陈翊庭接受媒体访问时提到，最近黑雨有三次在交易日发生。那三天不论是交易方面、后续的结算都没 有出现问题，每日成交做到2000亿港元以上。这是一个例子，可以说明进行结构优化，必须要很仔细研 究、做得仔细。 年初《财政预算案》提出改善"手数"制，港交所计划年底咨询市场意见，陈翊庭表示，这不是一个纯粹 在技术上、系统作提升就可以做到，交收、清算等各方各面都会有影响，因此不可以掉以轻心，运作上 要作出全盘考虑。 近日有意见提议港股延长至24小时交易、取消中午休市时段，以维持竞争力。港交所(00388)行政总裁 陈翊庭表示，明白有投资者期望更便捷、更快、无间断地参与市场，但正如研究恶劣天气如常交易，任 何关系到延长交易时段的建议都必须与持份者充分沟通，慎重及仔细研究细节。 ...

Group 1 - UBS predicts that the contribution of southbound trading to the average daily trading volume of the Hong Kong Stock Exchange (HKEX) is expected to double from approximately 16% in Q1 of last year to nearly 28% in the third quarter of this year [1] - The increase in participation from domestic investors, particularly retail investors, indicates further potential for southbound trading growth [1] - HKEX is exploring the possibility of zero-day options, but the complexity of execution means that a specific timeline remains unclear [1] Group 2 - HKEX is considering the extension of trading hours, which requires comprehensive consideration from various perspectives [1] - Based on market data for Q3 and updated institutional targets for the Hang Seng Index, UBS has raised its average daily trading volume forecasts for HKEX for 2025 to 2027 to HKD 230 billion, HKD 193 billion, and HKD 219 billion respectively [1] - Earnings per share estimates have been increased by 5%, 3%, and 2% for the same years, reaching HKD 12.5, HKD 10.9, and HKD 11.8 respectively [1] Group 3 - UBS has raised its target price for HKEX from HKD 430 to HKD 464 while maintaining a "neutral" rating [1]

Report Industry Investment Ratings - Not mentioned in the provided content. Core Views of the Report - The stock market is expected to fluctuate. The recent rise in the stock market is mainly due to three logics: in the long - term, the market anticipates more fiscal policies to stimulate consumption and an increase in domestic inflation after the easing of Sino - US relations, with foreign capital flowing in and usually buying large - cap growth stocks; in the medium - term, the anti - involution trend and infrastructure investment on the demand side benefit upstream cyclical sectors; in the short - term, the capital market has relatively abundant liquidity due to RMB appreciation under a weak US dollar and improved corporate deposit and loan data [1]. - The bond market is expected to fluctuate. In the short term, the bond market is under pressure due to the recovery of risk appetite, but with no significant changes in the capital and fundamental aspects, there is no clear directional driver for the bond market [3]. Summary According to Relevant Catalogs Research Views Stock Index - On August 21, the A - share market closed down with oscillations. The Wind All - A index fell 0.13% with a trading volume of 2.46 trillion yuan. The CSI 1000 index dropped 0.71%, the CSI 500 index declined 0.36%, while the SSE 50 index rose 0.53% and the SSE 300 index increased 0.39%. Policies such as personal consumer loan interest subsidies and the implementation of the parenting subsidy program are expected to boost consumption and inflation. It is predicted that the central bank will purchase national debt to raise funds for the central government and introduce more inclusive fiscal support programs to stabilize and increase inflation [1]. Treasury Bonds - Treasury bond futures closed higher on August 21. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts rose 0.34%, 0.07%, 0.06%, and 0.02% respectively. The central bank conducted 253 billion yuan of reverse repurchase operations, with a net investment of 124.3 billion yuan. The weighted average rates of DR001 and DR007 decreased by 7bp and 5bp to 1.46% and 1.51% respectively. The LPR in August remained unchanged, with the 1 - year LPR at 3.00% and the over - 5 - year LPR at 3.50% [3]. Daily Price Changes - For stock index futures on August 21, IH rose 0.50%, IF increased 0.29%, IC dropped 0.58%, and IM declined 1.01%. For stock indices, the SSE 50 rose 0.53%, the SSE 300 increased 0.39%, the CSI 500 fell 0.36%, and the CSI 1000 dropped 0.71%. For treasury bond futures, TS rose 0.03%, TF increased 0.08%, T rose 0.02%, and TL increased 0.05% [4]. Market News - At the HKEX's 2025 interim results meeting, some market participants suggested extending trading hours. The HKEX CEO's response was misinterpreted. The HKEX stated that it is committed to providing more convenience to investors and is open to relevant suggestions, but extending trading hours has a significant impact on the market and requires careful consideration and consultation with all market participants [5]. Chart Analysis Stock Index Futures - The report provides charts of the trends and basis of IH, IF, IM, and IC main contracts, including the closing prices of corresponding stock index futures and the basis trends over time [7][8][9][10]. Treasury Bond Futures - Charts show the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][15][16][17]. Exchange Rates - The report includes charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates of the US dollar and euro against the RMB, the US dollar index, and exchange rates of the euro, pound, and yen against the US dollar [20][21][22][24][25].

