Workflow
零日期权
icon
Search documents
瑞银:升香港交易所目标价至464港元 续予“中性”评级
Zhi Tong Cai Jing· 2025-08-22 08:13
Core Viewpoint - UBS has raised its average daily trading volume forecasts for Hong Kong Exchanges and Clearing (HKEX) for the years 2025 to 2027, reflecting positive market data and institutional targets for the Hang Seng Index [1] Group 1: Trading Volume and Earnings Forecast - The average daily trading volume forecast for HKEX has been increased to HKD 230 billion, HKD 193 billion, and HKD 219 billion for 2025, 2026, and 2027 respectively [1] - Earnings per share estimates have been raised by 5%, 3%, and 2% to HKD 12.5, HKD 10.9, and HKD 11.8 for the same years [1] - The target price for HKEX has been adjusted from HKD 430 to HKD 464, while maintaining a "Neutral" rating [1] Group 2: Southbound Trading and Market Participation - The contribution of southbound trading to HKEX's overall average daily trading volume is expected to nearly double from approximately 16% in Q1 of last year to nearly 28% in the current third quarter [1] - Increased participation from a broader base of domestic investors, particularly retail investors, indicates further potential for growth in southbound trading [1] Group 3: Future Developments - HKEX is exploring the possibility of zero-day options, although the complexity of execution means that a specific timeline is still unclear [1] - The exchange believes that extending trading hours requires comprehensive consideration from various perspectives [1]
大行评级|瑞银:上调港交所目标价至464港元 上调日均交易量预测
Ge Long Hui· 2025-08-22 05:26
该行考虑到港交所第三季至今的市场数据、机构对恒指今年底的最新目标及美联储利率路径预测,上调 港交所2025至27年的日均交易量预测至2300亿、1930亿及2190亿港元,而每股盈测则升5%、3%及2%, 分别至12.5港元、10.9港元及11.8港元。该行将其目标价由430港元上调至464港元,维持"中性"评级。 瑞银发表研报指,根据该行预测,南向通对港交所整体平均日交易量的贡献,预计几乎由去年首季约 16%翻倍至今年第三季度至今的近28%。由于更广泛境内投资者参与,特别是零售投资者,南向通仍有 上升潜力。港交所正在探索零日期权的可能性,但由于执行的复杂性,具体时间表仍然未明。另外,港 交所认为,延长交易时间需要从不同角度进行全面考虑。 ...
花旗集团举牌港交所!跃居港交所第二大股东,港交所上半年日均成交暴涨118%、今年以来IPO融资额重回全球第一
Jin Rong Jie· 2025-08-09 01:03
据港交所披露,花旗集团于8月1日增持22.5万股港交所股份,成交均价417.24港元,耗资9385.94万港 元,增持后持股6349.47万股,占比5%,成为仅次于中国香港特区政府的第二大股东。 港交所股东结构多元且分散,特区政府持股5.9%居首,摩根大通持股3.53%。易方达、广发基金、华夏 基金等基金公司也位列前十大股东,其中易方达蓝筹精选、易方达优质精选基金长期持有,易方达香港 证券ETF二季度减持;广发行业严选三年持有基金、广发中证港股通非银ETF基金二季度分别新进和增 持;华夏基金旗下相关基金二季度有所减持。 高盛认为,港交所盈利改善的潜在催化剂包括A+H股上市热潮推动香港IPO市场,新股融资重回全球第 一,香港作为国际金融中心地位强化,日均成交额和盈利水平有上升空间。实际利率下降刺激股票成 交,"零日期权"等衍生产品推出,现货市场买卖价差收窄提升换手率,港股通南向资金持续流入等因 素,都可能是盈利改善和估值抬升的催化剂。但企业盈利修复进度、新股融资热度、海外资金稳定性等 风险,可能影响港交所估值。 本文源自:金融界 今年以来,港股市场成交活跃,南向资金净买入额超去年全年,IPO融资额重回全球第一, ...
