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大行评级|花旗:上调港交所目标价至500港元 维持“买入”评级
Ge Long Hui· 2025-08-21 02:43
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。 ...
港交所陈翊庭:持续战略投入提升竞争力 审慎研究交易时长调整
Huan Qiu Wang· 2025-08-21 02:12
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].
8月21日证券之星早间消息汇总:港交所将研究24小时交易机制
Zheng Quan Zhi Xing· 2025-08-21 00:55
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]
港交所陈翊庭:港交所将研究24小时交易机制
YOUNG财经 漾财经· 2025-08-20 23:21
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]
港交所上半年业绩创新高新股集资额居全球首位
Qi Lu Wan Bao· 2025-08-20 21:10
香港交易及结算所有限公司(港交所)20日在港公布的2025年中期业绩报告显示,港交所今年上半年收入及 其他收益和溢利创历来同期新高。港交所行政总裁陈翊庭表示,港交所今年开局良好。现货市场、衍生 产品市场及沪深港通的成交量均创半年新高。香港新股市场在今年延续强劲增长,上半年集资额居全球 首位。 中新 ...
港交所上半年业绩大增,IPO火爆,CEO回应24小时交易可能性
Sou Hu Cai Jing· 2025-08-20 20:45
Group 1: Core Performance Highlights - Hong Kong Stock Exchange (HKEX) reported record-breaking performance in multiple business metrics for the first half of 2025, driven by significant growth in spot trading, derivatives trading, and the trading volume of the Stock Connect programs [1][4] - For the first half of 2025, HKEX achieved total revenue (including other income) of HKD 14.1 billion, a 33% increase year-on-year, with main business revenue reaching HKD 13 billion, up 32% [1] - Net profit after tax for the period was HKD 8.5 billion, reflecting a 39% year-on-year growth, primarily due to a robust increase in trading volumes, with average daily trading value up 95% year-on-year [1] Group 2: IPO and Market Dynamics - Over 230 companies have submitted IPO applications to HKEX, indicating a positive trend in the IPO review process in mainland China, which is seen as beneficial for the Chinese market [1] - The Hong Kong market saw a strong IPO momentum with 44 new listings in the first half, raising HKD 109.4 billion, more than eight times the amount from the same period last year [5] - The refinancing scale exceeded HKD 240 billion, marking the highest semi-annual record since 2021, with the introduction of the "Tech Company Special Line" adding 50 applications under chapters 18A and 18C [5] Group 3: International Investment Trends - International investors show high participation in Hong Kong IPOs, with retail investors comprising only 10% of the secondary market, while southbound funds from the Stock Connect account for 23% [5] - HKEX is prepared to capitalize on the trend of international funds returning to Chinese assets, as global investors seek diversified cross-regional and cross-asset class investments [4] Group 4: Future Outlook - HKEX plans to continue optimizing trading mechanisms, including shortening settlement cycles and improving settlement efficiency to align with global markets [5] - The company acknowledges potential declines in investment income in the second half of the year due to factors such as the decrease in Hong Kong Interbank Offered Rate (HIBOR) and property acquisition impacts [5]
港交所上半年业绩刷新同期历史纪录
Core Insights - Hong Kong Stock Exchange (HKEX) reported record high revenue and net profit for the first half of 2025, with total revenue reaching HKD 14.076 billion, a 33% year-on-year increase, and net profit at HKD 8.519 billion, up 39% [2][3] Financial Performance - HKEX's net profit for the first half was HKD 8.519 billion, with Q2 net profit at HKD 4.442 billion, reflecting a 41% increase compared to Q2 2024 [3] - The average daily trading volume in the Hong Kong stock market was HKD 240.2 billion, a 118% year-on-year increase [3] - The average daily trading volume for Hong Kong ETFs reached HKD 33.8 billion, up 184% year-on-year [3] - Northbound and Southbound trading volumes under the Stock Connect program reached record highs, with Northbound daily trading volume at RMB 171.3 billion, a 32% increase, and Hong Kong Stock Connect daily trading volume at HKD 111 billion, up 196% [3] - The Bond Connect Northbound daily trading volume was RMB 45.9 billion, a 3% year-on-year increase [3] - HKEX declared a mid-term dividend totaling approximately HKD 7.6 billion, indicating that nearly 90% of profits are distributed as dividends, reflecting strong cash flow and a focus on shareholder returns [3] IPO Market Activity - In the first half of 2025, 44 companies listed on the Hong Kong stock market, raising a total of HKD 109.4 billion, a 716% year-on-year increase, marking the strongest half-year performance since 2021 [4] - Notable IPOs included Contemporary Amperex Technology Co., Ltd. (CATL), which raised HKD 41 billion, the largest IPO in Hong Kong since February 2021 [4] - Interest from international issuers has increased, with several Southeast Asian companies listing on HKEX, such as Thailand's IFBH [4] - As of June 30, 2025, the number of IPO applications being processed by HKEX reached 207, more than double the 84 applications at the end of the previous year [4] Reform and Development - During the mid-term performance meeting, HKEX's CEO revealed several ongoing reform initiatives [5] - The introduction of the "Tech Company Fast Track" in May 2025 aims to provide pre-listing guidance for specialized technology and biotech companies, with 50 new IPO applications received under this program [6] - HKEX is exploring the possibility of shortening the settlement cycle for the cash market, with a technical system upgrade expected to support T+1 settlement by the end of the year [6] - Future initiatives include expanding the paperless listing mechanism and implementing new pricing regulations for IPOs [6]
港交所上半年收入创历史新高 行政总裁陈翊庭:还有近230家公司的递表正在处理中
Mei Ri Jing Ji Xin Wen· 2025-08-20 16:46
