丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨香港交易所（00388.HK） [Table_Title] 香港交易所 2025 年报点评：港股交投维持高位 叠加赴港上市步伐加快，整体业绩创历史新高 报告要点 [Table_Summary] 中长期来看，伴随一系列互联互通政策的加持，预计港股市场流动性将持续抬升，市场整体活 跃度及估值有望随之提升。预计公司 2026-2028 年实现收入及其他收益 326.14/344.03/363.26 亿港元，归母净利润为 203.53/214.24/225.93 亿港元，对应 PE 估值分别为 25.88/24.58/23.31 倍，给予买入评级。 分析师及联系人 [Table_Author] 吴一凡 程泽宇 SAC：S0490519080007 SAC：S0490524090001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 香港交易所（00388.HK） cjzqdt11111 [Table_T 香港交易所itle2]2025 年报 ...

香港交易所第四季度净利润增长15%，受内地企业赴港上市融资升温和股票交易激增带动。 香港交易所2025年盈利创下新高。根据周四公布的财报，去年第四季度，香港交易所实现净利润43.4亿 港元，核心收入增长11%，股票交易收入增长22%。 在人工智能热潮以及中国资产吸引力增强的推动下，香港IPO市场和股票交易回暖。全年共有119家企 业在香港上市，合计融资367亿美元，重夺全球IPO融资规模榜首。香港交易所行政总裁陈翊庭表示， 2025年，香港交易所充分发挥作为全球超级联系人的角色，重登全球新股融资中心榜首，成交量以及业 绩均创新高。 责任编辑：王永生 香港交易所第四季度净利润增长15%，受内地企业赴港上市融资升温和股票交易激增带动。 香港交易所2025年盈利创下新高。根据周四公布的财报，去年第四季度，香港交易所实现净利润43.4亿 港元，核心收入增长11%，股票交易收入增长22%。 在人工智能热潮以及中国资产吸引力增强的推动下，香港IPO市场和股票交易回暖。全年共有119家企 业在香港上市，合计融资367亿美元，重夺全球IPO融资规模榜首。香港交易所行政总裁陈翊庭表示， 2025年，香港交易所充分发挥作为全球超 ...

Group 1 - The core viewpoint of the article highlights the competitive commission rates and various trading features offered by Huabao Securities, making it an attractive option for investors [1][2][3]. Group 2 - Commission rates for stock trading are set at 0.00116, with ETF and LOF trading at 0.001, and convertible bond commissions at 0.00044 for Shanghai and 0.0008 for Shenzhen [1]. - The platform offers a reservation feature for new stock subscriptions, allowing users to easily book and receive instant reminders [2]. - Intelligent trading tools are available, including grid trading, smart conditional orders, and various trading robots [3]. - A promotional offer grants a membership service to users who deposit and trade with assets reaching 100,000 in the same month [3].

