智通财经网·2025-11-05 08:16Group 1 - Morgan Stanley reports that despite strong trading volumes, the stock price of Hong Kong Exchanges and Clearing Limited (HKEX) has declined in recent months alongside the Hang Seng Index, indicating a divergence between stock performance and fundamental drivers [1] - The report maintains an "Overweight" rating for HKEX with a target price of HKD 530, suggesting potential for strong price appreciation in the coming months [1] - HKEX's Q3 net profit reached HKD 4.9 billion, a year-on-year increase of 56% and a quarter-on-quarter rise of 10%, exceeding Morgan Stanley's estimates by 3% [1] Group 2 - All business segments performed better than expected, with revenues surpassing Morgan Stanley's forecasts by 1%, primarily driven by clearing and settlement income [1] - Operating expenses were 4% lower than predicted due to a decrease in employee costs [1] - Investment net income decreased by 34% quarter-on-quarter, aligning with expectations, while the operating profit margin reached 75%, up 203 basis points quarter-on-quarter, outperforming forecasts [1] Group 3 - The average daily turnover in the securities market increased by 20% quarter-on-quarter and 141% year-on-year, while the average daily turnover in derivatives rose by 7% quarter-on-quarter and 10% year-on-year [1] - This strong financial performance is expected to lead to upward revisions in market valuations for HKEX [1]