開源證券：維持港交所「買入」評級 25Q3業績符合預期

智通財經

11/06

智通財經APP獲悉，開源證券發佈研報稱，AtoH浪潮+中概股迴歸驅動港股市場資產長期擴容+南向資金持續淨流入驅動港股市場交易量持續活躍，港交所(00388)ADT相關收入高增，未來有望受益於聯儲局降息帶來的外資迴流，預計公司基本面維持高景氣度，維持「買入」評級。2025Q1-3公司收入及其他收益/股東應占溢利分別達218.5/134.2億港元，Q3單季為78/49億港元，業績符合該行預期。該行表示...

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14:30","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2581553640","market":"hk","top_or_hot":-1,"title":"開源證券：維持港交所「買入」評級 25Q3業績符合預期","media":"智通財經","content":"<div>\n<p>智通財經APP獲悉，開源證券發佈研報稱，AtoH浪潮+中概股迴歸驅動港股市場資產長期擴容+南向資金持續淨流入驅動港股市場交易量持續活躍，港交所(00388)ADT相關收入高增，未來有望受益於聯儲局降息帶來的外資迴流，預計公司基本面維持高景氣度，維持「買入」評級。2025Q1-3公司收入及其他收益/股東應占溢利分別達218.5/134.2億港元，Q3單季為78/49億港元，業績符合該行預期。該行表示...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251106150813a6e5316b&s=b\">網頁鏈接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>開源證券：維持港交所「買入」評級 25Q3業績符合預期</title>\n<style 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expectations","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80388":0.6,"00388":0.9,"HEXmain":0.6,"HKXCY":0.6},"content_text":"智通財經APP獲悉，開源證券發佈研報稱，AtoH浪潮+中概股迴歸驅動港股市場資產長期擴容+南向資金持續淨流入驅動港股市場交易量持續活躍，港交所(00388)ADT相關收入高增，未來有望受益於聯儲局降息帶來的外資迴流，預計公司基本面維持高景氣度，維持「買入」評級。2025Q1-3公司收入及其他收益/股東應占溢利分別達218.5/134.2億港元，Q3單季為78/49億港元，業績符合該行預期。該行表示，現貨ADT活躍驅動交易和結算收入高增，港股優質資產擴容驅動交易量中樞提升。(1)與現貨交易量掛鈎的收入同比高增。2025Q1-3公司交易費及交易系統使用費78億港元，同比+57%，其中現貨/衍生品/商品為47/20/11億港元，同比+116%/+15%/+6%，較中報擴張;結算及交收費53億港元，同比+66%，港股現貨市場交易量新高驅動交易與結算費高增。2025Q1-3港股現貨/南向ADT2564/1259億港元，同比+126%/+229%(中報為+118%/+193%)，北向ADT2060億人民幣，同比+67%。(2)港股一級市場高景氣，看好港股資產端擴容。2025Q1-3港股新股上市數量為69家，同比+53%，新股募資額1883億港元，是2024年首三季的三倍多，Q3末正在處理中的新股上市申請數量達297宗，是2024年末的84宗三倍以上。伴隨中概股優質資產迴流以及A股赴港二次上市浪潮，香港市場優質資產有望擴容，帶動交易量持續擴張。2025Q1-3上市費收入12.7億港元，同比+17%。(3)此外，交易量高增間接帶動存管、託管及代理人服務費以及市場數據費同比+25%/+8%。報告中稱，港交所投資收益率下降，2025E股息率3.0%，看好估值提升。(1)2025Q1-3投資收益淨額38.9億港元同比+4%，公司項目投資/保證金投資投資收益率分別為4.7%/2.0%(2025H1為5.7%/2.2%)，收益率下降主因公司外部投資組合收益有所下降，保證金投資收益率下降。(2)2025年預期股息率(假設派息率90%不變)3.0%(當前美債收益率4.10%)，往後看聯儲局降息有望驅動外資迴流港股市場，港交所受益。當前公司PE-TTM31.2倍，位於十年分位數22%，動態PE 30.2倍，看好估值提升。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}