（来源：MBMC美顺） 来源：市场资讯 港交所(00388.HK)公告，委任毕马威会计师事务所为集团2026年度(截至2026年12月31日)的外聘核数师 (审计师)，有关委任须待香港交易所股东于2026年股东周年大会批准后方可作实。 普华永道在于2025年4月30日举行的2025年股东周年大会上获续聘为审计师，为集团进行2025年度的审 核工作。 普华永道将于2026年股东周年大会完结时退任审计师职务。 香港交易所(00388.HK)于2000年6月27日在联交所上市，当时IPO的审计师便是普华永道。 | | 參與介紹各方 | | --- | --- | | 介紹的保薦人 | 滙豐投資銀行亞洲有限公司 | | | 香港 | | | 皇后大道中1號 | | | 15樓 | | | Merrill Lynch Far East Limited | | | 香港 | | | 中環 | | | 花園道3號 | | | 亞太金融中心17樓 | | | 摩根士丹利添惠亞洲有限公司 | | | 香港 | | | 中環 | | | 交易廣場第三座 | | | 30樓 | | 本公司的法律顧問 | 安理國際律師事務所 | | ...

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) announced a strategic investment to acquire a 20% stake in Xunqing Clearing Holdings, formalized through a transaction agreement signed during a recent ceremony involving the Exchange Fund, HKEX, and Xunqing Clearing Holdings [1] Group 1 - HKEX is pursuing a strategic investment to enhance its market position and expand its service offerings [1] - The acquisition of a 20% stake in Xunqing Clearing Holdings signifies HKEX's commitment to strengthening its clearing and settlement capabilities [1] - The transaction agreement was signed in the presence of key stakeholders, indicating a collaborative approach to the investment [1]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [2][9] Core Views - The report indicates that the Hong Kong stock market's liquidity is expected to continue to rise due to a series of connectivity policies, leading to increased market activity and valuation [2][6] - For the years 2025-2027, the company is projected to achieve revenues and other income of HKD 282.86 billion, HKD 304.18 billion, and HKD 322.14 billion, respectively, with net profit attributable to shareholders of HKD 173.74 billion, HKD 188.57 billion, and HKD 200.92 billion, corresponding to PE ratios of 30.91, 28.48, and 26.73 times [2][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues and other income of HKD 218.51 billion, a year-on-year increase of 36.63%, and a net profit attributable to shareholders of HKD 134.19 billion, up 44.8% year-on-year [6][9] - Revenue growth was driven by significant increases in trading and transaction fees, listing fees, and settlement and clearing fees, with respective year-on-year growth rates of 57.28%, 17.08%, and 65.66% [6][9] Market Activity - The report highlights a substantial increase in trading activity across the cash, derivatives, and commodities markets, with daily average trading volumes for cash securities up 132.4% year-on-year [6][9] - The report notes that the number of new listings and the amount raised in the first three quarters of 2025 saw significant growth, with new listings totaling 69 and fundraising amounts increasing by 258.5% [6][9] Investment Income - Investment income for Q3 2025 was reported at HKD 10.18 billion, reflecting a quarter-on-quarter decline of 16% and a year-on-year decrease of 34% [6][9] - The annualized investment return rate for margin and clearing house fund investments decreased by 0.15 percentage points to 1.46% [6][9] Future Projections - The report anticipates continued growth in revenues and profits for the company, driven by favorable market conditions and policy support, with projected revenues of HKD 282.86 billion in 2025, HKD 304.18 billion in 2026, and HKD 322.14 billion in 2027 [2][10]

Group 1 - During the "14th Five-Year Plan" period, the cumulative transaction volume of the Shanghai-Hong Kong Stock Connect reached 99 trillion yuan, representing a 275% increase compared to the "13th Five-Year Plan" [1] - Ten companies completed global depositary receipt issuances, raising a total of 33.5 million USD [1] - The scale of cross-border index products in the Shanghai market exceeded 320 billion yuan, indicating an increase in international influence [1] Group 2 - The Shanghai Stock Exchange (SSE) has actively promoted deep exchanges between international investors and companies listed in the Shanghai market to strengthen investor confidence [2] - In August, the SSE held an online roadshow titled "Focusing on SSE - Six Years of the Sci-Tech Innovation Board," with participation from nearly 50 institutions from major markets in Europe, America, and Asia-Pacific [2] - The SSE and the Singapore Exchange co-hosted the "SSE-SGX Deepening Cooperation Exchange Conference" in September, focusing on new opportunities for capital market cooperation [2]

在港交所相關衍生產品中，法巴認購證29424提供7.9倍槓桿，行使價518元，具有槓桿最高且溢價與引伸波幅最低的特點。中銀認沽證19860提供10.6倍槓 桿，行使價387.8元，引伸波幅相對較低。瑞銀認沽證19854提供9.9倍槓桿，行使價387.8元，同樣具有引伸波幅相對較低的優勢。 | | | | | | CAL Q C | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 電表 | 輪設 | 評論 | 資訊 | | | | 間表 | | | 29424 港交法巴六五購B.C | | | | | | | 1986 | | | 交易中 11/10 13:51:22 | | | | | | 88 42 | 交易中 | | | 最 高 0.14.8+ | | | | 0.150 開 市 | | | OLO | 0.143 | | 最 低 +0.009 +6.47% | | | | 0.139 前 收 | | | -0.014 | 0.139 | | 成交量 4394.00萬股 成交額 | | | | 631.77萬 有效槓桿 | | ...

