Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has achieved record-high revenues and profits in the first three quarters of 2025, driven by increased trading activity in the Hong Kong stock market [4][5]. Financial Performance - Total revenue for the first three quarters reached HKD 21.85 billion, a year-on-year increase of 36.6%, with the third quarter showing a growth of 44.7% year-on-year and 7.7% quarter-on-quarter [4][5]. - Net profit attributable to shareholders was HKD 13.42 billion, up 44.8% year-on-year, with the third quarter seeing a 55.8% year-on-year increase [4][5]. - EBITDA margin stood at 79%, reflecting a 5 percentage point increase year-on-year [4]. Revenue Breakdown 1. Trading fees, system usage fees, and settlement fees totaled HKD 13.1 billion, accounting for 60.0% of total revenue, with a year-on-year increase of 60.5% [5]. 2. Investment income netted HKD 3.89 billion, representing 17.8% of total revenue, with a year-on-year increase of 4.4% [6]. 3. Listing fees amounted to HKD 1.27 billion, making up 5.8% of total revenue, with a year-on-year increase of 17.1% [7]. Market Activity - The average daily trading volume for equity securities reached HKD 238.7 billion, a record high, with a year-on-year increase of 132.4% [8]. - The derivatives market saw an average daily trading volume of HKD 17.7 billion, up 67.0% year-on-year [8]. - Northbound and southbound trading average daily transaction amounts were RMB 206.4 billion and HKD 125.9 billion, respectively, both record highs [8].

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported a 56% year-on-year increase in net profit for Q3 2025, exceeding expectations by 7% [1] - The growth was primarily driven by robust core revenue growth, record average daily trading volume, and strong initial public offering (IPO) momentum [1] - Net interest income decreased by 13.6% to HKD 1 billion, impacted by a decline in Hong Kong interbank offered rates and reduced corporate investment portfolio returns [1] - The outlook for average daily trading volume in 2026 remains optimistic due to the Federal Reserve's interest rate cuts and strong southbound capital inflows [1] - The target price for HKEX has been raised to HKD 548, maintaining a "Buy" rating [1]

Core Insights - The total market capitalization of the securities market reached HKD 48.1 trillion by the end of October 2025, representing a year-on-year increase of 37% [1] - The average daily trading amount in October 2025 was HKD 274.9 billion, showing a year-on-year increase of 8% [1] - For the first ten months of 2025, the average daily trading amount was HKD 258.2 billion, which is a significant year-on-year increase of 102% [1] - The average daily trading amount for exchange-traded funds (ETFs) was HKD 34.3 billion, reflecting a year-on-year increase of 127% [1] - The total fundraising amount from initial public offerings (IPOs) was HKD 216 billion, marking a substantial year-on-year increase of 209% [1]

Core Viewpoint - The report from Everbright Securities highlights Hong Kong Exchanges and Clearing Limited (HKEX) as a rare investment target with both offensive and defensive strengths, maintaining an "overweight" rating. The report notes a significant increase in trading activity in the Hong Kong stock market since September 2024, with the company's financial performance reaching historical highs in the first three quarters of the year. The positive market sentiment is expected to continue into the fourth quarter, supported by policy initiatives encouraging more mainland companies to list in Hong Kong and the return of Chinese concept stocks [1]. Financial Performance - In the first three quarters of 2025, HKEX achieved total revenue of HKD 21.85 billion, a year-on-year increase of 36.6%, with growth accelerating by 4.1 percentage points compared to the first half of the year. The third quarter saw revenue growth of 44.7% year-on-year and 7.7% quarter-on-quarter. The net profit attributable to shareholders for the same period was HKD 13.42 billion, up 44.8% year-on-year, with a 5.7 percentage point increase compared to the first half of the year. The third quarter's net profit growth was 55.8% year-on-year and 10.3% quarter-on-quarter [2]. Revenue Breakdown - Trading fees, trading system usage fees, and settlement and clearing fees accounted for HKD 13.1 billion (60.0% of total revenue), reflecting a year-on-year increase of 60.5%. The third quarter saw a year-on-year increase of 83.6% and a quarter-on-quarter increase of 28.2%. The average daily trading volume increased by 126.3% year-on-year to HKD 256.4 billion, with the third quarter showing a year-on-year increase of 141.1% and a quarter-on-quarter increase of 20.5% [2][3]. Investment Income - The net investment income for the first three quarters was HKD 3.89 billion (17.8% of total revenue), a year-on-year increase of 4.4%, with growth slowing by 9.6 percentage points compared to the first half of the year. The net investment income from the company's own funds was HKD 1.3 billion, down 7.8% year-on-year, with an annualized net return of 4.7%, a decrease of 0.8 percentage points. The income from margin and clearing house fund investments was HKD 2.6 billion, up 11.9% year-on-year, with an annualized net return of 1.5%, down 0.2 percentage points [3]. Market Activity - The average daily trading volume for stock securities on the exchange reached HKD 238.7 billion in the first three quarters, a record high, with a year-on-year increase of 132.4%. The third quarter saw a year-on-year increase of 149.9% and a quarter-on-quarter increase of 21.6%. The average daily trading volume in the derivatives market was HKD 17.7 billion, up 67.0% year-on-year, with the third quarter showing a year-on-year increase of 59.5% and a quarter-on-quarter increase of 6.3% [4]. New Listings - In the first three quarters of 2025, the Hong Kong stock market saw a strong increase in new listings, with 69 new companies listed, a year-on-year increase of 53.3%. The total funds raised amounted to HKD 188.3 billion, a year-on-year increase of 238.7%. Notably, Zijin Mining's listing in the third quarter raised HKD 28.7 billion, making it the second-largest new listing globally this year. As of the end of the third quarter, there were 297 listing applications pending, representing a 253.6% increase compared to the end of the previous year [5].

