金吾财讯 | 华泰证券研报指，中美关税降级程度超预期，中美间脱钩风险下降，人民币有潜在升值空间。香港作为一个小型开放经济体，底层是人民币资产，而联系汇率制度导致港币挂钩美元，因此人民币升值通常带动香港地区的流动性提升和资产价格上涨，在股市上的体现是成交额和股价升高。另外一些大型的内地龙头企业陆续赴港IPO，或将提升内地投资者和全球投资者的交易兴趣，从而支撑港股成交额。
该行指，成交额提升有望利好港交所(00388)的盈利和估值，静态测算每提升50亿港币将推动港交所25年盈利和估值分别提升约1.6%。建议关注人民币升值预期下，港交所作为稀缺资产的配置价值，维持“买入”评级。考虑到人民币升值预期下港股流动性有望提升，该行调整25/26/27年归母净利润预测至156/140/140亿港币（调整幅度：+2.5/+2.0/+0.8%），上调DCF（50年预测期，折现率5%）目标价至434港币（前值：411港币）。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.