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。 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。 ...

Core Viewpoint - Citigroup's report indicates that Hong Kong Exchanges and Clearing Limited (HKEX) is expected to announce its fourth-quarter results for the previous year on February 26, with a projected net profit of HKD 3.7 billion for the fourth quarter of 2025, reflecting a quarter-on-quarter decline of 24% and a year-on-year decrease of 2% [2][5] Financial Projections - Total revenue for HKEX is estimated at HKD 6.7 billion, which represents a quarter-on-quarter decrease of 14% but a year-on-year increase of 4%, attributed to seasonal factors affecting stock market trading volumes [2][5] - Investment income is forecasted to be HKD 900 million, showing a quarter-on-quarter decline of 13% and a year-on-year drop of 26%, primarily due to new margin collateral arrangements [2][5] Earnings Forecast Adjustments - Citigroup has revised its earnings per share (EPS) forecast for HKEX down by 1% to 2% for 2025, while increasing the EPS forecasts for 2026 and 2027 by 1% to 2% [2][5] Target Price and Rating - The target price for HKEX remains unchanged at HKD 505, with a "Buy" rating maintained [2][5]

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"。 ...

Core Viewpoint - UBS forecasts that Hong Kong Exchanges and Clearing Limited (HKEX) will see a year-on-year increase in net profit and revenue for Q4 2025, projected to reach HKD 39 billion and HKD 68 billion respectively, despite a quarterly decline of 20% and 13% due to weak trading activity, reduced net investment income, and rising operating expenses [1] Financial Performance - The expected net investment income for Q4 is projected to decline by 29% year-on-year and 16% quarter-on-quarter, reaching HKD 8.56 billion, primarily impacted by the weakening of the Hong Kong interbank offered rate during the interest rate cut cycle [1] - Operating expenses are anticipated to rise by 6% quarter-on-quarter but decrease by 2% year-on-year, indicating effective cost control measures [1] Future Outlook - For 2026 and 2027, the daily trading volume forecasts have been revised upwards from HKD 222 billion and HKD 240 billion to HKD 236 billion and HKD 250 billion respectively [1] - Earnings per share forecasts have also been adjusted upwards by 8% and 4% for the respective years [1] Target Price and Rating - UBS has set a target price of HKD 471 for HKEX and maintains a "Neutral" rating [1]

花旗发表报告指，港交所将于2月26日公布去年第四季业绩，预计净利润为37亿港元，按季及按年分别 下降24%及2%，预计总收入预计为67亿港元，按季下降14%、按年上升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，按季及按年分别下降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"。 ...

Market Performance - The Hang Seng Index (HSI) rose by 376 points or 1.4%, closing at 26,608 points, driven by technology stocks[1] - The Shanghai Composite Index increased by 44 points or 1%, closing at 4,165 points, marking a ten-year high[2] - The S&P 500 Index gained 10 points or 0.2%, reaching a new closing high of 6,977 points[3] Trading Volume - The total trading volume in the Hong Kong market was approximately HKD 306.22 billion[1] - The combined trading volume of the Shanghai and Shenzhen markets exceeded CNY 36,000 billion, setting a historical record[2] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted up by 20 pips to 7.0108, the highest since September 30, 2024[2] - The People's Bank of China conducted a CNY 34 billion reverse repo operation at a rate of 1.4%, with a net injection of CNY 36.1 billion for the day[2] Company Earnings - WuXi AppTec (02359.HK) projected a revenue increase of approximately 15.84% year-on-year, estimating revenue of CNY 45.456 billion[5] - The company also anticipates a net profit growth of about 102.65% year-on-year, estimating net profit of CNY 191.51 billion, influenced by asset sales[5]

智通财经APP获悉，据港交所官网1月12日消息，港交所全资附属公司香港联合交易所有限公司(联交所) 上市提名委员会征求有意为联交所上市委员会及GEM上市委员会服务人士的申请。上市提名委员会并 无保留过往年度的落选申请，有关申请人如仍有意担任上市委员会的职务，须重新提交申请。有关申请 须于2026年4月10日或之前提交。入围的申请人将在2026年第二季收到会面通知。 上市委员会成员在香港上市制度及香港证券市场中担当重要角色；各成员身负重任为公众服务的同时， 也为香港成功发展为主要国际金融中心作出贡献。对联交所而言，上市委员会既是独立的行政决策组 织，也是谘询组织；共有三项主要职责： 上市委员会的提名申请须以电邮方式提交，并附上申请人的履历。申请电邮请注明"申请上市委员会提 名"，并发送给上市提名委员会秘书伍洁镟，电邮地址为LNCSecretary@hkex.com.hk。所有申请绝对保 密，所提供的个人资料亦只作申请委任上市委员会成员之用。 对上市科就上市事宜的政策提供意见，并审批《主板上市规则》及《GEM上市规则》的修订；及 就上市申请人、上市发行人及有关个别人士的事宜作出重大决定，包括审批上市申请及取消上市 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [7] Core Insights - The non-bank sector has shown strong performance this week, with brokers experiencing increased trading activity while maintaining historical highs. The insurance sector is expected to see improved long-term ROE and valuation recovery, indicating a rising cost-effectiveness for overall allocation [2][4] - Recommendations include stable profit growth and dividend rates for Jiangsu Jinzu, high dividend yield for China Ping An, and companies with strong business models and market positions like China Pacific Insurance. Additional recommendations include New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4] Market Performance - The non-bank financial index increased by 2.6% this week, with a year-to-date performance of 2.6%, ranking 21 out of 31 sectors. The average daily trading volume in the two markets reached 28,519.51 billion yuan, up 34.00% week-on-week, with a daily turnover rate of 2.77%, up 61.14 basis points [5][15] - The market has seen a recovery in trading activity, with the Shanghai Composite Index rising by 5.11% and the bond index declining by 0.23%. Long-term interest rates have increased, with the 10-year government bond yield rising by 3.09 basis points to 1.8782% [5][39] Insurance Sector Overview - In November 2025, the cumulative premium income reached 57,629 billion yuan, a year-on-year increase of 7.56%. Life insurance premiums increased by 9.06%, while property insurance premiums rose by 3.88% [19][20] - The total assets of insurance companies reached 40.65 trillion yuan, with life insurance companies holding 35.75 trillion yuan, reflecting a stable asset allocation with a slight decrease in deposit proportions and an increase in bond and equity fund allocations [25][26] Brokerage and Investment Business - The brokerage business has seen a recovery in trading volumes, with a two-market average daily trading volume of 28,519.51 billion yuan, indicating a gradual recovery in profitability as commission rates stabilize [40] - The investment business has also rebounded, with the Shanghai Composite Index increasing by 2.79% and the ChiNext Index by 3.89%. The proportion of equity investments in brokerage assets is approximately 10%-30%, while bond investments account for 70%-90% [44] Financing Activities - In December 2025, equity financing reached 663.12 billion yuan, a 30.9% increase, while bond financing totaled 7.34 trillion yuan, up 4.0%. This indicates a positive trend in financing activities, with expectations for increased stock underwriting in the future [51] - The asset management sector saw a rebound in new issuance, with 61.14 billion units issued in December, a 39.0% increase compared to previous months [53]