研报掘金|华泰证券:上调港交所目标价至542港元 维持“买入”评级

格隆汇
Aug 22, 2025

华泰证券发表研报指,港交所次季收入按年升33%至72.2亿港元,净利润按年升41%至44.4亿港元,利润好过市场预期。港股现货日均成交额(ADT)为2377亿港元,按年升95%,相比首季的历史最高单季ADT仅略有收缩,是支撑业绩的核心因素之一。截至8月20日,第三季流动性相比上半年进一步提升,ADT达到2585亿港元。 该行表示,近期金管局操作导致港汇脱离弱方保证,未来进一步收缩流动性的必要性降低,美联储降息预期升温的背景下HIBOR有望处于中低水平,另外考虑到南下资金的参与度不断提升以及IPO市场的强劲表现,该行认为港股流动性有望维持在相对宽松水平,公司基本面具有韧性。该行将公司今年、明年及2027年归母净利润预测分别上调至168亿、164亿及164亿港元,目标价由434港元上调至542港元,维持“买入”评级。

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.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10