该行料第四季净投资收益将同比及按季跌29%及16%，至8.56亿港元，主要受减息周期下港元拆息走弱 所拖累。至于营运开支，虽然预期将按季升6%，但同比则跌2%，反映成本控制持续见效。同期存管、 托管及代理人服务费受强劲的电子化IPO活动所支持。 瑞银发布研报称，预期港交所(00388)2025年第四季税后净利润及收入将分别同比升4%及6%，至39亿及 68亿港元，但按季跌20%及13%，主要因成交活动疲弱、净投资收益减少，及营运开支上升。展望2026 及27年，该行将每日成交量预测由2,220亿港元及2,400亿港元，上调至2,360亿元及2,500亿港元，每股盈 利预测亦分别上调8%及4%;目标价471港元，予"中性"评级。 ...

该行料第四季净投资收益将同比及按季跌29%及16%，至8.56亿港元，主要受减息周期下港元拆息走弱 所拖累。至于营运开支，虽然预期将按季升6%，但同比则跌2%，反映成本控制持续见效。同期存管、 托管及代理人服务费受强劲的电子化IPO活动所支持。 智通财经APP获悉，瑞银发布研报称，预期港交所(00388)2025年第四季税后净利润及收入将分别同比升 4%及6%，至39亿及68亿港元，但按季跌20%及13%，主要因成交活动疲弱、净投资收益减少，及营运 开支上升。展望2026及27年，该行将每日成交量预测由2,220亿港元及2,400亿港元，上调至2,360亿元及 2,500亿港元，每股盈利预测亦分别上调8%及4%; 目标价471港元，予"中性"评级。 ...

Core Viewpoint - Citigroup's report indicates that Hong Kong Exchanges and Clearing Limited (HKEX) is expected to announce its fourth-quarter results for the previous year on February 26, with a projected net profit of HKD 3.7 billion for the fourth quarter of 2025, reflecting a quarter-on-quarter decline of 24% and a year-on-year decrease of 2% [2][5] Financial Projections - Total revenue for HKEX is estimated at HKD 6.7 billion, which represents a quarter-on-quarter decrease of 14% but a year-on-year increase of 4%, attributed to seasonal factors affecting stock market trading volumes [2][5] - Investment income is forecasted to be HKD 900 million, showing a quarter-on-quarter decline of 13% and a year-on-year drop of 26%, primarily due to new margin collateral arrangements [2][5] Earnings Forecast Adjustments - Citigroup has revised its earnings per share (EPS) forecast for HKEX down by 1% to 2% for 2025, while increasing the EPS forecasts for 2026 and 2027 by 1% to 2% [2][5] Target Price and Rating - The target price for HKEX remains unchanged at HKD 505, with a "Buy" rating maintained [2][5]

智通财经APP获悉，花旗发布研报称，港交所(00388)将于2月26日公布去年第四季业绩，估计其2025年 第四季净利润为37亿港元，按季及同比分别跌24%及2%，料总收入预计为67亿港元，按季下降14%，同 比上升4%，基于股市成交额受季节性因素影响而有所放缓。投资收入预测为9亿港元，按季及同比分别 下跌13%及26%，主要受新的保证金抵押安排所影响。该行将港交所2025年每股盈利预测下调1%至 2%，但将2026及2027年每股盈利预测上调1%至2%。目标价维持505港元不变，评级"买入"。 ...

Core Viewpoint - UBS forecasts that Hong Kong Exchanges and Clearing Limited (HKEX) will see a year-on-year increase in net profit and revenue for Q4 2025, projected to reach HKD 39 billion and HKD 68 billion respectively, despite a quarterly decline of 20% and 13% due to weak trading activity, reduced net investment income, and rising operating expenses [1] Financial Performance - The expected net investment income for Q4 is projected to decline by 29% year-on-year and 16% quarter-on-quarter, reaching HKD 8.56 billion, primarily impacted by the weakening of the Hong Kong interbank offered rate during the interest rate cut cycle [1] - Operating expenses are anticipated to rise by 6% quarter-on-quarter but decrease by 2% year-on-year, indicating effective cost control measures [1] Future Outlook - For 2026 and 2027, the daily trading volume forecasts have been revised upwards from HKD 222 billion and HKD 240 billion to HKD 236 billion and HKD 250 billion respectively [1] - Earnings per share forecasts have also been adjusted upwards by 8% and 4% for the respective years [1] Target Price and Rating - UBS has set a target price of HKD 471 for HKEX and maintains a "Neutral" rating [1]

花旗发表报告指，港交所将于2月26日公布去年第四季业绩，预计净利润为37亿港元，按季及按年分别 下降24%及2%，预计总收入预计为67亿港元，按季下降14%、按年上升4%，基于股市成交额受季节性 因素影响而有所放缓。投资收入预测为9亿港元，按季及按年分别下降13%及26%，主要受新的保证金 抵押安排所影响。该行将港交所2025年每股盈利预测下调1%至2%，但将2026及2027年每股盈利预测上 调1%至2%；目标价维持505港元不变，评级"买入"。 ...

