港交所：2025 年第四季度初步解读- 投资收入提升与运营成本下降驱动业绩超预期；建议买入

26 February 2026 | 1:02PM HKT Equity Research Hong Kong Exchanges (0388.HK): 4Q25 First Take: Beat lead by higher investment income & lower opex; Buy HKEX reported 4Q25 EPS of HK$3.43, up 15% yoy, and 13%/12% above GSe/company complied consensus. Investment income was well ahead of expectations, as a result of better-than-expected corporate funds return and gains on equity investments. Excluding investment income, profit was 5% ahead of GSe, reflecting higher clearing and settlement fees, as well as lower o ...