花旗发表报告指，港交所公布2025年第四季归属股东净利润43亿港元，按季下跌12%，按年增长15%， 较市场共识高出16%。核心收入55亿港元按季跌12%，按年升17%，较市场预期高出2%，主要受上市费 及托管费收入增加带动。投资收入12亿港元，较市场预期高出45%，部分归因于季度录得非上市股权收 益1.63亿港元及汇兑收益5300万港元。营运支出按年增加4%，主要由于折旧费用上升，但较市场预期 低9%。宣派第二次中期股息每股6.52港元，派息比率约89%。该行予其"买入"评级，目标价为505港 元。 ...

香港交易所：董事会宣派第二次中期股息每股6.52港元，全部以现金派付；连同2025年9月派付的第一 次中期股息每股6.00港元，全年股息为每股12.52港元。 ...

格隆汇2月26日｜香港交易所2025年全年收入及其他收益为291.6亿港元，同比上升30%，预估为288.1亿 港元；净利润为177.5亿港元，同比上升36%，预估为174.4亿港元。 ...

经济观察网 香港交易所公告，2025年收入及其他收益同比上升30%至291.61亿元，股东应占溢利同比上 升36%至177.54亿元。董事会宣派第二次中期股息每股6.52元，全年股息为每股12.52元。 ...

香港交易所(00388)发布2025全年业绩，香港交易所2025年收入及其他收益为291.61亿港元，较2024年上 升30%;股东应占溢利为177.54亿港元，较2024年上升36%;基本每股盈利14.05港元，宣派第二次中期股 息每股6.52港元。 集团行政总裁陈翊庭表示： 2025年，香港交易所充分发挥作为全球超级联系人的角色，重登全球新股融资中心榜首，成交量以及业 绩均创新高。对集团来说，今年是持续发展、积极开拓、锐意改革的一年。我们不断革新产品生态圈和 市场微结构，确保紧贴全球投资者趋势，包括全球资金多元配置和亚洲创新的崛起。虽然我们的市场于 2025年表现亮丽，但我们仍精益求精、加快战略布局，持续推动证券市场多项重大改革，为扩大多元资 产生态圈进行战略性投资，如投资迅清结算20%的股权，推动首批LME认可的交割仓库在香港开业，拓 展新兴业务领域。 在当前的宏观环境下，尽管我们预期2026年市场波动仍将持续，但我们也看到了一些值得乐观的因素： 面对地缘政治格局日趋多极化，全球投资者都在寻求透过亚洲市场(尤其是中国资产)进行多元化配置和 风险管理。 我们相信，香港交易所的长期战略发展计划(包括大力投资 ...

2025年度，EBITDA为227.96亿港元，较2024年上升40%。EBITDA利润率为79%，较2024年上升5个百 分点。股东应占溢利为177.54亿港元，较2024年上升36%。董事会宣派第二次中期股息每股6.52港元， 全部以现金派付；连同2025年9月派付的第一次中期股息每股6.00港元，全年股息为每股12.52港元。 2025年第四季收入及其他收益较2024年第四季上升15%，主要业务收入较2024年第四季上升11%，源于 现货及商品市场交易及结算费增加，但应支付予结算参与者的回扣增加令保证金的投资收益净额减少， 已抵销部分增幅；公司资金的投资收益净额为5.72亿港元，较2024年第四季上升68%，主要源于集团非 上市股本投资的估值出现非经常性收益1.63亿港元(2024年第四季：亏损3,800万港元)。股东应占溢利为 43.35亿港元，较2024年第四季上升15%。 来源：格隆汇APP 格隆汇2月26日丨香港交易所(00388.HK)公布年度业绩，香港交易所2025年收入及其他收益以及溢利连 续第二年创新高。2025年收入及其他收益为291.61亿港元，较2024年上升30%，主要业务收入较 ...

Core Viewpoint - Huayuan Securities initiates coverage on Hong Kong Exchanges and Clearing Limited (HKEX) with a "Buy" rating, highlighting its unique ecological position connecting "capital" and "goods," along with regional monopoly, scarcity, and commercial viability [1] Group 1: Financial Performance - From 2015 to 2024, HKEX's revenue and other income are expected to grow at a compound annual growth rate (CAGR) of 6.3%, while net profit attributable to shareholders is projected to grow at a CAGR of 5.8% [1] - In Q3 2025, the average daily turnover (ADT) of stock securities products increased by 150% year-on-year to HKD 267.9 billion, with southbound and northbound trading volumes growing by 285% and 144% respectively [1] - For the first three quarters of 2025, revenue from spot trading increased by 75% year-on-year to HKD 11.1 billion, accounting for 51% of total revenue [1] Group 2: Derivatives and Commodity Performance - In Q3 2025, the average daily trading volume of derivative contracts decreased by 7% year-on-year to 727,000 contracts, while stock options saw a 30% increase in daily trading volume [2] - The commodity segment's revenue and other income grew by 9.5% year-on-year, with the average daily trading volume of LME metal contracts increasing by 3% [3] Group 3: Investment and Strategic Initiatives - Investment income for Q3 2025 decreased by 16% year-on-year to HKD 1.02 billion, primarily due to reduced investable funds from property redemptions [4] - HKEX is advancing strategic measures, including the launch of LME-approved warehousing facilities, adjustments to minimum price fluctuations, and the introduction of new products like the Hang Seng Biotechnology Index futures [5] Group 4: IPO Contributions and Market Dynamics - In the first three quarters of 2025, 69 IPOs raised a total of HKD 188.3 billion, marking a new high since 2022, with a significant increase in the number of IPO applications [6] - The top ten stocks by trading volume in Q3 2025 included seven internet and technology companies, contributing 30% to the total market ADT [7]

