全球交易所正掀起一场无声的"加班潮" 。 从东京到纽约，从纳斯达克到伦敦，延长交易时间已成为 国际金融市场争夺流动性、吸引全球资本的新战场。 面对全球趋势，港交所采取了既积极又审慎的态度。 文/李悦 "港交所将秉持审慎渐进原则，在充分借鉴国际同业经验的基础上，结合本地市场实际情况进行研 究。"8月20日， 香港交易所集团 行政总裁 陈翊庭 在2025年中期业绩发布会上 表示 。 "延长交易时间 对市场整体影响很大，挑战不小，需要非常审慎 。 "她明确表示并直言风险管理 的 关键顾虑"万一有什么出错，现在尚有几小时空间可以修补问题，如果24小时没间断交易就没有余地 了。" 目前港股每日交易5.5小时，虽长于A股，但短于欧美主流市场。德勤在最新报告中建议，香港应分 阶段延长交易至晚间6点，甚至未来迈向24小时交易，以衔接欧洲市场、提升流动性。 德勤认为， 通过循序渐进方式改革，有助于在吸引更多国际资金的同时，确保股票市场能持续平稳运行。 如今港股 正在 迈出试探性一步， 那A股会否延长交易时间 ？ 上海社科院数字经济学者王滢波对和讯 网表示，A股目前交易时间最短，只有四个小时，随着中国 企业走向全球，中国资本项目 ...

2025 年 8 月 23 日 公司研究 ADT 延续高增，业绩再创新高 ——香港交易所（0388.HK）2025 年半年报点评 增持（维持） 当前价：448.0（港元） 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 市场数据 | 总股本(亿股) | 12.68 | | --- | --- | | 总市值(亿港元)： | 5679.91 | | 一 年 最 低 / 最 高 ( 港 | 218.4 /452 | | 元)： | | | 近 3 月换手率： | 48.8% | 股价相对走势 资料来源：Wind | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 2.6 | 8.3 | 56.1 | | 绝对 | 1.9 | 15.7 | 99.7 | | 资料来源：Wind | | | | 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 资料来源：Wind 相关研报 业 ...

Core Viewpoint - UBS has raised its average daily trading volume forecasts for Hong Kong Exchanges and Clearing (HKEX) for the years 2025 to 2027, reflecting positive market data and institutional targets for the Hang Seng Index [1] Group 1: Trading Volume and Earnings Forecast - The average daily trading volume forecast for HKEX has been increased to HKD 230 billion, HKD 193 billion, and HKD 219 billion for 2025, 2026, and 2027 respectively [1] - Earnings per share estimates have been raised by 5%, 3%, and 2% to HKD 12.5, HKD 10.9, and HKD 11.8 for the same years [1] - The target price for HKEX has been adjusted from HKD 430 to HKD 464, while maintaining a "Neutral" rating [1] Group 2: Southbound Trading and Market Participation - The contribution of southbound trading to HKEX's overall average daily trading volume is expected to nearly double from approximately 16% in Q1 of last year to nearly 28% in the current third quarter [1] - Increased participation from a broader base of domestic investors, particularly retail investors, indicates further potential for growth in southbound trading [1] Group 3: Future Developments - HKEX is exploring the possibility of zero-day options, although the complexity of execution means that a specific timeline is still unclear [1] - The exchange believes that extending trading hours requires comprehensive consideration from various perspectives [1]

