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 ...

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has established itself as a vital international financial center, celebrating its 25th anniversary with significant growth in market metrics and a commitment to connecting China with global markets [1][2]. Group 1: Market Growth and Performance - Since its inception, HKEX has transformed from a local exchange to a leading global market operator, with average daily trading volume exceeding HKD 240 billion in 2023, a more than 17-fold increase from HKD 13 billion in 2000 [1]. - The derivatives market has seen even more remarkable growth, with average daily trading volume reaching 1.76 million contracts in 2023, compared to just 37,500 contracts in 2000 [1]. - The new stock market remains active, with HKEX completing 31 IPOs in 2023, raising over HKD 88.4 billion, solidifying its position as the world's leading fundraising market [2]. Group 2: Market Capitalization and Dividends - The total market capitalization of the Hong Kong stock market surged from HKD 3.92 trillion in March 2022 to HKD 40.93 trillion by May 2025, representing an increase of over 9 times [2]. - Total dividends distributed by Hong Kong-listed companies increased from HKD 907 million in 2000 to over HKD 13.5 trillion in 2024, marking a growth of more than 10 times [2]. Group 3: Strategic Initiatives and Future Outlook - HKEX has played a crucial role in facilitating the listing of mainland companies, attracting trillions in capital and enhancing the connectivity between the mainland and international markets [3][4]. - The exchange has implemented various reforms, including the introduction of the Stock Connect program, which has expanded to include bonds, ETFs, and interest rate swaps, with plans for further enhancements [5]. - HKEX aims to continue improving its market appeal and competitiveness, focusing on optimizing infrastructure and expanding its product offerings to support quality enterprises globally [5].