Investment Rating - The report maintains an "Overweight" rating for the securities industry [6][35]. Core Insights - The brokerage sector experienced a slight decline, with valuations remaining low. The brokerage index's price-to-book (PB) ratio is at 1.38x, which is at the 35th percentile over the past decade [3][10]. - Stock trading volume and margin financing have shown continuous growth, indicating a strengthening performance outlook for brokerages. The average daily stock trading volume reached 34,283 billion yuan, a 21.2% increase week-on-week, and a 162% increase year-on-year [4][19]. - The report highlights a significant increase in the issuance of new funds, with stock, mixed, and bond funds seeing substantial recoveries in issuance [4][23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.45%, and the CSI 300 Index decreased by 0.6%, while the ChiNext Index rose by 1%. The non-bank financial index dropped by 2.6%, and the brokerage index fell by 2.2%, underperforming the CSI 300 by 1.6 percentage points [3][10]. - The report notes that only three brokerages saw gains, with Pacific Securities up by 1.4%, GF Securities by 1.1%, and Founder Securities by 0.1%. The largest declines were seen in Zhongyin Securities (-3.9%), CITIC Securities (-4.1%), and Guotai Junan (-4.6%) [3][10]. Industry Weekly Data Brokerage Business - The average daily stock trading volume for the week reached 34,283 billion yuan, marking a historical high and a significant increase from the previous month [4][19]. Investment Banking Business - Ten companies engaged in equity financing during the week, raising a total of 1,113 billion yuan, with a notable contribution from large-scale placements by Electric Investment and Hongchuang Holdings [4][24]. Capital Intermediary Business - As of January 16, the margin financing balance reached 27,187 billion yuan, a 3.5% increase, representing a new high and accounting for 2.93% of the total market capitalization of A-shares [5][27]. Investment Recommendations - The report suggests that the continuous rise in stock trading volume and margin financing enhances the certainty of brokerage performance growth. The current PB valuation is considered low compared to expected performance growth, indicating potential for valuation recovery [6][35]. - It recommends focusing on internet brokerages with strong beta attributes, such as Zhina Compass, and firms like Jiufang Zhituo Holdings, which have strong performance certainty in an active market [6][35].

| 买入营业部名称 | 买入金额(万元) | | --- | --- | | 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券营业部 | 3876.64 | | 国泰海通证券股份有限公司总部 | 2726.52 | | 摩根大通证券(中国)有限公司上海银城中路证券营业部 | 2131.22 | | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 1862.67 | | 机构专用 | 1734.61 | | 卖出营业部名称 | 卖出金额(万元) | | 国泰海通证券股份有限公司北京知春路证券营业部 | 2077.43 | | 国投证券股份有限公司广州花都保利金融中心证券营业部 | 1887.82 | | 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券营业部 | 1669.26 | | 国泰海通证券股份有限公司总部 | 1245.96 | | 国泰海通证券股份有限公司福州华林路证券营业部 | 943.22 | 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.02亿元， 其中，买入成交额为1.23亿 元，卖出成交额为7823.70万元，合计净买入4507.96万元。具体来看，今日上榜的前五大 ...

Federal Holiday Overview - January 1, 2026, is a federal holiday in the United States, with federal government offices, courts, and most federal agencies closed, providing employees a paid day off [1][2] - Federal offices will resume operations on January 2, 2026, and the next federal holiday in January is Martin Luther King Jr. Day [1][2] Banking Sector - Most retail banks will be closed on New Year's Day 2026, following the Federal Reserve schedule, but digital banking, mobile apps, and ATMs will remain accessible [3] Stock Market Operations - The New York Stock Exchange (NYSE) and other major US markets will be closed on New Year's Day, with normal operations resuming on January 2, 2026 [4] - On December 31, 2025, the NYSE will operate normal hours from 9:30 a.m. to 4 p.m. ET, while bond markets will close at 2 p.m. [4] Postal and Delivery Services - The United States Postal Service (USPS) will not deliver regular mail or packages on New Year's Day [4] - UPS and FedEx stores will also be closed on this day [5] Courts and Government Offices - All federal courts, including US District and Appellate courts, will be closed, along with Social Security offices and most other federal agencies [6]

Core Viewpoint - Coinbase Global Inc. is officially entering the prediction market and stock trading sectors, expanding its service offerings beyond cryptocurrency [1] Group 1: Company Strategy - The launch of prediction markets and stock trading is part of Coinbase's strategy to become a "one-stop application" for trading various assets [1] - The platform will allow users to purchase stocks using USD Coin (USDC), enhancing the diversity of asset and market options available to traders [1] Group 2: Market Impact - This strategic move is expected to significantly broaden Coinbase's target market, encompassing both retail and institutional clients [1] - Analysts from Deutsche Bank Research noted that the introduction of new services like prediction markets could be a key driver for the company's growth [1] - The expansion aims to alleviate potential pricing pressures that retail cryptocurrency trading may face in the future [1]

