Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [1] Core Views - The report highlights a significant increase in performance driven by high market activity, with the IPO market returning to the global forefront [1] - For the first half of 2025, the company achieved a revenue of HKD 14.076 billion, representing a year-on-year increase of 32.5%, and a net profit attributable to shareholders of HKD 8.519 billion, up 39.1% year-on-year [1] Revenue Structure - The revenue structure shows a continued rise in market activity, leading to an increase in the proportion of trading and settlement fees. In the first half of 2025, trading and trading system usage fees, settlement and clearing fees, and custody services accounted for 62.0% of total revenue, up 5.9 percentage points year-on-year [2] - The listing fees from the Stock Exchange accounted for 5.8% of total revenue, down 1.0 percentage point year-on-year, while net investment income accounted for 20.4%, down 3.3 percentage points year-on-year [2] Market Activity - The report notes that the stock market's trading activity remains robust, with the IPO fundraising amount returning to the top globally. In the first half of 2025, the total amount raised through IPOs reached HKD 109.4 billion, a staggering increase of 716% year-on-year [4] - The average daily turnover of Hong Kong stocks reached HKD 1.110 trillion, a year-on-year increase of 196%, indicating a significant rise in participation from mainland investors [3] Financial Performance - For the first half of 2025, the total revenue from the cash segment, including trading and settlement fees, reached HKD 5.995 billion, a year-on-year increase of 71% [3] - The report projects that the company will maintain high trading volumes in 2025, benefiting from the favorable conditions in the Hong Kong capital market and the valuation recovery of Chinese stocks [9] Earnings Forecast - The report raises the earnings forecast for the company, estimating EPS for 2025, 2026, and 2027 to be HKD 13.72, HKD 15.03, and HKD 16.90 respectively, with corresponding PE ratios of 32, 29, and 26 times [9] - The target price is set at HKD 494.0, based on a 36 times PE valuation for 2025 [5]

港股交投活跃是港交所上半年业绩增长的重要原因。其中，南向资金近热情高涨，日均成交额飙升至 1110亿港元，达去年同期近三倍。在此推动下，沪深港通的收入及其他收益上升至18.13亿港元，创历 来半年度新高。 优异的业绩表现迅速提振了市场信心，8月20日开盘时，港交所股价曾一度下跌超1.24%，午后随着业 绩披露，股价快速拉升，截至收盘，上涨1.71%，报441.2港元/股。截至发稿，该股21日再次上涨0.68% 至444.2元/股，逼近年内新高。今年以来，港交所股价累计上涨超52. %，远高于恒生指数的累计涨幅 25%。 【#港交所上半年营收净利增超3成#，#港交所今年股价大涨50%#】营收超140亿港元，利润达到85.19 亿港元，双双同比增长超30%。8月20日，港交所（0388.HK）披露了今年上半年的业绩。 ...

财报显示，港交所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%。二者均创历史新高。董事 会宣派中期股息为每股6.00港元，同比上升38%。 每经记者｜李旭馗 每经编辑｜文多 8月20日，香港交易及结算所有限公司（以下简称"港交所"，证券代码00388.HK，股价441.20港元，市值5594亿港元）发布了2025年中期业绩。 上半年，港交所共迎来44家上市公司，新股集资总额达1094亿港元，位居全球首位，也创下了港交所自2021年以来的最佳半年度表现，同比增长716%。 在当日举行的业绩发布会现场，港交所行政总裁陈翊庭向《每日经济新闻》等媒体的记者透露，目前有近230家公司的递表正在处理中，且仍有大量企业正 与港交所接洽。 从左至右依次为：港交所市场主管余学勤、港交所财务总监许亮华、港交所行政总裁陈翊庭、港交所首席运营总监刘碧茵、港交所首席咨询总监梁松光 图 片来源：每经记者 李旭馗 摄 科企专线推出后收到50家公司以18A或18C规则申请 港交所方面表示，上半年业绩增长是受上半年现货市场、衍生产品市场成交量创半年新高的带动。 上半年，证 ...

