<p>** 摩根大通預計 2026 年歐洲和美國的私募市場經理、交易所和財富平台經濟前景將改善。</p>
<p>** 經紀公司表示，勢頭正在增強，多個旗艦基金將在 2026-27 年推出，公司也在迴歸出售更多資產，向私募財富渠道的轉變可能有助於抵消機構增長放緩。</p>
<p>** 該行業的交易價格大幅折扣，摩根大通補充説，隨着未來三年每股收益增長達到兩位數，存在顯著的上行空間。</p>
<p>** 經紀公司對 2026 年的交易所持樂觀態度，預計在人工智能戰略方面將有更大的透明度和強勁的財務執行力。</p>
<p>** 它將倫敦證券交易所列入 2025 財年業績的積極催化劑觀察名單，稱其為 “人工智能贏家”，目前的交易價格處於折扣狀態。</p>
<p>關鍵選擇和評級變更：</p>
<table>
<thead>
<tr>
<th>公司</th>
<th>新評級</th>
<th>舊評級</th>
<th>新目標價</th>
<th>舊目標價</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>倫敦證券交易所</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>摩根大通對金融行業持樂觀態度，預計 2026 年經濟前景改善，特別是針對歐洲和美國的私募市場管理者、交易所和財富平台。該行業預計將實現雙位數的每股收益增長，LSEG、德意志交易所和 Fineco Bank 等關鍵公司獲得了增持評級。該券商強調人工智能策略和財務執行作為積極的催化劑</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>** 摩根大通預計 2026 年歐洲和美國的私募市場經理、交易所和財富平台經濟前景將改善。</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>** 經紀公司表示，勢頭正在增強，多個旗艦基金將在 2026-27 年推出，公司也在迴歸出售更多資產，向私募財富渠道的轉變可能有助於抵消機構增長放緩。</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>** 該行業的交易價格大幅折扣，摩根大通補充説，隨着未來三年每股收益增長達到兩位數，存在顯著的上行空間。</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>** 經紀公司對 2026 年的交易所持樂觀態度，預計在人工智能戰略方面將有更大的透明度和強勁的財務執行力。</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>** 它將倫敦證券交易所列入 2025 財年業績的積極催化劑觀察名單，稱其為 “人工智能贏家”，目前的交易價格處於折扣狀態。</p>
</div><p>Key picks and rating changes:</p>
<div class="lb-trans"><p>關鍵選擇和評級變更：</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>新評級</th>
<th>舊評級</th>
<th>新目標價</th>
<th>舊目標價</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>倫敦證券交易所</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，由於經濟前景改善，金融領域有理由感到樂觀