Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong financial results for Q2 2025, with total revenue and profit exceeding expectations, driven by foreign exchange gains and miscellaneous income [1][2]. Financial Performance - Total revenue for Q2 2025 increased by 33% year-on-year and 5% quarter-on-quarter to HKD 72.2 billion, while main fee income rose by 31% year-on-year and 1% quarter-on-quarter to HKD 55.4 billion [1]. - Profit for Q2 2025 grew by 41% year-on-year and 9% quarter-on-quarter to HKD 44.4 billion, surpassing market expectations [1]. - For the first half of 2025, total revenue reached HKD 140.8 billion, up 33% year-on-year, and profit was HKD 85.2 billion, up 39% year-on-year [1]. Trading and Settlement Revenue - Trading and settlement revenue for Q2 increased by 40% year-on-year but decreased by 5% quarter-on-quarter [1]. - Spot trading revenue rose by 65% year-on-year but fell by 4% quarter-on-quarter, with average daily turnover (ADT) reaching HKD 2,377 billion [1]. - Northbound ADT increased by 19% year-on-year but decreased by 21% quarter-on-quarter, while southbound ADT surged by 154% year-on-year [1]. - Derivatives trading revenue saw a modest increase of 1% year-on-year but a significant decline of 14% quarter-on-quarter [1]. Investment Income - Total investment income for Q2 2025 increased by 31% year-on-year and 16% quarter-on-quarter to HKD 16.8 billion [2]. - Excluding non-recurring foreign exchange gains, investment income grew by 17% year-on-year and 6% quarter-on-quarter [2]. - Margin and clearing fund income rose by 25% year-on-year and 24% quarter-on-quarter to HKD 10.1 billion, driven by increased margin requirements and higher volumes in derivatives [2]. IPO Activity - In Q2 2025, HKEX completed 27 IPOs, raising HKD 907.5 billion, marking a significant increase of 960% year-on-year and 386% quarter-on-quarter [1]. - As of the end of July, there were 207 IPO applications in process, with 9 approved and awaiting listing, indicating continued high activity in the IPO market [1]. Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 has been raised by 7.3% and 4.0% respectively, now projected at HKD 165 billion and HKD 173 billion [2]. - The current trading multiples are 33x and 32x for 2025 and 2026 P/E, with a target price increase of 8% to HKD 500, reflecting a potential upside of 15.3% [2].

三是创新力强，候选人积极投身培育长期耐心资本、推动金融高水平开放等前沿实践，以实际行动 书写科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"。 本届评选采用自主报名、推举委员会提名，媒体评审、网络投票、专家评审相结合的方式。后续将 综合媒体评审、网络投票与专家评审意见，评出本年度奖项。评选结果将于2025年9月揭晓。 一是覆盖面广，除银行、证券、保险、信托、期货、公募基金、私募基金、交易所、金融租赁等传 统领域外，绿色金融、金融信息等新兴业态代表也积极参与； 二是国际范足，候选人中不乏外籍金融专业人士，或具有丰富境外金融机构工作经验者，在"一带 一路"、自贸区金融服务、跨境金融基础设施建设等领域持续深耕； 8月20日，第十四届"沪上金融家"评选启动媒体评审，来自50家主流媒体和专业媒体的财经记者对 参选人进行了投票。据悉，本届评选设立"上海国际金融中心建设年度人物""沪上金融行业领军人 物""沪上金融行业创新人物"三个奖项，参评者原则上须来自持牌金融机构，全职在上海工作不少于2 年。 强大的金融人才队伍是金融强国应具备的关键核心金融要素之一。2024年新修订的《上海市推进国 际金融中心建设条例》 ...

Core Viewpoint - The 14th "Shanghai Financial Talent" selection has been launched, emphasizing the importance of a strong financial talent pool for building a financial powerhouse [1][2] Group 1: Event Overview - The selection attracted nearly 100 financial professionals, with three awards established: "Annual Person of the Shanghai International Financial Center Construction," "Leading Figures in Shanghai's Financial Industry," and "Innovative Figures in Shanghai's Financial Industry" [1] - Participants must be from licensed financial institutions and have worked full-time in Shanghai for at least two years [1] Group 2: Talent Characteristics - The candidates exhibit three distinct characteristics: broad coverage across traditional and emerging financial sectors, international representation including foreign financial professionals, and strong innovation capabilities in areas like green finance and digital finance [2] - The selection process combines self-nomination, committee recommendations, media reviews, online voting, and expert evaluations, with results to be announced in September 2025 [2] Group 3: Historical Context - The "Shanghai Financial Talent" selection has been held for thirteen consecutive years, with over 200 financial talents recognized, significantly enhancing Shanghai's international financial center's soft power and cultural atmosphere [2]

