华源证券发布研报称，香港交易所(00388)2025年经营情况良好，战略锐意进取，预计公司2026-2028年 归母净利润分别为186/206/229亿港元，同比增速分别为4.8%/10.5%/11.2%，当前股价对应的PE分别为 27.5/24.9/22.4倍，维持"买入"评级。 华源证券主要观点如下： 金融衍生产品成交额有分化，全年收入及其他收益同比增长11%，增速低于公司整体增速。受恒生指数 和恒生中国企业指数产品日均成交张数同比下跌16%的影响，使得期交所衍生产品合约日均成交张数同 比下跌6%，叠加为吸引成交量而增加部分合约的折扣及回扣，致使期货衍生品交易收入同比下降7%， 但股票期权日均成交张数同比增长22%，且较高收费类的期权交投更加活跃，对冲了期交所衍生品交易 收入的下降，使得整体分部仍有两位数的同比增长。 投资情况 香港交易所25年投资收益净额同比增加1.84亿港元至51.1亿港元，展望26年公司的投资收益净额预计将 受多项因素影响，包括：按金抵押品安排的调整措施、香港银行同业拆借(HIBOR)水平的波动，以及外 部组合的全数赎回。若不计算两个与2022年镍市场事件相关的项目以及香港交易所慈善 ...

Core Viewpoint - Huayuan Securities initiates coverage on Hong Kong Exchanges and Clearing Limited (HKEX) with a "Buy" rating, highlighting its unique ecological position connecting "capital" and "goods," along with regional monopoly, scarcity, and commercial viability [1] Group 1: Financial Performance - From 2015 to 2024, HKEX's revenue and other income are expected to grow at a compound annual growth rate (CAGR) of 6.3%, while net profit attributable to shareholders is projected to grow at a CAGR of 5.8% [1] - In Q3 2025, the average daily turnover (ADT) of stock securities products increased by 150% year-on-year to HKD 267.9 billion, with southbound and northbound trading volumes growing by 285% and 144% respectively [1] - For the first three quarters of 2025, revenue from spot trading increased by 75% year-on-year to HKD 11.1 billion, accounting for 51% of total revenue [1] Group 2: Derivatives and Commodity Performance - In Q3 2025, the average daily trading volume of derivative contracts decreased by 7% year-on-year to 727,000 contracts, while stock options saw a 30% increase in daily trading volume [2] - The commodity segment's revenue and other income grew by 9.5% year-on-year, with the average daily trading volume of LME metal contracts increasing by 3% [3] Group 3: Investment and Strategic Initiatives - Investment income for Q3 2025 decreased by 16% year-on-year to HKD 1.02 billion, primarily due to reduced investable funds from property redemptions [4] - HKEX is advancing strategic measures, including the launch of LME-approved warehousing facilities, adjustments to minimum price fluctuations, and the introduction of new products like the Hang Seng Biotechnology Index futures [5] Group 4: IPO Contributions and Market Dynamics - In the first three quarters of 2025, 69 IPOs raised a total of HKD 188.3 billion, marking a new high since 2022, with a significant increase in the number of IPO applications [6] - The top ten stocks by trading volume in Q3 2025 included seven internet and technology companies, contributing 30% to the total market ADT [7]

Core Insights - The People's Bank of China reports rapid growth in green loans, highlighting the importance of green finance in supporting economic transformation and the construction of a beautiful China [1][2] - Financial institutions are enhancing the quality of financial supply for green transformation, with a focus on carbon reduction, pollution control, and expanding green initiatives [2][3] Credit Supply Increase - The green financial system in China is continuously improving, with the People's Bank of China encouraging financial institutions to increase credit supply to green sectors [2] - As of July, the balance of green loans at China Construction Bank exceeded 5.74 trillion yuan, accounting for over 20% of total loans [2] - By the end of Q3 2025, the balance of green loans reached 43.51 trillion yuan, a 17.5% increase from the beginning of the year [3] Product Innovation - Financial institutions are innovating in the carbon market, providing diverse green financial products to support low-carbon development [4] - The introduction of carbon pledge financing allows companies to use carbon emission quotas as collateral for loans, representing a significant financial innovation [4][5] Transition Finance - Transition finance is emerging to support high-carbon industries like steel and cement in their green transformation, addressing their unique financing needs [7][8] - The People's Bank of China has been actively developing transition finance standards to support traditional industries in their upgrade efforts [8][9] Information Disclosure - There is a need to improve the quality of information disclosure for transition entities, with clear requirements for sustainable planning and reporting [9]

Core Viewpoint - The announcement by the trading association aims to standardize the signing process of main agreements for non-legal person products, enhancing the management efficiency of these products in the interbank market [1]. Group 1: Guidelines Overview - The newly released "Guidelines for Non-Legal Person Product Managers Signing Main Agreements in the Interbank Market" is effective immediately [1]. - Non-legal person product managers can now choose to sign main agreements either in a listed or summarized manner through the NAFMII investor filing service system [1]. Group 2: Applicability and Compliance - The guidelines apply to financial institutions acting as asset managers for non-legal person products, covering main agreements related to bond repurchase, bond lending, and financial derivatives [1]. - Asset managers must sign separate main agreements for asset management and proprietary business, ensuring independence of rights and obligations among different products and between products and the institution [1]. Group 3: Obligations and Risk Management - Managers cannot refuse to fulfill obligations under the main agreement and its supplementary agreements based on agreements with third parties such as clients or investors [1]. - Managers have the flexibility to define the scope of products they represent when signing the main agreement, based on their risk management needs and negotiations with counterparties [1].