Investment Rating - The investment rating for Hong Kong Exchanges & Clearing (HKEx) is Neutral [1][6][19]. Core Insights - The report highlights constructive takeaways from the Global China Summit 2025, indicating improvements in the IPO pipeline and opportunities for Connect over the medium term, which are seen as positives for Greater China equity markets [1][5]. - HKEx has experienced an increase in listing applications, reaching around 150, driven by interest from A-share companies and potential ADR homecoming [5]. - The report forecasts total securities average daily turnover (ADT) of HK$341 billion, HK$337 billion, and HK$367 billion for FY25, FY26, and FY27 respectively [10]. Summary by Sections Investment Thesis - The investment thesis remains Neutral on HKEx, reflecting a balanced view over the next 12 months [6][10]. Valuation - The price target for HKEx is set at HK$340, based on a dynamic P/E of 32.5x, which aligns with the mean [7][19]. Market Dynamics - The report notes that HKEx has delivered a 10% EPS CAGR since the launch of the Connect mechanism, which has facilitated cross-border capital flow [10]. - The report identifies that only a small portion of the 200 million onshore investors currently participate in Southbound trading, indicating potential for growth [5][10]. - The launch of MSCI A-share futures is expected to enhance HKEx's position in the equity derivatives market [10].
摩根大通：香港交易所-2025 年全球中国峰会要点