本文源自：财华网 【财华社讯】12月24日，据香港交易所日历显示，港股今日只进行上午交易，13:00起将休市；12月25 日(周三)至12月26日(周四)连续两日全天休市。此外，12月25日至12月26日，南、北向交易将同步暂 停。根据安排，港股市场将于12月29日(周一)起恢复正常交易。 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) has launched the HKEX Tech 100 Index, marking its first stock index and aiming to expand its index business while promoting the development of the regional capital market ecosystem [1] Group 1: Index Overview - The HKEX Tech 100 is a broad-based stock index that tracks the performance of the 100 largest technology companies listed on the Hong Kong Stock Exchange [1] - The index encompasses companies across six major innovation themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) will optimize the collateral arrangements for its OTC Clearing Company starting January 2, 2026, aligning with other settlement enhancements implemented on October 2, 2025 [1] Group 1: Changes in Collateral Arrangements - The OTC Clearing Company will revise the interest arrangements for cash collateral provided to clearing members as margin requirements [1] - Interest will be calculated daily based on the relevant currency reference rate, with applicable fees deducted [1] Group 2: Fee Structure - The fee will be set at 0.8% per annum starting January 2, 2026, and will decrease by 10 basis points each year until it reaches 0.5% per annum on January 2, 2029 [1]

Core Insights - The Hong Kong Stock Exchange (HKEX) is leveraging technological advancements, particularly in artificial intelligence (AI), to enhance its operational efficiency and international competitiveness in the financial market [1] Group 1: Technological Impact on Financial Services - Technology is profoundly reshaping the global financial services landscape, presenting new challenges and opportunities for market builders and participants [1] - The significant breakthroughs in AI technology this year have not only transformed everyday life but have also propelled financial markets into the "AI+" era [1] Group 2: HKEX Initiatives - HKEX has implemented a series of optimization services over the past two years, emphasizing the importance of the technology sector in enhancing market efficiency [1] - AI technology has been integrated into daily operations at HKEX, leading to substantial time savings in document processing and information organization, thereby significantly improving office efficiency [1] - The listing department at HKEX utilizes AI to more effectively identify information disclosure violations during the review of annual reports from listed companies [1] Group 3: Future Directions - HKEX is actively exploring the use of AI to drive the digital transformation of financial regulation, aiming to improve the efficiency of issuance reviews and assist in monitoring market fluctuations to enhance regulatory effectiveness [1]

Core Insights - The Hong Kong Stock Exchange (HKEX) reported significant growth in revenue and net profit for the first nine months of 2025, with total revenue and other income reaching HKD 21.9 billion, a year-on-year increase of 37% [1] - The exchange's EBITDA was HKD 17.2 billion, reflecting a 48% year-on-year growth, with an EBITDA margin of 79%, up 5 percentage points from the previous year [1] - The IPO market in Hong Kong showed remarkable strength, with total fundraising amounting to HKD 188.3 billion, more than three times the amount raised in the same period of 2024, marking the strongest performance in nine months since 2021 [2] Financial Performance - For 9M25, the breakdown of revenue from various business segments included trading fees and system usage fees at HKD 7.8 billion (+57%), clearing and settlement fees at HKD 5.3 billion (+66%), and listing fees at HKD 1.3 billion (+17%) [1] - The average daily trading volume in the cash market reached HKD 256.4 billion, a 126% increase year-on-year, with southbound trading (Hong Kong Stock Connect) averaging HKD 125.9 billion (+229%) [1] Market Activity - The derivatives market also saw growth, with an average daily contract volume of 1.7 million contracts, up 11% year-on-year, and the LME's average daily trading volume reaching 700,000 lots (+3%) [2] - The northbound trading of bonds recorded an average daily trading volume of RMB 41.7 billion, a decrease of 5% year-on-year, while the average daily settlement amount for the swap connect reached RMB 21.7 billion, an increase of 61% [1][2] Investment Income - The net investment income for 9M25 was HKD 3.9 billion, a 4% increase year-on-year, with the company's own investment income declining by 8% to HKD 1.3 billion due to external investment performance [2] Strategic Outlook - The company has raised its target price to HKD 550, maintaining a "buy" rating, citing strong fundamental support for its current valuation and the ongoing growth in core business areas [3] - The exchange is expected to benefit from strategic initiatives aimed at optimizing market structure and enhancing product diversity, which will strengthen its long-term competitiveness [3]

