Market Overview - The Hang Seng Index rose by 1.96% to 22,504.68 points during the trading days from April 28 to May 2, 2023, with the Hang Seng Tech Index showing a strong increase of 4.64% to 5,244.06 points [1] - Recent easing of geopolitical tensions has led to a rebound in risk assets, with the Hong Kong stock market rising for the third consecutive week, nearing recovery from the declines caused by the "reciprocal tariffs" imposed during the Trump administration [1] Economic Indicators - The Hong Kong Monetary Authority (HKMA) intervened by purchasing HKD 46.539 billion (approximately USD 6 billion) to maintain the stability of the Hong Kong dollar against the US dollar, triggered by the strong-side convertibility undertaking at 7.75 HKD per USD [2] - The HKMA noted an increase in demand for Hong Kong dollars related to stock investments, which supports the currency's value [2] Company Performance - Hong Kong Exchanges and Clearing Limited (HKEX) reported record revenue of HKD 68.57 billion for Q1 2025, a 32% year-on-year increase, and a net profit of HKD 40.77 billion, up 37% year-on-year [3] - The average daily trading amount for Hong Kong stocks reached a historical high of HKD 242.7 billion, with the IPO market remaining strong, raising HKD 18.7 billion from 17 companies, nearly quadrupling the amount from the same period last year [3] New Listings - Hunan Mingming Henmang Commercial Chain Co., Ltd. submitted its IPO application to HKEX, aiming to raise funds for supply chain upgrades, store network optimization, brand building, and digital investment [4][5] - The company, formed by the merger of "Snacks Very Busy" and "Zhao Yiming Snacks," is projected to achieve a GMV of RMB 55.5 billion in 2024, making it the largest leisure food and beverage retail chain in China [4][5] Industry Trends - The leisure food market in lower-tier cities is expected to reach a GMV of RMB 2.3 trillion in 2024, with growth rates surpassing those in higher-tier markets [5] - The market is undergoing rapid consolidation, with an estimated 50% of lower-tier companies expected to exit by 2025 [5]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [2][9]. Core Views - In the medium to long term, the report anticipates that a series of connectivity policies will enhance the basic conditions for recovery in the capital market, leading to sustained liquidity in the Hong Kong stock market and an increase in overall market activity and valuation [2][6]. - The company is projected to achieve revenues and other income of HKD 266.63 billion, 285.26 billion, and 304.86 billion for the years 2025, 2026, and 2027 respectively, with net profit attributable to shareholders of HKD 160.57 billion, 172.00 billion, and 184.36 billion for the same years, corresponding to PE ratios of 26.91, 25.12, and 23.44 [2][6]. Summary by Sections Q1 Performance - In Q1 2025, the company reported revenues and other income of HKD 68.57 billion, a year-on-year increase of 31.84%, and a net profit attributable to shareholders of HKD 40.77 billion, up 37.3% year-on-year [6][9]. - Revenue growth was driven by strong performance across various fee structures, with trading and trading system usage fees increasing by 60.29%, listing fees by 11.78%, and settlement and clearing fees by 56.32% [6][9]. Market Activity - The report highlights a significant increase in trading activity in the cash, derivatives, and commodities markets, with daily average turnover in the cash market rising by 153.0% year-on-year and daily average turnover in the Stock Connect increasing by 43.7% [6][9]. - The increase in trading activity led to a 69.9% year-on-year growth in settlement and clearing fee income [6][9]. Future Projections - The report projects that the company will continue to benefit from enhanced market conditions and connectivity policies, with expected revenue growth and profitability over the next few years [2][6]. - Specific revenue and profit forecasts for 2025 to 2027 indicate a positive outlook for the company's financial performance [10].