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [1] Core Views - The company achieved record high semi-annual performance with total revenue and other income reaching HKD 141 billion, a year-on-year increase of 33%, and net profit attributable to shareholders at HKD 85 billion, up 39% year-on-year [7] - The significant growth in performance is attributed to improved investment sentiment supported by mainland policies, leading to increased participation from mainland investors in offshore markets, which boosted trading volumes in the Hong Kong stock market [7] - The report forecasts continued strong growth for the company, with expected shareholder profits of HKD 174.19 billion, HKD 192.62 billion, and HKD 207.88 billion for 2025-2027, corresponding to growth rates of 33%, 11%, and 8% respectively [7] Financial Performance Summary - Total revenue (in million HKD) for 2023A, 2024A, 2025E, 2026E, and 2027E is projected at 20,516, 22,374, 27,785, 30,524, and 32,970 respectively, with year-on-year growth rates of 11.16%, 9.06%, 24.18%, 9.86%, and 8.01% [1] - Net profit attributable to shareholders (in million HKD) for the same years is expected to be 11,862, 13,050, 17,419, 19,262, and 20,788, with growth rates of 17.70%, 10.02%, 33.48%, 10.58%, and 7.92% [1] - The latest diluted EPS is projected to be 9.36, 10.29, 13.74, 15.19, and 16.40 for the years 2023A to 2027E [1] Market Data - The closing price of the stock is HKD 441.20, with a market capitalization of approximately HKD 559.37 billion [5] - The stock has a price-to-earnings (P/E) ratio of 47.16 for 2023, decreasing to 26.91 by 2027 [1][5] - The company has a book value per share of HKD 44.89 and a price-to-book (P/B) ratio of 9.83 [6][5]

市场对中国经济前景和支持政策持乐观态度，加上人工智能和创新领域急速发展，全球投资者对投资中 国相关资产的兴趣回升。随着国际和中国内地投资者的参与度增加，现货市场、衍生产品市场及沪深港 通的成交量均在 2025 年上半年刷新历来半年度新高。现货市场标题平均每日成交金额达 2402亿港元， 是2024年上半年的两倍多。衍生产品合约平均每日成交合约张数为170万张，按年增加11%。由于中国 和国际发行人上市宗数增加，2025 年上半年香港新股市场集资额重回全球交易所榜首，新股集资额是 2024年上半年的八倍有多。截至2025年6月30日，正在处理中的新股上市申请数目上升至207宗，是截至 2024年12月31日的84宗申请的两倍多。 在成交量创新高纪录的带动下，2025 年上半年收入及其他收益达 141 亿港元创历来半年度新高，较 2024 年上半年上升 33%，反映成交量上升令交易及结算费增加，存管费用增加，以及保证金规模增加 令投资收益净额上升。营运支出较2024年上半年上升6%，主要是两个与2022年镍市场事件相关的项目 所致，一是 2025 年上半年向 FCA 支付了非经常性的罚款，二是事件涉及的法律费用收 ...

Group 1 - The Shenzhen Stock Exchange hosted the 2025 Global Investor Conference, emphasizing that investing in China equates to investing in the future [1] - The conference featured discussions on cross-border cooperation opportunities and best practices in overseas markets, with participation from key figures in global exchanges [1][3] - Hong Kong's role as the largest offshore RMB center continues to deepen, with the Stock Connect mechanisms facilitating significant daily trading volumes exceeding 100 billion [3] Group 2 - The Abu Dhabi Securities Exchange (ADS) ranks among the top twenty global exchanges with a market capitalization of $820 billion and offers 16 ETFs covering various regions [3][4] - ADS has undergone a major transformation to a holding company model, focusing on post-trade services and technological upgrades to attract cross-border capital [4] - Luxembourg Stock Exchange emphasizes the importance of cross-border cooperation to redirect capital towards sustainable development, serving as a gateway for European investors to access Chinese markets [4] Group 3 - Saudi Arabia is undergoing a significant economic transformation, comparable to China's in 2000, with multi-trillion-dollar infrastructure projects across various sectors [4][5] - Chinese companies are playing a crucial role in Saudi Arabia's industrialization, with local partnerships enhancing corporate value [4] - Future cooperation between China and Saudi Arabia is expected to extend beyond traditional infrastructure to include sectors like electric vehicles and battery technology [5]

