印度资本市场的引擎；首次覆盖给予增持评级

NSE is a strong play on India's growing capital markets, combining exposure to the shift of household savings and asset allocation to equities with dominant liquidity, scalable technology and attractive economics. This should sustain premium valuations, we believe. Indian exchanges are an attractive industry – large but underpenetrated, and therefore growing. NSE generates an annual profit of over US$1bn. India ranks first among large exchanges globally by number of contracts traded in equity derivatives and third by number of cash trades. However, cash trading value and equity futures notional turnover, relative to GDP, are well below other countries. India's equity options premium turnover is just ~20% of the US, while only 3.2% of working age Indians trade on NSE's cash market and 0.7% trade equity derivatives. NSE's franchise rests on four key advantages: dominant liquidity with self-reinforcing network effects (>90% share in cash equities, ~100% in equity futures and stock options