2026 年 02 月 26 日 香港交易所（00388.HK） 买入（维持评级） 港股公司点评 证券研究报告 业绩略超预期，多市场成交额创新高 业绩简评 2026 年 2 月 26 日，香港交易所发布 2025 年业绩报告。2025 香港 交易所实现营业收入（收入及其他收益）291.61 亿港元，同比增 长 30%；归母净利润 177.54 亿港元，同比增长 36%。25Q4 归母净 利润 43.35 亿港元，同比增长 15%，环比减少 12%，主要是因为 25Q4 交投活跃度小幅降低。分业务条线来看，2025 现货、衍生品、商 品 、 数 据 及 连 接 、 公 司 项 目 收 入 同 比 增 速 分 别 为 56%/11%/14%/7%/17%，占营收比重分别为 50%/24%/11%/8%/7%。分 收费模式来看，交易及交易系统使用费、联交所上市费、结算及 交收费、存管托管及代理人服务费、市场数据费、投资收益同比 增 速 分 别 为 44%/21%/49%/31%/8%/4% ， 占 营 收 比 重 分 别 为 35%/6%/24%/5%/4%/18%。 经营分析 交易费：（1）现货市场：2025 年 ...

【国金非银】港交所2025：业绩略超预期，各市场多项成交额创历史新高 业绩概况：2025年香港交易所实现营业收入（收入及其他收益）291.61亿港元，同比增长30%；归母净利润177.54 亿港元，同比增长36%。 25Q4归母净利润43.35亿港元，同比增长15%，环比减少12%，主要是因为25Q4交投活跃度环比小幅降低。 分业务条线来看，2025现货、衍生品、商品、数据及连接、公司项目 【国金非银】港交所2025：业绩略超预期，各市场多项成交额创历史新高 业绩概况：2025年香港交易所实现营业收入（收入及其他收益）291.61亿港元，同比增长30%；归母净利润177.54 亿港元，同比增长36%。 25Q4归母净利润43.35亿港元，同比增长15%，环比减少12%，主要是因为25Q4交投活跃度环比小幅降低。 分业务条线来看，2025现货、衍生品、商品、数据及连接、公司项目收入同比增速分别为56%/11%/14%/7%/17%， 占营收比重分别为50%/24%/11%/8%/7%。 分收费模式来看，交易及交易系统使用费、联交所上市费、结算及交收费、存管托管及代理人服务费、市场数据 费、投资收益同比增速分别为 ...

❑ 一级市场：赴港上市公司背景、投资者结构、行业构成更加多元，香港重登 全球新股市场榜首。25 年港市新上市公司 119 家，募集资金达 2869 亿港元， 为 24 年的 3 倍多；上市后再融资规模达 5146 亿港元，为 24 年度的 2 倍多， 创 21 年以来最高纪录。从上市公司背景看，25 年共有 7 名国际发行人来港 上市，分别来自新加坡、泰国、阿联酋等地；从投资者结构看，主权财富基 金、亚洲/欧洲北美的 LO 投资者在前 20 大最活跃股权资本市场基金投资者中 占据半壁江山；从行业构成看，工业及新能源板块新股集资规模排名全球第 一，TMT 企业在港发行规模创 21 年来新高，医疗保健和生物科技板块股权 资本发行规模位列全球第二。往后看，截至 25 年底，处理中的 IPO 申请数目 增至 345 宗，为 24 年底的 4 倍多。 证券研究报告 | 公司点评报告 2026 年 02 月 26 日 香港交易所（00388.HK） 一二级火热、营收再创新高 总量研究/非银行金融 港交所公布 25 年年报：25 年营业总收入 292 亿港元，同比+30%；归母净利润 为 178 亿港元，同比+36%；EB ...

Group 1 - The essence of spot trading involves the immediate transfer of ownership of existing goods to meet actual production, consumption, or circulation needs, while futures trading is based on standardized contracts for future delivery of goods at a specified time and price [1] - Participants in spot trading are primarily producers, consumers, or traders, directly serving the real economy, whereas futures trading includes both industry players and speculators, with the latter aiming to profit from price fluctuations [1] - Spot trading contracts are negotiated between parties and are personalized, while futures contracts are standardized by exchanges, ensuring high liquidity and facilitating quick transactions [1] Group 2 - Spot trading can occur through flexible arrangements, including over-the-counter negotiations or various markets, with less stringent regulatory requirements, while futures trading must occur on approved exchanges under strict regulations [2] - Spot trading typically requires full payment for goods, resulting in lower leverage and risks primarily associated with price fluctuations, logistics, and quality, whereas futures trading employs a margin system, allowing for significant leverage and higher potential risks and rewards [2]

