市況持續波動，第四季交投放緩
香港交易所（下稱「港交所」）4Q2021 收入 47.3 億（港元．下同），按年、按季分
別減少 7.2%及 10.9%； 股東應佔溢利 26.7 億，按年、按季分別倒退 8.6%及 17.8%，
略低於市場預期。儘管 2021 年開局特別良好，1Q2021 平均每日成交金額更創 2244
億元的季度新高，2Q2021 及 3Q2021 平均每日成交金額均高於 2020 年。然而，市況
持續波動以及 4Q2021 交投放緩的情況下，對照 Q32021，4Q 平均每日成交金額回落
至 1264 億元，減少 24%。此外，衍生產品平均每日成交量下跌 17%，滬股通、深股
通平均每日成交金額下滑 20%，令整體交易及結算費出現按年倒退。期內，營運支出
按年減少 7.8%，主要是由於僱員費用減少，令 EBITDA 利潤率保持平穩，仍為 74%。
整體來看，雖然新股市場勢頭強勁，主要源自擬回流上市的中資公司的需求，以及推
出適用於 SPAC 及海外發行人的新上市制度，但持續通脹壓力、美聯儲貨幣政策收
緊、進入加息週期，地緣政治緊張、疫情持續仍會為短期內增添不明朗因素。
2021 年全年業績
FY2021，港交所收入及其他收益達到 209.5 億元新高，較 2020 年增加 9%；股東應
佔溢利 125.35 億元，按年上升 9%，同創新高。其中，主要業務收入增至 201.0 億，
較 2020 年上升 10%，主要是平均每日成交金額創出新高，達到 1667 億元，較 2020
年上升 29%。此外，滬深港通收入及其他收益亦創新高，達到 27.24 億元，較 2020
年上升 41%，受益於滬深港通全年成交額及平均每日成交額均創新高，北向交易及南
向交易的成交金額分別達 27.6 萬億元人民幣及 9.3 萬億港元，較 2020 年分別上升
31%及 70%；2021 年平均每日成交金額分別達 1201 億元人民幣及 417 億港元，較
2020 年上升 32%及 71%。營運支出較 2020 年上升 2%，主要是資訊技術成本及市場
推廣支出有所增加；EBITDA 為 162.69 億元，較 2020 年上升 11%，EBITDA 利潤率為
78%，較 2020 年上升 1%。
回顧 2021 年，新上市公司共 98 家，集資額達 3314 億元，低於 2020 年市場表現强
勁下所錄得的新上市公司共 154 家及全年集資額 4,002 億元，但較 2019 年全年集資
額（3142 億元）上升 5%。年內共有 59 家新經濟公司在香港上市，當中包括 31 家採
用不同投票權架構的公司、醫療健康及生物科技公司，佔期內香港首次公開招股集資
額的 88%。2021 年全年市場總成交額創 41.2 萬億元新高，較 2020 年增加 28%；而
證券化衍生產品（包括衍生權證、牛熊證及界內證）總成交額達 49,568 億元，較
2020 年上升 8%，由於全球金屬交易持續受壓，LME 的收費交易金屬合約的平均每日
成交量較 2020 年下跌 4%。
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李浩然先生(Eric Li) 高級分析師 現任現為輝立証券持牌高級分析師，曾任職股票基金、家族辦公室及證券公司等，擁有多年的證券研究部門從業及投資經驗，並先後於香港最暢銷的財經媒體撰寫投資專欄。畢業於香港理工大學電子計算系。 Eric is currently a licensed research analyst at Phillip Securities. Prior to joining Phillip Securities, he has years of equity research and investment experiences in asset management company, family office and securities company. Meanwhile, he has written investment columns in Hong Kong`s best-selling financial media for years. He holds Bachelor of Arts in Computing from The Hong Kong Polytechnic University.
