大行评级|瑞银:上调港交所目标价至464港元 上调日均交易量预测

格隆汇
Aug 22, 2025

瑞银发表研报指,根据该行预测,南向通对港交所整体平均日交易量的贡献,预计几乎由去年首季约16%翻倍至今年第三季度至今的近28%。由于更广泛境内投资者参与,特别是零售投资者,南向通仍有上升潜力。港交所正在探索零日期权的可能性,但由于执行的复杂性,具体时间表仍然未明。另外,港交所认为,延长交易时间需要从不同角度进行全面考虑。 该行考虑到港交所第三季至今的市场数据、机构对恒指今年底的最新目标及美联储利率路径预测,上调港交所2025至27年的日均交易量预测至2300亿、1930亿及2190亿港元,而每股盈测则升5%、3%及2%,分别至12.5港元、10.9港元及11.8港元。该行将其目标价由430港元上调至464港元,维持“中性”评级。

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