Core Viewpoint - UBS reported that HSBC Holdings (00005) announced a pre-tax profit of $15.81 billion for the first half of the year, a year-on-year decline of 26.7% [1] Group 1: Financial Performance - HSBC's pre-tax profit excluding significant items for Q2 was $9.162 billion, exceeding the company's expectations by 10% [1] - Revenue increased by 5%, with net interest income (NII) up by 2% and fee-based and other income rising by 11% [1] - Operating expenses met expectations, and pre-provision profit grew by 10% [1] - Impairment losses were 12% higher than market expectations, particularly due to $400 million in expenses related to Hong Kong commercial real estate (CRE) [1] - Loans and deposits grew by 3% to 4% quarter-on-quarter, supported by a strong British pound [1] Group 2: Capital and Dividends - The Common Equity Tier 1 (CET1) capital ratio stood at 14.6%, in line with expectations [1] - A stock buyback plan of $3 billion (1.1% of market value) was announced, compared to UBS's estimate of $2.5 billion and market consensus of $2.75 billion [1] - The dividend per share was set at $0.10, meeting expectations [1] Group 3: Future Guidance - UBS maintained its guidance for HSBC for FY2025, with net interest income expected at $42 billion, in line with market consensus [2] - Target cost growth is projected at 3%, approximately $33.3 billion, also matching market consensus [2] - Loan losses are anticipated at around 40 basis points, consistent with market consensus [2] - Average return on tangible equity (ROTE) is expected to be in the mid-teens for FY2025, FY2026, and FY2027, with market consensus at 15.5%, 15%, and 15.5% respectively [2] - The CET1 capital ratio is expected to remain between 14% and 14.5% in the medium term [2] Group 4: Market Sentiment and Valuation - Concerns were raised by investors regarding credit provisions for Hong Kong real estate and HSBC's ability to maintain its net interest income guidance for FY2025 [3] - Despite higher loan loss expectations, the outlook for non-interest income in Hong Kong was positive, showing a 22% increase or $182 million [3] - HSBC's current valuation is estimated at a price-to-earnings ratio of 9.5 times for FY2026, compared to Standard Chartered's 8.8 times, with a dividend yield of 5% and a tangible asset ratio of 1.4 times [3]

智通财经APP讯，汇丰控股(00005)发布公告，于2025年7月29日在英国注销已回购股份合共12.16万股。 （原标题：汇丰控股(00005)7月29日在英国注销已回购股份合共12.16万股） ...

汇丰控股(00005)发布公告，于2025年7月29日在英国注销已回购股份合共12.16万股。 ...

格隆汇7月30日丨汇丰控股(00005.HK)发布公告，于2025年7月29日注销合计12.16万股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： HSBC Holdings plc 滙豐控股有限公司 呈交日期： 2025年7月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00005 | 說明 | 普通股(每股0.50美元) | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股 ...

从中证沪港深500金融指数持仓的市场板块来看，香港证券交易所占比51.39%、上海证券交易所占比 42.37%、深圳证券交易所占比6.23%。 从中证沪港深500金融指数持仓样本的行业来看，银行占比60.34%、保险占比19.79%、资本市场占比 18.75%、其他金融占比1.12%。 资料显示，该指数系列样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五 的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。特殊情况下将对该指数系列样本进行临时调整。当样本退市 时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处 理。当中证沪港深500指数、中证沪港深互联互通中小综合指数和中证沪港深互联互通综合指数样本发 生变动时，将进行相应调整。 金融界7月30日消息，A股三大指数收盘涨跌不一，中证沪港深500金融指数(沪港深500金融，H30464) 报2380.79点。 数据统计显示，中证沪港深500金融指数近一个月上涨2.83%，近三个月上涨15.09%，年至今上涨 17.89%。 ...

总体而言，基础业绩稳健，财富管理业务表现尤为强劲，策略持续成型，成本节约和业务简化成效显 著。该行对伦敦上市的汇控重申"买入"评级及目标价10.1英镑。 花旗发表报告表示，汇丰控股第二季度基本税前利润(不含特殊项目)达92亿美元，较市场共识高10%。 收入较预期高5%、成本符合预期，以及减值损失较预期差12%。截至6月底，汇控核心一级资本比率为 14.6%，按季下降10个基点，但符合市场共识。季度股息和回购计划维持不变，分别为10美仙和30亿美 元。2025年全年指引基本不变，但贷款损失比率指引略为上调。 ...

瑞银发表研报指出，汇丰控股今年次季扣除重要项目的列账税前盈利(PBT)为91.62亿美元，较预期高 10%。贷款和存款按季增长3%至4%，受英镑强势助力。普通股权一级资本充足率(CET1)为14.6%，符 合预期。30亿美元(市值1.1%)的股票回购计划，与瑞银估计的25亿美元及市场共识的27.5亿美元相比。 股息每股10美分，符合预期。 瑞银估计，汇控现估值相当于以2026财年预测市盈率9.5倍，相比渣打8.8倍，股息收益率5%，净有形资 产1.4倍，对应2026财年预测ROTE14.6%。基于上述原因，瑞银予伦敦上市的汇控"中性"评级及目标价 935英镑。 ...

