<p>ASX Limited (ASX:ASX) 正在引起关注，因为澳大利亚股市对华尔街的积极势头和关于美国可能降息的猜测作出反应。当地交易员也在关注新的银行监管和行业审查。</p>
<p>查看我们对 ASX 的最新分析。</p>
<p>ASX 的股价在过去一个月略有上升，反映出澳大利亚金融行业的情绪改善，因为降息的希望和监管新闻主导了讨论。然而，动能仍然低迷，年度总股东回报率为 -8.9%。这表明投资者仍在权衡长期风险与增长潜力。</p>
<p>如果您有兴趣发现因其他原因而引起关注的股票，可以考虑扩大搜索范围，发现高内部持股的快速增长股票。</p>
<p>随着 ASX 股价上涨，但长期回报仍滞后，投资者面临的重大问题是该股票是否在交易中处于便宜状态，还是市场已经考虑了未来的增长前景。</p>
<h2>最受欢迎的叙述：低估 10.5%</h2>
<p>与 ASX 最近收盘价 A$58.20 相比，最受欢迎的叙述的公允价值估计为 A$65.00。这为投资者在持续的行业转型和数字扩展中营造了乐观的基调。</p>
<blockquote>
<p><em>高利润技术和数据产品的扩展和需求，受到国内外市场参与者对分析、连接和市场信息的需求驱动，为持续、多样化的非交易收入提供了机会，支持整体利润扩展和收益稳定性。</em></p>
</blockquote>
<p>阅读完整叙述。</p>
<p>好奇是什么推动了这一看涨的价格预测？一个大胆的假设支撑了这一估值：未来的利润倍数值得精英市场运营商。想要发现哪些备受关注的指标正在推动预期的溢价吗？深入叙述，找到可能证明这种上涨的数字。</p>
<p><strong>结果：公允价值为 $65.00（低估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，持续的成本压力和持续的监管审查仍然是可能抑制利润扩展和限制未来收益增长的关键风险。</p>
<p>了解这一 ASX 叙述的关键风险。</p>
<h2>另一种观点：市盈率视角</h2>
<p>从市盈率的角度来看，ASX 的比率为 22.5 倍，几乎与行业平均水平 22.4 倍相匹配。这个数字远高于其自身的公允比率 16.5 倍。虽然与历史同行极端相比，该公司似乎便宜，但如果市场回到较低的公允比率，可能会面临估值风险。这是否突显了隐藏的谨慎或未被认可的价值？</p>
<p>查看数字对这一价格的看法——在我们的估值分析中了解更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/f4726517-4886-421f-8fbd-bffd9761a68f/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/f4726517-4886-421f-8fbd-bffd9761a68f/chart/pe-multiple-vs-industry"/></p>
<p>截至 2025 年 11 月的 ASX:ASX 市盈率</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 ASX）。我们展示完整的计算过程。您可以在观察列表或投资组合中跟踪结果，并在此发生变化时收到提醒，或者使用我们的股票筛选器发现 923 只基于现金流的低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
<h2>构建您自己的 ASX 叙述</h2>
<p>喜欢不同的视角或想自己深入数字？您可以在几分钟内打造自己的个性化视图：按您的方式进行。</p>
<p>您进行 ASX 研究的一个很好的起点是我们的分析，突出 1 个关键奖励和 2 个可能影响您投资决策的重要警示信号。</p>
<h2>寻找更多投资想法？</h2>
<p>不要限制您的投资组合；利用我们的筛选器挖掘更多机会。发现具有爆炸性增长潜力、突破性技术和韧性股息的股票，等待提升您的回报。</p>
<ul>
<li>通过跟踪这 3579 只财务状况良好的便士股票来催化您的收益，这些股票可能准备快速上涨并带来显著的上行空间。</li>
<li>通过查看这 25 只人工智能便士股票，发现正在改变人工智能的创新者，这些股票正在设定自动化和智能解决方案的新标准。</li>
<li>通过这 15 只收益率 &gt; 3% 的股息股票维持您的收入，这些股票的收益率远高于市场平均水平。</li>
</ul>
<p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

<p>ASX Limited (ASX:ASX) 因美国降息的猜测和新的银行监管措施而受到关注。其股价上涨，但长期回报为负。该股票被认为被低估，公允价值估计为 65.00 澳元，主要受技术和数据产品扩展的推动。然而，成本压力和监管审查带来了风险。市盈率为 22.5 倍，高于其公允比率 16.5 倍，显示出潜在的估值风险。建议投资者探索其他具有增长潜力和稳定分红的股票</p>

<p>ASX Limited (ASX:ASX) is catching attention as Australian shares respond to positive momentum from Wall Street and speculation around a potential US interest rate cut. Local traders are also monitoring new banking regulations and sector scrutiny.</p>
<div class="lb-trans"><p>ASX Limited (ASX:ASX) 正在引起关注，因为澳大利亚股市对华尔街的积极势头和关于美国可能降息的猜测作出反应。当地交易员也在关注新的银行监管和行业审查。</p>
</div><p>See our latest analysis for ASX.</p>
<div class="lb-trans"><p>查看我们对 ASX 的最新分析。</p>
</div><p>ASX’s share price has edged up over the past month, reflecting improved sentiment across the Australian financial sector as rate cut hopes and regulatory headlines dominate the discussion. However, momentum remains subdued, with the one-year total shareholder return sitting at -8.9%. This indicates that investors are still weighing up long-term risks versus growth potential.</p>
