香港交易所（0388.HK）2025 年年报点评 业绩再创历史新高，后续有望受益于流动性改善 glmszqdatemark 2026 年 02 月 27 日 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 415.40 港元 | [Table_Author] | 刘雨辰 | 分析师 | | --- | --- | | 执业证书： S0590522100001 | | | liuyuch@glms.com.cn | 邮箱： | | 耿张逸 | 分析师 | | 执业证书： S0590524100001 | | | gzhy@glms.com.cn | 邮箱： | 相对走势 -20% -3% 13% 30% 2025/2 2025/8 2026/2 香港交易所 恒生指数 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 29,161 | 29,627 | 30,341 | 31,151 | | 增长率（%） ...

Summary of Intercontinental Exchange (ICE) Conference Call Company Overview - Intercontinental Exchange (NYSE: ICE) is a diversified company with a revenue of $10 billion and an operating margin of 60% [2][3] - The company operates across three segments: energy trading, data services, and technology, with a balanced revenue mix of 50% recurring and 50% transaction revenues [3][4] Key Insights and Growth Opportunities - ICE is well-positioned for growth, particularly in the energy trading sector, which has seen a cumulative average growth rate in the high single digits, recently edging into double digits due to increased globalization of energy [7][9] - The company is focusing on artificial intelligence (AI) to enhance its data services, which are critical for risk management tools in various asset classes [4][5] - The energy trading business is expected to continue growing, supported by the increasing complexity of global supply chains and the demand for risk management tools [9][10] Market Dynamics - Geopolitical events, such as changes in Venezuela's oil market, could create new opportunities for ICE to develop risk management products tailored to shifting supply chains [14][15] - The interest rate business has seen a significant increase in open interest, particularly in the SONIA and SOFR markets, indicating strong demand [22][23] Data and Technology Investments - ICE's Fixed Income Data and Analytics business is experiencing growth driven by the electronification of fixed income and demand for real-time pricing data [32][33] - The company is expanding its data center footprint to meet increasing demand for data services, with expectations of high single-digit growth in this segment [34][36] Mortgage Technology Sector - The mortgage technology business has faced challenges but is showing signs of recovery, with expectations of low to mid-single-digit growth in the coming year [65][67] - ICE is focused on expanding its network and customer base, particularly among banks, following the acquisition of Black Knight [70][72] Capital Allocation and M&A Strategy - ICE plans to continue investing in its business, particularly in AI and data center infrastructure, while also returning capital to shareholders through buybacks and dividends [82][84] - The company remains open to M&A opportunities that align with its strategic goals, focusing on generating synergies and enhancing growth [83][84] Conclusion - ICE is strategically positioned for growth across its diversified business segments, with a strong focus on leveraging technology and data services to enhance its offerings and capitalize on market opportunities. The company is committed to maintaining a robust capital allocation strategy while exploring potential M&A to further strengthen its market position.

Core Viewpoint - CME Group has acknowledged delays in the publication of metal settlement data, with its technical support team currently addressing the issue [1] Group 1: Company Operations - CME Group has not disclosed the specific reasons for the delay in metal settlement data publication [1] - Metal settlement prices are closely monitored by market participants as they are used for pricing in both physical and derivatives markets, as well as for margin calculations and valuations [1] Group 2: Historical Context - In November of last year, CME Group experienced its longest system outage in years, which resulted in a complete halt of trading across stocks, bonds, commodities, and currencies, causing the global futures market to be paralyzed for several hours [1]

