Group 1 - The global economic landscape is rapidly evolving, making it crucial to understand China's macro trends and market opportunities, with international financial institutions focusing on the "14th Five-Year Plan" as a core analysis framework [1] - Predictions for China's economic growth in 2026 are set between 4.5% and 5%, with an actual growth forecast of 4.6%, emphasizing a shift towards domestic demand and innovation-driven growth [2] - The focus on expanding domestic demand aligns with the goal of significantly increasing the household consumption rate as outlined in the "14th Five-Year Plan" [2] Group 2 - Foreign institutions express a preference for Chinese assets, recommending an overweight position in Chinese stocks due to expected improvements in corporate governance and targeted policy support for technology and innovation [3][4] - HSBC adopts a "barbell strategy" in the A-share market, balancing high-tech growth sectors with high-yield quality stocks to align with policy directions and capture benefits from AI-driven growth [4] - The international status of the Renminbi is expected to rise, with efforts to enhance its credibility and position as a core currency in the international financial system, marking the establishment of a "strong Renminbi policy" [5] Group 3 - Current foreign investment in Chinese assets is still considered "underweight," but this trend is changing due to the long-term potential of China's technology sector and the diversification of global asset allocation [6] - Following the "9.24" market rally in 2024, many global asset management firms have increased their allocation to Chinese assets, indicating a growing recognition of their long-term value [6]

值得留意的是，据天眼查，目前有11家存续企业与深圳玲科使用相同注册地址。 廉署调查发现，在2024年3月至2025年1月期间，陈晋熙从张玲处收取贿款逾1.3万元，作为协助相关客户在汇丰银行开户的回报。 香港廉政公署近期再度披露银行体系内的受贿案件。 据廉署1月6日发布的新闻稿，该署早前起诉了一名前银行职员及一名中介公司负责人。 廉署指控二人串谋收受贿款逾人民币1.3万元(约1.5万港元)，以协助该中介公司客户在银行开户。 案件涉及香港上海汇丰银行有限公司(下称"汇丰银行")，以及深圳玲科企业咨询服务有限公司(下称"深圳玲科")。 涉案银行职员为陈晋熙，30岁，案发时任汇丰银行高级银行业务主任。 另一名被告为张玲，30岁，深圳玲科法定代表人、董事兼股东。 两人于1月6日在观塘裁判法院承认贪污罪名，分别被判监禁六个月。 根据廉署披露，陈晋熙与张玲承认一项串谋使代理人接受利益罪。 至于陈晋熙另被控的一项向代理人提供利益罪名，则由法庭存档处理。 此外，法庭亦颁令陈晋熙向汇丰银行归还逾1.3万元，金额与涉案贿款相同。 案情显示，陈晋熙案发时于汇丰银行九龙湾一家分行工作。 张玲则在内地经营深圳玲科，对外提供香港银行开户服 ...

Core Viewpoint - Major Wall Street banks have opted out of advising on the $1.4 billion IPO of India's SBI Funds Management due to low fees offered by shareholders [1][2]. Group 1: IPO Details - The IPO is expected to raise approximately $1.4 billion, valuing SBI Funds Management at around $14 billion [7]. - Shareholders, including the State Bank of India and France's Amundi SA, have offered fees of about 0.01% of the issue size, which is considered extremely low by bankers [3]. Group 2: Bank Participation - Citigroup withdrew from the advisory role due to fee concerns and was replaced by Jefferies Financial Group [2]. - JPMorgan Chase also decided not to pursue the transaction for similar reasons [2]. - Other banks selected for the IPO include Kotak Mahindra Capital, Axis Bank, SBI Capital Markets, and several others [4]. Group 3: Fee Trends and Market Context - The average fee for IPOs last year was 1.86% of the issue size, an increase from 1.67% in 2024, highlighting the low fee structure of this particular IPO [3]. - There is a trend of banks accepting symbolic fees in government-linked deals to gain prestige and long-term relationships, as seen in a previous share sale by State Bank [5]. - With over 200 private-sector firms expected to enter the IPO market this year, investment banks are becoming more selective in their engagements [5][6].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00005 | 說明 | 普通股(每股0.50美元) | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 17,175,239,862 | | 0 | | 17,175,239,862 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 17,175,239,862 | | 0 | | 17,175,239,862 | | 2. 股份分類 | 優先股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | - ...

Core Viewpoint - DBS has a positive outlook on HSBC Holdings, projecting a return on equity of approximately 16% for the fiscal years 2026-2027, despite a decline from the high base of fiscal year 2025 [1] Group 1: Earnings Forecast - DBS has raised its earnings forecasts for HSBC for fiscal years 2026 and 2027 by 2% and 7% respectively [2] - The net interest income forecast for HSBC from fiscal years 2025 to 2027 has been increased to over $43 billion [2] - The anticipated dividend yields for 2025 to 2027 are 5.2 cents, 5.6 cents, and 6.3 cents respectively [2] Group 2: Revenue and Growth Drivers - The downward risk to net interest income for fiscal year 2026 is expected to be smaller than last year due to a reduced rate of interest cuts in the US and a recovery in Hong Kong interbank offered rates since the historical low in Q2 2025 [2] - Non-interest income is expected to maintain strong growth momentum, with a robust capital market anticipated in fiscal year 2026 [1] - Credit costs are expected to remain manageable, as there are no significant signs of deterioration in credit risk for commercial real estate in Hong Kong [1] Group 3: Stock Performance and Recommendations - DBS expects HSBC to restart its share buyback program later this year, with a total stock return projected to exceed 6% for fiscal year 2026 [1] - The target price for HSBC has been raised from HKD 113.7 to HKD 139.2, reflecting a forecasted price-to-book ratio of 1.47 times for fiscal year 2026 [1]

