估值水平滞涨于成交量,P0回暖利好中长期ADT抬升2025年以来港股市场活跃度持续提升,2月现货ADT达到历史峰值2973亿港元,年初以来P0融资规模同比+258%,香港交易所收入的50%以上来自与市场成交量直接挂钩的交易结算业务,港股市场活跃度改善直接带动公司业绩改善,PO回暖对上市费收入影响不大,但新经济企业上市有利于改善港股资本市场结构,中长期利好ADT中枢上行,香港交易所估值有望受益PO...
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