报告还指出，来自中国的新移民及游客增加，支持对高收益银行保险产品的兴趣，而香港IPO势头强劲 亦为财富管理业务创造理想环境，预计银行业手续费增长可能超过先前市场普遍预期的低十位数增幅， 而保险费及服务收入至少会有十位数的增长。 2月3日，香港本地银行股集体拉升上涨，其中，渣打集团、汇丰控股齐创新高，分别上涨3.5%及 2.2%，中银香港涨约2%，大新银行集团涨超1%。 消息上，根据彭博产业研究，以汇控及中银香港为首的香港银行业，今年财富管理费用收入可能增长超 过20%，主要受基金销售、经纪收入及银行保险业务所推动。 责任编辑：栎树 | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 02888 | 潜打集团 | 202.400 3.53% | | 00005 | 汇丰控股 | 137.600 2.15% | | 02388 | 中银香港 | 41.120 1.78% | | 02356 | 大新银行集团 | 11.010 1.19% | 港股频道更多独家策划、专家专栏，免费查阅>> ...

香港本地银行股集体拉升上涨，其中，渣打集团、汇丰控股齐创新高，分别上涨3.5%及2.2%，中银香 港涨约2%，大新银行集团涨超1%。 本文源自：金融界AI电报 ...

香港本地银行股集体拉升上涨，其中，渣打集团、汇丰控股齐创新高，分别上涨3.5%及2.2%，中银香 港涨约2%，大新银行集团涨超1%。 报告还指出，来自中国的新移民及游客增加，支持对高收益银行保险产品的兴趣，而香港IPO势头强劲 亦为财富管理业务创造理想环境，预计银行业手续费增长可能超过先前市场普遍预期的低十位数增幅， 而保险费及服务收入至少会有十位数的增长。 | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 02888 | 渣打集团 | 202.400 3.53% | | 00005 | 汇丰控股 | 137.600 2.15% | | 02388 | 中银香港 | 41.120 1.78% | | 02356 | 大新银行集团 | 11.010 1.19% | 消息上，根据彭博产业研究，以汇控及中银香港为首的香港银行业，今年财富管理费用收入可能增长超 过20%，主要受基金销售、经纪收入及银行保险业务所推动。 ...

Group 1 - HSBC Holdings (0005.HK) has been included in the "Top Ten Core Assets" list for 2026 by Gelonghui, leading to a stock price increase of 3.12% [1] - The stock price reached a historical high of 138.9000 HKD, contributing to a total market capitalization of 238.5641 billion HKD [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.97%, Green Power Environmental (01330) at 68.68%, and Haotian International Construction Investment (01341) at 66.96% [1] - Tencent Holdings (00700), Pop Mart (09992), and Yangtze Optical Fibre and Cable (06869) saw the largest increases in holding amounts over the last five trading days, with increases of +2.954 billion, +1.333 billion, and +1.183 billion respectively [1] - Conversely, China Mobile (00941), Zijin Mining (02899), and Alibaba-W (09988) experienced the largest decreases in holding amounts, with reductions of -2.026 billion, -1.856 billion, and -1.609 billion respectively [2] Group 1: Top Holding Ratios - China Telecom (00728) has a holding of 9.851 billion shares, representing 70.97% [1] - Green Power Environmental (01330) has a holding of 0.278 billion shares, representing 68.68% [1] - Haotian International Construction Investment (01341) has a holding of 7.430 billion shares, representing 66.96% [1] Group 2: Recent Increases in Holdings - Tencent Holdings (00700) increased by +2.954 billion, with a change of +4.9354 million shares [1] - Pop Mart (09992) increased by +1.333 billion, with a change of +5.8896 million shares [1] - Yangtze Optical Fibre and Cable (06869) increased by +1.183 billion, with a change of +13.9887 million shares [1] Group 3: Recent Decreases in Holdings - China Mobile (00941) decreased by -2.026 billion, with a change of -2.5982 million shares [2] - Zijin Mining (02899) decreased by -1.856 billion, with a change of -4.69103 million shares [2] - Alibaba-W (09988) decreased by -1.609 billion, with a change of -0.98507 million shares [2]

Market Overview - The Hang Seng Index (HSI) closed at 26,954.92, up by 179.35 points or 0.67% as of February 2, 16:00 Eastern Time [1] - The index reached a high of 27,021.10 and a low of 26,800.30 during the trading session, with a trading volume of 40.725 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.961, increasing by 3.91% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 595.694, down by 0.47% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings: Latest price HKD 598.500, down by HKD 7.500 or 1.24% [3] - Alibaba Group: Latest price HKD 163.300, down by HKD 5.900 or 3.49% [3] - HSBC Holdings: Latest price HKD 134.700, down by HKD 1.900 or 1.39% [3] - AIA Group: Latest price HKD 89.050, down by HKD 1.300 or 1.44% [3] - Meituan: Latest price HKD 94.850, down by HKD 2.350 or 2.42% [3] - BYD Company: Latest price HKD 91.000, down by HKD 6.750 or 6.91% [3] - Kuaishou Technology: Latest price HKD 77.000, down by HKD 3.150 or 3.93% [3]

