<p>香港交易所 (00388.HK) -8.200 (-1.953%) 空头头寸 $193.23M; 比率 15.306% 昨天中午（29 日）公布了超出预期的 2026 年第一季度业绩。股价昨日上涨 3%，但今天（30 日）回落，最后报 HKD412.2，下跌 1.9%，成交额为 HKD19.82 亿。摩根士丹利表示，香港交易所第一季度收入同比增长 20%，超出其和市场预期的 8% 和 9%，主要受益于超出预期的结算费用和投资收入。该季度的平均日成交额（ADT）同比增长 14%，达到 HKD2770 亿，而北向交易成交额同比激增 70%，分别推动交易和结算费用同比增长 18% 和 33%。投资收入同比下降 4%，但环比增长 5%，超过券商和市场共识的 20% 以上，主要来自内部管理的基金。净利润同比增长 27%，EBITDA 利润率同比提高 3 个百分点至 80%。总费用同比仅增长 2%，有效税率略高于券商预期。</p>
<p>香港交易所公布 2026 年第一季度业绩，收入为 HKD82.03 亿，同比增长 19.6%。净利润达到 HKD51.88 亿，同比增长 27.3%，超过 AASTOCKS 金融新闻六家券商的共识，预期范围约为 HKD44.29 亿至 HKD48.41 亿（同比增长 8.6% 至 18.7%）。每股收益为 HKD4.1。第一季度的 ADT 达到 HKD2767 亿，创下历史第二高，仅次于 2025 年第三季度的 HKD2864 亿，同比增长 14%。在 IPO 市场，香港交易所在该季度的 IPO 融资中全球排名第一，筹集的资金几乎是去年第一季度的六倍，同时上市申请的管道保持稳定。第一季度来自企业基金的净投资收入为 HKD4.41 亿，同比下降约 15%，低于去年同期的 HKD5.16 亿，主要由于外部管理投资基金的净公允价值收益减少。</p>
<p>超出预期的业绩</p>
<p>花旗表示，香港交易所第一季度净利润为 HKD52 亿，超出市场共识 12%。核心收入分别比共识和自身预测高出 5% 和 2%，主要受益于交易和上市费用的增长。投资收入为 HKD13 亿，环比增长 5%，比共识高出 26%，部分原因是该季度记录的 HKD7500 万外汇收益。运营费用控制良好，同比仅增长 2%，低于共识 2%。EBITDA 利润率达到 80.4%，同比上升 3.7 个百分点。花旗预计市场盈利预测将上调，并将目标价从 HKD525 上调至 HKD530，维持买入评级。</p>
<p>美银证券表示，香港交易所第一季度净利润为 HKD52 亿，同比增长 27%，比共识高出 15% 至 17%，创下季度新高。主要驱动因素是香港市场成交量的增加，ADT 为 HKD2770 亿，显著高于 2025 年第一季度的 HKD2430 亿平均水平。交易和结算费用分别同比增长 18% 和 33%。伦敦金属交易所的成交量同比增长 26%。IPO 融资同比激增约五倍，达到 HKD1100 亿。尽管由于市场利率下降，利息收入同比下降，但债券投资带来了强劲回报。该季度成本收入比从 23% 改善至 20%。该券商预计市场反应积极，并维持其预测和目标价 HKD520，给予买入评级。</p>
<p>---------------------------------------------------</p>
<p>下表总结了六家券商对香港交易所 (00388.HK) -8.200 (-1.953%) 空头头寸 $193.23M; 比率 15.306% 的投资评级和目标价：</p>
<p>券商投资评级目标价</p>
<p>大华银行买入 HKD545-&gt;HKD556</p>
<p>花旗买入 HKD525-&gt;HKD530</p>
<p>高盛买入 HKD528</p>
<p>美银证券买入 HKD520</p>
<p>摩根士丹利增持 HKD510</p>
<p>瑞银中性 HKD450</p>
<p>券商观点</p>
<p>大华银行核心收入、净利息收入和成本方面的强劲上行惊喜</p>
<p>花旗第一季度强劲的 IPO 管道推动了更高的上市费用</p>
<p>高盛稳定的现金收入和改善的投资收入</p>
<p>美银证券第一季度强劲超出预期，估值不高</p>
<p>摩根士丹利第一季度收入和盈利增长强劲</p>
<p>瑞银第一季度多个业务板块普遍超出预期</p>
<p>(wl/w)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-04-30 12:25。)</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>

香港交易所(ADR)

香港交易所

<p>香港交易所 (HKEX) 公布了超出预期的 2026 年第一季度业绩，收入为 82.03 亿港元，同比增长 19.6%；净利润为 51.88 亿港元，同比增长 27.3%。平均每日成交额同比增长 14%，达到 2770 亿港元。券商们上调了目标价，花旗将目标价提高至 530 港元，美银证券则提高至 520 港元，均维持买入评级。尽管投资收入略有下降，但强劲的业绩得益于更高的交易和上市费用。空头卖出活动为 1.9323 亿美元，比例为 15.306%</p>