在我看来，延长交易时间，港交所还是算了吧。 先说港交所现在的交易时间，早上9点30分到12点，下午1点到4点，一共5.5小时。这个时长，在全球主 要交易所来看，确实不算长。目前，纽交所一天交易6.5小时，欧洲的伦敦和法兰克福，一天交易8.5小 时。但也不算短，至少和东京证交所一样，而且咱A股一天才交易4小时。沪深股市都没说延长时间， 港交所何必那么着急。 今天（12月16日）的消息，纳斯达克将申请推出近乎全天候的股票交易，交易时长从每天16小时延长至 23小时。 更重要的是，现在A股和港股互联互通了，现有的1.5小时"时间差"，已经让很多人不舒服。如果港交所 还要搞24小时交易，那么两地的"时间差"、"信息差"会进一步拉大，"偷跑""抢跑"情况会变得更加从 容。 如果纳斯达克真的这么搞，那我们不用熬更守夜看美股了。如果纳斯达克真的这么搞，是不是还意味着 其他主要交易所也要跟随？ 刚好，香港证券业界最近也在呼吁，希望能够"随大流"，港股也搞个24小时交易。而且，港交所官方好 像还回应了。但据报道，港交所的回应比较模棱两可，既不肯定，也不否定，只说"可以考虑"。 我认为，还有一点也很重要，大家对港股市场的流动性不 ...

Core Insights - Robinhood Markets announced an acquisition agreement with Susquehanna International Group to jointly acquire a majority stake in LedgerX, a regulated exchange previously owned by the bankrupt FTX Group [1][2] - This acquisition will significantly expand Robinhood's predictive market business, allowing the company to offer diverse predictive market services related to sports events and election outcomes [1] - The acquisition is seen as a strategic move towards diversifying Robinhood's offerings, transitioning from a single stock trading platform to a comprehensive financial services provider [2] Company Overview - LedgerX is a fully regulated derivatives exchange in the U.S., focusing on digital asset derivatives trading and possessing complete regulatory licenses [1] - Susquehanna International Group is a well-known market maker with extensive experience in derivatives trading, which will provide liquidity support for the new platform [1] Market Reaction - The market reacted positively to the news, with Robinhood's stock price increasing by 8%, indicating investor confidence in the company's growth prospects [1] - Predictive markets are viewed as a rapidly growing emerging sector with significant development potential [1] Regulatory Approval - The transaction is subject to approval from relevant regulatory authorities, with both parties expecting to complete all approval processes in the coming months [2] - Upon completion, Robinhood will become one of the few platforms in the U.S. to offer both stock trading and predictive market services [2]

Core Viewpoint - China International Capital Corporation (CICC) is planning a major asset restructuring involving a share-swap merger with Dongxing Securities and Cinda Securities, aiming to enhance its capabilities and support the development of the financial market and securities industry [1] Group 1: Restructuring Announcement - CICC has announced a suspension of trading due to the planned major asset restructuring [1] - The restructuring involves a share-swap merger with Dongxing Securities and Cinda Securities, all of which are under the control of Central Huijin [1] - The merger aims to achieve economies of scale and synergies, improving the quality and efficiency of services to national strategies and the real economy, while enhancing shareholder returns [1] Group 2: Company Background - CICC, established in July 1995 and headquartered in Beijing, is China's first Sino-foreign joint investment bank, with major business areas including investment banking, stock trading, asset management, and private equity [2] - As of September 2025, CICC's net capital scale is 46 billion yuan [2] - Dongxing Securities, founded in May 2008, offers services in wealth management, investment trading, investment banking, asset management, and futures [2] - Cinda Securities, established in 2007, specializes in special asset investment banking, bond underwriting, and wealth management [2] - The combined market capitalization of Dongxing Securities and Cinda Securities exceeds 100 billion yuan as of the closing price on November 19 [2]