Core Viewpoint - LESG share price has faced significant pressure in 2025 due to a slowdown in its exchange business amid a drought of London IPOs [1] Group 1 - The share price of LESG has retreated to a low of 8,102p [1] - This represents a decline of 32% from the yearly high of 12,015p [1]

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"。 ...

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 ...

Core Viewpoint - The article emphasizes that the current A-share market is driven by liquidity rather than fundamentals, with a strong upward trend observed as the index surpasses 4100 points [6][8]. Group 1: Liquidity as a Key Driver - The article argues that the recent market rally is primarily driven by liquidity, and the market has not yet transitioned to being performance-driven [8]. - The author highlights that as long as liquidity remains abundant, the market can continue to rise, even in the face of poor earnings [8]. - The People's Bank of China (PBOC) is maintaining a stance of moderate monetary policy, which is expected to keep domestic liquidity stable [8][9]. - The article notes that cross-border capital is returning to China, with a reported foreign exchange surplus of approximately $150 billion (around 1 trillion RMB) last year, contributing to market liquidity [8][9]. - The author suggests that the current economic and geopolitical climate may further accelerate the return of foreign capital [8]. Group 2: Market Activity Indicators - The article mentions that the daily trading volume has exceeded 3 trillion RMB, indicating an influx of new capital into the market [9][10]. - It explains that stock prices are determined by trading volume and turnover rate, and as long as trading volume increases faster than turnover, stock prices can continue to rise [10][12]. - The author predicts that if trading volume reaches 3.5 trillion RMB, the index could rise to 4300 points [15]. Group 3: Management's Role - The article stresses that while the overall trend is positive, the pace of the market's rise will depend on the management's control over market dynamics [22][23]. - It suggests that market movements should align with national strategies, indicating that fluctuations are not solely the result of market transactions [24]. - The author advises maintaining a balanced position in the market and being prepared for volatility as liquidity improves and economic conditions stabilize [26][28].