增持后，BlackRock, Inc.最新持好仓数目为6516.113万股，持好仓比例由4.99%上升至5.14%。 | 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): | 19/12/2025 - 19/01/2026 | 格隆汇1月19日丨根据联交所最新权益披露资料显示，2026年1月12日，香港交易所(00388.HK)获BlackRock, Inc.在场内以每股均价425.9778港元增持好仓 188.69万股，涉资约8.04亿港元。 | 豪格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期休 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | (請參閱上述*註 | 有投票權股 (日 / 月 / 年) 福 | | | | | | | | 份自分比 | | | | | | | | 9/a | | CS20260115E ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - As of January 12, 2026, the company's PE ratio is 31.42x, positioned at the 24th percentile historically since 2016, indicating a certain level of investment value. It is expected that the continuous enhancement of the mutual market access policy will elevate liquidity in the Hong Kong capital market, leading to increased market activity and valuation. The company is projected to achieve revenues and other income of HKD 30.1 billion, HKD 32.7 billion, and HKD 35.1 billion for 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of HKD 17.4 billion, HKD 19.2 billion, and HKD 20.8 billion, corresponding to PE valuations of 31.5x, 28.6x, and 26.3x respectively [2][50] Summary by Relevant Sections Market Environment - The Hong Kong stock market continued its upward trend in December, supported by domestic policy drivers and expectations of interest rate cuts from the Federal Reserve. The Hang Seng Index and Hang Seng Tech Index increased by 27.8% and 23.5% respectively compared to the end of 2024. The total market capitalization of listed securities on the Hong Kong Stock Exchange reached HKD 47.39 trillion, with a year-on-year increase of 34.2% [10][15] Trading Volume - The average daily trading (ADT) for the Hong Kong stock market in December was HKD 186 billion, reflecting a month-on-month decrease of 19.4% but a year-on-year increase of 31.0%. Northbound trading ADT was HKD 229.7 billion, down 5.5% month-on-month but up 11.6% year-on-year. Southbound trading ADT was HKD 83.6 billion, down 14.6% month-on-month but up 26.5% year-on-year [15][19] Derivatives Market - In December, the trading volume of futures and options decreased month-on-month. The average daily volume (ADV) for futures was 517,000 contracts, down 18.8% month-on-month and 12.6% year-on-year. The ADV for options was 823,000 contracts, down 18.9% month-on-month but up 13.5% year-on-year [19] Primary Market - The IPO scale in the Hong Kong market saw a significant year-on-year increase in December, with 26 new stocks listed, raising a total of HKD 25.7 billion, which is a 189% increase year-on-year but a 39% decrease month-on-month. The total number of new listings for 2025 was 117, with a cumulative scale of HKD 286 billion, representing a 224% year-on-year increase [29][30] Investment Income - As of the end of December, the relevant interest rates for investment income showed a general decline. The 6-month HIBOR was 2.99%, down 0.23 percentage points month-on-month and down 1.21 percentage points year-on-year [39] Macroeconomic Environment - The domestic economic outlook improved, with the manufacturing PMI for December at 50.10, indicating growth. The overseas liquidity is expected to enhance further due to a cooling job market and anticipated interest rate cuts by the Federal Reserve [43][45]

客户端 香港联交所最新资料显示，1月12日，贝莱德增持香港交易所（00388）188.6872万股，每股作价 425.9778港元，总金额约为8.04亿港元。增持后最新持股数目约为6516.11万股，最新持股比例为 5.14%。 责任编辑：卢昱君 香港联交所最新资料显示，1月12日，贝莱德增持香港交易所（00388）188.6872万股，每股作价 425.9778港元，总金额约为8.04亿港元。增持后最新持股数目约为6516.11万股，最新持股比例为 5.14%。 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 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 ...

香港联交所最新资料显示，1月12日，贝莱德增持香港交易所(00388)188.6872万股，每股作价425.9778 港元，总金额约为8.04亿港元。增持后最新持股数目约为6516.11万股，最新持股比例为5.14%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月12日，贝莱德增持香港交易所(00388)188.6872万 股，每股作价425.9778港元，总金额约为8.04亿港元。增持后最新持股数目约为6516.11万股，最新持股 比例为5.14%。 ...

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。 关键词： 财经频道 财经资讯 【资料图】 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。 ...

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。 ...

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"。 ...

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.

| 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 ...