Core Viewpoint - European stock markets are expected to overcome challenges posed by the US-EU trade war and geopolitical tensions, provided that the economic outlook supports strong performance and increased US capital flows into European equities [1][2]. Group 1: Market Predictions - Wall Street strategists predict that the Stoxx Europe 600 Index will rise approximately 4% by the end of 2026, reaching around 626 points from its recent closing level [1]. - HSBC has raised its target for the Stoxx 600 Index from 640 to 670 points, indicating a potential upside of about 11% for the remainder of the year [2]. - UBS anticipates that the Stoxx 600 Index could reach 650 points, driven by profit growth and strong economic performance in Europe [6]. Group 2: Economic and Policy Factors - The bullish outlook from Goldman Sachs and HSBC is based on European economic resilience, profit growth, loose monetary policy, and accelerated fiscal spending [2]. - Significant fiscal support is expected, including over €2 trillion (approximately $2.3 trillion) for AI and clean energy investments, along with a €500 billion infrastructure fund from the German government [9]. - The European stock market is currently trading at a forward P/E ratio of around 15, suggesting double-digit earnings growth for the year [10]. Group 3: Sector Performance and Investor Sentiment - The Stoxx 600 Index has risen nearly 3% this year, following a 17% increase in 2025, with semiconductor, defense, and mining stocks leading the gains [9]. - A survey indicates that 95% of European fund managers expect the stock market to rise in the next 12 months, marking a record high [14]. - Investors are increasingly interested in diversifying their portfolios away from the US market, particularly favoring European value stocks [15].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購滙豐控股、滙豐亞太或恒生銀行證券的邀請 或要約或該等邀請或要約的一部分，亦不在任何司法管轄區構成任何投票或批准的招攬， 亦不構成於任何司法管轄區內任何收購、購買或認購滙豐控股、滙豐亞太或恒生銀行證券 的邀請、要約或招攬要約，亦不得在任何司法管轄區內違反適用法律進行銷售、發行或轉 讓滙豐控股、滙豐亞太或恒生銀行證券。若構成違反任何司法管轄區的適用法律或法規， 則本公告所載全部或部分資料不得於、向或從該司法管轄區發佈、刊發或分發。 滙豐控股有限公司 （香港股份代號：5） 恒生銀行有限公司 （股份代號：11（港幣櫃台）及 80011（人民幣櫃台）） 香港上海滙豐銀行有限公司 聯合公告 (1) 香港上海滙豐銀行有限公司根據《公司條例》第673條 以協議安排方式將恒生銀行有限公司私有化之建議 (2) 高等法院認許計劃 (3) 預期計劃生效日期 及 (4) 預期撤銷恒生銀行股 ...

Group 1 - The meeting hosted by the Vice Minister of Commerce, Ling Ji, emphasized the steady progress of the Chinese economy, which provides a broad development platform for foreign enterprises [3] - During the 14th Five-Year Plan period, China will focus on expanding the service sector, welcoming British enterprises to seize opportunities in areas such as consumption, green transformation, and technological innovation [3] - The meeting highlighted the importance of deepening trade and investment cooperation between China and the UK, leveraging economic and trade relations as a stabilizing force and a driving engine for bilateral ties [3] Group 2 - The UK Trade Envoy, Nigel Adams, noted that the economic and trade relationship is crucial for UK-China relations, aligning the UK's modern industrial strategy with China's 14th Five-Year Plan [3] - Attendees from British enterprises expressed confidence in the Chinese market's potential and the improving business environment, indicating that the 14th Five-Year Plan enhances long-term investment confidence in China [3]

Market Overview - The Hang Seng Index (HSI) closed at 26,739.45, up by 109.49 points or 0.41% as of January 22, 16:00 Eastern Time [1] - The index reached a high of 26,865.49 and a low of 26,707.64 during the trading session, with a trading volume of 74.379 million shares [1] Stock Performance - HSBC Holdings closed at HKD 130.600, an increase of 0.69% compared to the previous close [2] - Tencent Holdings closed at HKD 594.990, a decrease of 0.42% compared to the previous close [2] - Alibaba Group (ADR) saw a price increase of 4.78%, closing at HKD 164.800, while its ADR price was USD 172.684 [3] - Other notable stock movements include: - China Ping An: down 2.34% to HKD 66.900 [3] - Baidu Group: up 4.10% to HKD 160.000 [3] - BYD Company: up 0.71% to HKD 99.750 [3] - New World Development: up 3.63% to HKD 114.200 [3]