Core Insights - Hong Kong Exchanges and Clearing (HKEX) reported a 56% year-on-year increase in net profit for the third quarter, exceeding expectations by 7% [1] - The growth was primarily driven by robust core revenue growth, record average daily trading volume, and strong initial public offering (IPO) momentum [1] - Net interest income decreased by 13.6% year-on-year to HKD 1 billion, impacted by a decline in Hong Kong interbank offered rates and reduced corporate investment portfolio returns [1] - The outlook for average daily trading volume remains optimistic due to the Federal Reserve's interest rate cut cycle and strong southbound capital inflows [1] - The target price for HKEX has been raised to HKD 548, maintaining a "buy" rating [1]

Core Viewpoint - Hong Kong Stock Exchange reported a significant year-on-year revenue growth of 45% in Q3, reaching HKD 7.775 billion, driven by active trading and robust performance in market-related businesses [1] Financial Performance - Total revenue increased by 45% year-on-year to HKD 7.775 billion [1] - Excluding investment income, core fee income rose by 62% year-on-year to HKD 6.71 billion [1] - Profit increased by 56% year-on-year to HKD 4.9 billion, exceeding market expectations [1] Market Activity - The growth in revenue and profit is attributed to heightened trading activity and rapid growth in various market-related businesses [1] - Investment income also showed relatively stable performance [1] Future Outlook - The company maintains its earnings forecast for 2025 to 2026 unchanged [1] - The rating remains "outperform" with a target price of HKD 500, corresponding to 37x and 36x price-to-earnings ratios for 2025 and 2026, respectively, indicating an 18% upside potential [1]

因美联储降息周期及强劲南向资金流入将提供支撑，该行对2026年日均成交额前景维持乐观，维持对 其"买入"评级，目标价上调至548港元。 大华继显发表报告指，港交所第三季纯利按年增长56%，较该行预期高出7%，主要受惠于核心收入稳 健增长，受惠于创纪录的平均每日成交量及强劲的首次公开招股势头。至于净利息收入按年下跌13.6% 至10亿港元，受港元同业拆息回落及企业投资组合收益减少拖累。 ...

Core Viewpoint - The report from Guolian Minsheng indicates that the Hong Kong Stock Exchange (HKEX) is expected to see significant revenue and profit growth in the coming years, driven by improved market activity and strong performance in various segments [1][2]. Financial Performance - For the first nine months of 2025, HKEX achieved total revenue and other income of HKD 218.5 billion, representing a year-on-year increase of 37% [2][3]. - The net profit attributable to shareholders for the same period was HKD 134.2 billion, up 45% year-on-year [2][3]. - In Q3 2025, the company reported revenue and other income of HKD 77.8 billion, a 45% increase year-on-year and an 8% increase quarter-on-quarter [2]. Segment Performance - Trading and trading system usage fees reached HKD 78.31 billion, up 57% year-on-year, due to record high average daily trading (ADT) in the cash and derivatives markets [4]. - Clearing and settlement fees amounted to HKD 52.73 billion, a 66% increase year-on-year, driven by record high average daily trading volumes in the Stock Connect program [4]. - Listing fees were HKD 12.68 billion, reflecting a 17% year-on-year increase, supported by strong capital raising activities in the Hong Kong market [4]. - Investment income netted HKD 38.93 billion, a 4% increase year-on-year, although the annualized investment return rate decreased to 4.67% [4]. Market Activity - The cash market showed significant improvement, with the average daily trading volume reaching HKD 2,564 billion for the first nine months of 2025, a 126% increase year-on-year [5]. - The Northbound ADT was HKD 2,064 billion, up 67% year-on-year, while the Southbound ADT reached HKD 1,259 billion, a 229% increase [5]. - The ETP market also performed well, with an ADT of HKD 378 billion, reflecting a 145% year-on-year increase [5]. - In the IPO market, HKEX saw 69 new listings raising HKD 1,883 billion, a 239% increase year-on-year, with a strong pipeline of 297 applications pending as of Q3 2025 [5].

