Core Viewpoint - HSBC has appointed Ida Liu as the new CEO of HSBC Private Bank, effective January 5, 2026, aiming to enhance its leadership in serving ultra-high net worth clients and accelerate global growth in the Private Bank sector [1][2]. Group 1: Leadership and Strategy - Liu will focus on strengthening cross-border connectivity and deepening HSBC's leadership with ultra-high net worth clients [2]. - She will report to Barry O'Byrne, CEO of HSBC International Wealth and Premier Banking [2]. - Liu replaces Gabriel Castello, who will transition to the role of vice chair of HSBC Private Bank [3]. Group 2: Experience and Expertise - Liu brings 25 years of global experience, having previously served as the global head of Citi Private Bank, where she advised ultra-high net worth clients on investment and legacy needs [4][6]. - Her background includes roles as a mergers and acquisitions investment banker at BT Wolfensohn and Merrill Lynch, as well as experience in the luxury fashion sector with Vivienne Tam [5][6]. - O'Byrne emphasized Liu's expertise in strategic wealth advisory, operational transformation, and business growth, highlighting her consistent track record of delivering results [4]. Group 3: Market Context - Liu noted that the current wealth landscape presents a defining moment, with clients becoming increasingly global, entrepreneurial, and multi-generational [6]. - HSBC's previous press release indicated that 59% of entrepreneurs are diversifying their wealth internationally, and 49% plan to expand their businesses into new markets, showcasing the growing demand for private banking services [6].

Core Viewpoint - HSBC has appointed Ida Liu as the chief executive officer of its private bank, effective January 5 [1] Company Summary - The appointment of Ida Liu marks a significant leadership change within HSBC's private banking division [1]

| 参與銀行 | 擬參與客戶所屬行業 | | --- | --- | | · 中國銀行〔香港)有限公司 | . 生物科技 | | . 香港上海滙豐銀行有限公司 | ● 雷子 | | · 渣打銀行〔香港)有限公司 | ● 科技 | 责任编辑：王馨茹 | 参與銀行 | 擬參與客戶所屬行業 | | --- | --- | | · 中國銀行〔香港)有限公司 | 生物科技 | | · 香港上海滙豐銀行有限公司 | ● 留子 | | · 渣打銀行〔香港)有限公司 | . 科技 | 责任编辑：王馨茹 12月22日金融一线消息，香港金融管理局联同商务及经济发展局及知识产权署推出知识产权融资沙盒。 沙盒提供一个协作和风险可控的环境，让银行、知识产权估值机构、法律执业者及其他相关专业界别共 同测试以知识产权资产（例如专利、商标及版权）为基础的整个融资安排。香港三家主要银行已经加入 沙盒成为首批参与者，并确认有来自生物科技、电子及科技行业的客户对透过沙盒测试知识产权融资交 易感兴趣。 12月22日金融一线消息，香港金融管理局联同商务及经济发展局及知识产权署推出知识产权融资沙盒。 沙盒提供一个协作和风险可控的环境，让银行、知识产权估 ...

智通财经APP获悉，12月22日，香港金融管理局(金管局)联同商务及经济发展局(商经局)及知识产权署 推出知识产权融资沙盒。香港三家主要银行已经加入沙盒成为首批参与者，并确认有来自生物科技、电 子及科技行业的客户对透过沙盒测试知识产权融资交易感兴趣。 《行政长官2025年施政报告》提及，知识产权融资沙盒旨在协助试点行业利用知识产权资产进行融资。 沙盒提供一个协作和风险可控的环境，让银行、知识产权估值机构、法律执业者及其他相关专业界别共 同测试以知识产权资产(例如专利、商标及版权)为基础的整个融资安排。 | 參與銀行 | 擬參與客戶所屬行業 | | --- | --- | | · 中國銀行(香港)有限公司 | . 生物科技 | | . 香港上海滙豐銀行有限公司 | ● 電子 | | · 渣打銀行(香港)有限公司 | ● 科技 | 银行可以透过沙盒，获得跨领域专业人士的支持，以及金管局、商经局和知识产权署的指导，制定并完 善其知识产权融资的安排。措施亦能为银行日后提供知识产权融资累积实务经验，以更好满足创新企业 的需要，尤其是拥有丰富知识产权但欠缺有形资产作银行融资抵押品的中小企。 ...

