来源：瑞恩资本 | HSBC constant currency profit before tax and balance sheet data | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | Half-year to 30 Jun 2025 | | | | | | Hong | | | | Corporate | | | | Kong | UK | CIB | IWPB | Centre | Total | | | $m | Sm | Sm | Sm | Sm | Sm | | Net operating income/[expense] before change in expected credit | | | | | | | | losses and other credit impairment charges'6 | 7,848 | 6,228 | 14,117 | 7,011 | (1,082) | 34,122 | | - external | 5,037 | 6,678 | 19,648 | 5,964 | ...

汇丰与 Merrill Lynch International已订立多项非全权委托回购协议，让 Merrill Lynch(作为主事人)可于 2025 年 8 月 1 日至不迟于 2025 年 10 月 24 日期间购买(视乎监管机构的批准是否仍然有效)总值最多为 30 亿美元的普通股，并同时向汇丰出售有关股份。 汇丰控股(00005)公布，诚如 2025 年 7 月 30 日的公告所提述，将对每股面值 0.5 美元的汇丰普通股展开 回购，金额最多为 30 亿美元。回购旨在减少汇丰的已发行普通股数量。 ...

汇丰与 Merrill Lynch International已订立多项非全权委托回购协议，让 Merrill Lynch(作为主事人)可于 2025 年 8 月 1 日至不迟于 2025 年 10 月 24 日期间购买(视乎监管机构的批准是否仍然有效)总值最多为 30 亿美元的普通股，并同时向汇丰出售有关股份。 智通财经APP讯，汇丰控股(00005)公布，诚如 2025 年 7 月 30 日的公告所提述，将对每股面值 0.5 美元 的汇丰普通股展开回购，金额最多为 30 亿美元。回购旨在减少汇丰的已发行普通股数量。 ...

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文件的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本文件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。 2025 年 7 月 31 日 (香港股份代號 : 5) HSBC Holdings plc 滙豐控股有限公司 股份回購 代表 滙豐控股有限公司 公司秘書長 戴愛蘭 於本公告發表之日，滙豐控股有限公司董事會成員包括：杜嘉祺爵士*、艾橋智、鮑哲鈺†、段小纓†、 范貝恩女爵士†、傅偉思†、高安賢†、古肇華†、郭珮瑛、麥浩智博士†、莫佩娜†、梅愛苓†、利伯特†及 張瑞蓮†。 * 集團非執行主席 † 獨立非執行董事 HSBC Holdings plc 滙豐控股有限公司 註冊辦事處及集團總管理處： 8 Canada Square, London E14 5HQ, United Kingdom 網站：www.hsbc.com 英格蘭及威爾斯註冊有限公司。註冊編號 617987 2025 年 7 月 31 日 滙豐控股有限公司之股份回購 隨附之公告現正於 HSBC Holdings plc 滙豐控股有限公司上市之證券 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 112.25 [1][9]. Core Insights - The company reported a revenue growth of 5.7% year-on-year for H1 2025, with a pre-tax profit increase of 5.1% [1]. - The board has approved a second dividend of USD 0.10 per share for 2025 and plans to initiate a share buyback of up to USD 3 billion [1]. - The company is experiencing strong growth in wealth management, with non-interest income increasing by 24.8% year-on-year in H1 2025 [3]. - The company has seen total assets, loans, and deposits grow by 8.0%, 4.5%, and 7.8% year-on-year, respectively, as of June [1]. Financial Performance - The net interest margin for Q2 2025 was 1.56%, down 3 basis points from Q1 2025, primarily due to declining yields in Asia [2]. - The banking net interest income for H1 2025 decreased by 4.0% year-on-year, with a guidance of USD 42 billion for the full year [2]. - Non-interest income from wealth management grew by 22.3% in H1 2025, marking six consecutive quarters of double-digit growth [3]. Asset Quality and Provisions - As of June, the non-performing loan ratio was 2.41%, with a provision coverage ratio of 43% [4]. - The company anticipates credit costs for 2025 to be around 0.40%, reflecting ongoing pressures in the Hong Kong commercial real estate sector [4]. - The company has increased its provisions, with expected credit losses rising to USD 1.1 billion for Q2 2025 [4]. Valuation Metrics - The target price corresponds to a price-to-book (PB) ratio of 1.25 for 2025, with a forecasted earnings per share (EPS) of USD 1.23 for 2025 [9]. - The company's current market capitalization is approximately HKD 1,688,949 million, with a closing price of HKD 96.95 as of July 30 [6].

