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]