Core Viewpoint - The Hong Kong government's recently announced budget for the fiscal year 2026/27 aims to reinforce Hong Kong's status as an international financial center, activate market vitality, and expand the financial sector, providing multiple policy benefits for the Hong Kong Stock Exchange (HKEX) [2] Policy Benefits and Market Reforms - The budget introduces several favorable policies for HKEX, including revisions to the listing requirements for "dual-class shares," facilitating secondary listings for overseas issuers, and optimizing the IPO process, which will allow a wider range of companies to access the Hong Kong capital market [3] - HKEX plans to enhance the listing framework for structured products and consult on the implementation of a "T+1" settlement cycle, which will significantly improve market efficiency and align with international standards [3] - The successful implementation of the "no market closure during bad weather" policy has ensured market liquidity and generated approximately 2.5 billion HKD in stamp duty revenue for the government [3] Deepening Connectivity and Expanding RMB Product Ecosystem - The budget emphasizes enhancing connectivity with the mainland, including the introduction of government bond futures and the inclusion of real estate investment trusts in cross-border trading [4] - Measures to promote RMB internationalization include increasing the total quota for RMB business funding to 200 billion RMB and regularly issuing RMB bonds to enrich the offshore RMB market [4] New Industry Listing Channels - The budget highlights the development of emerging industries such as aerospace, prompting HKEX to review listing regulations to attract more aerospace companies to list in Hong Kong [5] - The establishment of a 10 billion HKD "Innovation and Technology Industry Guidance Fund" aims to direct market capital into strategic emerging sectors like life sciences and artificial intelligence [6] Digital Asset Trading and Commodity Business Expansion - The budget supports the establishment of a licensing system for digital asset trading and custody, positioning HKEX to capture opportunities in the global digital asset market [7] - Plans to create an international gold trading market will enhance HKEX's commodity business, with a target of exceeding 2,000 tons in gold storage within three years [8] Growth in Family Offices and Asset Management - The number of family offices in Hong Kong has surpassed 3,300, prompting the government to optimize tax regulations to attract more family offices and funds [9] - The upgrade of HKEX's comprehensive fund platform is expected to enhance revenue through improved market efficiency and lower transaction costs [10] Global Network Expansion and Asset Management Business Development - HKEX is collaborating with the Hong Kong Monetary Authority to establish a multi-asset trading infrastructure that enhances cross-border collateral connectivity [11] - The government plans to submit a bill to facilitate the privatization of real estate investment trusts, further expanding HKEX's asset management business [12]

此外，财政预算案显示，香港将推进下一阶段改革，包括优化上市公司持续规管架构；为海外公司到港 第二上市提供具体指引；纳入更多海外市场为认可交易所；继续与市场探讨为退市或需特殊处理股份提 供场外交易平台。 香港交易所集团行政总裁陈翊庭表示，作为亚洲金融市场的核心基础设施，香港交易所致力通过深化市 场互联互通、构建多元资产生态圈、提升市场韧性和效率等战略，巩固香港作为国际金融中心的重要地 位。期待与香港证监会及市场各方紧密合作，持续推动产品创新，引领市场探讨改革，进一步提升香港 资本市场的吸引力，为发行人、投资者及全球金融市场创造更大机遇。 二是在上半年落实完善结构性产品上市框架，以及就推动"T+1"结算周期的具体实施方案咨询市场。 2月25日，香港特区政府发布2026至2027年度财政预算案。该财政预算案显示，为持续优化证券市场， 吸引发行人和提升市场效率，港交所将推进三方面工作。 香港交易所主席唐家成表示，香港财政司司长于2026至2027年度政府财政预算案中提出的多项措施，当 中涵盖一级市场和二级市场以及多个资产领域的市场改革，将进一步巩固香港作为全球领先国际金融中 心的地位，也凸显了香港特区政府对提升香港金 ...

本报讯(记者毛艺融)近日，有传闻称香港市场考虑扩大首次公开招股(IPO)保密申请范围，允许更广泛类 型的公司以保密形式提交IPO申请。 香港交易所相关负责人对《证券日报》记者表示："香港交易所致力于优化香港市场基础设施和上市机 制，确保它们与时俱进。过去几年，我们推出了多项重要改革，包括2018年推出允许同股不同权企业上 市、允许尚无营业收入的生物科技公司上市和第二上市的新规，以及2023年推出特专科技企业上市机 制。我们将继续与香港证监会紧密合作，从多方面努力进一步提升我们的竞争力。我们将适时向市场公 布相关进展。" ...