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high revenue and net profit for the first half of 2025, with revenue reaching HKD 14.076 billion, a year-on-year increase of 32.53% [1] - The average daily trading volume in the Hong Kong stock market surged to HKD 240.2 billion, up 118% from the previous year, driven significantly by southbound capital [1][2] - Southbound capital's average daily trading volume reached HKD 111.04 billion, a remarkable increase of 196% year-on-year, indicating its growing influence in the market [1][2] Financial Performance - Main business revenue was HKD 12.954 billion, reflecting a 33.68% year-on-year growth, with net investment income rising due to increased deposit fees and margin scale [1] - EBITDA margin improved to 79%, up 6% year-on-year, while net profit attributable to shareholders was HKD 8.519 billion, a 39.09% increase [1] - Basic earnings per share were HKD 6.74, with an interim dividend of HKD 6 per share, marking a 37.61% increase from the previous year [1] Market Dynamics - The trading volume in the derivatives market contributed HKD 17.4 billion to the daily average, while the average daily trading volume for equity securities was HKD 222.8 billion after excluding derivatives [2] - Cumulative net inflow of southbound capital exceeded HKD 4.6 trillion, enhancing its pricing power in the Hong Kong stock market [2] - Northbound capital also saw significant growth, with average daily trading volume for stocks reaching RMB 173.14 billion, a 32% increase year-on-year [2] IPO Activity - IPO financing in the Hong Kong stock market reached HKD 106.713 billion, a staggering increase of 688% year-on-year, reclaiming the top position among global exchanges [3] - The number of new stock listing applications surged to 207, more than double the 84 applications in 2024 [3] - HKEX plans to implement several reforms to enhance market competitiveness, including shortening settlement cycles and optimizing IPO pricing regulations [3] Future Outlook - The explosive growth of southbound capital signifies a restructuring of the Hong Kong stock market, positioning it as a crucial force in market dynamics [4] - If macroeconomic conditions remain stable, southbound capital is expected to further support the Hong Kong stock market [4]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) reported strong mid-year results for 2025, with a significant increase in revenue and profit driven by heightened market activity and investor interest in non-USD assets [1][5]. Financial Performance - For the first half of 2025, HKEX's revenue and other income reached HKD 14.076 billion, a year-on-year increase of 33% [1]. - Shareholder profit attributable to the company was HKD 8.519 billion, reflecting a 39% year-on-year growth [1]. - The board declared an interim dividend of HKD 6 per share, up 36% from the previous year, totaling HKD 7.608 billion, which is 90% of the distributable profit [1]. Market Activity - The average daily trading volume in the Hong Kong securities market was HKD 240.2 billion, a remarkable increase of 118% year-on-year [1][5]. - The average daily trading volume for futures and options exceeded 1.7 million contracts, marking an 11% increase [1]. - The Hong Kong ETF market saw an average daily trading volume of HKD 33.8 billion, up 184% compared to the same period last year [1]. New Listings and Fundraising - In the first half of 2025, HKEX welcomed 44 new listings, raising a total of HKD 109.4 billion, which is more than eight times the amount raised in the same period of 2024 [5][6]. - The average daily trading volume for the Shanghai-Hong Kong Stock Connect reached RMB 171.3 billion, a 32% increase year-on-year, while the Hong Kong Stock Connect averaged HKD 111 billion, nearly three times the volume from the previous year [5]. Strategic Initiatives - HKEX is focused on enhancing market liquidity and supporting technology companies in their listings [7]. - The exchange has implemented several market reforms, including the launch of a new trading platform for the London Metal Exchange and the introduction of a "Tech Company Fast Track" for listing applications [7][8]. - Plans are underway to shorten the settlement cycle for the cash market and optimize the pricing rules for initial public offerings [8]. Future Outlook - HKEX aims to continue attracting global long-term funds and enhance its market competitiveness through various initiatives [7][8]. - The exchange is exploring the possibility of implementing a T+1 settlement cycle, pending feedback from market participants [8][9].