Core Viewpoint - The 2025 Global Investor Conference held by the Shenzhen Stock Exchange emphasizes that investing in China equates to investing in the future, highlighting the resilience and risk management capabilities of the Chinese economy and A-share market amidst global economic uncertainties [1] Group 1: Market Dynamics - The conference showcased the increasing interest of global investors in Chinese assets, driven by the need for certainty and stability in asset allocation [1] - Hong Kong's role as the largest offshore RMB center continues to deepen, facilitating the two-way opening of capital markets [3] Group 2: Trading Mechanisms - The average daily trading volume of the northbound trading under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect has surpassed 100 billion RMB, significantly attracting investments into A-shares, particularly in technology innovation companies [3] Group 3: International Investor Needs - The evolving demands of international investors are highlighted, with three key elements identified for the support of these needs: 1. Enriching product supply to provide more investment options and opportunities for international investors [3] 2. Ensuring consistent regulatory frameworks and tax policies to facilitate capital investments [4] 3. Breaking down information barriers and enhancing investor education, particularly addressing language challenges for non-Chinese speaking investors [4]

2025年全国两会期间，全国政协委员、香港上海汇丰银行有限公司主席王冬胜在接受证券时报记者·券商中国专访时表示，在内地和香港资本市场互联互通方 面，未来潜力巨大，有着广阔的发展空间，业界及投资者也有进一步拓宽加深互联互通机制的呼声。 在今年，王冬胜重点围绕深化内地与香港资本市场的互联互通这一主题，就提升沪深港通、债券通、跨境理财通和ETF通等机制的深度和广度提出建议。 ▲全国政协委员、香港上海汇丰银行主席 王冬胜 进一步拓宽加深互联互通机制 随着中国金融市场开放不断提速，股票通、债券通、跨境理财通等机制持续优化扩容，交易规模增长迅速。 王冬胜认为，在内地和香港资本市场互联互通方面，未来潜力巨大，有着广阔的发展空间，业界及投资者也有进一步拓宽加深互联互通机制的呼声。为此，他带来 以下具体建议： 例如：在债券通方面，目前"南向通"仅对合格境内机构投资者（QDII）和22家公开市场操作（OMO）银行开放，王冬胜认为，可以进一步扩大合资格投资者的范 围。同时，可适当为"南向通"提供更大额度。在沪深港通方面，可以适当放宽内地个人投资者参与港股通的资产要求限制，同时提高每日交易额，增加市场的流动 性，满足投资者的不同投资 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) demonstrated strong performance in 2024, achieving record highs in revenue and profit despite macroeconomic challenges, driven by global investor interest in Chinese opportunities [2][6][18]. Financial Performance - HKEX reported total revenue and other income of HKD 22.4 billion, a 9% increase from 2023, leading to a record profit attributable to shareholders of HKD 13.1 billion, up 10% year-on-year [7]. - The exchange experienced record trading activities across various markets, including spot, derivatives, and exchange-traded products (ETPs), particularly following the announcement of economic stimulus measures in mainland China [7][8]. Market Dynamics - The stock spot market achieved a record trading amount of HKD 620.7 billion on October 8, 2024, with all markets reaching new daily trading volume highs in Q3 and Q4 [8]. - The average daily trading amount for the Northbound and Southbound Stock Connect reached RMB 150.1 billion and HKD 48.2 billion, respectively, contributing HKD 2.7 billion in revenue [9]. - The ETP market saw an average daily trading amount of HKD 18.9 billion, a 35% increase from the previous year [10]. New Listings and Capital Raising - In 2024, HKEX ranked among the top four global IPO markets, with 71 companies listed and total fundraising of HKD 88 billion, a 90% increase from 2023 [13]. - The second half of 2024 was particularly active, with 41 companies listed, raising HKD 74.6 billion, over five times the amount raised in the first half [13]. - Notable listings included Midea Group, which raised HKD 35.7 billion, marking the largest IPO in Hong Kong since February 2021 [13]. Strategic Initiatives - HKEX is preparing to launch a "Tech Company Fast Track" to facilitate the listing process for technology and biotech firms, addressing concerns about compliance with listing rules [4][5]. - The exchange aims to enhance its attractiveness as a listing venue for both mainland and international companies, continuously improving the listing environment and introducing new rules [4][15]. Future Outlook - The CEO of HKEX expressed optimism for 2025, citing potential economic recovery signals and the impact of stimulus policies in mainland China, which could invigorate the IPO and secondary markets [18].