Financial Data and Key Metrics Changes - In the first half of 2025, revenue grew by 6% to $35.4 billion, and profit before tax increased by 5% to $18.9 billion, with an annualized return on tangible equity of 18.2%, up 1.2% year on year [2][4][22] - The second quarter revenue was $17.7 billion, reflecting a 5% year-on-year growth driven by fee and other income [21][25] - The annualized return on tangible equity for the second quarter was 17.7% [21] Business Line Data and Key Metrics Changes - The Hong Kong home market business attracted 100,000 new customers monthly, with deposits growing by 9% year on year [3][24] - The UK loan book grew by $6 billion over the quarter, with a 4% year-on-year increase [3][25] - Commercial Banking saw a recovery in lending growth, with loans increasing by $3.5 billion [4] - Wealth business fee and other income grew by 22% year on year, with net new invested assets of $22 billion in the quarter [25][31] Market Data and Key Metrics Changes - Deposits increased by $83 billion year on year, reflecting a 5% growth [5][35] - The Hong Kong dollar's sensitivity to interest rates was highlighted, with expectations for HIBOR to rise gradually above 2% in the third quarter [27][28] Company Strategy and Development Direction - The company is focused on organizational simplification, aiming for $1.5 billion in cost savings by 2026, with $400 million expected in 2025 [8][34] - The strategy includes exiting non-strategic activities to reinvest in priority growth areas, particularly in Asia [9][10] - Investments are being made in wealth centers and enhancing capabilities in key markets like Hong Kong and the UK [11][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position amid economic uncertainty, emphasizing strong customer relationships and financial strength [4][17] - The outlook for Hong Kong's commercial real estate remains cautious, with expectations for stabilization in residential development but ongoing challenges in office space [70][71] Other Important Information - A second interim dividend of $0.10 per share was announced, alongside a share buyback of up to $3 billion [4][23] - The company is modernizing operations through AI and automation to improve productivity [16][85] Q&A Session Questions and Answers Question: Banking NII guidance and HIBOR assumptions - The banking NII guidance of $42 billion includes market expectations of HIBOR above 2% in the third quarter, with a $100 million monthly impact from HIBOR at 1% [41][44] Question: Impact of tariffs on revenues - The company noted a 5% impact on revenues from tariffs, but trade fees and other income grew by 4%, indicating resilience in trade business [49][53] Question: Impairments and Hong Kong CRE outlook - Management indicated that while there are short-term pressures in Hong Kong's commercial real estate, they remain optimistic about the medium to long-term outlook [70][72] Question: Noninterest income sustainability - The company highlighted strong performance in noninterest income driven by wealth management and FX, but acknowledged the volatility based on market conditions [95][100]

Financial Data and Key Metrics Changes - In the first half of 2025, revenue grew by 6% to $35.4 billion, while profit before tax increased by 5% to $18.9 billion, resulting in an annualized return on tangible equity of 18.2%, up 1.2% year on year [1][3][4] - For the second quarter, revenue was $17.7 billion, reflecting a 5% year-on-year growth driven by fee and other income [21][26] Business Line Data and Key Metrics Changes - The Hong Kong home market business attracted 100,000 new customers monthly, with deposits increasing by $83 billion year-on-year [2][4] - The UK loan book grew by $6 billion over the quarter, with a 4% year-on-year increase [2][25] - Commercial Banking saw a recovery in lending growth, with loans increasing by $3.5 billion [3] - Wealth business fee and other income grew by 22% year-on-year, with net new invested assets of $22 billion in the quarter [25][31] Market Data and Key Metrics Changes - In Hong Kong, deposits grew by 9% over the last twelve months on a constant currency basis [24] - The banking net interest income (NII) guidance for 2025 is reiterated at around $42 billion, despite headwinds from lower HIBOR rates [4][28] Company Strategy and Development Direction - The company is focused on organizational simplification to enhance agility and cost efficiency, targeting $1.5 billion in savings by 2026 [6][7] - Investments are being made in priority growth areas, particularly in wealth management and transaction banking, to capture affluent customer segments in Asia and the Middle East [6][10][100] - The company is exiting non-strategic activities to reallocate resources towards areas with competitive advantages [8][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position amidst macroeconomic uncertainty, emphasizing strong financial health and customer relationships [4][16] - The outlook for Hong Kong's commercial real estate remains cautious, with expectations of stabilization in residential development but ongoing challenges in the office sector [70][72] Other Important Information - A second interim dividend of $0.10 per share was announced, alongside a share buyback of up to $3 billion, bringing total shareholder distributions for the half year to $9.5 billion [3][23] - The company is modernizing operations through AI and automation to improve productivity and customer service [15] Q&A Session Summary Question: Clarification on Banking NII Guidance - The banking NII guidance of $42 billion includes market expectations of HIBOR returning above 2% in the third quarter, with a $100 million monthly impact from HIBOR at 1% [40][43] Question: Impact of Tariffs on Revenue - The company noted that tariffs have always been a part of global trade, and despite recent shifts in U.S. tariff policy, trade fees and other income grew by 4% [48][52] Question: Impairments and Hong Kong CRE Outlook - Management indicated that the Hong Kong commercial real estate market is under scrutiny, with a focus on a small portion of the portfolio that requires attention, while overall confidence in the market remains [70][72] Question: Sustainability of Non-Interest Income Growth - The company highlighted strong performance in non-interest income driven by wealth management and FX, but acknowledged the potential volatility based on market conditions [94][102]