Group 1 - The core viewpoint of the article highlights the strong financial performance of Hong Kong Exchanges and Clearing Limited (HKEX) in the first half of 2025, with record revenue and profit figures [1] - HKEX reported a revenue and other income of HKD 14.076 billion, a year-on-year increase of 33%, and a profit attributable to shareholders of HKD 8.519 billion, up 39%, both reaching historical highs [1] - The board declared an interim dividend of HKD 6.00 per share, representing a 38% increase compared to the previous year [1] Group 2 - In the first half of the year, HKEX welcomed 44 new listed companies, raising a total of HKD 109.4 billion, which is the highest globally and a 716% increase year-on-year [1] - The average daily trading volume in the securities market was HKD 240.2 billion, a 118% increase year-on-year, while the average daily trading volume for ETFs rose by 184% to HKD 33.8 billion [3] - The introduction of the "Science and Technology Company Fast Track" has led to 50 companies applying for IPOs under the 18A and 18C rules since its launch [3][4] Group 3 - HKEX's CEO mentioned that the confidentiality of submissions is not new and is designed to protect sensitive information of companies in the R&D phase [4] - The discussion around extending trading hours to 24 hours is ongoing, with the aim of enhancing market accessibility for investors [5] - HKEX has initiated consultations on shortening the settlement cycle to T+1, aligning with global trends, and aims to establish a feasible implementation timeline [6][7]
港交所上半年收入创半年度历史新高;天岳先进上市首日收涨6.4%丨港交所早参
Mei Ri Jing Ji Xin Wen· 2025-08-20 16:44
Group 1: Hong Kong Stock Exchange Performance - Hong Kong Stock Exchange reported a record high total revenue of HKD 14.076 billion and a shareholder profit of HKD 8.519 billion for the first half of 2025, marking a historical peak for the semi-annual performance [1] - The new stock market financing amount has returned to the top of global exchanges, reinforcing Hong Kong's leading position in the global capital market [1] Group 2: Tianyue Advanced Listing - Tianyue Advanced, a semiconductor silicon carbide substrate manufacturer, officially listed on the Hong Kong Stock Exchange, with its stock price rising by 6.4% on the first day of trading [2] - The company issued 47.7457 million shares at a price of HKD 42.80 per share, focusing on the research and industrialization of silicon carbide substrates [2] Group 3: Zhaochuang Information's IPO Plans - Zhaochuang Information announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image [3] - The details of the H-share issuance and listing are yet to be determined, but this move aims to provide new opportunities in the international market [3] Group 4: Hansoh Pharmaceutical Fundraising - Hansoh Pharmaceutical announced a placement agreement to raise approximately HKD 3.897 billion by issuing 108 million shares at a price of HKD 36.30 per share, representing a discount of about 6.49% from the previous closing price [4] - The fundraising is expected to improve the company's financial position and support future research and business expansion [4] Group 5: Hong Kong Stock Market Overview - The Hong Kong stock market index closed at 25,165.94, with a slight increase of 0.17% on August 20 [5] - Other indices showed minor fluctuations, indicating a stable market environment [5]
资本永不眠:全球 24 小时交易时代的暗战与机遇
Zhi Tong Cai Jing· 2025-08-20 15:28
Core Viewpoint - The introduction of 24-hour trading mechanisms is reshaping global financial markets, driven by the need for extended trading hours and the competition among exchanges [1][5][7] Group 1: Global Market Developments - Nasdaq plans to launch 24-hour trading for stocks, ETFs, and closed-end funds in the second half of 2026, pending regulatory approval [2] - NYSE has received approval to extend trading hours for its fully electronic exchange, NYSE Arca, to 22 hours each trading day [2] - The Chicago Board Options Exchange (CBOE) announced plans for 24-hour trading starting in February 2025, aligning with Nasdaq's initiatives [2] Group 2: Regional Market Responses - The London Stock Exchange Group (LSEG) is exploring the feasibility of extending trading hours, considering both technological and regulatory impacts [3] - The Tokyo Stock Exchange has extended its trading hours to 5.5 hours, marking its first adjustment since 1954 [3] - The cryptocurrency market operates 24/7, with platforms like Kraken offering tokenized versions of U.S. stocks for continuous trading [3][4] Group 3: Expansion of Trading Mechanisms - The 24-hour trading model is expanding beyond futures to include stocks and derivatives, creating a comprehensive trading network [4] - Nasdaq and NYSE's plans cover equities, while CBOE's initiative includes derivatives, indicating a broadening of the trading landscape [4] Group 4: Strategic Considerations for Exchanges - Nasdaq's push for 24-hour trading is driven by global client demand, competitive pressures, and technological advancements [5] - Data shows that 63% of non-traditional trading volume in U.S. stocks comes from the Asia-Pacific region, highlighting the need for extended trading hours [5] - The rise of alternative trading systems has increased non-traditional trading volumes, necessitating Nasdaq's response to maintain market share [5] Group 5: Implications for Hong Kong Stock Exchange - The Hong Kong Stock Exchange (HKEX) is considering 24-hour trading to enhance its competitiveness and attract international capital [6] - Currently, HKEX operates for only 5.5 hours, which is significantly shorter than other major financial centers [6] - HKEX's trading system is expected to support T+1 settlement by the end of 2025, laying the groundwork for 24-hour trading [6] Group 6: Future Outlook - The implementation of 24-hour trading could enhance market efficiency and attract a broader investor base, particularly younger investors [7] - However, challenges such as potential liquidity issues during off-peak hours and the risk of market manipulation by high-frequency traders must be addressed [7] - The evolution towards 24-hour trading is seen as essential for HKEX to avoid being marginalized in the global market [7]