高盛:升香港交易所(00388)目标价至500港元 上调盈测 维持“买入”评级
智通财经网· 2025-07-29 03:46
Group 1 - Goldman Sachs raised the earnings per share forecast for Hong Kong Exchanges and Clearing (HKEX) for 2025, 2026, and 2027 by approximately 4% based on better-than-expected average daily trading volume [1] - The target price for HKEX was increased by 11%, from HKD 450 to HKD 500, corresponding to a price-to-earnings ratio of 40 times for 2026 [1] - Despite the upward revision of earnings estimates, HKEX's stock price remains about 20% lower than its peak in 2021, even as average daily trading volume in cash equities has reached a historical high of over HKD 200 billion [1] Group 2 - The number of IPO applications is nearing the peak levels of 2021, but the pace of new listings is still in the mid-cycle [2] - Key market activity indicators, such as turnover rate and the ratio of small to large-cap stock trading, are above the historical 90th percentile, yet the market's valuation relative to GDP is at historical average levels [1][2] - The average year-on-year growth in earnings per share for HKEX is projected to reach 42% from Q4 2024 to Q1 2025, with a 29% growth expected in Q2 2025, which is 3 to 4 times the normal growth rate [2]
美股零日期权大热!特朗普交易再现新模式
Di Yi Cai Jing Zi Xun· 2025-06-02 23:28
刚过去的5月,在特朗普政府推迟贸易谈判期限,并与多个主要贸易伙伴展开积极对话后,市场风险偏 好有所改观。衍生品市场保持火热态势,零日期权"0DTE"交易比例再创历史新高。与此同时,随着特 朗普关税政策而衍生出"TACO交易"(TACO trade)策略背后,针对市场波动性VIX的新交易模式或将 兴起。 零日期权火热依旧 在5月份整体期权市场活动有所缓解,但受欢迎的"0DTE"合约的月度交易量创下历史新高。 根据芝加哥期权交易所Cboe的数据,5月份,与标普500指数挂钩的"0DTE"期权合约交易量份额飙升至 历史新高61%,标志着华尔街最受欢迎的期权策略增长迎来最新里程碑。 超短期期权窗口期短,这使得投资者可以较低的价格(权利金),博取潜在巨大回报的潜力。同时,交 易热度背后高流动性的优点,受到了不少短线投资者的青睐。 芝加哥期权交易所全球市场(Cboe Global Markets)衍生品市场情报主管徐曼迪(Mandy Xu)在电子邮 件评论中表示:"虽然5月份标普500指数期权总量从4月份的高点有所放缓,但0DTE期权交易比例飙 升,比4月份增长了9个百分点,其中大部分活动都是由散户投资者推动的。 " 第 ...
市场观望,恒指料区间波动
Group 1: Market Overview - The Hang Seng Index is expected to fluctuate within the range of 23,000 to 23,500, with recent trading showing a slight increase of 0.4% to close at 23,381 points [3] - The mainland industrial enterprises' profits increased by 1.4% year-on-year in the first four months, totaling 2.12 trillion yuan [6][7] - The overall revenue of industrial enterprises reached 43.44 trillion yuan, reflecting a year-on-year growth of 3.2% [6] Group 2: Company-Specific Insights - Meituan's first-quarter performance exceeded expectations, with the CEO emphasizing a commitment to winning competition, resulting in a stock price increase of 2.1% [3] - Link REIT reported a total distributable amount of 7.025 billion yuan for the year, marking a year-on-year growth of 4.57% [10] - Link REIT's Hong Kong property portfolio showed a revenue increase of 1.5% despite a weak retail market, while its mainland property revenue surged by 29.7% [11][12] Group 3: Investment Strategy and Predictions - UBS maintains a target of 24,500 points for the Hang Seng Index this year, citing positive factors such as increased northbound capital inflow and strong earnings momentum [8] - The report highlights that reduced interest expenses for businesses and households could lead to increased consumption and investment, benefiting high-yield stocks like utilities and banks [8]