图片来源:币界网 当比特币价格24小时内波动超10%时，纳斯达克上市公司Coinbase股价常同步剧烈波动。这种联动效 应，让币圈玩家将目光投向美股交易平台——既能用传统金融工具对冲加密货币风险，又能如在XBIT 去中心化交易所平台般，捕捉区块链企业成长红利，实现跨市场资产布局。近期摩根大通预测，美元企 稳或成转折点，外资"抵制美股"难持续，散户将引领5000亿美元资金涌入，推动美股上涨达10%。 美股交易时段(美东时间9:30-16:00)与加密货币24小时交易互补，XBIT去中心化交易所平台用户常用"美 股闭市期加密货币套利"策略，在美股休市时通过该平台捕捉亚洲市场波动机会，该操作已写入平台 《进阶交易手册》。技术面分析工具兼容性值得关注，美股平台K线指标与其互通，但需注意美股"熔 断机制"与加密货币无涨跌幅限制的差异。平台开发的"跨市场指标转换工具"，能自动将美股波动率参 数换算为加密货币对应策略，上线半年被73%活跃用户采用。在摩根大通预测的资金推动下，美股波动 可能加大，这类工具作用更凸显。 图片来源:币界网 据币界网APP数据显示，XBIT.Exchange作为去中心化交易平台，具备无需KYC、无 ...

每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 来源：星界资本 对接需求请扫码 香港交易及结算所有限公司（香港交易所）全资附属公司香港联合交易所有限公司（联交所）于 2025年7月4日宣布委任新一届主板及GEM上市委员会（合称上市委员会）成员。方远先生成为香 港联交所上市委员会成员之一，也是第一位从事母基金行业的成员。 ...

港交所计划于8 月20 日披露2Q25 业绩：我们预计2Q收入同比+27%/环比持平至68.7 亿港币，剔除投资 收益后主营费类收入同比+30%/环比持平至54.8 亿港币，盈利同比+31%/环比+1%至41.2 亿港币。累计 来看，我们预计上半年公司总收入/盈利分别同比+29%/+34%至137.3/82.0 亿港币。 关注要点 现货及商品交易活跃度维持高位、衍生品交易边际回落，我们预计2Q主营费类收入同比+31%/环比持 平。1）现货：2Q ADT同比+96%/环比-2%至2,381 亿港币，其中南下ADT同比+154%/环比+2%至1120 亿港币、占港股23.5%，北上ADT同比+19%/环比-21%至1,518 亿元、占A股6.6%；2）衍生品：ADV同 比+3%/环比-20%至77.1 万张，股指期货及期权ADV同比-6%/环比-15%至77.4 万张、活跃度边际回落； 3）商品：LME ADV同比+1%/环比+5%至77.8 万张，其中4 月ADV达88.0 万张，创LME合并以来单月 最高交易记录；4）上市：2Q完成IPO 27 家、融资额884 亿港币（同比+932%/环比+374%），港股 ...

机构：中信建投证券 研究员：何泾威 核心观点 香港交易所公布二季度市场运营数据。二季度ADT 实现2376.77 亿港元，同比+95.46%，环比-2.08%。 受益于南向资金持续流入，市场成交额同比继续维持高增。IPO 方面，二季度A 股不少头部上市公司赴 港带动IPO 融资金额增加，25Q2 新增上市公司家数27 家，同比去年同期增加9 家，IPO 募资金额为 880.43亿港元，同比增加906.67%。衍生品交易方面，25Q2 或由于市场风险对冲需求的增加，衍生品和 商品合约成交量同比提升。最后，4 月底-5 月初受资金持续买入、大型IPO 上市以及亚洲货币短仓平仓 的影响，1 个月以及6 个月HIBOR 利率整体有所下滑，但由于公司投资收益率具有一定时滞性，上述影 响有限。展望未来政策催化以及港交所自身业务特性，当前股价仍有一定预期差，维持买入评级。 事件 港股 2025Q2 复盘：表现相对稳定，市场关注度较高2025 年二季度，受国内降准降息、中美关税达成协 议、A 股赴港上市加速及稳定币条例发布的影响，市场对港股的关注度整体较高，恒生指数Q2 上涨 4.12%，恒生科技指数则小幅下跌-1.70%。 ...

中金公司 "资产+资金"共振：港股业务迈入新时代 20250709 摘要 港股市场流动性显著改善，主要得益于新经济公司占比提升及南下资金 和零售投资者参与度增加，改变了过去外资主导的局面，目前南下资金 及零售投资者占比约为 40%。 流动性改善直接推动港股估值重估，中小盘公司成交额大幅增加，估值 空间扩大，香港市场进入正向循环阶段，有望带来更多投资机会。 2025 年上半年，港交所及券商板块受益于高景气和高活跃度，为其提 供坚实盈利支撑并助推估值修复，IPO 融资规模达 1,070 亿港币，同比 增长七倍。 A+H 上市企业占比达 IPO 规模的 60%，虽数量占比相对较小，但因其 整体上市规模较大，将在新增融资体量方面贡献最大，并提升整个港股 市场成交额约 2%到 3%。 中概股回流香港市场潜力巨大，目前在美国交易的中概股市值接近 4 万 亿港币，若回流将显著增厚香港市场成交额和总市值，预计增厚幅度可 达 17%至 20%。 Q&A 港股市场在 2025 年上半年表现如何？下半年预期如何？ 2025 年上半年港股市场表现非常活跃，上市公司数量和交易量显著增加。预 计下半年尤其是第四季度，港股发行数量将超过上 ...

