Group 1 - The core viewpoint of the report emphasizes that artificial intelligence (AI) and cloud computing are expected to proliferate at an exponential rate, necessitating accelerated data center expansion [1] - The report highlights that Asia and emerging markets present compelling growth opportunities due to structural reforms, strong domestic consumption, and attractive stock market valuations [1] - HSBC anticipates that China will continue to implement economic stimulus policies, focusing on boosting consumption, improving livelihoods, and stabilizing the real estate market [2] Group 2 - The report indicates that the "AI+" trend is likely to continue, with significant investment opportunities emerging within the expanding AI ecosystem across various industries [3][4] - HSBC notes that the gold market has seen a price increase of over 50% year-to-date, marking its best performance since 1979, and expects this upward trend to continue due to strong central bank demand and concerns over dollar depreciation [5][6] - The investment strategy has been adjusted to increase allocations in Asian markets while moderately reducing exposure to the U.S. market, reflecting a diversified approach to risk management [6]

Group 1 - The Hang Seng Index (HSI) is expected to have one of its best performances in the past decade in 2025, driven by record inflows from the Stock Connect, optimism about the future of artificial intelligence, and interest rate cuts [1][4] - As of December 12, 2025, the HSI has recorded a year-to-date increase of 29%, primarily driven by the financial, information technology, and consumer discretionary sectors [1][4] - The financial sector has been the largest contributor to the HSI's performance this year, accounting for 40% of the index's increase, with a contribution of 2,389 points [4] Group 2 - The HSI was launched in November 1969 and has become a globally recognized benchmark for the Hong Kong stock market, with a total of 16 exchange-traded products (ETPs) tracking the index, managing assets worth $23.5 billion as of November 2025 [3] - The number of constituent stocks in the HSI has increased to 89 following the latest index review on December 8, 2025, moving towards a target of 100 constituent stocks [3] - Alibaba (09988) has been the largest contributor to the HSI's performance this year, driving an increase of 1,332 points, which represents 23% of the overall increase [6]

Core Viewpoint - HSBC Holdings announced the resignation of co-secretaries, which will take effect on December 31, 2025, while appointing a new group company secretary effective January 1, 2026 [1] Group 1 - Co-secretaries Dai Ailan and Yan Kaili will step down from their positions [1] - Dai Ailan will continue to serve as the Group's Director of Human Resources and Governance [1] - Mai Anqi has been appointed as the Group Company Secretary, effective January 1, 2026 [1]

Group 1 - HSBC Holdings confirmed the resignation of co-secretaries Dai Ailan and Yan Kaili, effective December 31, 2025 [1] - Dai Ailan will continue to serve as the Group's Director of Human Resources and Governance [1] - The appointment of Mai Anqi as the Group Company Secretary has been confirmed, effective January 1, 2026 [1]

Group 1 - HSBC Holdings announced the resignation of co-secretaries Dai Ailan and Yan Kaili, effective December 31, 2025 [1] - Dai Ailan will continue to serve as the Group's Director of Human Resources and Governance [1] - Mai Anqi has been appointed as the Group Company Secretary, effective January 1, 2026 [1]

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分內容而產 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 12 月 18 日 （香港股份代號：5） HSBC Holdings plc 滙豐控股有限公司 聯席公司秘書長變更 滙豐控股有限公司（「滙豐」或「本公司」）今日確認，戴愛蘭及顏凱麗將 退任聯席公司秘書長，於 2025 年 12 月 31 日結束起生效。戴愛蘭將繼續擔任 集團人力資源及管治總監。 誠如本公司 2025 年 10 月 8 日的公告所確認，麥安琦已獲委任為集團公司秘 書長，2026 年 1 月 1 日起生效。 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： 聶智恆*、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†及張瑞蓮†。 * 獨立非執行主席 † 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 ...

