【国联民生非银】香港交易所2025年年报点评：业绩再创历史新高，后续有望受益于流动性改善

GLMS非银02-27

点评事件香港交易所公布2025年业绩报告。2025年公司累计实现收入及其他收益291.6亿港元，yoy+30%；累计实现归母净利润177.5亿港元，yoy+36%。其中2025Q4公司实现收入及其他收益73.1亿港元，yoy+15%/qoq-6%；实现归母净利润43.4亿港元，yoy+15%/qoq-12%。Ø 业绩概览：港股市场景气度向好，公司业绩连续第二年创新高公司2025年实现收入及其他...

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业绩概览：港股市场景气度向好，公司业绩连续第二年创新高公司2025年实现收入及其他收益291.6亿港元，yoy+30%；累计实现归母净利润177.5亿港元，yoy+36%，业绩连续第二年创新高，主因（1）2025年现货及衍生品市场ADT创年度累计新高，使得交易及结算费增加；（2）2025年香港新股市场延续强劲增长，融资总额位居全球新股市场榜首，年度累计融资额也为公司2021年以来历史新高，使得上市费增加。Ø  分部业绩：各业务均同比增长,投资收益率同比下滑公司2025年（1）实现交易及交易系统使用费103.33亿港元，yoy+44%,主因港股现货及衍生品市场ADT创历史新高。（2）实现结算费及交收费70.42亿港元，yoy+49%，主因2025年沪深股通平均每日成交金额同比上升创历史新高。（3）实现上市费17.89亿港元，yoy+21%，主因港股市场股本融资活动强劲增长。（4）实现投资收益净额51.11亿港元，yoy+4%,其中公司资金的投资收益净额为18.70亿港元，yoy+7%,年化投资收益率5.06%，yoy-0.03pct。保证金及结算所基金的投资收益净额为32.41亿港元，yoy+2%，年化投资收益率1.32%，yoy-0.24pct。Ø  市场表现：港股市场交投活跃度持续改善，有望推动公司业绩维持增长（1）现货市场：受益于全球投资者对中国资产兴趣重燃，港股现货市场2025年ADT创历史新高，2025年现货市场ADT达2498亿港元，yoy+90%。2025年实现北向ADT 2124亿元,yoy+42%,南向ADT 1211亿港元,yoy+151%。（2）ETP市场:ETP市场继续向好，2025年ETPs-ADT达367亿港元，yoy+94%。（3）IPO市场：2025年港交所主板上市公司118家，IPO募资额2868亿港元，yoy+227%。再融资3563亿港元，yoy+248%。后续IPO申请储备依然良好，截至2025年末有345家申请在处理中。Ø  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