Core Viewpoint - Emerging market bonds and stocks recorded double-digit percentage increases in 2025, with a general positive outlook for 2026 among investors [3][4]. Group 1: Performance of Emerging Markets - Emerging market local currency bonds rose by 18% and stocks increased by 26% in 2025, marking the first time since 2017 that emerging market stocks outperformed U.S. stocks [5]. - The yield spread between emerging market bonds and U.S. Treasury yields narrowed to its lowest level in 11 years [5]. - The Bloomberg Emerging Market Carry Index achieved a return of 16.71% in 2025, the best since 2009 [5]. Group 2: Investor Sentiment - A recent survey by Bank of America involving 300 investors showed a lack of pessimism towards emerging markets, with a significant shift in sentiment [6]. - HSBC's December survey indicated that bearish views on emerging market prospects have completely disappeared, reaching a historical high in net bullish sentiment [6]. - U.S. ETFs focused on emerging market stocks attracted nearly $31 billion in 2025, while emerging market bond funds absorbed over $60 billion [6]. Group 3: Future Outlook for 2026 - Analysts maintain a positive outlook for emerging market assets in 2026, with expectations for high yields and diversification benefits from emerging market bonds [8]. - Focus areas for investment include Central and Eastern Europe, parts of Latin America (like Colombia and Brazil), and Asia (including India, the Philippines, and South Korea) [8]. - The Chinese stock market is expected to see investments in technology sectors and industries with clear advantages, such as the electric vehicle supply chain and renewable energy [8]. Group 4: Economic Context - The global economic growth for developed markets is projected to be around 1% to 1.5%, while emerging markets are expected to show relatively strong growth [10]. - The dollar is anticipated to remain under pressure due to policy divergence and trade tensions, although a short-term rebound is possible [10]. - The investment focus is expected to shift towards global diversification, with emerging markets showing improved fundamentals [10]. Group 5: Currency and Arbitrage Strategies - The trajectory of the U.S. economy is crucial for the sustained strong performance of emerging market currencies [11]. - Investors are advised to consider the potential for continued low volatility in emerging market currencies, which could impact overall returns [13]. - Major financial institutions like JPMorgan and Morgan Stanley predict significant inflows into emerging market bonds due to a weak dollar and the AI investment boom [11].

石油石化股方面，中国石油化工股份跌0.44%，收报4.51港元；中国石油股份跌0.12%，收报8.08港 元；中国海洋石油涨2.06%，收报20.8港元。 【纠错】 【责任编辑:吴京泽】 蓝筹股方面，腾讯控股涨0.08%，收报614.5港元；香港交易所无升跌，收报407港元；中国移动跌 0.24%，收报83.7港元；汇丰控股涨1.68%，收报121.3港元。 香港本地股方面，长实集团跌0.3%，收报40.02港元；新鸿基地产涨0.05%，收报95.55港元；恒基 地产跌0.2%，收报29.22港元。 中资金融股方面，中国银行跌0.45%，收报4.4港元；建设银行涨0.67%，收报7.54港元；工商银行 涨0.16%，收报6.13港元；中国平安跌0.31%，收报65.25港元；中国人寿跌1.11%，收报28.48港元。 新华社香港12月22日电 香港恒生指数22日涨111.24点，涨幅0.43%，收报25801.77点。全日主板成 交1697.77亿港元。 国企指数涨38.45点，收报8939.68点，涨幅0.43%。恒生科技指数涨47.79点，收报5526.83点，涨幅 0.87%。 ...

面对可能不及预期的美国降息步伐与人工智能（AI）产业链的短期瓶颈，2026年的全球市场将如何演绎？汇丰私人银行及财富管理中国首席投 资总监匡正的最新观点是：构建韧性，聚焦亚洲，并在AI生态内外寻找机会。 近日，汇丰私人银行及财富管理中国首席投资总监匡正带着最新的2026年第一季度全球投资展望，接受了券商中国记者采访。 展望A股市场，"十五五"规划建议将政策重点置于科技自立自强、创新以及高质量发展。面对海外市场的不明朗因素，汇丰预计，中国将继续 推出经济刺激政策，涵盖提振消费、改善民生和稳定房地产市场等举措。其中，"反内卷"政策有望提升企业利润率，而更多政策将着眼于实现 科技自立自强战略。 据匡正介绍，汇丰对于A股市场整体采取的是"杠铃策略"：一是维持高科技成长板块的布局，二是布局高息优质股，即价值板块。"两者兼顾既 能够契合政策方向，捕捉由人工智能（AI）驱动带来的利好，同时也可以用价值板块来应对潜在的来自海外市场的不确定性。" 当谈及港股市场时，匡正指出两个重要的利多因素：一是强劲的资金流入，二是活跃的上市活动。"同时政策上对人工智能的支持也有助于吸 引企业投资。所以，在这些因素的驱动下，我们也看到中国香港 ...