Core Insights - The AI Fund West China Gain Hong Kong Stock Connect New Opportunities Mixed A (008861) reported a profit of 762,100 yuan for Q4 2025, with a weighted average profit per fund share of 0.0342 yuan [3] - The fund's net asset value growth rate for the reporting period was 4.58%, and the fund size reached 15.5946 million yuan by the end of Q4 [3] - The fund manager highlighted that the Hong Kong stock market experienced adjustments in Q4 due to fluctuating expectations of interest rate cuts and tariffs, with notable performance in the Hang Seng materials, finance, and energy sectors [3] Fund Performance - As of January 21, the fund's three-month cumulative net asset value growth rate was 9.77%, ranking 542 out of 1,286 comparable funds [4] - The fund's six-month cumulative net asset value growth rate was 22.31%, ranking 624 out of 1,286 comparable funds [4] - The fund's one-year cumulative net asset value growth rate was 58.35%, ranking 213 out of 1,286 comparable funds [4] - The fund's three-year cumulative net asset value growth rate was -5.88%, ranking 1,088 out of 1,286 comparable funds [4] Risk Metrics - The fund's three-year Sharpe ratio was 0.2164, ranking 1,022 out of 1,275 comparable funds [9] - The maximum drawdown over the past three years was 50.65%, ranking 1,201 out of 1,264 comparable funds [12] - The largest single-quarter drawdown occurred in Q1 2022, at 28.84% [12] Investment Strategy - The fund maintained an average stock position of 81.95% over the past three years, compared to a peer average of 72.57% [15] - The fund reached its highest stock position of 90.04% by the end of Q3 2025, with a lowest position of 72.27% in the first half of 2023 [15] - The fund's top ten holdings include major companies such as Ping An Insurance, China Life, Alibaba, and Tencent [19]

中新社上海1月21日电 (记者 姜煜)汇丰银行(中国)有限公司(以下简称"汇丰中国")21日宣布已落地其在中 国境内市场的首单公募基金托管业务，成为又一家成功拓展中国公募基金托管业务的外资银行。 汇丰中国此次作为本地托管行，为易方达基金管理有限公司港股通消费混合型证券投资基金提供了包括 资金清算、资产估值、合规监督等在内的托管服务。该基金也是易方达基金首只由外资银行托管的境内 公募基金产品。此外，汇丰中国还是该基金首次公开募集的代销银行之一。 汇丰中国副行长兼资本市场及证券服务部联席总监张劲秋表示："中国已跻身全球第二大资产和财富管 理市场，大资管行业发展机遇广阔。汇丰加入公募基金托管这一黄金赛道，将发挥外资托管行'本地+全 球'的服务能力，积极支持中国本地基金的全球资产配置和海外业务布局，同时推动全球资管机构深耕 中国市场，以跨境服务资源支持中国资本市场高质量发展。" 据悉，汇丰在全球近百个市场为各类机构客户提供托管服务，截至2025年9月，托管业务规模总计超过 11.98万亿美元。 中国证券投资基金业协会的统计数据显示，截至2025年11月底，中国公募基金管理机构共165家，公募 基金资产净值合计37.0 ...

Core Viewpoint - HSBC Holdings is facing a critical technical test as it approaches resistance levels, with mixed signals indicating potential short-term downward pressure [1][2]. Technical Analysis - On January 21, HSBC closed at HKD 128.2, a slight decline of 0.16%, with a trading volume of HKD 9.17 billion, showing no abnormal spikes in volume [1]. - The RSI indicator recorded at 69, nearing the overbought zone, suggests that previous upward momentum is waning, increasing short-term correction pressure [1]. - Moving averages (MA10, MA30, MA60) are at HKD 126.69, HKD 121.88, and HKD 115.50 respectively, indicating a bullish arrangement; however, the overall technical summary signals a "sell" rating with a strength of 10, alongside multiple oscillators maintaining a "neutral" stance [1]. - The banking sector showed weak performance on the same day, with Standard Chartered down 1.09% and Bank of China (Hong Kong) up 0.97%, but with conflicting technical signals [1]. Market Sentiment - As of January 22, HSBC's latest price is HKD 128.6, reflecting a 0.31% increase, with resistance levels at HKD 132.2 and HKD 136.3, indicating a challenging short-term breakthrough [2]. - The first support level is at HKD 124.3 and the second at HKD 120.1; a drop below the first support could lead to testing the stronger support below [2]. Product Review - A review of HSBC-related derivatives from January 16 shows notable performance, with a 5% increase in a bearish product and an 8% increase in a put option, highlighting the effectiveness of bearish products during stock fluctuations [4]. - Two differentiated products are recommended: 1. Bank of China call option (22630) with an actual leverage of 8.3 times, suitable for investors expecting long-term growth [6]. 2. UBS bear certificate (68187) with a leverage of 9.4 times, aligning with current bearish technical signals, suitable for short-term bearish investors [6].