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported record high revenues and profits for the third quarter of 2025, marking the third consecutive quarter of historical highs [3] - The company's net profit attributable to shareholders reached HKD 4.9 billion, a year-on-year increase of 56% [3] - The growth in performance was primarily driven by record trading volumes in the spot market, leading to a 54% year-on-year increase in main business revenue [3] Financial Performance - For the first three quarters of 2025, net profit attributable to shareholders grew by 45% year-on-year to HKD 13.419 billion, also a record for the nine-month period [3] - The average daily trading volume in the spot market increased by 141% year-on-year, while the daily trading amounts for Stock Connect and Shenzhen-Hong Kong Stock Connect saw year-on-year increases of 285% and 144%, respectively [3] - The new equity market performed strongly, with total fundraising amounting to HKD 188.3 billion in the first three quarters, ranking first globally [3] Strategic Developments - The company made several strategic advancements, including the implementation of the first phase to reduce the minimum tick size and discussions on shortening the stock settlement cycle [3] - To enhance global connectivity, HKEX signed a memorandum of understanding with the Abu Dhabi Securities Exchange and officially included Hong Kong as a delivery point for the London Metal Exchange (LME) [3] - Management expressed commitment to investing in the construction of a diversified asset ecosystem, with strong trading volumes maintained in the fourth quarter to date [3]

Group 1 - The Hong Kong Stock Exchange (HKEX) is actively preparing for optimization measures in the mutual market access programs, including the inclusion of REITs and a block trading mechanism [1] - In the first half of the year, the average daily trading volume for both Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached new highs, with the daily average trading volume for Shanghai and Shenzhen Stock Connect at RMB 206.4 billion, a 68% year-on-year increase [1] - The daily average trading volume for the Hong Kong Stock Connect reached HKD 126 billion, more than double that of 2024 [1] Group 2 - The Bond Connect's northbound trading continues to show growth, with an average daily trading volume of RMB 44 billion as of August this year [2] - The average daily settlement amount for the Swap Connect reached a new high of RMB 22 billion, a 69% year-on-year increase [2] - The HKEX aims to deepen collaboration with various parties to continuously optimize listing arrangements and expand mutual market access mechanisms, enhancing product offerings and market efficiency [2]

Group 1 - The Hong Kong Stock Exchange (HKEX) announced an optimization of margin collateral arrangements, adjusting interest payments on cash collateral and related fees to be calculated daily based on international market standards, specifically the overnight reference rate minus handling fees [1] - The financing cost for non-cash collateral has been reduced from 0.5% per annum to 0.25% per annum [1] - The Hong Kong stock market has shown strong performance this year, with the Hang Seng Index and the Hang Seng Tech Index rising by 27.70% and 29.79% respectively as of September 1 [1] Group 2 - According to HKEX data, from May to the end of July, long-term stable foreign institutional funds inflow totaled approximately 67.7 billion HKD, while short-term flexible foreign institutional funds inflow was about 16.2 billion HKD [3] - Many quality Hong Kong stocks have seen significant accumulation by foreign institutional investors [3]

Core Viewpoint - Hong Kong Exchanges and Clearing (HKEX) reported a significant increase in revenue and net profit for the second quarter, exceeding market expectations, indicating strong performance in the stock market [1] Financial Performance - HKEX's revenue for the second quarter rose by 33% year-on-year to HKD 7.22 billion [1] - Net profit increased by 41% year-on-year to HKD 4.44 billion, outperforming market forecasts [1] - The average daily turnover (ADT) for Hong Kong stocks was HKD 237.7 billion, a 95% year-on-year increase, showing robust trading activity [1] Market Liquidity - As of August 20, the liquidity in the third quarter has improved compared to the first half of the year, with ADT reaching HKD 258.5 billion [1] - The recent actions by the Hong Kong Monetary Authority have reduced the necessity for further liquidity contraction, contributing to a favorable market environment [1] Future Outlook - The expectation of lower HIBOR rates due to rising prospects of Federal Reserve interest rate cuts is anticipated to support market liquidity [1] - Increased participation from mainland investors and a strong IPO market are expected to maintain a relatively loose liquidity environment for Hong Kong stocks [1] Earnings Forecast - The company's net profit forecasts for this year, next year, and 2027 have been raised to HKD 16.8 billion, HKD 16.4 billion, and HKD 16.4 billion, respectively [1] - The target price for HKEX has been increased from HKD 434 to HKD 542, maintaining a "buy" rating [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported strong mid-term results for 2025, highlighting ongoing efforts to enhance market infrastructure and adapt to changing global client needs [1] Group 1: Market Initiatives - HKEX is open to suggestions for extending trading hours but emphasizes the need for careful consideration due to potential market impacts and the necessity of consulting all market participants [1] - The exchange has already extended the trading hours for its derivatives market until 3 AM from Tuesday to Saturday [1] Group 2: Future Developments - HKEX is developing the "Navigator" derivatives platform to improve trading, clearing, and risk management capabilities in the derivatives market [1] - The company plans to continue enhancing market vitality and competitiveness in the second half of the year, including discussions on shortening the settlement cycle for the cash market and optimizing trading and settlement services [1]