花旗发布研报称，预计香港交易所(00388)2025财年第一季归属利润为39亿港元，按季及同比分别增长3%及31%;总收入预期达到67亿港元，按季及同比分别增长5%及29%，主要受惠于港股日均成交额(ADT)激增。另外，花旗将港交所2025财年每股盈利预测上调1%;2026及2027财年预测则下调2%至3%。该行将港交所目标价由410港元下调至385港元，给予“买入”评级。
该行表示，由于香港未平仓合约及保证金要求按季录得缩减，拖累投资收入可能按季下降。随着在美上市的中国美国存托凭证(ADR)退市风险浮现，估计若所有中国ADR交易量回流香港，将为港交所ADT带来约240亿港元的增量效益。
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