Market Overview - The Hang Seng Index (HSI) closed at 26,547.45, down by 37.61 points or 0.14% [1] - The index reached a high of 26,639.66 and a low of 26,442.66 during the trading session [1] - The average price for the day was 26,541.16, with a trading volume of 49.443 million shares [1] Blue-Chip Stocks Performance - HSBC Holdings closed at 129.700 HKD, up by 1.17% compared to the previous close [2] - Tencent Holdings closed at 599.924 HKD, down by 0.43% compared to the previous close [2] - Alibaba Group (ADR) saw an increase of 2.19%, closing at 163.200 HKD [3] - Notable declines included NetEase, which fell by 3.70% to 208.000 HKD [3] Individual Stock Movements - Tencent Holdings (ADR) was priced at 599.924, reflecting a decrease of 0.43% compared to its Hong Kong price [3] - Alibaba's ADR was at 164.396, showing an increase of 0.73% compared to its Hong Kong price [3] - HSBC's ADR was at 129.700, indicating an increase of 1.17% compared to its Hong Kong price [3] - Other notable movements included Baidu Group, which increased by 3.29% to 153.700 HKD [3]

Financial Performance - The fund achieved a realized income of approximately 4.19 million yuan but reported a loss of about 0.39 million yuan due to fair value changes impacting overall profit negatively [1] - The net asset value at the end of the reporting period was approximately 80.74 million yuan, with a net asset value per share of 1.3810 yuan [1] Fund Net Value Performance - The fund's net value decreased by 4.27% in Q4, outperforming the benchmark by 0.16 percentage points [2] - Over the past three years, the fund's cumulative net value growth rate was 44.38%, significantly exceeding the benchmark by 8.87 percentage points [2] Investment Strategy and Operations - The fund follows a complete replication strategy tracking the CSI Hong Kong Stock Connect 50 Index, adapting to market fluctuations and investor redemptions [3] - The market environment in Q4 2025 was complex, influenced by international negotiations and domestic economic pressures, with the fund focusing on effective index tracking [3] Performance Metrics - The tracking deviation was +0.16%, primarily due to operational costs and adjustments in index constituents [4] - The fund maintained a tracking deviation within the contractually agreed limit of 0.2% [4] Macroeconomic and Market Outlook - The domestic economic transition highlights new productive forces as structural strengths, with a focus on maintaining a strong domestic market [5] - The Hong Kong market is influenced by both domestic economic fundamentals and international monetary policies, necessitating attention to demand recovery and geopolitical changes [5] Fund Asset Composition - Equity investments accounted for 94.82% of the fund's total assets, with cash and equivalents making up 4.92% [6][7] - The fund's asset allocation is highly concentrated in equities, aligning with the index tracking requirements [7] Industry Allocation - The financial sector represented 43.48% of the fund's investments, followed by non-essential consumer goods at 19.77%, indicating a high concentration in these sectors [8] Top Holdings - The top ten holdings accounted for 53.97% of the fund's net asset value, with HSBC Holdings and Tencent Holdings being the largest positions [9] - The concentration in top holdings suggests significant influence on the fund's net value fluctuations [9] Fund Share Changes - The fund experienced a net subscription of 2 million shares during the reporting period, reflecting increased market interest in the Hong Kong Stock Connect 50 Index [10]

Group 1 - The Shanghai Free Trade Account (FT Account) has seen significant developments recently, with the approval of new financial institutions and upgrades to existing accounts, indicating a potential increase in foreign participation in China's cross-border financial activities [1][2] - Morgan Stanley Bank (China) Limited's Shanghai branch has been approved as the first new FT account financial institution in over five years, marking a notable opportunity for foreign banks in the region [1] - As of the latest update, there are 62 financial institutions with FT account qualifications in Shanghai, with 49 being banks, reflecting a growing trend in the FT system [1] Group 2 - The implementation of the "Implementation Measures for the Function Upgrade of Free Trade Accounts" by the People's Bank of China on December 5 has introduced significant policy upgrades, allowing for more flexible cross-border fund transfers [2][4] - The new regulations enable trial enterprises to conduct capital account business without the constraints of external debt quotas or prior registration with foreign exchange authorities, enhancing operational efficiency [2][4] - Major banks, including state-owned and foreign banks, have quickly responded to the new policy by facilitating the opening of upgraded FT accounts for clients, indicating strong market interest and potential for increased cross-border trade [3][4] Group 3 - The recent policy changes are expected to create a multiplier effect for cross-border trade and investment, improving the efficiency of capital allocation for enterprises [4] - The expansion of the FT account system is anticipated to continue, with more financial institutions likely to be added to the list of qualified entities in the future [5]