【环球网财经综合报道】日本新一届政府高层明确要求日本央行暂缓加息，认为应至少等到2026年1月再做决定，以 与即将出台的大规模经济刺激计划协调步调，共同支撑经济复苏。 高盛最新研究指出，美国投资者正在加大对日本股票的投资，外资流入将进一步推高日股，尽管可能会出现短期盘 整。 《南华早报》发文称，美国投资者因日本股市美元计价的强劲表现，尤其是日经225指数大幅上涨约30%，正加快涌入 日本市场，这可能是由于日本的经济刺激政策、科技和人工智能主题的吸引力，以及东京证券交易所和政府的投资者 友好措施；资金流入预示着增长股可能取代价值股成为市场推动力。 但报道也提到，日本交易所集团发布的数据显示，10月下半月，外国投资者现金和期货形式买入了约3.84万亿日元 （250亿美元）的日本股票。尽管如此，考虑到10月底日经指数已进入超买区域，高盛的日本首席股市策略师布鲁斯· 柯克（Bruce Kirk）表示："不会对市场可能的整理感到意外。" ...

星展发布研报称，认为在美上市的中概股可能回归香港挂牌，进一步扩大港股市场规模并维持强劲交易 势头;重申香港交易所(00388)"买入"评级，目标价维持540港元。 该行称，港股强劲势头将持续，并将港交所2025及26年的日均成交额预测上调至2,580亿及2,750亿元。 利好因素包括流动性及投资气氛改善，香港科技股的估值较其他市场具吸引力，以及政府的支持政策和 刺激措施。受惠于科技股上升及IPO市场活跃，今年7至10月期间，南下资金占总成交额的比例升至 25%。香港年初至今已有逾80只新股上市，当中包括A股企业及知名的科技和消费股，从结构上优化市 场结构。 ...

Core Viewpoint - DBS believes that Chinese companies listed in the U.S. may return to Hong Kong for listing, which would further expand the Hong Kong stock market and maintain strong trading momentum [1] Group 1: Market Outlook - The strong momentum in the Hong Kong stock market is expected to continue, with DBS raising the average daily trading volume forecast for the Hong Kong Stock Exchange (HKEX) to HKD 258 billion and HKD 275 billion for 2025 and 2026 respectively [1] - Positive factors contributing to this outlook include improved liquidity and investment sentiment, attractive valuations of Hong Kong tech stocks compared to other markets, and supportive government policies and stimulus measures [1] Group 2: Market Activity - From July to October this year, the proportion of southbound funds in total trading volume increased to 25%, benefiting from the rise in tech stocks and an active IPO market [1] - Over 80 new stocks have been listed in Hong Kong year-to-date, including A-share companies and well-known tech and consumer stocks, which has optimized the market structure [1]

Group 1 - The recovery of the IPO market in 2023 is driven by multiple factors, with Asia being the primary growth engine for international business [1] - The number of Japanese IPOs on Nasdaq has nearly doubled this year, while Korean companies show a stable pipeline, indicating a shift in regional dynamics [1] - Hong Kong's IPO market has seen a significant increase, with a financing amount of HKD 182.3 billion in the first three quarters of 2023, a year-on-year increase of 228% [1] Group 2 - Competition among global exchanges is beneficial for the capital markets, as it drives improvements in service quality, liquidity, and overall market experience [2] - Nasdaq aims to be the preferred choice for companies considering international listings, emphasizing the importance of understanding client needs [2] - The travel industry remains a focus for Nasdaq, with companies like Pony.ai and WeRide having gone public, alongside emerging sectors like space exploration and fintech [2] Group 3 - Nasdaq has raised its listing standards in 2025, including increasing the minimum public float to USD 15 million and requiring a minimum IPO fundraising amount of USD 25 million [3] - The logic behind raising listing standards is to enhance liquidity in the market [3] - The TCFA, established in 1994, is the largest and most influential Chinese financial organization globally, with over 10,000 members [3]

"美国投资者参与度提升的意义重大，他们往往倾向于科技和人工智能相关主题，"柯克在采访中表示。 高盛表示，受日本股市相对美股的超高回报吸引，美国投资者正越来越多地买入聚焦科技和人工智能领 域的日本股票。该行日本股票首席策略师布鲁斯.柯克表示，"美国资金流入的增速现已达到'安倍经济 学'以来的最快水平"。他指出，美国投资者对日本股市的主动参与度处于2022年10月以来的最高水平， 自己也频繁收到会面请求。 美国资金的流入反映了今年以美元计价的日本股市的强劲表现。日元升值2.5%，再加上首相高市早苗 的刺激政策引发新的乐观情绪，为日本股市提供了支撑。基准日经225指数今年以美元计价上涨约 30%，远超标准普尔500指数14%的涨幅。 美国资金参与度的提升可能标志着日本股市迎来转折点，意味着市场驱动力可能从价值股转向成长型股 票。受东京证券交易所和政府支持投资者的举措推动，自2021年起，价值股已连续四年跑赢成长股。 柯克认为，外国资金流入仍有进一步上行空间。相比"安倍经济学"时期的峰值，全球投资者对日本股票 的净持仓仍较低，留有进一步买入的空间。他表示，全球投资者持续的多元化配置需求可能会维持这一 趋势。 日本交易 ...