Core Viewpoint - DBS has a positive outlook on HSBC Holdings, projecting a return on equity of approximately 16% for the fiscal years 2026-2027, despite a decline from the high base of fiscal year 2025 [1] Group 1: Earnings Forecast - DBS has raised its earnings forecasts for HSBC for fiscal years 2026 and 2027 by 2% and 7% respectively [2] - The net interest income forecast for HSBC from 2025 to 2027 has been increased to over $43 billion [2] - The headwinds facing net interest income in fiscal year 2026 are expected to be smaller than last year due to a reduced rate of interest cuts in the US and a recovery in Hong Kong interbank offered rates since the historical lows in Q2 2025 [2] Group 2: Dividend and Return Projections - Expected dividend yields for HSBC from 2025 to 2027 are projected at 5.2 cents, 5.6 cents, and 6.3 cents respectively [2] - Average return on equity for shareholders is anticipated to be 12.6%, 15.3%, and 16.1% for the years 2025 to 2027 [2] Group 3: Factors Supporting Growth - The decline in net interest income is expected to be offset by structural hedges and favorable factors such as reduced funding costs [1] - Non-interest income is anticipated to maintain strong growth momentum, with expectations of a robust Hong Kong capital market in fiscal year 2026 [1] - Credit costs are expected to remain manageable, as there are no significant signs of deterioration in credit risk within Hong Kong's commercial real estate sector [1]

Core Viewpoint - DBS maintains an optimistic outlook on HSBC Holdings' revenue and profit growth for the fiscal year 2026, driven by three main factors [1] Group 1: Revenue and Profit Growth - The downward risk to net interest income will be offset by structural hedges and favorable factors such as reduced funding costs [1] - Non-interest income is expected to maintain strong growth momentum [1] - The Hong Kong capital market is anticipated to remain robust in fiscal year 2026 [1] Group 2: Credit Costs and Forecast Adjustments - Credit costs are expected to be manageable, as there are no significant signs of deterioration in commercial real estate credit risk in Hong Kong [1] - DBS has raised its profit forecasts for fiscal years 2026 and 2027 by 2% and 7% respectively [1] - The forecast for net interest income for fiscal years 2025-2027 has been increased to over $43 billion [1] Group 3: Market Conditions and Ratings - The headwinds facing the bank's net interest income in fiscal year 2026 are smaller compared to the previous year, due to a reduced rate of interest cuts in the U.S. and a recovery in Hong Kong interbank offered rates from historical lows in Q2 2025 [1] - DBS reaffirms a "Buy" rating for HSBC, raising the target price from HKD 113.7 to HKD 139.2, which corresponds to a projected price-to-book ratio of 1.47 times for fiscal year 2026 [1]

Market Overview - The Hang Seng Index (HSI) closed at 26,526.37, down by 184.08 points or 0.69% from the previous close [1] - The index opened at 26,762.67 and reached a low of 26,524.46 during the trading session [1] - The trading volume was 44.585 million shares, with an average price of 26,644.01 [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 127.849, down 0.74% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 630.832, down 0.26% from the Hong Kong close [2] - Alibaba Group (W) saw a decline of 1.31%, closing at HKD 150.800 [3] - China Ping An increased by 4.96%, closing at HKD 72.000 [3] - Meituan (W) had a slight increase of 0.66%, closing at HKD 106.100 [3] ADR Performance - Tencent's ADR price was USD 630.832, reflecting a decrease of 0.26% compared to its Hong Kong stock price [3] - Alibaba's ADR was USD 146.902, down 2.58% from its Hong Kong counterpart [3] - HSBC's ADR closed at USD 127.849, down 0.74% compared to its Hong Kong price [3]

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for momentum i ...

数据已经显示出恶化迹象：2025年12月，委内瑞拉原油出口已降至50万桶/日。由于出口受阻且国内储 油罐爆满，PDVSA（委内瑞拉国家石油公司）已被迫要求合资企业减少生产，至少20万至30万桶/日的 产能已被关闭。 汇丰与高盛的最新研报揭示了一个残酷的现实：委内瑞拉石油行业的复苏将是极度缓慢、昂贵且局部 的。 据新华社报道，美国白宫已要求美国各大石油公司对委内瑞拉大量投资，修复委内瑞拉原油开采基础设 施。 尽管特朗普承诺投入巨资，且该国名义上拥有全球最大储量，但这些"纸面原油"大部分在商业上并不具 备开采价值，市场不应期待任何"V型"反转。 据追风交易台，1月5日，汇丰和高盛的分析指出，短期内，由于制裁和混乱，石油产量甚至可能面临进 一步下跌的风险。对于投资者而言，委内瑞拉的变局短期内不会引发油价飙升，因为全球市场已严重供 过于求；但长期来看，如果数百亿美元资金真的到位，其潜在的产量回归将成为2027年后压制油价的核 心空头因素。 由于制裁和库存限制，短期产量面临"关井"风险 虽然市场在讨论复产，但汇丰指出，委内瑞拉石油行业目前的实际走向是萎缩而非扩张。在2026年1月3 日马杜罗政权倒台后，美国并未立即解除 ...