最新消息显示，KuCoin与香港黄金交易所(HKGX)达成战略合作，计划共建集交易、结算、仓储于一体 的综合黄金产业链平台。这一动作被业内视为KuCoin在合规压力下的战略转型，通过锚定实体黄金资 产，为其加密货币业务提供价值支撑。香港作为国际金融中心的监管背书，或将为KuCoin带来新的合 规突破口。 贵金属交易的"双刃剑" KuCoin与港金所的合作中，实物黄金托管和链上凭证的对应关系成为关键。参考上金所香港仓库的经 验，严格的仓储审计和人民币结算体系是合规基础。但值得警惕的是，2025年白银市场剧烈波动期间， 部分链上平台仍暴露出风控漏洞。 未来发展的平衡之道 行业专家指出，真正的创新应在监管框架内进行。正如SEC主席所言："未来超级应用需兼容各类资 产"。KuCoin若能将港金所的实体资产优势与其技术积累结合，或可走出一条"链上-链下"协同的新路。 毕竟在RWA时代，合规与创新从来不是非此即彼的选择。(IT手机金融网） KuCoin交易所拟联港金所意欲何为？链上美股贵金交易是否安全合规？ 链上美股交易的合规隐忧 虽然链上美股交易平台如MyStonks已获SEC备案，但KuCoin这类传统交易所转型仍面 ...

新加坡正从中资企业海外上市的"边缘选项"，悄然变为一条值得关注的"新航道"。 "近期，中资企业的上市咨询确实明显增加。"新交所北京代表处首席代表魏浩宇对券商中国记者表示，新交所 正成为中资企业连接国际资本的重要桥梁。 不过，中国银河证券投行业务有关人士提示，在"A+S"二次上市框架下，A股企业须具备在东南亚或全球范围 内的业务基础，或明确规划将二次上市的募集资金用于拓展东南亚业务。还有受访人士指出，中国企业赴新加 坡上市将演变成一种常态化的补充策略，不过也需要注意在流动性与估值体系方面的挑战。 中企赴新上市结构性升温 据券商中国记者不完全统计，最近十年，在新加坡上市（首次发行和二次上市）的中资企业不超过8家，可谓 屈指可数。不过，随着中新资本市场互联互通持续深化，近两年新加坡逐渐成为部分企业进行海外融资，特别 是二次上市的新选择。 以2023年境内企业境外发行证券和上市备案制度实施为节点，共有3家港股企业通过该制度在新加坡二次上 市，分别是2024年7月上市的海伦司、2025年7月上市的康哲药业，以及2026年1月上市的协合新能源。此外， 2025年11月，扬子江海事在新加坡交易所主板完成分拆上市并完成同步配 ...

阶段性功能调整被视为上市实施过程中的常规安排 业内人士指出，上市筹备并非单一流程，而是一项对平台底层结构、内部治理及风险控制体系的系统性 检视过程。"这一阶段更强调合规与稳健，而非短期操作层面的灵活性。" 从行业角度来看，JEX 启动上市相关流程，被部分关注数字资产基础设施建设的机构视为阶段性进展。 相关观察认为，若相关流程顺利推进，将有助于提升平台在国际资本市场中的透明度与规范化程度，也 为后续业务规划提供更清晰的制度基础。 公开信息显示，围绕上市筹备工作，平台正在同步推进内部治理结构的完善，以确保各项安排符合不同 市场的监管与合规要求。这种以规范先行的推进方式，在多个成熟市场案例中均被视为必要步骤。 综合多方信息判断，JEX 本轮上市筹备工作已进入关键实施阶段，部分核心流程有望在近期完成阶段性 进展。业内普遍认为，该进程值得持续关注，其影响更多体现在中长期层面的制度建设与行业发展节奏 之中。 近日，健元交易所（JEX）对外确认，将于 2 月 5 日起对部分功能进行阶段性调整，并同步推进上市相 关的关键筹备流程。相关安排公布后，引发市场关注。 多方信息显示，此次调整并非出于风控或运营层面的异常情况，而是与平 ...