<div class="lb-trans"><p>ASX 的股价在过去一个月略有上升，反映出澳大利亚金融行业的情绪改善，因为降息的希望和监管新闻主导了讨论。然而，动能仍然低迷，年度总股东回报率为 -8.9%。这表明投资者仍在权衡长期风险与增长潜力。</p>
</div><p>If you’re interested in uncovering stocks that are making waves for other reasons, consider broadening your search and discovering fast growing stocks with high insider ownership.</p>
<div class="lb-trans"><p>如果您有兴趣发现因其他原因而引起关注的股票，可以考虑扩大搜索范围，发现高内部持股的快速增长股票。</p>
</div><p>With ASX shares ticking higher but long-term returns still lagging, the big question for investors is whether the stock is trading at a bargain or if the market has already factored in future growth prospects.</p>
<div class="lb-trans"><p>随着 ASX 股价上涨，但长期回报仍滞后，投资者面临的重大问题是该股票是否在交易中处于便宜状态，还是市场已经考虑了未来的增长前景。</p>
</div><h2>Most Popular Narrative: 10.5% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：低估 10.5%</h2>
</div><p>Compared to ASX’s last close price of A$58.20, the most popular narrative’s fair value estimate stands higher at A$65.00. This sets the tone for investor optimism amid ongoing sector transformation and digital expansion.</p>
<div class="lb-trans"><p>与 ASX 最近收盘价 A$58.20 相比，最受欢迎的叙述的公允价值估计为 A$65.00。这为投资者在持续的行业转型和数字扩展中营造了乐观的基调。</p>
</div><blockquote>
<p><em>Expansion and demand in high-margin technology and data offerings, driven by appetite for analytics, connectivity, and market information from both domestic and global market participants, provides opportunity for recurring, diversified non-transactional income, supporting overall margin expansion and earnings stability.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>高利润技术和数据产品的扩展和需求，受到国内外市场参与者对分析、连接和市场信息的需求驱动，为持续、多样化的非交易收入提供了机会，支持整体利润扩展和收益稳定性。</em></p>
</blockquote>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Curious what powers this bullish price call? One bold assumption underpins the valuation: a future profit multiple worthy of elite market operators. Want to discover which closely-watched metrics are driving the projected premium? Dive into the narrative and spot the number that could justify such upside.</p>
<div class="lb-trans"><p>好奇是什么推动了这一看涨的价格预测？一个大胆的假设支撑了这一估值：未来的利润倍数值得精英市场运营商。想要发现哪些备受关注的指标正在推动预期的溢价吗？深入叙述，找到可能证明这种上涨的数字。</p>
</div><p><strong>Result: Fair Value of $65.00 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 $65.00（低估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, persistent cost pressures and ongoing regulatory scrutiny remain key risks that could dampen margin expansion and limit earnings growth moving forward.</p>
<div class="lb-trans"><p>然而，持续的成本压力和持续的监管审查仍然是可能抑制利润扩展和限制未来收益增长的关键风险。</p>
</div><p>Find out about the key risks to this ASX narrative.</p>
<div class="lb-trans"><p>了解这一 ASX 叙述的关键风险。</p>
</div><h2>Another View: Price-To-Earnings Perspective</h2>
<div class="lb-trans"><h2>另一种观点：市盈率视角</h2>