Group 1 - The Hong Kong Stock Exchange (HKEX) is considering a 24-hour trading mechanism in response to Nasdaq's plans to implement it in the second half of 2026 [1][2] - HKEX's CEO, Charles Li, emphasized the importance of strategic investments to maintain global competitiveness, particularly in data platform optimization and trading settlement system upgrades [1] - The Hang Seng Index has increased by 25.1% this year, ranking second among major global indices, only behind the South Korean Composite Index, which rose by 30.45% [1] Group 2 - Currently, the trading hours for Hong Kong stocks are 5.5 hours, while other major exchanges have longer trading hours, with Nasdaq at 6.5 hours [2] - If HKEX successfully implements the 24-hour trading mechanism, it will enhance its flexibility in trading hours and strengthen its position as an international financial center [2]

Niki:港交所近兩日公佈業績，其實業績股的話都建議投資者可以留意一下。上周我們提過在業績附近，股價的幅度或波動會比較大，窩輪的機會是存在， 有很大的空間可以操作。港交所有兩大因素可以分析，第一港股整體的成交金額有沒有上升？今日來看有2000多億的成交額，甚至早前超過3000多億的成交 金額，屬於近期比較高的水平。對比A股兩市的總成交金額突破2萬億，至於A股指數方面升到今年的高位。所以整體股市氣氛都持續高漲的。對於港交所是 帶來正面的利好的。第二個基本因素是新股上市。今年都有不少大的IPO來港股上市。所以港交所是直接受惠的。回到港交所的股價來看，近期都在今年的 股價高位徘徊。雖然今日有些調整，都不是特別明顯。整體看港交所的基本因素是不錯的，值得大家關注。港交所方面都有相關的產品可以給大家參考。雖 然近期窩輪的資金流不明顯，但從大環境方面做出判斷是有機會部署。值得去關注一下中銀認購證17568，行使價530.5元，到期日在明年1月份，槓桿7倍。 認沽證的話，參考中銀認沽證18983，行使價368.48元，在明年1月份到期，槓桿7倍。 市場消息指，港交所近期新上市嘅幾隻新股反應唔錯，帶動成交活躍，呢個動態都引來唔 ...

