香港交易所：2025 年第四季度业绩预览-增速放缓部分源于税率上调，前景仍具支撑性

February 12, 2026 06:18 AM GMT HK Exchanges & Clearing | Asia Pacific 4Q25 Preview: Slowdown Partly due to Higher Tax; Outlook Remains Supportive We expect revenue and profit to moderate in 4Q25 following a record high 3Q25. Market activity in January 2026 has been relatively active, which we view as supportive for 2026. We see a constructive setup into 2H26 with active market activity and clearer signs of moderating PPI pressure. Key Takeaways Mixed trends in ADT for different products in 4Q25: 4Q25 cash A ...