Core Viewpoint - Bit com, a cryptocurrency trading platform, has announced a user asset migration plan due to business restructuring, halting new user registrations and allowing only position closures for contracts [1] Group 1: Business Operations - The platform will cease spot trading on January 31, 2026, with cloud computing, wealth management, and GoRich services gradually terminating and settling from late January [1] - Assets not withdrawn in time will be transferred to a backup site for continued withdrawal support starting February 1, with final services ending on March 31 [1] Group 2: User Support and Security - The platform promises a normal withdrawal processing time of 0.5 to 24 hours and warns users to be cautious of impersonation scams [1] - Matrixport will provide optional migration channels for affected users [1]

Core Viewpoint - The report from CICC maintains the earnings forecast for Hong Kong Exchanges and Clearing Limited (HKEX) unchanged, with a target price of HKD 465, indicating an 11% upside potential based on projected P/E ratios [1] Group 1: Earnings Forecast and Performance - HKEX is expected to report a 2Q25 revenue of HKD 6.87 billion, reflecting a year-on-year increase of 27% and a quarter-on-quarter flat performance, with core fee income projected to rise by 30% year-on-year [1] - For the first half of the year, total revenue and profit are anticipated to increase by 29% and 34% respectively, reaching HKD 13.73 billion and HKD 8.20 billion [1] Group 2: Trading Activity Insights - The report highlights sustained high activity in spot and commodity trading, with a marginal decline in derivatives trading; 2Q average daily turnover (ADT) is expected to be HKD 238.1 billion, up 96% year-on-year [2] - The number of IPOs in 2Q reached 27, raising HKD 88.4 billion, marking a significant increase of 932% year-on-year [2] Group 3: Investment Income and Market Conditions - Investment income is projected to grow by 15% year-on-year to HKD 1.39 billion, driven by a favorable margin environment despite a decline in HIBOR rates [3] - The report notes that the decline in short-term interest rates may enhance margin income, supported by increased collateral requirements in a high-volatility market [3] Group 4: Long-term Growth Potential - The dual resonance of "assets + funds" is expected to enhance HKEX's mid-to-long-term value, with potential increases in market capitalization from "A+H" listings and the return of Chinese concept stocks [4] - If the average daily turnover reaches HKD 210 billion by 2025, HKEX's profit could grow by 18% to HKD 15.4 billion, with a projected CAGR of 14% for ADT over the next decade [4]

Core Insights - BitDa is a digital asset trading platform established in 2023, backed by top blockchain institutions in Japan and Singapore, aiming to provide secure, efficient, and convenient cryptocurrency services globally, including spot and contract trading [1] - The platform has obtained the US MSB compliance license and holds over 10 million USD in user reserve funds, prioritizing user asset security through technological innovation and a robust security framework [1][4] Security Measures - BitDa employs a multi-layered security system, including the separation of cold and hot wallets, with most user assets stored in multi-signature cold wallets to minimize external attack risks [2] - The platform offers multiple account security settings, such as two-step verification, anti-phishing codes, and IP address whitelisting, allowing users to configure security measures according to their needs [2] - Advanced distributed architecture and AES-256 encryption technology are utilized to prevent single points of failure and ensure sensitive data security [2] - An AI-driven real-time risk control system monitors trading behavior and automatically triggers freezing or restriction measures in response to abnormal risks [2] Leadership Perspective - CEO Ola Lind emphasizes that user trust is built on asset security and financial transparency, stating that the platform is committed to ensuring user fund safety and creating a trustworthy trading environment through compliance and technological innovation [3] - Continuous optimization of security measures and 24/7 customer support are highlighted as key components of enhancing user experience [3] User Assurance and Compliance - BitDa guarantees over 10 million USDT in user reserve funds, ensuring that users can withdraw their funds instantly under any circumstances [4] - The platform adheres to legal regulations in multiple regions, providing compliant services to users globally [4] Customer Support and Education - BitDa offers 24/7 multilingual customer support and regularly publishes security education content, such as anti-fraud guides and account security tips [5] - The platform engages with the global community to gather user feedback for optimizing product features and security measures [5] - Continued investment in technological research and collaboration with top industry institutions is planned to enhance the safety, transparency, and regulation of digital asset trading [5] Company Overview - BitDa provides a variety of trading services, including spot, contract, and derivatives trading, supporting multiple mainstream digital assets [6] - The platform is becoming a trusted choice for global users due to its excellent security performance, innovative technology, and high-quality customer service [6]