Group 1 - The company is currently focused on day-to-day operations and capital allocation as it enters the budget process for the upcoming year [1] - The company generates approximately $10 billion in revenue and around $6.5 billion in EBITDA, indicating a healthy financial position [2]

Core Viewpoint - UBS has lowered the target price for Hong Kong Exchanges and Clearing (00388) by 3% from HKD 485 to HKD 471, reflecting the latest views on interest rate cuts by the Federal Reserve [1] Summary by Sections Target Price Adjustment - UBS's target price for Hong Kong Exchanges and Clearing has been reduced to HKD 471 from HKD 485, indicating a 3% decrease [1] Rating - The rating for Hong Kong Exchanges and Clearing is maintained at "Neutral" [1] Market Activity and Forecast - UBS has increased the average daily turnover forecast for FY2025 from HKD 250 billion to HKD 259 billion, considering market activities since the fourth quarter [1] Financial Performance - The performance for Q3 2025 met expectations, with revenue increasing by 45% year-on-year, surpassing market expectations by 3% - Net profit rose by 56% year-on-year, exceeding market expectations by 4% [1] Challenges Ahead - Hong Kong Exchanges and Clearing faces tougher year-on-year comparisons entering the fourth quarter [1]

摩根大通发布研报称，香港交易所(00388)的日均交易量持续在高位横行，相信是受到资金流动、南向 通、IPO及A股市场改善等影响。该行表示，市场对港交所中期前景的可见性通常会导致PE倍数的重 估，因此将目标价由400港元上调至500港元，评级由"中性"升至"增持"。 小摩表示，基于预期港交所更高的日均交易量预测，预计2025至27财年分别达2,350亿、2,500亿及2,520 亿港元，将其每股盈测相应上调5%至16%。另外，该行预计，港交所上半年利润为49.3亿港元，即次季 为23.99亿港元。 ...