Core Viewpoint - The report from CICC indicates that Hong Kong Exchanges and Clearing Limited (HKEX) has exceeded profit expectations for the second quarter, driven by sustained trading activity in the Hong Kong stock market, leading to upward revisions in profit forecasts for the next two years [1] Financial Performance - CICC has raised its profit forecast for HKEX's current year by 7% to HKD 16.519 billion [1] - The average daily turnover in the cash market has been adjusted upward by 12% to HKD 235.1 billion [1] - The profit forecast for the next year has been increased by 4.04% to HKD 17.268 billion [1] - The average daily turnover in the cash market for the next year has been revised up by 6% to HKD 256 billion [1] Target Price and Valuation - The target price for HKEX has been raised by 8% to HKD 500 [1] - This target price corresponds to a projected price-to-earnings ratio of 38 times for the current year and 37 times for the next year [1] - CICC maintains an "outperform" rating for HKEX [1]

Summary of Hong Kong Exchanges (0388.HK) Conference Call Company Overview - **Company**: Hong Kong Exchanges (0388.HK) - **Market Cap**: HK$559.4 billion / $71.7 billion - **Current Price**: HK$441.20 - **Target Price**: HK$509.00 - **Upside Potential**: 15.4% Key Financial Highlights - **2Q25 Earnings**: Earnings exceeded expectations, driven by higher-than-expected investment income. Core profits (excluding investment income) were in line with expectations, down 2%, but showed a strong increase of approximately 40% year-over-year due to nearly doubling cash Average Daily Turnover (ADT) [1][2] - **Earnings Estimates**: Adjustments made to FY25E/FY26E/FY27E EPS estimates increased by +3%/+1%/+2% respectively [1] - **P/E Ratio**: The stock trades at a mid-cycle P/E of approximately 35X, despite a year-to-date share price rally of around 50% [1] Market Structure Enhancements - **Tick Size Reduction**: Initiated a tick size reduction for the bottom half of the market, affecting around 300 stocks that contribute approximately 30% of total ADT. This led to a 22% reduction in bid-ask spreads and a 25% increase in ADT for these stocks [2] - **Weekly Option Expiry**: Expanded the number of stocks with weekly option expiry from 10 to 11, contributing about 21% to total stock options Average Daily Volume (ADV) [2] - **Future Enhancements**: Plans to further reduce spreads for the remaining stocks in mid-2026 and enhance intra-day margining setups [2] Investment Income Outlook - **Investment Income Forecast**: Management indicated a weaker outlook for investment income due to lower HIBOR rates and a reduction in the external portfolio to fund the purchase of headquarters. Investment income is expected to decline by approximately 17% and 11% year-over-year in 2025E and 2026E respectively [18] - **2H Investment Income**: Projected to be around HK$1.1 billion in 2H, down from HK$3.0 billion in 1H, with a modest recovery expected in 1H-2H 2026E [18] Revenue and Profit Projections - **Revenue Growth**: Total revenue is projected to grow from HK$22,374 million in 2024 to HK$29,117 million by 2027, with a compound annual growth rate (CAGR) of approximately 18% excluding investment income [19] - **Earnings Per Share (EPS)**: EPS is expected to rise from HK$10.32 in 2025E to HK$13.41 in 2027E, reflecting a strong growth trajectory [19] - **Dividend Payout**: The dividend payout ratio is expected to remain around 90% with dividends per share increasing from HK$9.26 in 2025E to HK$12.07 in 2027E [19] Other Important Insights - **Market Trends**: The management believes that the weekly option expiry setup could be expanded to more stocks over time, and the Orion derivatives platform is expected to enhance trading hours and volumes by 2028 [18] - **RMB Counter**: Anticipated handover of the RMB counter to Southbound investors by the end of the year, which is expected to lower transaction costs for these investors [18] Conclusion - The Hong Kong Exchanges is positioned for continued growth with strategic enhancements in market structure and a strong earnings trajectory, despite challenges in investment income. The stock remains a buy with a favorable target price indicating significant upside potential.