<p>HKEX (00388.HK) -8.200 (-1.953%)  Short selling $193.23M; Ratio 15.306%  announced better-than-expected results for 1Q26 at noon yesterday (29th). The share price rose 3% yesterday but pulled back today (30th), last at HKD412.2, down 1.9%, with turnover of HKD1.982 billion. M Stanley said HKEX's 1Q revenue rose 20% YoY, beating its and market expectations by 8% and 9%, respectively, mainly driven by better-than-expected clearing fees and investment income. Average daily turnover (ADT) in the quarter increased 14% YoY to HKD277 billion, while northbound trading turnover surged 70% YoY, lifting trading and clearing fees by 18% and 33% YoY, respectively. Investment income edged down 4% YoY but rose 5% QoQ, more than 20% above the brokers and market consensus, primarily from internally managed funds. Net profit grew 27% YoY, and the EBITDA margin improved 3 ppts YoY to 80%. Total expenses increased only 2% YoY, while the effective tax rate was slightly above the brokers expectation.</p>
<div class="lb-trans"><p>香港交易所 (00388.HK) -8.200 (-1.953%) 空头头寸 $193.23M; 比率 15.306% 昨天中午（29 日）公布了超出预期的 2026 年第一季度业绩。股价昨日上涨 3%，但今天（30 日）回落，最后报 HKD412.2，下跌 1.9%，成交额为 HKD19.82 亿。摩根士丹利表示，香港交易所第一季度收入同比增长 20%，超出其和市场预期的 8% 和 9%，主要受益于超出预期的结算费用和投资收入。该季度的平均日成交额（ADT）同比增长 14%，达到 HKD2770 亿，而北向交易成交额同比激增 70%，分别推动交易和结算费用同比增长 18% 和 33%。投资收入同比下降 4%，但环比增长 5%，超过券商和市场共识的 20% 以上，主要来自内部管理的基金。净利润同比增长 27%，EBITDA 利润率同比提高 3 个百分点至 80%。总费用同比仅增长 2%，有效税率略高于券商预期。</p>
</div><p>HKEX reported results for 1Q26 with revenue of HKD8.203 billion, up 19.6% YoY. Net profit reached HKD5.188 billion, up 27.3% YoY, exceeding the AASTOCKS Financial News consensus of six brokers ranging from about HKD4.429 billion to HKD4.841 billion (representing YoY growth of 8.6% to 18.7%). EPS was HKD4.1. ADT in 1Q reached HKD276.7 billion, the second-highest quarterly record on record, just below the HKD286.4 billion set in 3Q25, and up 14% from 1Q25. In the IPO market, HKEX ranked first globally in IPO fundraising in the quarter, with funds raised nearly six times that of 1Q last year, alongside a steady pipeline of listing applications. Net investment income from corporate funds in 1Q was HKD441 million, down about 15% from HKD516 million a year earlier, mainly due to lower net fair value gains from externally managed investment funds.</p>
<div class="lb-trans"><p>香港交易所公布 2026 年第一季度业绩，收入为 HKD82.03 亿，同比增长 19.6%。净利润达到 HKD51.88 亿，同比增长 27.3%，超过 AASTOCKS 金融新闻六家券商的共识，预期范围约为 HKD44.29 亿至 HKD48.41 亿（同比增长 8.6% 至 18.7%）。每股收益为 HKD4.1。第一季度的 ADT 达到 HKD2767 亿，创下历史第二高，仅次于 2025 年第三季度的 HKD2864 亿，同比增长 14%。在 IPO 市场，香港交易所在该季度的 IPO 融资中全球排名第一，筹集的资金几乎是去年第一季度的六倍，同时上市申请的管道保持稳定。第一季度来自企业基金的净投资收入为 HKD4.41 亿，同比下降约 15%，低于去年同期的 HKD5.16 亿，主要由于外部管理投资基金的净公允价值收益减少。</p>
</div><p>Better-than-expected results</p>
<div class="lb-trans"><p>超出预期的业绩</p>
</div><p>Citi said HKEX's 1Q net profit of HKD5.2 billion exceeded market consensus by 12%. Core revenue was 5% and 2% above consensus and its own forecast, respectively, driven mainly by growth in trading and listing fees. Investment income was HKD1.3 billion, up 5% QoQ and 26% above consensus, partly due to HKD75 million in foreign exchange gains recorded during the quarter. Operating expenses were well controlled, rising only 2% YoY and 2% below consensus. The EBITDA margin reached 80.4%, up 3.7 ppts YoY. Citi expected upward revisions to market earnings forecasts and raised its TP to HKD530 from HKD525, maintaining a Buy rating.</p>
