香港交易所(0388.HK)：北向交易創歷史新高，港交所前三季度業績平穩增長，維持"買入"評級，目標價 290.34 港元
機構：興業證券
評級：買入
目標價：290.34 港元
投資要點
我們的觀點：在中國內地和中國香港兩地互聯互通機制不斷完善背景下， 港交所將持續發揮其"立足中國、連接全球"的金融橋頭堡作用。我們維持 公司"買入"評級，維持公司目標價 290.34 港元。2019-2021 年，公司目標 價對應 PE 水平分別為 37.9、34.9 和 32.3 倍，對應 PB 水平分別為 7.5、7.3 和 7.1 倍。公司目標價較現價有約 15.6%的升幅,建議投資者關注。
前三季度業績保持平穩增長：公司 2019 年前三季度實現營業收入 125.7 億港元，同比增長 2.2%；税前溢利為 86.6 億港元，同比略有下降 0.4%； 歸屬股東淨利潤 74.1 億港元，同比下降 0.7%。公司營收增長主要來自投 資收益淨額增長以及來自滬深港通的收入及其它收益創新高。
IPO 保持領先：2019 年前三季度，港交所新上市公司 108 家，首發共募 集資金額達 1339 億港元，同比增長 86.5%，其中百威亞太是 2019 年前三 季度全亞洲最大、全球第二大新股。前三季度聯交所上市費用收入 7.1 億 港元，較去年同期增加 2700 萬港元，同比增長 4.0%。
北向交易日均交易額創新高： 2019 前三季度，北向交易合計平均每日成 交 420 億元人民幣，創前三季度新高，同比增幅高達 114.3%；滬深港通 的收入及其他收益為 7.6 億港元，創前三季度新高，同比增加 45.5%，其 中 5.3 億港元來自交易及結算活動，同比增加 65.8%。自 2019 年 10 月 28 日起，同股不同權公司納入港股通交易範圍，有望提振南向交易。
風險提示：滬港股通交易增長不及預期；市場交易量萎縮；社會事件對市場情 緒造成負面影響
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