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研報掘金|華泰證券:維持港交所“買入”評級及目標價356港元

華泰證券發表報吿指,中國證監會發布5項資本市場對港合作措施,認為措施將深化內地和香港的合作,港交所的長期競爭力有望提升;但同時考慮到當前ETF互聯互通和REITs市場的規模仍然較小,人民幣櫃枱成交額亦較低,結合首季按季提升的香港市場日均成交額,微調對港交所2024至2026年淨利潤預測分別至126/137/144億元,前值分別為125/136/143億元,維持目標價356港元。維持“買入”。

報吿指,互聯互通擴容是本次措施中最重要的內容。對ETF互聯互通降低規模要求和跟蹤標的指數中的股票權重佔比。ETF南北向成交額自成立以來快速增長,但目前在兩地市場佔比仍較低。此外,目前兩地REITs市場規模均較小,在內地/香港兩地日均成交額中的佔比分別為0.04和0.4%。互聯互通擴容加深兩地市場融合,但對香港市場日均成交額和港交所業績的影響短期可能有限。

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