投资收益对净利润贡献超3 成，保证金规模提升带动投资收益同步上行。2Q25 港交所投资收益15.4亿港 元/yoy+31%/qoq+16%，净利润贡献度为35%。投资收益分拆：公司资金：1H25 公司资金投资收益同比 提升16%至10.4 亿港元，主因美元兑港元因汇率上行而产生非经常性汇兑收益1.63 亿港元。保证金及结 算所基金：主营保证金规模提升带动投资收益提升13%。 投 资分析意见：上调25E 盈利预测，维持买入评级。我们预计随着更多境外优质中国资产回流港股、 中国内地-中国香港两地互联互通延伸至IPO 层面，港股市场市值进一步扩容，交投活跃度有望再提 升，因此我们上调港股ADT 假设和IPO 数量假设，从而上调港交所盈利预测，我们预计港交所2025- 2027E净利润分别为169、179、188 亿港元（原25E 预测为165 亿港元），yoy 分别+30%、+6%、+5%， 维持买入评级。 机构：申万宏源研究 研究员：罗钻辉/金黎丹 事件：8 月20 日，港交所披露1H25 年报，业绩符合预期。1H25 港交所实现总营收140.8 亿港 元/yoy+33%；主营收129.5 亿港元/yoy+34% ...

Core Insights - Hong Kong Stock Exchange reported strong financial performance for the first half of 2025, with revenue and other income reaching HKD 14.076 billion, a year-on-year increase of 32.53%, and net profit attributable to shareholders at HKD 8.519 billion, up 39.1% [1] Revenue Breakdown - Revenue from trading and trading system usage fees increased by 49.12%, while listing fees rose by 12.55%, settlement and clearing fees by 48.47%, and custody and agency service fees by 23.25% [1] - Market data fees and investment income also saw growth, with increases of 6.20% and 14.04% respectively, contributing to a diversified revenue stream [1] Market Activity - Significant growth in trading activity was observed, with average daily turnover in the stock market increasing by 122.1% year-on-year, and daily turnover for Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect rising by 31.6% and 196.0% respectively [2] - Derivatives market trading fees grew by 13.8%, driven by increased activity in stock options and warrants [2] - The commodity market also saw a 3.8% increase in average daily turnover for LME metal contracts, leading to a 5.7% rise in trading fees [2] Listing and Investment Income - The number of new listings in the first half of 2025 reached 44, with fundraising amounts increasing by 716.4%, contributing to a 29.6% rise in listing fees [2] - Investment income from margin and clearing house funds increased by 13.02%, with net investment income rising by 15.87% due to increased fund size and favorable exchange rate movements [3] Future Outlook - The company is expected to benefit from ongoing connectivity policies, with projected revenues of HKD 28.344 billion, HKD 30.343 billion, and HKD 32.226 billion for 2025-2027, alongside net profits of HKD 17.618 billion, HKD 18.876 billion, and HKD 20.046 billion [3] - Corresponding PE ratios are forecasted to be 31.75, 29.63, and 27.90 times for the same period, indicating a positive investment outlook [3]

2021 年初至2025 年7 月底，各类中介机构的持股数量变化：港股通累计增持769.68 亿股、中资中介累 计增持46.52 亿股、港资中介累计减持36.91亿股、国际中介累计减持494.76 亿股，南向资金保持强买入 力度，国际中介则从7 月初以来减少净卖出。从交易额占比的角度，根据港交所公告，2025H1 港股通 ADT 为1713 亿港元，占港股ADT 比重为38.4%。一级市场角度，中国内地赴港上市公司数量、募资额 已经居于主导地位。2025 年以来，批量A 股新经济、新消费赴港上市，大量A 股上市公司赴港二次上 市，2025H1港股IPO 金额达1090 亿港元，重回世界第一。 其他业务：联交所衍生品亦受益于港股市场表现，期交所衍生品业务、商品业务、数据及连接业务、投 资收益等业务保持稳健发展。 财务表现：EBITDA 利润率创新高，轻资产模式突出。体现为资本开支少、主要支出为人力支出，同时 盈利质量较高，净利润主要用于股东回报。2025H1，公司营业支出29.73 亿港元，其中职员薪酬支出 19.52 亿港元、占比65.6%。 轻资产模式下高毛利特征明显，EBITDA 利润率常年维持70%以上 ...