Core Viewpoint - The report from CICC maintains the earnings forecast for Hong Kong Exchanges and Clearing Limited (HKEX) unchanged, with a target price of HKD 465, indicating an 11% upside potential based on projected P/E ratios [1] Group 1: Earnings Forecast and Performance - HKEX is expected to report a 2Q25 revenue of HKD 6.87 billion, reflecting a year-on-year increase of 27% and a quarter-on-quarter flat performance, with core fee income projected to rise by 30% year-on-year [1] - For the first half of the year, total revenue and profit are anticipated to increase by 29% and 34% respectively, reaching HKD 13.73 billion and HKD 8.20 billion [1] Group 2: Trading Activity Insights - The report highlights sustained high activity in spot and commodity trading, with a marginal decline in derivatives trading; 2Q average daily turnover (ADT) is expected to be HKD 238.1 billion, up 96% year-on-year [2] - The number of IPOs in 2Q reached 27, raising HKD 88.4 billion, marking a significant increase of 932% year-on-year [2] Group 3: Investment Income and Market Conditions - Investment income is projected to grow by 15% year-on-year to HKD 1.39 billion, driven by a favorable margin environment despite a decline in HIBOR rates [3] - The report notes that the decline in short-term interest rates may enhance margin income, supported by increased collateral requirements in a high-volatility market [3] Group 4: Long-term Growth Potential - The dual resonance of "assets + funds" is expected to enhance HKEX's mid-to-long-term value, with potential increases in market capitalization from "A+H" listings and the return of Chinese concept stocks [4] - If the average daily turnover reaches HKD 210 billion by 2025, HKEX's profit could grow by 18% to HKD 15.4 billion, with a projected CAGR of 14% for ADT over the next decade [4]

Group 1 - The article reflects on the nostalgia for the market conditions of 2019, highlighting a period of growth and optimism in Hong Kong's financial landscape [1] - In 2025, the Hong Kong stock market is expected to show a strong performance, with the Hang Seng Index rising 20% in the first half of the year, marking the largest increase in history for that period [2] - The number of new IPOs in Hong Kong has increased significantly, with 43 companies listed in the first half of the year, raising a total of 1,067.13 million HKD, a 688.54% increase compared to the previous year [2] Group 2 - The Hong Kong Stock Exchange (HKEX) has regained its position as the global leader in IPO fundraising after six years [3] - The second quarter of 2025 saw a surge in fundraising, with HKEX raising 880.44 million HKD, surpassing the Nasdaq's 95 billion USD [6] - The number of applications for new listings has doubled, with around 200 applications received, including interest from companies in the Middle East and Southeast Asia [6] Group 3 - The recent surge in IPOs is largely driven by A-share companies seeking to list in Hong Kong, facilitated by policy changes that have eased listing requirements [10] - The China Securities Regulatory Commission has implemented measures to support leading domestic companies in listing in Hong Kong, significantly shortening the listing timeline [10][11] - The listing criteria for technology companies have been adjusted, allowing for a wider range of companies to qualify for IPOs [10] Group 4 - The article discusses the geopolitical factors influencing capital flows, with many investors seeking stability in Hong Kong amid uncertainties in the US market [13][14] - The HKEX is positioned as a key financial hub for Chinese companies looking to expand globally, with a growing number of firms choosing to list there [13][18] - The trend of Chinese companies returning to Hong Kong for listings is attributed to a combination of regulatory changes and a more favorable market environment [14] Group 5 - The article notes that the pricing power in the Hong Kong market is shifting, with increasing participation from domestic investors [21][24] - The influx of southbound funds has become a significant factor in the Hong Kong market, accounting for 20% of total trading volume [27] - The article highlights the growing influence of domestic capital in determining market valuations, moving away from reliance on foreign investment [24][27] Group 6 - The technology sector in Hong Kong is experiencing a renaissance, with a notable increase in IPOs from tech companies, reflecting a shift in investor sentiment [28][34] - The article emphasizes the emergence of Chinese tech giants in the Hong Kong market, which are now seen as key players in the global tech landscape [36] - The HKEX is increasingly viewed as a platform for Chinese companies to showcase their innovations and attract international investment [38]

先说个比较有意思的事情， 港交所 今天披露了港股6月的一些关键数据： 6月日均成交额2300亿左右，相比去年的1100亿，翻倍了，这是体现热度的最直观指标； 另外，IPO方面，6月一共上市44家，而去年同期是30家，关键在募集资金量方面，6月达到了2800亿，而去 年同期是660亿左右，4倍以上了。 我个人觉得， 最大的分歧 ，可能还是在于，外卖大战，对阿里、美团、京东，这些平台，影响到底有多大、影响 的时间会有多长，股价是否充分反应了这部分新增的运营支出。 周一，依靠120亿的南向抄底资金，阿里等的股价，硬生生被拉起来了，但咱们当时也说过： 我之前去港交所参观，还拍了一张，进门就是一块空地，专门用来给IPO敲钟的，下图左侧，红色那块，就 是敲钟的台子，也算是见识过，今年全球锣声最密集的舞台了。 说回市场， 今天港股表现得比较差 ，三大指数全部跌超1%，基本处于和全球所有股市都背离的状态，而今年和 港股一起领涨全球的德国股市，今晚已经创历史新高了。 上面说的这种罕见的IPO速度，未必是市场调整的直接原因，但是可以表征市场的情绪，而反过来，下图，可以看 到，最近几日， 港股的卖空比例飙升 ，今天，达到了4月15 ...

埃及交易所表示，由于周一在开罗市中心发生火灾导致电信中断，交易所将于周三恢复运营。 ...

埃及交易所：由于周一在开罗市中心发生火灾导致电信中断，交易所将于周三恢复运营。 ...