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Summary of Intercontinental Exchange (ICE) Conference Call Company Overview - Intercontinental Exchange (ICE) has evolved into a diversified company with three segments, influenced by various macro drivers such as volatility, commodity prices, interest rates, and AI [1][2][3] Core Business Segments Energy Trading - Energy trading has seen strong growth of over 20% in the last three years, despite concerns about potential slowdown [6][7] - Major growth drivers include: - Transition to cleaner energy sources, allowing clients to manage risks associated with this shift [7][8] - Increased energy demand, particularly from data centers supporting AI models [9] - Liberalization of natural gas markets, with U.S. LNG exports expected to double in three years [10] - Key metrics indicating market health include open interest, which has grown significantly across various contracts: - Open interest in energy futures is up over 10% - Oil markets up nearly 20% year-over-year - Brent contract up almost 30% year-over-year - TTF contract (global natural gas benchmark) up 40% year-over-year [11] Other Business Segments - The rates business, particularly in the UK and Europe, has shown strong growth: - Open interest in the UK benchmark (Sonia) is up 75% year-over-year - Euribor has seen a 20% year-over-year increase in open interest [18] Pricing Strategy - ICE has been active in adjusting pricing based on value added across its business segments, with plans to continue this approach into 2026 [19][21][22] Fixed Income and Data Services - This segment comprises 80% recurring revenues, with recent acceleration in growth driven by comprehensive offerings for asset managers and traders [24][28] - The pricing and reference data business is crucial for accurate fixed income pricing, leveraging complex algorithms and historical data [28][40] - The data network technology business has seen growth driven by demand for data centers and increased capacity for trading [32][33] Mortgage Technology Business - The mortgage technology segment has faced cyclical challenges, but there are signs of improvement as interest rates decline [43][45] - The company is focused on integrating acquired businesses and cross-selling solutions to enhance growth [48][49] Investment in Polymarket - ICE made a minority investment in Polymarket to explore innovative technologies and non-intermediated transaction settlements [56][58] - The investment aims to leverage sentiment indicators from event contract data for capital markets applications [60] Conclusion - ICE is well-positioned for growth across its diversified segments, with a strong focus on leveraging technology and adapting to market changes. The company continues to explore new opportunities while maintaining a solid foundation in its core businesses.

Core Points - CME Group, the world's largest exchange operator, announced a trading halt due to a cooling system failure at its CyrusOne data center [1][4] - The technical support team is working to resolve the issue and will provide updates to clients regarding trading resumption [1] - The incident affected multiple trading platforms, including the EBS forex platform, leading to a temporary halt in major currency pair quotes [4] Company Impact - CME Group's system stability is crucial for global financial markets, and this incident highlights the potential disruptions caused by technical failures [4] - This is not the first time CME Group has faced trading interruptions due to technical issues, with previous incidents occurring in 2014 and 2019 [4] - The current outage has lasted longer than the 2019 incident, indicating a significant operational challenge for the company [4] Market Response - After several hours of interruption, CME Group announced that the Globex futures and options market would resume trading at 8:30 AM Eastern Time [4] - The trading halt may cause significant inconvenience for traders needing to adjust positions across different contract months [4]

Group 1 - The Chicago Mercantile Exchange (CME) experienced a significant system failure, halting trading across global forex, commodities, and stock futures markets for nearly 11 hours, marking the longest outage in recent years [2][4] - The outage was caused by a cooling system issue at the CyrusOne data center in Chicago, affecting major brokers like Saxo Bank, XTB, and eToro, which suspended trading services [3][4] - Following the resumption of trading, silver prices surged to a historic high, raising speculation about the potential impact on the market, particularly regarding the dual industrial and financial nature of silver [2][6] Group 2 - CME's average daily trading volume for derivatives reached 26.3 million contracts in October, highlighting the exchange's significant role in the financial market [5] - The interruption in futures trading led to increased speculation among silver investors, particularly as the outage coincided with silver futures reaching over $54 per ounce shortly before the failure [6][8] - The silver market is currently under pressure due to low inventory levels, with Shanghai Futures Exchange silver stocks dropping to their lowest since 2015, and record-high exports from China exacerbating supply concerns [9][11] Group 3 - The market's reaction to the outage included a dramatic widening of bid-ask spreads, indicating extreme volatility and liquidity issues, with spreads increasing from around $1 to over $20 per ounce [6][7] - The potential for significant market movements remains, as the silver market is influenced by both industrial demand and geopolitical factors, including concerns over potential tariffs from the U.S. government [11][12] - Historical context shows that trading outages are not uncommon in major exchanges, with several incidents in recent years affecting trading operations and investor confidence [13]