Core Insights - Hong Kong's IPO fundraising has significantly increased, with 17 new listings raising approximately HKD 177 billion (around USD 20 billion) in the first quarter of 2025, more than doubling the amount from the previous year [1] - The follow-on market has also become more active, raising over USD 18 billion in the first quarter of 2025, a 20-fold increase year-on-year, with notable transactions from BYD and Xiaomi [1] - There is a growing trend of A+H listings, with around 30 companies planning to list in Hong Kong, particularly in the technology and biotech sectors [2] Market Trends - The new economy, artificial intelligence, renewable energy, and tech unicorns are key focus areas for new listings in Hong Kong [2] - Increased dialogue with ASEAN companies has led to successful listings from several firms in the region, indicating a strong interest in the Hong Kong market [2] - Hong Kong is also targeting the Middle East, with plans to open an office in Riyadh and strengthen ties with the Saudi stock exchange [3] Regulatory and Structural Developments - Hong Kong has completed consultations on IPO pricing, aiming to enhance the pricing process and distribution structures [4] - The Hong Kong Securities and Futures Commission and the exchange have announced measures to improve the transparency of the new listing application process [4] - Initiatives like the "REIT Connect" and a dedicated line for tech companies are in preparation to further optimize the listing environment [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved record high performance in Q1 2025, with total revenue of HKD 68.6 billion, a year-on-year increase of 31.8% and a quarter-on-quarter increase of 7.5%. The net profit attributable to shareholders was HKD 40.8 billion, up 37.3% year-on-year and 7.9% quarter-on-quarter [4][5] - The increase in revenue and profit is primarily driven by heightened trading activity in the Hong Kong stock market, supported by innovations in artificial intelligence and other developments [5] - The report anticipates that the return of Chinese concept stocks to Hong Kong could inject new trading volume into the market [7] Summary by Sections Financial Performance - In Q1 2025, the company's main business revenue reached HKD 63.2 billion, reflecting a year-on-year growth of 35.6% and a quarter-on-quarter growth of 5.0% [4] - The trading fees, system usage fees, and settlement fees totaled HKD 41.3 billion, accounting for 60.2% of total revenue, with a year-on-year increase of 58.7% [5] - Investment income netted HKD 13.3 billion, representing 19.4% of total revenue, with a slight year-on-year decrease of 0.7% but a quarter-on-quarter increase of 11.2% [5] Market Activity - The average daily trading volume for Hong Kong stock securities reached HKD 2,427 billion, a year-on-year increase of 144.2% [5] - The number of new listings in Q1 2025 was 17, a year-on-year increase of 41.7%, raising a total of HKD 187 billion, which is a 289.6% increase year-on-year [7] Future Outlook - The report maintains profit forecasts for 2025-2027 at HKD 150 billion, HKD 156 billion, and HKD 165 billion respectively, with a corresponding PE ratio of 29X, 28X, and 26X [7][9]

每经记者 黄婉银 实习生 刘姝 每经编辑 魏官红 4月30日，香港交易所（HK00388，股价340.8港元，市值4321亿港元；以下简称"港交所"）举行股东周 年大会，港交所主席唐家成、行政总裁陈翊庭、首席营运总监及财务总监刘碧茵等高管出席并答股东 问。 同日，港交所还发布了2025年第一季度业绩报告。港交所一季度的收益和溢利均创历史季度新高，同 比、环比均实现增长。其中，收益实现近69亿港元，同比上升32%，较2024年第四季度上升7%；股东 应占溢利约为41亿港元，同比上升37%，较2024年第四季度上升8%。 股东大会上讨论的焦点主要围绕港交所是否续聘普华永道为核数师、斥资63亿港元向香港置地购买香港 中环交易广场办公楼物业等事项。 有股东提问，此前部分上市公司已经与普华永道方面解约，港交所是否仍会继续聘用其为核数师。刘碧 茵回应称，集团规模较大，要更换核数师会有详细的流程，2025年度不会更换，内部会商讨到2026年是 否更换核数师。 收购中环物业反映对中国市场的信心 在股东大会上，有股东提到，港交所要自主研发衍生产品交易平台。陈翊庭对此表示，预计将会投资10 亿港元至领航星衍生产品平台（ODP）。 ...

Group 1 - The core viewpoint of the article is the revision of the ChiNext Index compilation method by the Shenzhen Stock Exchange to enhance its investability and risk management [1][2] - The introduction of an ESG negative exclusion mechanism will remove stocks rated below B from the index, thereby reducing the likelihood of significant risk events [1][2] - A stock weight cap mechanism will be implemented, ensuring that no single stock can exceed 20% of the index weight during periodic adjustments, thus controlling the influence of individual stocks on the index [1][2] Group 2 - The revised measures will take effect on June 16, 2025, and are expected to have minimal impact on the current index constituents and their weights [2] - The ChiNext Index, launched on June 1, 2010, consists of 100 stocks with high market capitalization and liquidity, serving as a key benchmark for the A-share market and representing innovative enterprises in China [2] - The Shenzhen Stock Exchange has emphasized that the revisions are based on market feedback and aim to enhance the index's representation and investment functionality to better meet the asset allocation needs of various investors [2]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月30日，香港交易所（以下简称"港交所"）举办股东周年大会。在大会上，港交所主席唐家成表示， 这是他自去年获委任为港交所主席之后，第一次主持港交所股东周年大会。 唐家成表示，港交所在2024年创下佳绩，除了市场成交量创历史新高之外，也录得强劲的财务表现，这 反映在新任管理层的带领下，集团业务持续表现强韧，并成功落实多项战略举措。 "虽然宏观经济及地缘政治环境仍然充满挑战，但凭借我们专注发挥立足中国、连接中国与世界的独特 优势，以及推动旗下市场互动互联互通创新和可持续发展战略，我对集团的未来业务发展仍然充满信 心。"唐家成说。 聘用普华永道遭股东质疑 在本次股东周年大会上，港交所管理层回应了股东多个问题。 证券时报记者注意到，在投票中，港交所聘用普华永道会计师事务所为外聘核数师的决议案虽然最终获 得通过，但赞成率仅为86.52%，而其他决议案赞成率都在90%以上。 同时，此前港交所提出要自行研发多个交易系统，股东也十分关注港交所未来的资本化支出情况。 对此，港交所集团行政总裁陈翊庭表示，技术投入是必须要做的。"作为一个交易所，我们跟其他 ...