面对可能不及预期的美国降息步伐与人工智能（AI）产业链的短期瓶颈，2026年的全球市场将如何演绎？ 汇丰私人银行及财富管理中国首席投资总监匡正的最新观点是：构建韧性，聚焦亚洲，并在AI生态内外寻 找机会。 近日，汇丰私人银行及财富管理中国首席投资总监匡正带着最新的2026年第一季度全球投资展望，接受了券商 中国记者采访。 匡正提到，基于对未来各类资产走势的判断、当前市场状况及投资者普遍持仓结构，汇丰将明年一季度的投资 主题定位为"以韧性应对环球新变局"。据其透露，过去一个多月，汇丰的资产配置模型已经适度降低了美国市 场的超配比例，更加强调地域的多元化策略。 汇丰私人银行及财富管理中国首席投资总监 匡正 亚洲和新兴市场令人期待 "亚洲市场非常重要，是全球主要增长的引擎之一。"匡正首先解读对中国明年一季度的市场展望。他认为，政 策的利多因素依旧会在2026年得以延续，对股市将有正向的提振作用。 展望A股市场，"十五五"规划建议将政策重点置于科技自立自强、创新以及高质量发展。面对海外市场的不明 朗因素，汇丰预计，中国将继续推出经济刺激政策，涵盖提振消费、改善民生和稳定房地产市场等举措。其 中，"反内卷"政策有望提升 ...

Core Insights - HSBC's 2026 Q1 Global Investment Outlook indicates that the Asian market will be a major growth engine, with China being the focal point for global investors [1] Group 1: Market Outlook - HSBC Global Private Banking and Wealth Management's Chief Investment Officer for China, Kuang Zheng, states that global markets present attractive investment opportunities, with a positive outlook on the stock markets of mainland China, Hong Kong, Singapore, and South Korea [1] - The "14th Five-Year Plan" in China emphasizes self-reliance in technology, innovation, and high-quality development, suggesting that China will continue to implement economic stimulus policies to boost consumption, improve livelihoods, and stabilize the real estate market [1] Group 2: Investment Trends - The "anti-involution" policy is expected to enhance corporate profit margins, with more policies focusing on achieving the self-reliance strategy in technology [1] - There is a trend of overseas investors increasing their allocation to Chinese assets, driven by the attractiveness of China's technology sector and its independent AI ecosystem, which offers vast applications and a significant market [1] - Since April of this year, the trend of global investors allocating assets outside the U.S. is likely to continue into next year, providing strong support for Chinese assets amid increasing external uncertainties [1]

Key Points - As of December 19, 38 stocks reached their 52-week highs, with Li Gao Health Life (02370), Ginkgo Education (01851), and Kangqiao Yuelife (02205) leading the high rate at 36.36%, 18.72%, and 8.70% respectively [1] - The top three stocks that achieved new highs are as follows: - Li Gao Health Life (02370) closed at 0.670, with a peak of 0.750, marking a 36.36% increase - Ginkgo Education (01851) closed at 2.430, with a peak of 2.600, marking an 18.72% increase - Kangqiao Yuelife (02205) closed at 1.200, with a peak of 1.250, marking an 8.70% increase [1] - Other notable stocks that reached new highs include Liangqing Holdings (1,000) at 7.14%, Jinxing International Holdings (02307) at 7.04%, and Wuxi Life (08148) at 6.21% [1] 52-Week Low Summary - The 52-week low rankings show that Haowen Holdings (08019) had the largest decline at -16.13%, closing at 0.130 [2] - Other significant declines include NIU Holdings (08619) at -11.86%, closing at 0.156, and Hashkey HLDGS (03887) at -9.59%, with a low of 5.090 [2] - Additional stocks with notable declines include Songdu Service (09608) at -9.09%, closing at 0.068, and Ruike Bio-B (02179) at -5.41%, closing at 5.070 [2]