高盛：香港交易所上季盈利远胜预期 维持“买入”评级

Core 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 favorable investment income and reduced operating expenses [1] Group 1: Earnings Performance - The earnings for Q4 2025 are projected to exceed Goldman Sachs' expectations by 5% when excluding investment income, indicating effective cost control [1] - The forecast for earnings per share (EPS) growth for 2026 is approximately 4%, with a projected 12% year-on-year increase in revenue excluding investment income [1] Group 2: Strategic Focus - Management emphasized a mid-to-long term development strategy during the earnings release, aiming to capture opportunities in China while 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, with a potential acceleration in the growth rate of operating expenses compared to FY 2025 [1]