香港交易所港交所6月份跟踪：互联互通步伐加快，市场交投高位延续

长江证券2025-07-17

事件描述6月，港股整体上涨，港交所上市证券交投活跃度维持高位，预计业绩有望延续增长。事件评论业务分部：1)现货市场，香港股市整体上涨，港股及互联互通ADT同环比均实现高增。6月，恒生指数、恒生科技较2024年末分别+20.0%、+18.7%；交所月度ADT为2302亿港元，环比、同比分别+9.4%、+106.9%；北向交易月度ADT为1629亿港元，环比、同比分别+7.5%、+25.0%；南向交易...

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group提供的美联储降息预期数据显示，2025年7月维持不降息的预期，2025年9月预计降息25bp，2025年全年预计降息50bp。6月，美国失业率为4.10%，环比-0.1pct，就业情况仍然向好；CPI同比增速为2.70%，较上月上升0.3pct。投资建议：截止6月底，公司PE为37.51x，处于2016年以来历史55%的分位，具备一定的配置性价比，预计伴随互联互通政策持续加码香港资本市场，港股市场流动性将持续抬升，市场整体活跃度及估值有望随之提升。预计公司2025-2027年实现收入及其他收益274/299/324亿港元，归母净利润为168/176/194亿港元，对应PE估值分别为32.2/30.8/27.9倍，给予买入评级。风险提示1、权益市场大幅回调；2、上市制度改革不及预期；3、互联互通进展缓慢；4、美联储政策不确定性。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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