Group 1 - The CEO of Hong Kong Stock Exchange Group, Charles Li, emphasized the significant impact of extending trading hours on the overall market and the need for caution [1] - The exchange is open to suggestions regarding extended trading hours but acknowledges the challenges and the necessity to consult all market participants [1] - Currently, the exchange has extended the trading hours for its derivatives market until 3 AM from Tuesday to Saturday, and is developing a new platform to enhance trading, clearing, and risk management capabilities [1]

展望下半年，香港交易所表示，将继续提升市场活力和竞争力，满足全球客户群不断变化的需要，包括与市场参与者探讨 缩短现货市场结算周期、持续优化交易和结算服务，以及提升衍生产品市场流动性及抵押品效率。 （编辑 张昕） 本报讯 （记者毛艺融）8月20日，香港交易所公布2025中期业绩，交出了一份亮丽的成绩单。在当天下午举行的业绩发布 会上，香港交易所集团行政总裁陈翊庭率领高管团队回答了一系列媒体和市场关注的热点话题。 有市场人士建议延长交易时间，对此，陈翊庭表示："香港交易所一直致力于为投资者提供更多便利，对于所有相关的建 议都持开放态度，但是因为延长交易时间对市场整体影响很大，挑战不小，需要非常审慎，也需要征求所有市场参与者的意 见。例如，万一有什么出错，现在尚有几小时空间可以修补问题，如果24小时没间断交易就没有余地了。" 实际上，香港交易所近年来一直在优化市场基础设施、布局未来，目前旗下衍生产品市场的收市后交易时段已经延长到凌 晨三点（每周二至周六）。香港交易所也正在自主研发领航星衍生产品平台，以进一步提升衍生产品市场的交易、清算和风险 管理能力，新平台将可以支持进一步延长衍生市场交易时间。 ...

Group 1 - Goldman Sachs raised the earnings per share forecast for Hong Kong Exchanges and Clearing (HKEX) for 2025, 2026, and 2027 by approximately 4% based on better-than-expected average daily trading volume [1] - The target price for HKEX was increased by 11%, from HKD 450 to HKD 500, corresponding to a price-to-earnings ratio of 40 times for 2026 [1] - Despite the upward revision of earnings estimates, HKEX's stock price remains about 20% lower than its peak in 2021, even as average daily trading volume in cash equities has reached a historical high of over HKD 200 billion [1] Group 2 - The number of IPO applications is nearing the peak levels of 2021, but the pace of new listings is still in the mid-cycle [2] - Key market activity indicators, such as turnover rate and the ratio of small to large-cap stock trading, are above the historical 90th percentile, yet the market's valuation relative to GDP is at historical average levels [1][2] - The average year-on-year growth in earnings per share for HKEX is projected to reach 42% from Q4 2024 to Q1 2025, with a 29% growth expected in Q2 2025, which is 3 to 4 times the normal growth rate [2]