香港交易所：12 月交易量数据更新；评级：买入

Hong Kong Exchanges (0388.HK): Data updates for Dec volumes; Buy We revise our HKEX 2025E/26E/27E/28E EPS by -0.5%/nil/-0.6%/-0.6% after incorporating disclosed Dec'25 volumes and Jan'26 MTD volumes. There is no change to our investment thesis or Buy rating on HKEX. Our 3-stage DDM-derived 12-m target price is now HK$546 (vs. HK$550 previously), implying a 39X 2026E P/E (unchanged). Price Target, Risks and Methodology - Hong Kong Exchanges We are Buy rated on HKEX. Our 12-m target price of HK$546 is based o ...