今年以来，港交所在促进市场活跃度方面出台一系列举措，推动港交所业绩全面提升。展望未来， 港交所表示，将继续致力于提升平台、基础设施及产品，为投资者和发行人提供多元化的产品、充裕的 流动性和高效的互联互通机制，助力其应对不断变化的全球宏观经济环境。 现货市场日均交易额创新高、新股市场融资额重回全球交易所榜首、收入同比增长33%……受益于 上半年市场回暖，港交所业绩节节攀升。近日披露的上半年业绩显示，港交所多项业务创新高。 今年以来，港交所在促进市场活跃度方面出台一系列举措，推动港交所业绩全面提升。展望未来， 港交所表示，将继续致力于提升平台、基础设施及产品，为投资者和发行人提供多元化的产品、充裕的 流动性和高效的互联互通机制，助力其应对不断变化的全球宏观经济环境。 收入方面，半年报显示，2025年上半年，港交所收入及其他收益创新高，达140.76亿港元，较2024 年上半年增长33%。从收入结构看，交易活跃度的增加作出了巨大贡献。2025年上半年，交易费及交易 系统使用费达49.06亿港元，同比增长49.11%；结算及交收费31.55亿港元，同比增长48.47%。值得一提 的是，半年报显示，港交所近九成利润用于 ...

8月20日，香港交易所（以下或称"港交所"）公布2025年上半年业绩。 数据显示，港交所2025年上半年收入及其他收益和溢利创历来同期新高。2025年上半年收入及其他收益为140.76亿元 （未特殊注明，本文中的"元"皆为"港元"），较2024年上半年上升33%，股东应占溢利为85.19亿元，较2024年上半年 上升39%。香港交易所董事会宣派中期股息每股6.00元，以现金派付。 | | 載至 2025 年 | 截至 2024 年 | | | --- | --- | --- | --- | | | 6 月 30 日止 | 6月30日正 | | | | 六個月 | 六個月 | | | | 百萬元 | 白萬元 | 變幅 | | 收入及其他收益 | | | | | 主要業務收入 | 12,954 | 9.690 | 34% | | 香港交易所慈善基金的捐款收益 | 78 | 30 | 160% | | 公司資金的投資收益淨額 | 1,044 | 901 | 16% | | | 14.076 | 10,621 | 33% | | 營運支出 | 2.973 | 2,794 | 6% | | EBITDA(非HKFRS ...

8月20日，香港交易所（以下或称"港交所"）公布2025年上半年业绩。 数据显示，港交所2025年上半年收入及其他收益和溢利创历来同期新高。2025年上半年收入及其他收益为140.76亿元 （未特殊注明，本文中的"元"皆为"港元"），较2024年上半年上升33%，股东应占溢利为85.19亿元，较2024年上半年 上升39%。香港交易所董事会宣派中期股息每股6.00元，以现金派付。 | | 載至 2025 年 | 截至 2024 年 | | | --- | --- | --- | --- | | | 6 月 30 日止 | 6月30日正 | | | | 六個月 | 六個月 | | | | 百萬元 | 百萬元 | 變幅 | | 收入及其他收益 | | | | | 主要業務收入 | 12,954 | 9.690 | 34% | | 香港交易所慈善基金的捐款收益 | 78 | 30 | 160% | | 公司資金的投資收益淨額 | 1,044 | 901 | 16% | | | 14.076 | 10,621 | 33% | | 營運支出 | 2.973 | 2.794 | 6% | | EBITDA(非HKFRS ...

8月20日，香港交易所（以下或称"港交所"）公布2025年上半年业绩。 数据显示，港交所2025年上半年收入及其他收益和溢利创历来同期新高。2025年上半年收入及其他收益为140.76亿元（未特殊注明，本文中的"元"皆为"港元"）， 较2024年上半年上升33%，股东应占溢利为85.19亿元，较2024年上半年上升39%。香港交易所董事会宣派中期股息每股6.00元，以现金派付。 | | 截至 2025 年 | 截至 2024 年 | | | --- | --- | --- | --- | | | 6月30日止 | 6月30日正 | | | | 六個月 | 六個月 | | | | 百萬元 | 白慧元 | 變幅 | | 收入及其他收益 | | | | | 主要業務收入 | 12,954 | 9.690 | 34% | | 香港交易所慈善基金的捐款收益 | 78 | 30 | 160% | | 公司資金的投資收益淨額 | 1,044 | 901 | 16% | | | 14.076 | 10.621 | 33% | | 營運支出 | 2.973 | 2.794 | 6% | | EBITDA (非HKFRS 計量項 ...

