研報掘金|中金:維持港交所“跑贏行業”評級 港股流動性改革持續推進
中金髮表報告,指港交所上週五(21日)宣佈優化股份交收費結構。該行料費率結構變化於港交所收入影響較小,關注市場流動性改善情況。市場成交額方面,根據該行測算,若每筆交易成交額小於4.76萬港元、則在最新費率制度下的股份交收費用將低於原成本(據港交所披露,市場77%的交易將可節省交收成本),小額交易成本降低或將有助於市場流動性進一步改善。此外,中金稱,股市場高度活躍疊加持續資本市場改革政策出臺,建議持續關注港交所配置價值。展望未來,若以科技爲代表的主題交易情緒延續、及潛在資本市場流動性優化政策持續出臺,港股市場活躍度中樞有望進一步擡升、進而爲港交所盈利預期提升及股價提振提供催化。中金維持予港交所“跑贏行業”評級,目標價400港元。
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