Group 1: Federal Reserve and Kevin Walsh - Kevin Walsh has been confirmed as Trump's pick for Fed chair, known for his criticism of the central bank and calls for a reduction in its balance sheet [1] - Walsh is expected to be well-received by policymakers due to his previous experience as a Fed governor and his persuasive arguments [2] - The announcement of Walsh's appointment has been a catalyst for market reactions, with expectations of a stable Fed independence [9][10] Group 2: Market Reactions and Economic Indicators - Treasuries have remained steady despite volatility in other asset classes, with the 10-year yield at 4.218% [3] - The dollar experienced its largest rally since May, gaining approximately 210% over the past week, indicating challenges to US exceptionalism [4] - Bitcoin fell below $80,000 for the first time since April, reflecting a broader pullback from riskier assets amid a global sell-off [5] Group 3: Earnings Season and Market Expectations - Over 100 S&P 500 companies, including major firms like Amazon and Alphabet, are set to report earnings this week, with expectations of better-than-expected results [14][15] - In the US, earnings revisions are outpacing those in Europe, with consensus expectations for seven of the eleven S&P sectors to show sequential declines despite strong overall performance [17] - The stronger euro is impacting European multinationals, but expectations have already been adjusted, suggesting limited downside surprises [19] Group 4: Emerging Markets and Asia - Emerging market equities and rates are viewed positively, with expectations of reduced volatility benefiting high beta assets [22] - Asian markets, particularly Korea, have seen significant gains despite recent pullbacks, indicating a normalization after a period of frenzy [23] - The weaker dollar is expected to support a favorable earning setup for Asian equities and emerging markets overall [24]

余伟文指，采用数字金融或金融科技是大趋势，要拥抱这个趋势，同时亦要求银行在相关风险管理及营 运韧性进行更多工作，令有关服务可保持稳定及稳健，强调这亦是香港金管局未来数年会加强的工作。 智通财经APP获悉，香港金管局副总裁阮国恒表示，"智安存"去年12月全面推出，今年会与非牟利机构 合作向长者推广。他指出"智安存"不是只给长者，而是给所有市民。 对于汇丰银行上周五手机应用程式HSBC HK短暂未能提供服务，香港金管局总裁余伟文表示，汇丰有 向香港金管局作出报告，服务亦在数小时内恢复。余伟文说，香港金管局要求银行提供详细报告，找出 根本原因，而初步据银行理解是内部系统问题，与网络攻击等没有关系。期望汇丰尽快作出详细调查， 尽量确保系统保持稳健及减少再度发生事件机会。 ...

Investment Rating - The report maintains a positive outlook on the banking sector, indicating a potential for stabilization and improvement in operational pressures for banks in 2026 [2][5]. Core Insights - The banking sector has shown a "double opening red" phenomenon in both deposits and loans, with a structural difference in credit allocation. The signs of "deposit migration" are not significant, suggesting a stable deposit base [2][5]. - The total assets of the banking industry reached 471 trillion yuan by the end of 2025, reflecting an 8.0% year-on-year growth. Major banks, joint-stock banks, city commercial banks, and rural commercial banks reported asset growth rates of 11.0%, 4.7%, 9.7%, and 5.2%, respectively [3][14]. - The overall net interest margin is expected to decline further, but at a slower pace, indicating some relief in operational pressures. The banks have passed the phase of accelerated risk exposure and are nearing a "stock digestion period" [5][6]. Summary by Sections Regulatory Dynamics - The Financial Regulatory Bureau released data on the total assets and liabilities of the banking sector for 2025, showing a total asset growth of 8.0% year-on-year [3][14]. Industry Dynamics - Qingdao Bank and Xiamen Bank reported their 2025 performance, with Qingdao Bank achieving a net profit growth of 21.66% and an asset quality improvement, while Xiamen Bank also reported significant growth in total assets and loans [15][16]. Market Dynamics - The overall A-share market saw a decline of 1.59%, while the banking sector increased by 0.86%, indicating a defensive characteristic of the banking stocks [2][18]. Data Overview - The report highlights the central bank's net injection of 0.4 trillion yuan and the mixed movement of interest rates across different maturities, with short-term rates showing slight declines and long-term rates experiencing mixed trends [4][21][23].

机构：中信建投证券 研究员：马鲲鹏/李晨/王欣宇 核心观点 汇丰控股私有化恒生银行的核心战略目标在于投资香港、进一步提高香港地区财富管理等核心业务的竞 争力和盈利能力。私有化完成后，预计将在少数股东权益减少、成本收入比压降、财富管理业务量价双 升等三方面，显著提振汇丰控股ROTE 近2pct，即从当前16%左右向上突破至18%-19%，达到全球银行 业一流水平。当前市场对恒生私有化业绩提升效果的预期，无论是影响范围、还是提升幅度，均不充 分，上调汇丰控股目标价至180 港元（2.25 倍PTB），维持买入评级和银行板块首推。 摘要 3）最重要的是，私有化及业务深度融合后，恒生的财富管理业务有望实现"量高增+价提升"，进一步提 振汇丰ROTE 约1pct。 恒生财富管理业务的AUM 增速及单位AUM 收益率，较汇丰香港及汇丰集团均有明显差距。私有化 后，AUM 增速及单位AUM 收益率有望逐步向汇丰靠拢，若恒生AUM 增速看齐汇丰的20%-30%、单位 AUM 费率看齐汇丰的0.6%-0.7%，财富管理收入将提振汇丰集团口径ROTE 约1pct。当前市场对私有化 的营收贡献预期极不充分。 上调汇丰控股目标估值至 ...