汇控管理层目前预期，若HIBOR维持现时的约1%水平，每月将对银行净利息收入产生约1亿美元负面影 响。高盛将2025至27年各年银行净利息收入预测轻微上调至419亿、430亿及441亿美元，较市场预期高 出最多4%，2025至2029年每股盈利预测分别上调6%、5%、4%、3%及2%。基于盈利预测上调， 高盛发布研报称，汇丰控股(00005)第二季核心盈利较该行及市场预期高出9%及10%，主要受拨备前利 润(PPOP)强劲推动，收入亦超出预期，得益于非银行净利息收入表现优异，将目标价由原先109港元微 升至110港元，维持"买入"评级。管理层重申2025年银行净利息收入达到约420亿美元、成本增长约3% 及2025至27年基本股本回报率(ROTE)达14%至16%等指引，但将全年信贷成本指引上调至约40基点。 ...

Core Viewpoint - Goldman Sachs reported that HSBC Holdings (00005) exceeded both the bank's and market's expectations for core earnings in Q2 by 9% and 10% respectively, driven by strong pre-provision profit (PPOP) and better-than-expected non-bank net interest income performance [1] Financial Performance - HSBC's revenue surpassed expectations, primarily due to robust non-bank net interest income [1] - The target price was slightly raised from HKD 109 to HKD 110, maintaining a "Buy" rating [1] Management Guidance - Management reiterated guidance for bank net interest income to reach approximately USD 42 billion by 2025, with cost growth around 3% and a return on tangible equity (ROTE) of 14% to 16% from 2025 to 2027 [1] - The annual credit cost guidance was adjusted upwards to approximately 40 basis points [1] Interest Rate Impact - HSBC management anticipates that if the HIBOR remains at the current level of about 1%, it will negatively impact bank net interest income by approximately USD 1 million per month [1] Earnings Forecast Adjustments - Goldman Sachs slightly raised its bank net interest income forecasts for 2025 to 2027 to USD 41.9 billion, USD 43 billion, and USD 44.1 billion, exceeding market expectations by up to 4% [1] - Earnings per share forecasts for 2025 to 2029 were adjusted upwards by 6%, 5%, 4%, 3%, and 2% respectively based on the revised profit forecasts [1]

7月31日，汇丰银行宣布最优惠利率(P)维持不变。曹德明称，香港银行于去年三度下调最优惠利率，幅 度及速度均高于市场预期，银行因应美息走势以及资金成本考量，未有调整最优惠利率。 智通财经APP获悉，经络按揭转介首席副总裁曹德明表示，近月港元持续触发"弱方兑换保证"，香金管 局今晨第七度入市买港元，银行体系总结余将跌至825.52亿港元，银行体系总结余持续回落，使HIBOR 近月反复回升。虽然HIBOR走势反复，不过美联储有机会于四季度首次降息，届时或会有资金流入香 港市场，缓和港元拆息上升压力；美国"大而美"法案通过后，市场认为部分资金或流向亚洲区市场，预 计香港银行会根据自身商业策略，不排除下调最优惠利率，届时预计HIBOR亦有机会跟随回落。 今日一个月HIBOR报1.03%，预计HIBOR或挑战1.5%水平。曹德明指，虽然HIBOR升至1%水平，以普 遍H按计划"H+1.3%"计算，H按实际按息为2.33%，仍较封顶息率3.5%低出1.17%。对于目前正在供楼的 业主，只要HIBOR维持2.2%以下，仍可以低于封顶息率供楼。 ...

Core Insights - Goldman Sachs released a research report indicating that HSBC Holdings' core earnings for Q2 exceeded expectations, primarily driven by strong pre-provision profit (PPOP) and non-banking net interest income [1] Financial Performance - HSBC's management reiterated guidance for net interest income, cost growth, and return on tangible equity (ROTE) for 2025, but raised the full-year credit cost guidance to approximately 40 basis points [1] - Management anticipates that if HIBOR remains at 1%, it will negatively impact the bank's net interest income by about $100 million per month [1] Earnings Forecast Adjustments - Goldman Sachs adjusted its net interest income forecasts for HSBC for the years 2025 to 2027 and raised its earnings per share forecasts for 2025 to 2029 [1] - Based on these adjustments, Goldman Sachs increased HSBC's target price for UK shares to 1060 pence and slightly raised the target price for H shares to 110 Hong Kong dollars, maintaining a "Buy" rating [1]

智通财经7月31日电，汇丰银行维持港元最优惠贷款利率在5.25%。 ...