Summary of Hong Kong Exchanges (0388.HK) Research Call Company Overview - **Company**: Hong Kong Exchanges and Clearing Limited (HKEX) - **Ticker**: 0388.HK - **Market Cap**: HK$538.3 billion / $69.1 billion Key Financial Updates - **Revised EPS Estimates**: - 2025E: -0.5% - 2026E: nil - 2027E: -0.6% - 2028E: -0.6% - **Target Price**: Revised to HK$546 from HK$550, implying a 39X P/E for 2026E [1][2][3] Revenue Projections - **Revenue Estimates**: - 2024: HK$22,374 million - 2025E: HK$28,525.4 million - 2026E: HK$29,644 million - 2027E: HK$31,457.6 million [3] Earnings Per Share (EPS) Estimates - **EPS Estimates**: - 2024: HK$10.32 - 2025E: HK$13.64 - 2026E: HK$14.10 - 2027E: HK$14.97 [3] Valuation Metrics - **P/E Ratios**: - 2024: 25.4X - 2025E: 31.3X - 2026E: 30.3X - 2027E: 28.5X [3] Dividend Information - **Dividend Per Share (DPS)**: - 2024: HK$9.26 - 2025E: HK$12.20 - 2026E: HK$12.69 - 2027E: HK$13.48 - **Dividend Yield**: - 2024: 3.5% - 2025E: 2.9% - 2026E: 3.0% - 2027E: 3.2% [3] Investment Thesis - **Rating**: Buy - **Investment Thesis**: No change to the investment thesis despite revisions in EPS estimates [1][2] Risks Identified - **Downside Risks**: 1. Increased competition from onshore capital markets 2. Lower trading velocity in the cash market 3. Fee pressure due to reduced fees onshore in China 4. Sustained deflationary environment in China [2] Market Context - **Current Price**: HK$426.80 - **Upside Potential**: 27.9% to target price of HK$546 [3] Additional Notes - The report indicates potential conflicts of interest due to Goldman Sachs' business relationships with HKEX [4][14] - The research is part of Goldman Sachs' broader investment analysis and is intended for clients [33][35] This summary encapsulates the essential financial metrics, investment outlook, and risks associated with Hong Kong Exchanges, providing a comprehensive overview for potential investors.

智通财经APP获悉，据港交所官网1月12日消息，港交所全资附属公司香港联合交易所有限公司(联交所) 上市提名委员会征求有意为联交所上市委员会及GEM上市委员会服务人士的申请。上市提名委员会并 无保留过往年度的落选申请，有关申请人如仍有意担任上市委员会的职务，须重新提交申请。有关申请 须于2026年4月10日或之前提交。入围的申请人将在2026年第二季收到会面通知。 上市委员会成员在香港上市制度及香港证券市场中担当重要角色；各成员身负重任为公众服务的同时， 也为香港成功发展为主要国际金融中心作出贡献。对联交所而言，上市委员会既是独立的行政决策组 织，也是谘询组织；共有三项主要职责： 上市委员会的提名申请须以电邮方式提交，并附上申请人的履历。申请电邮请注明"申请上市委员会提 名"，并发送给上市提名委员会秘书伍洁镟，电邮地址为LNCSecretary@hkex.com.hk。所有申请绝对保 密，所提供的个人资料亦只作申请委任上市委员会成员之用。 对上市科就上市事宜的政策提供意见，并审批《主板上市规则》及《GEM上市规则》的修订；及 就上市申请人、上市发行人及有关个别人士的事宜作出重大决定，包括审批上市申请及取消上市 ...

| 股份代號: | 00388 | | --- | --- | | 上市法國名稱: | 香港交易及結算所有限公司 | | 日期 (日 / 月 / 年): | 12/12/2025 - 12/01/2026 | 格隆汇1月12日丨根据联交所最新权益披露资料显示，2026年1月6日，香港交易所(00388.HK)获JPMorgan Chase & Co.以每股均价431.1066港元增持好仓 122.19万股，涉资约5.27亿港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为89,702,750股，持好仓比例由6.97%上升至7.07%。 | 張格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的 | | --- | --- | --- | --- | --- | --- | | | | | | | (請參閱上述*註解)有投票權股(日/月/年 | | | | | | | 份自分局 | | | | | | | 9/0 | | CS20260109E00471 | JPMorgan Chase ...

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新数据显示，1月6日，摩根大通增持香港交易所（00388）122.1923万股，每股作价 431.1066港元，总金额约为5.27亿港元。增持后最新持股数目约为8970.28万股，持股比例为7.07%。 责任编辑：卢昱君 香港联交所最新数据显示，1月6日，摩根大通增持香港交易所（00388）122.1923万股，每股作价 431.1066港元，总金额约为5.27亿港元。增持后最新持股数目约为8970.28万股，持股比例为7.07%。 ...