今日，亚洲首批个股杠杆及反向产品（杠反）在港交所上市，投资者可以在白天2倍做多或做空五大热门美股，包括英 伟达、特斯拉、Coinbase、MicroStrategy和伯克希尔。 据了解，单一股票杠杆及反向产品自2018年在欧洲推出并流行，而美国自2022年推出至今共有349种产品，总管理规模 约1219亿美元，前10种产品规模占比59%。香港是第一个允许做个股杠杆反向的亚洲市场，对中国香港和内地的投资者 来说，这是一种前所未见的陌生产品。 为此，券商中国记者专访了南方东英量化投资总监王毅，深度解析个股杠杆及反向产品的夜盘、做空、对冲等功能，以 及实操层面的费用、标的、敞口等问题。 提供美股夜盘和反向功能 券商中国记者：个股杠杆及反向产品（杠反）的作用是什么？ 王毅：个股杠杆及反向产品，为投资者在亚洲交易时段（对应美股夜盘时间）提供便捷的美国热门股票交易或对冲工 具，可以对美国盘后新闻（例如收益、宏观政策变动）做出灵活反应。简单举个例子，买入挂钩特斯拉的个股杠杆产 品，就可以两倍放大收益或亏损；而买入特斯拉的个股杠反产品，若特斯拉跌2%，不考虑费用的情况下，那两倍反向就 可以实现4%的涨幅。 券商中国记者：香港 ...

Key Points - The article emphasizes the Chinese government's commitment to implementing proactive macro policies to support economic stability and growth, including potential new policies if necessary [2] - The article highlights the importance of enhancing the business environment for various enterprises through economic reforms and addressing bottlenecks in economic circulation [2] - The article discusses the upcoming significant events in the global market, including earnings reports from major companies and important economic data releases [4] Macro - Premier Li Qiang met with U.S. senators, stating that trade wars yield no winners and emphasizing the need for cooperation to address trade imbalances [6] - Vice Premier He Lifeng welcomed multinational companies to invest in China, highlighting the resilience and potential of the Chinese economy [6] - The government plans to deepen supply-side structural reforms and regulate competition to promote high-quality development [6] Domestic Stock Market - CITIC Securities identified two critical time points for the market: the first in early April when external risks are expected to materialize, and the second mid-year when U.S. economic and policy cycles may align with China's [9] - The "Leading Enterprise" action plan in Guangzhou aims to enhance the integration of industry and capital, promoting more competitive companies to go public [9] - The report notes a significant increase in new account openings at several securities firms, indicating growing market participation [10] Financial - A surge in the number of funds focusing on free cash flow indicates a market trend towards financial health metrics, driven by demand and policy direction [14] - The head of the Industrial and Commercial Bank of China emphasized the shift from a capital-centric to a technology-centric financial service model [14] Real Estate - Suggestions were made to stabilize asset prices and improve income levels to boost consumer spending, particularly in real estate and equity markets [17] Industry - XPeng Motors' chairman discussed the future of high-level autonomous driving technology, predicting significant advancements in the coming years [19] - The Henan province announced plans for extensive 5G infrastructure development, aiming for over 270,000 5G base stations in the next three years [19] Overseas - The WTO Director-General highlighted the U.S. as a major beneficiary of global trade, countering claims of trade disadvantages [21] - The UK government plans to invest £600 million to address skill shortages in the construction sector, crucial for housing development [22] International Stock Market - SpaceX aims to achieve a weekly launch frequency for its Starship within a year, enhancing its operational capabilities [23] Commodity - The China Iron and Steel Association noted that supply-demand imbalances are a key issue in the industry, advocating for the closure of new production capacity [26] - Methanol port inventories have decreased, indicating a market shift towards destocking [26] - BHP's CEO projected a significant copper supply gap in the next decade, emphasizing the need for substantial investment in mining [26] Bonds - The government plans to issue long-term special bonds to support various initiatives, with a focus on local government debt management [28] - The AI and robotics sectors are identified as key drivers of market growth, with expectations for increased investment opportunities [28]

