智通财经网·2026-02-27 09:33Core Viewpoint - Goldman Sachs reports that Hong Kong Exchanges and Clearing Limited (00388) is expected to outperform both the bank's and market's earnings forecasts for Q4 2025, driven by improved investment income and reduced operating expenses [1] Group 1: Earnings Performance - The earnings forecast for HKEX in Q4 2025 is significantly higher than previous estimates, with a 5% increase in earnings excluding investment income, indicating effective cost control [1] - For 2026, Goldman Sachs predicts a 4% growth in earnings per share, with a 12% year-on-year increase in revenue excluding investment income [1] Group 2: Management Strategy - Management emphasized a long-term development strategy during the earnings release, focusing on capturing opportunities in China and positioning the exchange as a hub for regional growth [1] - For 2026, management anticipates that net investment income will be influenced by fluctuations in Hong Kong interbank offered rates and external portfolio redemptions, while the growth rate of operating expenses may accelerate compared to FY 2025 [1]