The analyst rating from CICC is maintained as "Outperform" for HKEX due to the company's strong financial performance, which exceeded expectations. Specifically, HKEX's total revenue and profits showed significant year-over-year growth, with a 30% increase in revenue and a 36% increase in profits projected for 2025. Additionally, the improved sentiment in the Hong Kong stock market contributed to the decision, prompting CICC to raise its profit forecasts for the company for 2026 and 2027. The target price set by CICC is HKD500.