<p>** 摩根大通预计 2026 年欧洲和美国的私募市场经理、交易所和财富平台经济前景将改善。</p>
<p>** 经纪公司表示，势头正在增强，多个旗舰基金将在 2026-27 年推出，公司也在回归出售更多资产，向私募财富渠道的转变可能有助于抵消机构增长放缓。</p>
<p>** 该行业的交易价格大幅折扣，摩根大通补充说，随着未来三年每股收益增长达到两位数，存在显著的上行空间。</p>
<p>** 经纪公司对 2026 年的交易所持乐观态度，预计在人工智能战略方面将有更大的透明度和强劲的财务执行力。</p>
<p>** 它将伦敦证券交易所列入 2025 财年业绩的积极催化剂观察名单，称其为 “人工智能赢家”，目前的交易价格处于折扣状态。</p>
<p>关键选择和评级变更：</p>
<table>
<thead>
<tr>
<th>公司</th>
<th>新评级</th>
<th>旧评级</th>
<th>新目标价</th>
<th>旧目标价</th>
</tr>
</thead>
<tbody>
<tr>
<td>EQT</td>
<td>超配</td>
<td>中性</td>
<td>SEK 399.00</td>
<td>SEK 358.00</td>
</tr>
<tr>
<td>Bridgepoint</td>
<td>超配</td>
<td>-</td>
<td>GBp 464</td>
<td>GBp 424</td>
</tr>
<tr>
<td>伦敦证券交易所</td>
<td>超配</td>
<td>-</td>
<td>GBp 13,100</td>
<td>GBp 13,300</td>
</tr>
<tr>
<td>德意志交易所</td>
<td>超配</td>
<td>-</td>
<td>EUR 298</td>
<td>EUR 292</td>
</tr>
<tr>
<td>Fineco Bank</td>
<td>超配</td>
<td>-</td>
<td>EUR 26.50</td>
<td>EUR 23.10</td>
</tr>
<tr>
<td>St. James's Place</td>
<td>超配</td>
<td>-</td>
<td>GBp 1,725</td>
<td>GBp 1,620</td>
</tr>
<tr>
<td>Man Group</td>
<td>超配</td>
<td>中性</td>
<td>GBp 256</td>
<td>GBp 209</td>
</tr>
</tbody>
</table>

摩根大通

LSEG

<p>摩根大通对金融行业持乐观态度，预计 2026 年经济前景改善，特别是针对欧洲和美国的私募市场管理者、交易所和财富平台。该行业预计将实现双位数的每股收益增长，LSEG、德意志交易所和 Fineco Bank 等关键公司获得了增持评级。该券商强调人工智能策略和财务执行作为积极的催化剂</p>

<p>** J.P. Morgan sees a better economic outlook in 2026 for private markets managers, exchanges and wealth platforms across Europe and the U.S.</p>
<div class="lb-trans"><p>** 摩根大通预计 2026 年欧洲和美国的私募市场经理、交易所和财富平台经济前景将改善。</p>
</div><p>** Broker says momentum is picking up, with several flagship funds launching in 2026-27, companies returning to sell more assets and a shift toward private wealth channels potentially helping offset slower institutional growth</p>
<div class="lb-trans"><p>** 经纪公司表示，势头正在增强，多个旗舰基金将在 2026-27 年推出，公司也在回归出售更多资产，向私募财富渠道的转变可能有助于抵消机构增长放缓。</p>
</div><p>** The sector trades at a substantial discount, leaving scope for significant upside as it delivers double-digit earnings per share growth over the next three years, JPM adds</p>
<div class="lb-trans"><p>** 该行业的交易价格大幅折扣，摩根大通补充说，随着未来三年每股收益增长达到两位数，存在显著的上行空间。</p>
</div><p>** Brokerage is positive on exchanges into 2026, expecting greater transparency around AI strategies and strong financial execution</p>
<div class="lb-trans"><p>** 经纪公司对 2026 年的交易所持乐观态度，预计在人工智能战略方面将有更大的透明度和强劲的财务执行力。</p>
</div><p>** It places LSEG  on positive catalyst watch into its FY 2025 results, calling it an &#34;AI winner&#34; trading at a discount</p>
<div class="lb-trans"><p>** 它将伦敦证券交易所列入 2025 财年业绩的积极催化剂观察名单，称其为 “人工智能赢家”，目前的交易价格处于折扣状态。</p>
</div><p>Key picks and rating changes:</p>
<div class="lb-trans"><p>关键选择和评级变更：</p>
</div><table>
<thead>
<tr>
<th>COMPANY</th>
<th>NEW RATING</th>
<th>OLD RATING</th>
<th>NEW PT</th>
<th>OLD PT</th>
</tr>
</thead>
<tbody>
<tr>
<td>EQT</td>
<td>overweight</td>
<td>neutral</td>
<td>SEK 399.00</td>
<td>SEK 358.00</td>
</tr>
<tr>
<td>Bridgepoint</td>
<td>overweight</td>
<td>-</td>
<td>GBp 464</td>
<td>GBp 424</td>
</tr>
<tr>
<td>London Stock Exchange</td>
<td>overweight</td>
<td>-</td>
<td>GBp 13,100</td>
<td>GBp 13,300</td>
</tr>
<tr>
<td>Deutsche Börse</td>
<td>overweight</td>
<td>-</td>
<td>EUR 298</td>
<td>EUR 292</td>
</tr>
<tr>
<td>Fineco Bank</td>
<td>overweight</td>
<td>-</td>
<td>EUR 26.50</td>
<td>EUR 23.10</td>
</tr>
<tr>
<td>St. James's Place</td>
<td>overweight</td>
<td>-</td>
<td>GBp 1,725</td>
<td>GBp 1,620</td>
</tr>
<tr>
<td>Man Group</td>
<td>overweight</td>
<td>neutral</td>
<td>GBp 256</td>
<td>GBp 209</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>公司</th>
<th>新评级</th>
<th>旧评级</th>
<th>新目标价</th>
<th>旧目标价</th>
</tr>
</thead>
<tbody>
<tr>
<td>EQT</td>
<td>超配</td>
<td>中性</td>
<td>SEK 399.00</td>
<td>SEK 358.00</td>
</tr>
<tr>
<td>Bridgepoint</td>
<td>超配</td>
<td>-</td>
<td>GBp 464</td>
<td>GBp 424</td>
</tr>
<tr>
<td>伦敦证券交易所</td>
<td>超配</td>
<td>-</td>
<td>GBp 13,100</td>
<td>GBp 13,300</td>
</tr>
<tr>
<td>德意志交易所</td>
<td>超配</td>
<td>-</td>
<td>EUR 298</td>
<td>EUR 292</td>
</tr>
<tr>
<td>Fineco Bank</td>
<td>超配</td>
<td>-</td>
<td>EUR 26.50</td>
<td>EUR 23.10</td>
</tr>
<tr>
<td>St. James's Place</td>
<td>超配</td>
<td>-</td>
<td>GBp 1,725</td>
<td>GBp 1,620</td>
</tr>
<tr>
<td>Man Group</td>
<td>超配</td>
<td>中性</td>
<td>GBp 256</td>
<td>GBp 209</td>
</tr>
</tbody>
</table>
</div>

摩根大通表示，由于经济前景改善，金融领域有理由感到乐观