<div class="lb-trans"><p>花旗表示，香港交易所第一季度净利润为 HKD52 亿，超出市场共识 12%。核心收入分别比共识和自身预测高出 5% 和 2%，主要受益于交易和上市费用的增长。投资收入为 HKD13 亿，环比增长 5%，比共识高出 26%，部分原因是该季度记录的 HKD7500 万外汇收益。运营费用控制良好，同比仅增长 2%，低于共识 2%。EBITDA 利润率达到 80.4%，同比上升 3.7 个百分点。花旗预计市场盈利预测将上调，并将目标价从 HKD525 上调至 HKD530，维持买入评级。</p>
</div><p>BofAS said HKEX's 1Q net profit of HKD5.2 billion rose 27% YoY, 15% to 17% above consensus and marking a record quarterly high. The key driver was higher Hong Kong market turnover, with ADT at HKD277 billion, significantly up from the HKD243 billion average in 1Q25. Trading and clearing fees increased 18% and 33% YoY, respectively. London Metal Exchange turnover rose 26% YoY. IPO fundraising surged about fivefold YoY to HKD110 billion. Although interest income declined YoY due to lower market rates, bond investments delivered strong returns. The cost-to-income ratio improved from 23% to 20% in the quarter. The broker expected a positive market reaction and maintained its forecasts and TP of HKD520 with a Buy rating.</p>
<div class="lb-trans"><p>美银证券表示，香港交易所第一季度净利润为 HKD52 亿，同比增长 27%，比共识高出 15% 至 17%，创下季度新高。主要驱动因素是香港市场成交量的增加，ADT 为 HKD2770 亿，显著高于 2025 年第一季度的 HKD2430 亿平均水平。交易和结算费用分别同比增长 18% 和 33%。伦敦金属交易所的成交量同比增长 26%。IPO 融资同比激增约五倍，达到 HKD1100 亿。尽管由于市场利率下降，利息收入同比下降，但债券投资带来了强劲回报。该季度成本收入比从 23% 改善至 20%。该券商预计市场反应积极，并维持其预测和目标价 HKD520，给予买入评级。</p>
</div><p>---------------------------------------------------</p>
<div class="lb-trans"><p>---------------------------------------------------</p>
</div><p>The table below summarises investment ratings and TPs for HKEX (00388.HK) -8.200 (-1.953%)  Short selling $193.23M; Ratio 15.306%  from six brokers:</p>
<div class="lb-trans"><p>下表总结了六家券商对香港交易所 (00388.HK) -8.200 (-1.953%) 空头头寸 $193.23M; 比率 15.306% 的投资评级和目标价：</p>
</div><p>BrokerInvestment RatingTP</p>
<div class="lb-trans"><p>券商投资评级目标价</p>
</div><p>UOB Kay HianBuyHKD545-&gt;HKD556</p>
<div class="lb-trans"><p>大华银行买入 HKD545-&gt;HKD556</p>
</div><p>CitiBuyHKD525-&gt;HKD530</p>
<div class="lb-trans"><p>花旗买入 HKD525-&gt;HKD530</p>
</div><p>G SachsBuyHKD528</p>
<div class="lb-trans"><p>高盛买入 HKD528</p>
</div><p>BofASBuyHKD520</p>
<div class="lb-trans"><p>美银证券买入 HKD520</p>
</div><p>M StanleyOverweightHKD510</p>
<div class="lb-trans"><p>摩根士丹利增持 HKD510</p>
</div><p>UBSNeutralHKD450</p>
<div class="lb-trans"><p>瑞银中性 HKD450</p>
</div><p>BrokerView</p>
<div class="lb-trans"><p>券商观点</p>
</div><p>UOB Kay HianStrong upside surprise across core revenue, net interest income and costs</p>
<div class="lb-trans"><p>大华银行核心收入、净利息收入和成本方面的强劲上行惊喜</p>
</div><p>CitiStrong IPO pipeline in 1Q drove higher listing fees</p>
<div class="lb-trans"><p>花旗第一季度强劲的 IPO 管道推动了更高的上市费用</p>
</div><p>G SachsSolid cash revenue and improved investment income</p>
<div class="lb-trans"><p>高盛稳定的现金收入和改善的投资收入</p>
</div><p>BofASStrong 1Q beat with undemanding valuation</p>
<div class="lb-trans"><p>美银证券第一季度强劲超出预期，估值不高</p>
</div><p>M StanleyRobust revenue and earnings growth in 1Q</p>
<div class="lb-trans"><p>摩根士丹利第一季度收入和盈利增长强劲</p>
</div><p>UBSBroad-based beat across multiple business segments in 1Q</p>
<div class="lb-trans"><p>瑞银第一季度多个业务板块普遍超出预期</p>
</div><p>(wl/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-30 12:25.)</p>
<div class="lb-trans"><p>(wl/w)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-04-30 12:25。)</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

Summary of Brokers' Latest TP and Views on HKEX  After 1Q26 Results

AASTOCKS News

摩根士丹利

花旗

美国银行

大华银行

高盛

瑞银集团

香港交易所-R

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

CITIGROUP INC 6.250 NON CUM SER II PFD WI

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

大华银行(ADR)

GS Hldg R

经纪商对香港交易所（HKEX）2026 年第一季度业绩后的最新目标价和观点总结