Group 1 - The 14th "Shanghai Financial Talent" selection has commenced, with media evaluation involving 50 mainstream and professional financial journalists voting on candidates [1] - This year's selection features three awards: "Annual Person of the Shanghai International Financial Center Construction," "Leading Figures in Shanghai's Financial Industry," and "Innovative Figures in Shanghai's Financial Industry," with candidates required to be from licensed financial institutions and have worked full-time in Shanghai for at least two years [1][2] - The selection process includes self-nomination, committee nominations, media evaluation, online voting, and expert reviews, with results to be announced in September 2025 [3] Group 2 - A strong financial talent pool is identified as a key element for a financial powerhouse, with the revised 2024 "Shanghai International Financial Center Construction Regulations" emphasizing the need for policies that support financial talent development and evaluation [2] - Nearly 100 financial professionals have registered for this year's selection, showcasing a broad representation across traditional sectors like banking, securities, and insurance, as well as emerging fields such as green finance and financial information [2] - The candidates exhibit international diversity, including foreign financial professionals and those with extensive overseas experience, contributing to initiatives like the Belt and Road and cross-border financial infrastructure [2] Group 3 - The event is organized by several prominent institutions, including the China Economic Information Service and Xinhua News Agency, with support from various financial regulatory bodies and organizations [4] - The selection has been held for thirteen consecutive years, with over 200 financial talents recognized, enhancing Shanghai's international financial center's soft power and cultural atmosphere [3]

Market Trend - Prime Trading 在 Cboe Options Exchange 建立了 floor operation，表明在芝加哥拥有 177 年历史的面对面衍生品交易传统继续吸引投资 [1]

Company Overview - Pop Mart, a Chinese toymaker, reported a near-400% surge in net profit, driven by global demand for its LABUBU dolls [1][11] - The company’s adjusted net profit reached CNY4.71 billion, with revenue at CNY13.88 billion, marking a year-on-year increase of 204.4% [3] Financial Performance - In the first half of 2025, Pop Mart's revenue from China was CNY8.28 billion, up 135.2%, while revenue from Asia-Pacific (excluding China) was CNY2.85 billion, rising 257.8% [4] - Revenue from the Americas surged to CNY2.26 billion, up 1,142.3%, and revenue from Europe and other regions rose 729.2% to CNY480 million [4] Product and Market Expansion - LABUBU generated revenue exceeding CNY4.8 billion, becoming one of the world's most popular IPs in the first half of 2025 [5] - The company plans to launch a miniature LABUBU that can be clipped onto phones [6] Strategic Initiatives - Pop Mart established four regional headquarters in April to enhance its globalization strategy [7] - The company opened its first stores in landmark locations such as Cambridge in the UK and Bali in Indonesia, with plans to expand into markets including the Middle East, South Asia, Central and South America, and Russia [8] Market Position - Pop Mart's market cap surpassed HKD400 billion, with shares rising more than 200% in the last year, making it worth more than Mattel, Hasbro, and Sanrio combined [2]

Financial Performance Highlights - HKEX achieved record half-yearly revenue and other income of HK$14.1 billion, a 33% year-over-year increase[9] - Profit attributable to shareholders reached HK$8.5 billion in 1H 2025, up 39% year-over-year[11] - Core business revenue increased by 34% year-over-year to HK$13.0 billion in 1H 2025[16] - EBITDA increased by 43% year-over-year to HK$10.9 billion in 1H 2025[16] - Headline Average Daily Turnover (ADT) increased by 118% year-over-year[12] Business Segment Performance - Stock Connect revenue reached a record high of HK$1.813 billion, a 51% year-over-year increase[38] - Northbound Stock Connect ADT increased by 32% year-over-year[12] - Southbound Stock Connect ADT nearly tripled compared to 1H 2024[12] - Derivatives Average Daily Volume (ADV) reached a record half-yearly high of 1.7 million contracts, up 11% year-over-year[12] - LME ADV increased by 3% year-over-year[12] Strategic Initiatives and Market Dynamics - IPO funds raised reached HK$109.4 billion, more than 8 times that of 1H24[38]

Hong Kong's stock exchange is estimated to post a record profit for the second straight quarter, buoyed by an initial public offering and trading boom. https://t.co/resLgmszw9 ...