Core Viewpoint - HSBC Holdings (00005) has declared a dividend of HKD 0.777722 per share, which is seen as a positive signal for investors, supported by a recent upgrade from Bank of America Securities to a "Buy" rating, highlighting growth potential in Hong Kong's deposit business and Asian wealth management [1] Group 1: Financial Performance and Market Sentiment - The stock price of HSBC reached HKD 118 on December 18, reflecting a 0.43% increase, with a trading volume of HKD 605 million, indicating active market participation [2] - Short-term investors are optimistic about the stock's potential to break through the HKD 120 mark, driven by dividend distribution and business growth expectations [1] - Investors are eyeing opportunities around the HKD 113 level for potential buying, with a focus on the resistance level at HKD 121.5 for further accumulation [1] Group 2: Technical Analysis - The technical indicators show mixed signals, with a general "Sell" signal but a low strength of 10, indicating weak bearish momentum; several core indicators suggest a "Buy" signal [2] - Clear support and resistance levels are identified, with the first support at HKD 113.1, coinciding with the 10-day moving average, and a second support at HKD 109.4 near the 60-day moving average [2] - The first resistance level is set at HKD 121.5, with a potential target of HKD 125.6 if the stock successfully breaks through [2] Group 3: Derivative Products - Various structured products, including warrants and certificates, are available to cater to different investor needs, allowing for both bullish and bearish strategies [4][6] - Specific products like the Guotai Junan call warrant (28491) and the UBS put warrant (22223) are highlighted for their favorable leverage and cost efficiency, suitable for investors with varying risk appetites [6][7] - The performance of these products has shown resilience, with some achieving significant gains even when the underlying stock experienced declines [4]

Group 1 - HSBC's 2026 Q1 global investment outlook emphasizes China's focus on technological self-reliance, innovation, and high-quality development as part of the "14th Five-Year Plan" [1] - The bank anticipates continued economic stimulus policies in China aimed at boosting consumption, improving livelihoods, and stabilizing the real estate market, with "anti-involution" policies expected to enhance corporate profit margins [1] - HSBC's investment strategy for A-shares involves a "barbell strategy," balancing investments in high-tech growth sectors and high-dividend quality stocks to mitigate potential volatility from overseas markets [1] Group 2 - In the Hong Kong market, strong capital inflows, particularly from wealth management, and a recovering IPO market are identified as key drivers [2] - The supportive policies for AI and other innovative sectors are attracting more corporate investments, contributing to signs of stabilization in the local residential real estate market [2]

Core Viewpoint - The official launch of the full island closure operation of Hainan Free Trade Port marks a significant step in China's commitment to high-level opening-up and the construction of an open world economy, as stated by HSBC China CEO Wang Yunfeng [1][1][1] Group 1: Hainan Free Trade Port Development - Hainan Free Trade Port is recognized as a "testbed" for China's high-level opening-up, achieving remarkable results, particularly in aligning with international rules and expanding institutional openness [1][1] - The full closure operation is expected to enhance the level of trade and investment liberalization and facilitation, leading to greater breakthroughs in financial service innovation and openness, especially in areas of connectivity with overseas markets [1][1] Group 2: HSBC's Role and Expectations - Since entering Hainan Free Trade Port, HSBC has provided financial support for numerous domestic and foreign enterprises to expand cross-border business [1][1] - HSBC has leveraged its global network to assist Hainan's government and enterprises in raising funds in overseas capital markets, thereby attracting more international capital for the development of the free trade port [1][1] - Post-closure, Hainan is anticipated to play a crucial role as an important gateway for foreign trade, becoming a hub for more domestic and international companies to expand cross-border trade [1][1]

Core Viewpoint - The report highlights the top short-selling stocks in the Hong Kong market, indicating significant investor sentiment and potential market movements for these companies [1][2]. Group 1: Top Short-Selling Ratios - Sun Hung Kai Properties (80016), BYD Company (81211), and JD Health (86618) have the highest short-selling ratios at 100.00% [1][2]. - SenseTime (80020) follows with a short-selling ratio of 87.67%, while Xiaomi Group (81810) has a ratio of 84.37% [2]. Group 2: Top Short-Selling Amounts - Xiaomi Group leads in short-selling amount with HKD 1.43 billion, followed by Alibaba (09988) at HKD 1.368 billion and Tencent Holdings (00700) at HKD 1.251 billion [1][2]. - China Ping An (02318) and Meituan (03690) also feature prominently with short-selling amounts of HKD 1.115 billion and HKD 956 million, respectively [2]. Group 3: Top Short-Selling Deviation Values - Xiaomi Group (81810) has the highest deviation value at 41.14%, indicating a significant difference from its average short-selling ratio [1][2]. - BYD Company (81211) follows closely with a deviation value of 40.41%, while Far East Consortium (00035) has a deviation of 33.08% [2].