唐家成表示，港交所在2024年创下佳绩，除了市场成交量创历史新高之外，也录得强劲的财务表现，这反映在 新任管理层的带领下，集团业务持续表现强韧，并成功落实多项战略举措。 "虽然宏观经济及地缘政治环境仍然充满挑战，但凭借我们专注发挥立足中国、连接中国与世界的独特优势，以 及推动旗下市场互动互联互通创新和可持续发展战略，我对集团的未来业务发展仍然充满信心。"唐家成说。 4月30日，香港交易所（以下简称"港交所"）举办股东周年大会。在大会上，港交所主席唐家成表示，这是 他自去年获委任为港交所主席之后，第一次主持港交所股东周年大会。 聘用普华永道遭股东质疑 在本次股东周年大会上，港交所管理层回应了股东多个问题。 首先是本次股东周年大会上发生的一个小"插曲"：针对港交所继续聘用罗兵咸永道（即普华永道）会计师事务 所为外聘核数师一事，有股东质疑普华永道是否有能力和资格继续担任港交所外聘核数师。 该股东表示，因恒大事件普华永道已被多家公司解聘，且有大量人员流失，他担心这会影响普华永道的核数工 作质量。 对此，港交所回应表示，聘任每一个核数师都有详细流程，不会在2025年进行更换。但在今年接下来的几个 月，港交所会商讨是否在 ...

Group 1 - Hong Kong Stock Exchange (HKEX) reported record high revenue and net profit for Q1, with revenue at HKD 68.57 billion, a 32% year-on-year increase, and net profit at HKD 40.77 billion, a 37% increase [1][2] - Average daily trading value for Hong Kong stocks reached a new high of HKD 242.7 billion, while average daily trading value for Exchange Traded Products (ETPs) was HKD 39.4 billion [2] - The bond connect northbound trading also saw record average daily trading value, along with the settlement amount for the over-the-counter clearing company [2] Group 2 - The IPO activity in Q1 2025 continued the strong momentum from H2 2024, with 17 companies listed and total fundraising amounting to HKD 18.7 billion, nearly four times that of Q1 2024 [4] - HKEX is ranked among the top five global markets for new listings [4] Group 3 - During the annual general meeting, shareholders questioned the capability of PwC to continue as the external auditor, with a voting approval rate of 86.52% for their reappointment, lower than other resolutions which exceeded 90% [9] - HKEX stated that they will consider changing auditors in 2026, but will not do so in 2025 [9]

上 市 公 司 非银金融 2025 年 04 月 30 日 香港交易所 (00388) ——成交额高增驱动业绩创新高，关注中概股回流、A+H 上市维持港股高活跃度 事件：4 月 30 日，港交所披露 1Q25 年报，业绩超预期。1Q25 港交所实现总营收 68.57 亿港元/yoy+32%； 主营收 63.15 亿/yoy+36%(剔除公司资金投资收益及慈善基金捐款收益)；净利润 40.77 亿港元 /yoy+37%/qoq+8%，1Q25 港交所 EBITDA 利润率为 78%/yoy+6pct。成交量高增驱动港交所 1Q25 总 营收、净利润均创同期历史新高，经营效率同比提升（雇员费用下降、EBITDA 利润率改善）。 财务数据及盈利预测 | 港元 | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 22374 | 6,857 | 27836 | 28802 | 29577 | | 同比增长率（%） | 9% | 32 | 24% | 3% | 3% | | 归母净利润（ ...