港交所 20260228 摘要 因此有必要在固定收益、外汇以及大宗商品等领域进行必要且审慎的投资。同 时，将在保持良好成本管控的前提下，持续评估投入方向与方式，聚焦能够带 来最佳机会的领域。 随着港交所提出未来十年将加强中国内地与其他亚洲经济体市场之间的互联互 通，并提及可能与马来西亚等地区扩大互联互通，相关举措将如何推进、如何 实现与该地区更紧密连接？ 未来互联互通的重点是在巩固中国内地互联互通这一核心优势的同时，将互联 互通网络从既有模式进一步延展至其他亚洲经济体，形成具有全球吸引力的区 域流动性池。推进路径包括：继续扩大与海外交易所的合作伙伴网络，强化与 中东及东南亚市场的互联互通基础；在此基础上，利用互联互通带来的市场可 及性提升，促进区域资本对接区域内的增长机遇，并为全球投资者提供更广泛 的区域流动性与增长敞口；同时，配合产品侧扩容，为投资者提供更多布局亚 洲及中国相关资产的工具，覆盖现金市场、ETP、衍生品及跨资产风险管理工 具等，以提升互联互通的使用深度与交易活跃度。2025 年已在中东和东南亚 方向推进互联互通并扩展合作网络，同时在中东设立新办事处，并欢迎来自相 港交所对 CMU OmniCl ...

2月26日，香港交易所（HK00388，股价415.4港元，市值5267亿港元）公布2025年全年业绩。财报显 示，香港交易所2025年收入及其他收益达292亿港元，同比增长30%；股东应占溢利为178亿港元，同比 增长36%。董事会宣派2025年第二次中期股息每股6.52港元，叠加第一次中期股息每股6港元，2025年 全年股息为每股12.52港元，同比增长35%。 在当日下午举行的业绩发布会上，香港交易所财务总监许亮华对包括《每日经济新闻》记者在内的媒体 记者介绍称，这是香港交易所连续第二年业绩创历史新高，营收和净利均录得历史峰值，主要得益于现 货、衍生产品及商品市场的成交量齐创历史新高。 针对近期关于"香港交易所拟扩大IPO（首次公开募股）保密申请范围至传统行业"的传闻，陈翊庭回应 称，香港交易所正全方位考量如何提升市场吸引力和竞争力，上市规则和流程的优化并非单一考量，而 需整体布局。香港交易所当前的研究不仅限于扩大保密申请范围，还包括最新一份财政预算案中提到的 修订"同股不同权"企业上市要求、增设针对性上市章节等一系列举措。 "保密申请（范围扩大）确实是市场常常提出的诉求之一，我们会慎重考虑。在全方位考 ...

陈翊庭预期2026年宏观环境仍将充满变数，同时她表示，尽管前景存在不确定性，全球投资者正积极采 取多元化配置与风险管理策略，以应对市场挑战。这一趋势为资本市场带来了新的发展契机。世界各地 的交易所作为关键的金融市场基础设施，将需要继续肩负起高效地连接资本的使命。 陈翊庭指出，香港交易所的长期战略发展计划（包括大力投资重要基础设施的升级）将确保集团的业务 继续在全球市场保持竞争力，并巩固香港作为全球国际金融中心的地位，促进亚洲区内及亚洲与全球其 他地区之间的资本流动。2026年港交所将继续积极回应全球投资者不断变化的需求，并确保本地市场保 持开放且具竞争力。 （文章来源：新华财经） 2025年贵金属升势强劲，LME同样展现出色表现，其收费金属合约的日均成交量达到创纪录的71.7万 手，同比上升8%。 香港交易所集团行政总裁陈翊庭介绍，2025年，香港交易所共迎来119只新股上市，总集资额达2869亿 港元，同比上升226%，其中两家公司跻身年度全球新股集资额前五名。来自新经济行业的新股集资额 占比为66%，其中有21家公司是根据专为生物科技公司和特专科技公司而设的《上市规则》第十八章系 列上市。港交所也拓展了上 ...

期内，主要业务收入较2024年第四季上升11%至66.65亿港元，源于现货及商品市场交易及结算费增 加，但应支付予结算参与者的回扣增加令保证金的投资收益净额减少，已抵销部分增幅。 公司资金的投资收益净额为5.72亿元，较2024年第四季上升68%，主要源于集团非上市股本投资的估值 出现非经常性收益1.63亿元(2024年第四季：亏损3800万元)。 【财华社讯】香港交易所(00388.HK)公布，2025年第四季收入及其他收益较2024年第四季上升15%至 73.1亿港元；股东应占溢利为43.35亿元，较2024年第四季上升15%；EBITDA利润率为78%，较2024年 第四季上升3个百分点。 【财华社讯】香港交易所(00388.HK)公布，2025年第四季收入及其他收益较2024年第四季上升15%至 73.1亿港元；股东应占溢利为43.35亿元，较2024年第四季上升15%；EBITDA利润率为78%，较2024年 第四季上升3个百分点。 期内，主要业务收入较2024年第四季上升11%至66.65亿港元，源于现货及商品市场交易及结算费增 加，但应支付予结算参与者的回扣增加令保证金的投资收益净额减少，已抵销 ...

Core Insights - The Hong Kong Stock Exchange's derivatives market achieved record performance in 2025, with an average daily trading volume of 1.66 million contracts, representing a year-on-year increase of 7% [1] - Stock options emerged as the most actively traded product, with an average daily trading volume of 879,831 contracts, reflecting a year-on-year growth of 22% [1] - In response to this positive trend, the Hong Kong Stock Exchange recently launched six new categories of stock options, providing investors with a wider range of choices [1] Summary by Category - **Market Performance** - The average daily trading volume reached 1.66 million contracts, marking a 7% increase compared to the previous year [1] - Stock options accounted for a significant portion of this volume, with 879,831 contracts traded daily, up 22% year-on-year [1] - **Product Offerings** - The Hong Kong Stock Exchange introduced six new categories of stock options to enhance investment choices for market participants [1] - **Understanding Stock Options** - Stock options are financial contracts traded on exchanges, based on individual stocks, and are divided into call options and put options [3] - Call option buyers have the right to purchase the underlying stock at a predetermined price before or on the expiration date, while sellers are obligated to sell the stock if the option is exercised [3] - Put option buyers have the right to sell the underlying stock at a predetermined price before or on the expiration date, while sellers are obligated to buy the stock if the option is exercised [3]

Summary of Key Points Core Viewpoint - The Hong Kong stock market will have a shortened trading day on December 24, 2023, and will be closed for two full days on December 25 and 26, 2023, with normal trading resuming on December 29, 2023 [1] Trading Schedule - The Hong Kong stock market will only operate in the morning on December 24, 2023, and will close at 13:00 [1] - The market will be closed for the entire day on December 25 and 26, 2023, with both southbound and northbound trading suspended during this period [1] - Normal trading activities will resume on December 29, 2023 [1]

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]