港交所（00388.HK）上半年营收净利润双双飞跃，刷新半年度历史纪录。 港交所20日公布2025年中期业绩报告，上半年收入及其他收益为140.76亿元（港元，下同），同比上升 33%；股东应占溢利为85.19亿元，同比增长39%。主要业务收入同比增长34%至129.54亿元，主要得益 于现货及股票期权市场成交量创历来半年度新高、存管费用增加以及保证金规模增加令投资收益净额上 升等因素。 薪火私募投资基金管理有限公司总经理翟丹在接受《华夏时报》记者采访时预测，若美联储9月启动降 息，港股流动性环境将进一步改善，科技、生物医药等板块或迎估值修复。此外，港交所目前处理中 IPO申请多达200宗，其中生物科技与AI硬件企业占比超40%，预计Q3-Q4融资规模将非常可观。 IPO"后备军"超200家 今年上半年，企业排队赴港上市，新股市场一片火热，上半年港股新股市场共迎来44家公司上市，港交 所新股集资总额达1094亿港元，同比增长716%，集资额居全球首位，这是自2021年以来最强劲的半年 度表现。截至今年6月30日，正在处理的上市申请逾200宗，比去年年底的84宗翻了两倍多。 港交所行政总裁陈翊庭表示："今年香港 ...

该行考虑到港交所第三季至今的市场数据、机构对恒指今年底的最新目标及美联储利率路径预测，上调 港交所2025至27年的日均交易量预测至2300亿、1930亿及2190亿港元，而每股盈测则升5%、3%及2%， 分别至12.5港元、10.9港元及11.8港元。该行将其目标价由430港元上调至464港元，维持"中性"评级。 瑞银发表研报指，根据该行预测，南向通对港交所整体平均日交易量的贡献，预计几乎由去年首季约 16%翻倍至今年第三季度至今的近28%。由于更广泛境内投资者参与，特别是零售投资者，南向通仍有 上升潜力。港交所正在探索零日期权的可能性，但由于执行的复杂性，具体时间表仍然未明。另外，港 交所认为，延长交易时间需要从不同角度进行全面考虑。 ...

Report Industry Investment Ratings - Not mentioned in the provided content. Core Views of the Report - The stock market is expected to fluctuate. The recent rise in the stock market is mainly due to three logics: in the long - term, the market anticipates more fiscal policies to stimulate consumption and an increase in domestic inflation after the easing of Sino - US relations, with foreign capital flowing in and usually buying large - cap growth stocks; in the medium - term, the anti - involution trend and infrastructure investment on the demand side benefit upstream cyclical sectors; in the short - term, the capital market has relatively abundant liquidity due to RMB appreciation under a weak US dollar and improved corporate deposit and loan data [1]. - The bond market is expected to fluctuate. In the short term, the bond market is under pressure due to the recovery of risk appetite, but with no significant changes in the capital and fundamental aspects, there is no clear directional driver for the bond market [3]. Summary According to Relevant Catalogs Research Views Stock Index - On August 21, the A - share market closed down with oscillations. The Wind All - A index fell 0.13% with a trading volume of 2.46 trillion yuan. The CSI 1000 index dropped 0.71%, the CSI 500 index declined 0.36%, while the SSE 50 index rose 0.53% and the SSE 300 index increased 0.39%. Policies such as personal consumer loan interest subsidies and the implementation of the parenting subsidy program are expected to boost consumption and inflation. It is predicted that the central bank will purchase national debt to raise funds for the central government and introduce more inclusive fiscal support programs to stabilize and increase inflation [1]. Treasury Bonds - Treasury bond futures closed higher on August 21. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts rose 0.34%, 0.07%, 0.06%, and 0.02% respectively. The central bank conducted 253 billion yuan of reverse repurchase operations, with a net investment of 124.3 billion yuan. The weighted average rates of DR001 and DR007 decreased by 7bp and 5bp to 1.46% and 1.51% respectively. The LPR in August remained unchanged, with the 1 - year LPR at 3.00% and the over - 5 - year LPR at 3.50% [3]. Daily Price Changes - For stock index futures on August 21, IH rose 0.50%, IF increased 0.29%, IC dropped 0.58%, and IM declined 1.01%. For stock indices, the SSE 50 rose 0.53%, the SSE 300 increased 0.39%, the CSI 500 fell 0.36%, and the CSI 1000 dropped 0.71%. For treasury bond futures, TS rose 0.03%, TF increased 0.08%, T rose 0.02%, and TL increased 0.05% [4]. Market News - At the HKEX's 2025 interim results meeting, some market participants suggested extending trading hours. The HKEX CEO's response was misinterpreted. The HKEX stated that it is committed to providing more convenience to investors and is open to relevant suggestions, but extending trading hours has a significant impact on the market and requires careful consideration and consultation with all market participants [5]. Chart Analysis Stock Index Futures - The report provides charts of the trends and basis of IH, IF, IM, and IC main contracts, including the closing prices of corresponding stock index futures and the basis trends over time [7][8][9][10]. Treasury Bond Futures - Charts show the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][15][16][17]. Exchange Rates - The report includes charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates of the US dollar and euro against the RMB, the US dollar index, and exchange rates of the euro, pound, and yen against the US dollar [20][21][22][24][25].