Core Viewpoint - The company expects continued improvement in trading activity in the Hong Kong stock market, projecting total revenue and net profit growth for Hong Kong Exchanges and Clearing Limited (HKEX) in the coming years [1] Financial Performance - For the first nine months of 2025, the company reported total revenue and other income of HKD 218.5 billion, a year-on-year increase of 37%, and a net profit attributable to shareholders of HKD 134.2 billion, up 45% [2][3] - In Q3 2025, the company achieved revenue and other income of HKD 77.8 billion, reflecting a year-on-year increase of 45% and a quarter-on-quarter increase of 8%, with net profit of HKD 49.0 billion, up 56% year-on-year and 10% quarter-on-quarter [2] Segment Performance - The company reported significant growth across all business segments for the first nine months of 2025: - Trading and trading system usage fees reached HKD 78.31 billion, up 57% year-on-year, driven by record average daily trading (ADT) in the cash and derivatives markets [4] - Clearing and settlement fees totaled HKD 52.73 billion, a 66% increase year-on-year, due to record high average daily trading volumes in the Stock Connect program [4] - Listing fees amounted to HKD 12.68 billion, up 17% year-on-year, supported by strong capital raising activities in the Hong Kong stock market [4] - Net investment income was HKD 38.93 billion, a 4% increase year-on-year, with a decline in annualized investment yield for the company's funds [4] Market Outlook - The Hong Kong stock market is experiencing improved trading activity, which is expected to sustain the company's annual performance growth: - The cash market ADT reached HKD 2,564 billion for the first nine months of 2025, a 126% year-on-year increase, with northbound ADT at HKD 2,064 billion, up 67%, and southbound ADT at HKD 1,259 billion, up 229% [5] - The Exchange-Traded Products (ETP) market also showed positive trends, with ADT reaching HKD 378 billion, a 145% year-on-year increase [5] - The IPO market remained robust, with 69 companies listed on the main board, raising HKD 1,883 billion, a 239% increase year-on-year, and a strong pipeline of 297 IPO applications pending as of the end of Q3 2025 [5]

Group 1: Market Overview - The performance of the CSI 300 and ChiNext indices over the past year shows significant fluctuations, with a notable increase in the last few months [1] - The top five industries by yesterday's performance include non-ferrous metals, electronics, communications, basic chemicals, and automobiles, with gains ranging from 1.784% to 3.051% [1][2] Group 2: Fund Management Insights - In October 2025, the performance of industry rotation-type fund advisory products was relatively strong, with stock-type advisory products outperforming mixed equity funds [5] - The average returns for different types of fund advisory products in October were 0.31% for pure bond, 0.41% for fixed income+, 0.01% for mixed equity, and -0.90% for stock-type products [5][6] - Fund advisory products showed a shift in asset allocation, with an increase in exposure to non-bank financials and non-ferrous metals, while reducing exposure to the pharmaceutical and biological sectors [7] Group 3: Banking Sector Analysis - The banking sector is characterized by a low interest rate environment and a focus on stable high-dividend assets, highlighting the scarcity of such investments [12] - The investment strategy emphasizes buying high-dividend, defensive stocks while also considering the growth potential and long-term value of banks [12][16] - Recommendations include a three-tiered approach: large state-owned banks for core holdings, banks with strong wealth management capabilities for core configurations, and high-growth regional banks for flexible allocations [16] Group 4: Non-Bank Financials - The Hong Kong Stock Exchange reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching HKD 218.5 billion, a year-on-year increase of 37% [18] - The trading and settlement fees, which are directly linked to ADT, saw substantial growth, indicating a robust performance in the trading sector [19] - The outlook for the Hong Kong Stock Exchange remains positive, with expectations of continued growth driven by the return of quality assets and sustained inflows from southbound capital [18][19] Group 5: Retail Sector Insights - The baby products retailer reported steady growth in its main business, with revenue for the first three quarters of 2025 reaching CNY 2.725 billion, a year-on-year increase of 10.4% [23] - The company is expanding its store network and enhancing its product offerings through partnerships, which are expected to drive future growth [25] - The jewelry retailer experienced a decline in revenue but improved profitability due to adjustments in product and channel strategies, focusing on enhancing operational quality [28][29] Group 6: Supermarket Sector - The supermarket chain faced significant revenue decline in the first three quarters of 2025, with total revenue of CNY 42.434 billion, down 22.2% year-on-year [32] - The company is undergoing a transformation towards quality retail, with ongoing supply chain reforms and store optimization efforts [32][34] - Despite short-term challenges, the long-term outlook remains optimistic as the company aims to improve operational efficiency and adapt to changing consumer habits [32][34]