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高盛:予港交所(0388.HK)“買入”評級 料衍生產品市場更活躍
格隆匯 09-29 14:38

高盛發表研究報吿指,隨着港交所(0388.HK)推出MSCI中國A50互聯互通指數期貨合約,預期此舉將有助港交所分散其盈利來源,擺脱對現貨股票市場交易量的嚴重依賴,認為其業務將繼續以股票為中心,而更活躍的衍生產品市場或降低其整體盈利的波動,予目標價598港元及“買入”評級。

該行表示,鑑於港交所對北向通的壟斷地位,港交所的A50期貨在中期內將成為最大的離岸交易A股股票期貨產品,而由於北向通資金量高並正在增加,預測2022及2025年的日均成交量為約100億美元及440億美元。該行續指,估計港交所的現貨股票收入將佔2021年收入的48%,與2007-11年的平均水平相同,預期到2025年,衍生產品(不包含LME)的交易量複合年增長率為16%,較現貨股票的12%為高,而相比之下,過去5年現貨股票交易量超過股票衍生品增長2倍。

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