Capital Market News - The March LPR remains unchanged, with a potential interest rate cut window opening in the second quarter. The one-year LPR is at 3.1% and the five-year LPR is at 3.6%, both unchanged from the previous month. This stability aligns with market expectations, as banks face net interest margin pressures and lack motivation to lower LPR quotes [10][11] - The central bank has conducted a series of reverse repos totaling 2,685 billion yuan, signaling a commitment to support liquidity in the market. This week, the net injection reached 4,055 billion yuan, indicating a marginal improvement in liquidity expectations [11] Industry News - The first batch of leveraged and inverse products for individual stocks in Asia will be launched in Hong Kong on March 24, 2025. These products will track the daily performance of selected stocks, including Nvidia and Tesla, with a leverage of two times. This marks Hong Kong as the first Asian market to offer such products, providing local investors with easier access to U.S. stocks without the need for overnight trading [12] - The Ministry of Science and Technology announced that the 2025 Zhongguancun Forum will focus on cutting-edge technologies and open cooperation, featuring discussions on AI, quantum technology, and more. The event aims to foster collaboration among government, industry, academia, and research institutions [13][15] - The National Energy Administration reported that the cumulative installed power generation capacity in China reached 3.4 billion kilowatts, a year-on-year increase of 14.5%. Solar power capacity grew by 42.9% to 930 million kilowatts, while wind power capacity increased by 17.6% to 530 million kilowatts [14][15] Market Performance - On March 20, 2025, the Shanghai Composite Index fell by 0.51%, while the ChiNext Index dropped by 1.00%. The North Exchange A-share sector had a total of 264 constituent stocks with an average market capitalization of 2.818 billion yuan. The trading volume for the sector reached 35.313 billion yuan, down 13.16% from the previous trading day [16] - In the North Exchange, 31 companies saw their stock prices rise, with notable increases from Lifan Holdings (up 17.26%), Dayu Biology (up 9.50%), and Wantong Hydraulic (up 8.63%). Conversely, companies like Kunlun Technology and New Weiling experienced significant declines [17]

Macro Dynamics - The new round of fuel price adjustments will take effect on March 19, with gasoline and diesel prices decreasing by 280 yuan and 270 yuan per ton respectively, resulting in a reduction of 0.22 yuan per liter for 92-octane gasoline and 0.23 yuan for 95-octane gasoline and diesel [1] Industry Initiatives - Shandong Securities Regulatory Bureau held a meeting to promote high-quality development in the capital market, emphasizing support for mergers and acquisitions of listed companies and enhancing market value management [2] - The Ministry of Transport, National Development and Reform Commission, and Ministry of Finance issued guidelines for subsidies for the replacement of new energy city buses and battery equipment, with an average subsidy of 80,000 yuan per vehicle [4] Financial Institutions - Four foreign financial institutions, including AXA and Hannover Re, opened operations in Shanghai, marking a significant step in the high-level opening of China's financial sector [12] Market Data - The Hong Kong Hang Seng Index rose by 0.12%, while the Hang Seng Tech Index fell by 1.05%, with net buying from southbound funds amounting to 11.785 billion HKD [14] - The three major indices in the domestic market experienced slight declines, with the North Exchange 50 Index dropping nearly 3% and over 50 stocks falling more than 10% [15] Company Dynamics - XPeng Motors granted over 28 million restricted stock units to its CEO, He Xiaopeng, with a purchase price of zero [16] - Tencent reported a 30% year-on-year increase in adjusted net profit for Q4, reaching 55.31 billion yuan, with total revenue for 2024 at 660.26 billion yuan, an 8% increase [19] - JD.com rebranded its grocery service to JD Seven Fresh, indicating a strategic shift towards instant retail [22]