</div><p>Looking through the lens of price-to-earnings, ASX’s ratio sits at 22.5x, nearly matching the industry average of 22.4x. This figure is well above its own fair ratio of 16.5x. While the company appears inexpensive compared to historical peer extremes, it may carry valuation risk if the market returns to that lower fair ratio. Does this highlight hidden caution or unrecognized value?</p>
<div class="lb-trans"><p>从市盈率的角度来看，ASX 的比率为 22.5 倍，几乎与行业平均水平 22.4 倍相匹配。这个数字远高于其自身的公允比率 16.5 倍。虽然与历史同行极端相比，该公司似乎便宜，但如果市场回到较低的公允比率，可能会面临估值风险。这是否突显了隐藏的谨慎或未被认可的价值？</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这一价格的看法——在我们的估值分析中了解更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/f4726517-4886-421f-8fbd-bffd9761a68f/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/f4726517-4886-421f-8fbd-bffd9761a68f/chart/pe-multiple-vs-industry"/></p>
<p>ASX:ASX PE Ratio as at Nov 2025</p>
<div class="lb-trans"><p>截至 2025 年 11 月的 ASX:ASX 市盈率</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out ASX for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 923 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 ASX）。我们展示完整的计算过程。您可以在观察列表或投资组合中跟踪结果，并在此发生变化时收到提醒，或者使用我们的股票筛选器发现 923 只基于现金流的低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
</div><h2>Build Your Own ASX Narrative</h2>
<div class="lb-trans"><h2>构建您自己的 ASX 叙述</h2>
</div><p>Prefer a different perspective or want to dig into the numbers yourself? You can craft your own personalized view in just minutes: Do it your way.</p>
<div class="lb-trans"><p>喜欢不同的视角或想自己深入数字？您可以在几分钟内打造自己的个性化视图：按您的方式进行。</p>
</div><p>A great starting point for your ASX research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>您进行 ASX 研究的一个很好的起点是我们的分析，突出 1 个关键奖励和 2 个可能影响您投资决策的重要警示信号。</p>
</div><h2>Looking for More Investment Ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Don’t limit your portfolio; tap into more opportunities using our screeners. Uncover stocks with explosive growth potential, breakthrough tech, and resilient dividends waiting to boost your returns.</p>
<div class="lb-trans"><p>不要限制您的投资组合；利用我们的筛选器挖掘更多机会。发现具有爆炸性增长潜力、突破性技术和韧性股息的股票，等待提升您的回报。</p>
</div><ul>
<li>Catalyze your gains by tracking these 3579 penny stocks with strong financials, which could be poised for rapid moves and dramatic upside.</li>
<li>Spot the innovators transforming artificial intelligence by checking out these 25 AI penny stocks, which are setting new standards in automation and smart solutions.</li>
<li>Sustain your income with these 15 dividend stocks with yields &gt; 3%, built for attractive yields well above market averages.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过跟踪这 3579 只财务状况良好的便士股票来催化您的收益，这些股票可能准备快速上涨并带来显著的上行空间。</li>
<li>通过查看这 25 只人工智能便士股票，发现正在改变人工智能的创新者，这些股票正在设定自动化和智能解决方案的新标准。</li>
<li>通过这 15 只收益率 &gt; 3% 的股息股票维持您的收入，这些股票的收益率远高于市场平均水平。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

ASX Limited (ASX:ASX)：在降息预期和银行监管塑造市场情绪的背景下探索估值