来源：智通财经 智通财经记者 | 邹文榕 8月20日，香港交易所（00388.HK）发布中期业绩，2025年上半年收入及其他收益为140.76亿港元，同 比增长33%：股东应占溢利为85.19亿港元，同比增长39%。 香港交易所董事会宣布派发每股6港元的中期股息，同比增长36%，总派息76.08亿港元，相当于可供股 东分配利润的90%。 8月20日的业绩发布会现场上，港交所主席唐家成表示，"在市场利好气氛、投资者对非美元资产的兴趣 增加以及国际和内地投资者的参与愈趋活跃等因素带动下，2025年上半年（香港）证券市场平均每日成 交金额为2402亿港元，按年升118%；期货及期权产品的平均每日成交合约张数超过170万张，按年上升 11%；期内香港ETF市场持续显著增长，平均每日成交金额达338亿港元，较上年同期升184%。" 港交所行政总裁陈翊庭表示："香港交易所2025上半年表现非常强劲，录得有史以来最佳的半年业绩。 这一业绩超过了我们之前的历史最佳，也即2024年的下半年。" 图源：香港交易所 5月，宁德时代（03750.HK）在香港上市，集资410亿元，成为2021年2月以来香港最大规模的新股，也 是202 ...

Group 1 - The Hong Kong Stock Exchange (HKEX) is considering a 24-hour trading mechanism in response to Nasdaq's plans to implement it in the second half of 2026 [1][2] - HKEX's CEO, Charles Li, emphasized the importance of strategic investments to maintain global competitiveness, particularly in data platform optimization and trading settlement system upgrades [1] - The Hang Seng Index has increased by 25.1% this year, ranking second among major global indices, only behind the South Korean Composite Index, which rose by 30.45% [1] Group 2 - Currently, the trading hours for Hong Kong stocks are 5.5 hours, while other major exchanges have longer trading hours, with Nasdaq at 6.5 hours [2] - If HKEX successfully implements the 24-hour trading mechanism, it will enhance its flexibility in trading hours and strengthen its position as an international financial center [2]

Group 1 - The Hong Kong Stock Exchange (HKEX) is open to suggestions regarding extending trading hours, but emphasizes the need for careful consideration due to the significant impact on the overall market [2] - HKEX CEO Charles Li indicated that while the exchange is committed to providing more convenience for investors, any changes to trading hours would require input from all market participants [2] - The potential risks associated with a 24-hour trading mechanism were highlighted, including the lack of time to rectify errors that could occur during continuous trading [2]

Group 1 - The CEO of Hong Kong Stock Exchange Group, Charles Li, emphasized the significant impact of extending trading hours on the overall market and the need for caution [1] - The exchange is open to suggestions regarding extended trading hours but acknowledges the challenges and the necessity to consult all market participants [1] - Currently, the exchange has extended the trading hours for its derivatives market until 3 AM from Tuesday to Saturday, and is developing a new platform to enhance trading, clearing, and risk management capabilities [1]