKEX) for 2025 and 2026 by 7.3% and 4.0% to HKD 165 billion and HKD 173 billion respectively, maintaining an outperform rating and increasing the target price by 8% to HKD 500, indicating a potential upside of 15.3% [1] Group 1 - HKEX's Q2 2025 main fee income met expectations, while profits exceeded both CICC's and market forecasts [2] - Q2 2025 total revenue increased by 33% year-on-year and 5% quarter-on-quarter to HKD 72.2 billion, with main fee income rising by 31% year-on-year and 1% quarter-on-quarter to HKD 55.4 billion, and profits up by 41% year-on-year and 9% quarter-on-quarter to HKD 44.4 billion [2] - For the first half of the year, total revenue rose by 33% year-on-year to HKD 140.8 billion, and profits increased by 39% year-on-year to HKD 85.2 billion [2] Group 2 - Q2 trading and settlement income grew by 40% year-on-year but decreased by 5% quarter-on-quarter, with active spot trading and weakening marginal performance in derivatives [2] - Spot trading and settlement income increased by 65% year-on-year but decreased by 4% quarter-on-quarter, with an average daily turnover (ADT) of HKD 2,377 billion, up 95% year-on-year [2] - The number of IPOs completed in Q2 was 27, raising HKD 907.5 billion, a significant increase of 960% year-on-year and 386% quarter-on-quarter [2] Group 3 - Total investment income in Q2 increased by 31% year-on-year and 16% quarter-on-quarter to HKD 16.8 billion, with a 17% year-on-year and 6% quarter-on-quarter increase when excluding non-recurring foreign exchange gains [3] - Margin and clearing house fund income rose by 25% year-on-year and 24% quarter-on-quarter to HKD 10.1 billion, driven by increased margin requirements and higher open interest in derivatives [3] - Proprietary fund income, excluding foreign exchange impacts, grew by 6% year-on-year but fell by 19% quarter-on-quarter to HKD 3.9 billion, attributed to an increase in fund scale [3]

智通财经APP获悉，中金发布研报称，港股市场持续高活跃下，上调香港交易所(00388)25e/26e盈利预 测7.3%/4.0%至165/173亿港元。公司当前交易于33x/32x 25e/26e P/E，维持跑赢行业评级，上调目标价 8%至500港币(对应38x/37x 25e/26e P/E及15.3%上行空间)。 中金主要观点如下： 港交所2Q25主营费类收入符合预期、盈利超出该行及市场预期 港交所2Q25总收入同比+33%/环比+5%至72.2亿港币，剔除投资收益后、主营费类收入同比+31%/环比 +1%至55.4亿港币，盈利同比+41%/环比+9%至44.4亿港币，主营费类收入符合该行预期，盈利超预期、 主因汇兑收益(同比多增1.4亿港币)及杂项收益(包括因购置地产后租赁修订产生的一次性收益等)超预 期。累计来看，上半年总收入同比+33%至140.8亿港币，盈利同比+39%至85.2亿港币。 2Q交易及结算收入同比+40%/环比-5%，现货交易保持活跃、衍生品高位边际走弱 1)现货：交易及结算收入(包括交收指示费)同比+65%/环比-4%，对应2Q ADT同比+95%/环比-2%至2,377 亿港币 ...

花旗发表报告，更新对港交所模型，以计入2025年第二季业绩及7月的市场成交量。考虑到第二季的投 资收益超出预期，以及日均成交假设上调1至2%，该行将2025至2027财年的每股盈利预测上调3%。随 着盈利变动，该行将港交所目标价由490港元上调至500港元。由于香港日均成交额强劲(本季以来为 2580亿港元，相对去年第二季的2380亿港元)，加上2025财年市盈率34倍的合理估值，维持"买入"评 级。 ...

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) reported a significant increase in revenue for the first half of 2025, achieving HKD 14.076 billion, which represents a year-on-year growth of 33% [1]. Group 1: Financial Performance - HKEX's total revenue for the first half of 2025 reached HKD 14.076 billion, marking a 33% increase compared to the previous year [1]. Group 2: Strategic Initiatives - The CEO of HKEX, Charles Li, emphasized the importance of strategic investments in areas such as data platform optimization and trading settlement system upgrades to maintain global competitiveness [3]. - HKEX is committed to a collaborative development approach involving investors, enterprises, products, infrastructure, and technology [3]. Group 3: Market Adaptation - In response to the market's interest in extended trading hours, HKEX is studying the implementation of a 24-hour trading mechanism, similar to Nasdaq's plans for 2026, while ensuring a cautious and gradual approach [3]. - HKEX has validated the stability of its trading and settlement systems during adverse weather conditions, maintaining an average daily trading volume of over HKD 200 billion during recent severe weather events [3]. Group 4: Settlement Cycle - HKEX is actively discussing with market participants the possibility of shortening the settlement cycle for the cash market, with the technical systems ready to support a T+1 settlement cycle by the end of this year [3].

Macro News - The Chinese government emphasizes the importance of advancing the biopharmaceutical industry, focusing on high-quality technological supply and policy support to enhance innovation and produce more effective medicines [1] - The Ministry of Finance and the State Taxation Administration announced that childcare subsidies will be exempt from personal income tax starting January 1, 2025, and a mechanism for information sharing will be established [1] - The State Council has issued guidelines for local governments to prioritize projects with certain returns, ensuring the completion of essential projects based on economic and financial conditions [1] Industry News - The Hong Kong Stock Exchange is considering a 24-hour trading mechanism by mid-2026, pending system upgrades and regulatory framework improvements [2] - The National Financial Regulatory Administration is seeking opinions on a draft for managing commercial bank merger loans, which will support domestic mergers and acquisitions through various financial mechanisms [2] Overseas News - On August 20, U.S. stock indices showed mixed results, with the Dow Jones Industrial Average rising by 16.04 points to 44,938.31, while the S&P 500 and Nasdaq Composite fell by 15.59 points and 142.09 points, respectively [3] - Google launched a range of new consumer hardware products, including smartphones, smartwatches, and wireless earbuds, showcasing advancements in artificial intelligence [3]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is committed to strategic investments to maintain global competitiveness, focusing on optimizing data platforms and upgrading trading and settlement systems [2] Group 1: Trading Mechanism and Market Adaptation - HKEX is considering a 24-hour trading mechanism in response to Nasdaq's plans for a similar system in 2026, emphasizing a cautious and gradual approach based on local market conditions and international best practices [2] - The implementation of a 24-hour trading system will depend on the upgrade of trading systems, improvement of risk management frameworks, and maturity of regulatory structures [2] Group 2: Infrastructure Resilience and Settlement Cycle - Since the implementation of the adverse weather trading mechanism, HKEX's trading and settlement systems have demonstrated stability, with average daily trading volume exceeding HKD 200 billion during recent adverse weather events [3] - HKEX is actively discussing the possibility of shortening the settlement cycle for the cash market, with technical systems expected to support a T+1 settlement cycle by the end of this year, pending feedback from market participants [3]