Group 1 - Hong Kong bank stocks continue to rise, with HSBC and Standard Chartered reaching new highs, with HSBC up 2.81% to HKD 117.2 and Standard Chartered up 2.09% to HKD 180.7 [1] - The Federal Reserve announced a 25 basis point interest rate cut and plans to expand its balance sheet by purchasing USD 40 billion in short-term government bonds starting this month [1] - Bank of America Securities forecasts significant growth for HSBC in two areas next year: Hong Kong deposit business and Asian wealth management, citing HSBC's competitive advantages and management's commitment to increase investment in these areas [1] Group 2 - Goldman Sachs reports that despite Standard Chartered's stock price rising 83% this year, there is still room for further revaluation [1] - Goldman Sachs expects Standard Chartered's return on tangible equity (ROTE) to reach 14.6% by the end of this year, exceeding management's guidance of 13%, and to further rise to 15% by 2027 and 15.7% by 2028 [1] - The bank anticipates that Standard Chartered will raise its mid-term ROTE guidance during its 2025 financial report or the investor day in May 2026, which could act as a catalyst for the stock price [1]

Core Viewpoint - Hong Kong bank stocks continue to rise, with HSBC and Standard Chartered reaching new highs following the Federal Reserve's decision to cut interest rates by 25 basis points and expand its balance sheet by purchasing $40 billion in short-term government bonds [1] Group 1: HSBC Holdings - HSBC Holdings (00005) increased by 2.81%, reaching HKD 117.2 [1] - Bank of America Securities forecasts significant growth in two areas for HSBC next year: Hong Kong deposit business and Asian wealth management, citing HSBC's competitive advantages in these sectors [1] - HSBC's management has committed to increasing investments in these areas, which is expected to enhance its competitive edge and market share [1] Group 2: Standard Chartered - Standard Chartered (02888) rose by 2.09%, reaching HKD 180.7 [1] - Goldman Sachs reports that despite an 83% increase in Standard Chartered's stock price this year, there is still room for further revaluation [1] - Goldman Sachs projects that the bank's underlying return on tangible equity (ROTE) will reach 14.6% by the end of this year, exceeding the management's guidance of 13%, and will further rise to 15% by 2027 and 15.7% by 2028 [1] - The bank is expected to raise its mid-term ROTE guidance during its 2025 financial report or the investor day in May 2026, which could act as a catalyst for further stock price increases [1]

责任编辑：栎树 港股频道更多独家策划、专家专栏，免费查阅>> 12月12日，汇丰控股(00005.HK)延续涨势，盘中涨至3%，报117.5港元继续刷新历史新高价，年内累计升幅超65%，总市值 首次站上2万亿港元。消息上，香港上海汇丰银行日前宣布，该行最优惠利率将维持不变，保留在目前5%的水平。该行对上 一次调整最优惠利率为今年10月31日，当时减息12.5点子。同时，汇丰给予港元储蓄存款户口的利率亦将维持不变。 美银证券最新研报指，预计汇丰控股明年将有两个领域实现显著增长，包括香港存款业务及亚洲财富管理业务；认为汇控 在这两方面拥有显著竞争优势，管理层也已承诺加大投资在相关领域，预计增加的资源配置将进一步提升其竞争优势，并 带来市占率提升。美银证券对汇控2026及2027年的每股盈利预测较市场预期高约7%至9%，主要得益于更高的收入及股份回 购，又预计汇控股份回购的速度将从明年第二季起恢复至每季度20亿至30亿美元的水平。 ...

美银证券对汇控2026及2027年的每股盈利预测较市场预期高约7%至9%，主要得益于更高的收入及股份回购，又预计汇控股份回购的速度将从明年第二季起 恢复至每季度20亿至30亿美元的水平。 汇丰控股(00005.HK)延续涨势，盘中涨至3%，报117.5港元继续刷新历史新高价，年内累计升幅超65%，总市值首次站上2万亿港元。 消息上，香港上海汇丰银行日前宣布，该行最优惠利率将维持不变，保留在目前5%的水平。该行对上一次调整最优惠利率为今年10月31日，当时减息12.5 点子。同时，汇丰给予港元储蓄存款户口的利率亦将维持不变。 美银证券最新研报指，预计汇丰控股明年将有两个领域实现显著增长，包括香港存款业务及亚洲财富管理业务；认为汇控在这两方面拥有显著竞争优势，管 理层也已承诺加大投资在相关领域，预计增加的资源配置将进一步提升其竞争优势，并带来市占率提升。 ...

Group 1 - HSBC Holdings saw a 2.5% increase in stock price, reaching a peak of 117 HKD, marking a historical high [1] - The stock has accumulated a rise of over 65% year-to-date [1]

Group 1 - On December 11, a total of 57 Hong Kong stocks conducted share buybacks, with 11 stocks having buyback amounts exceeding 10 million HKD [1] - Tencent Holdings, Xiaomi Group-W, and China COSCO Shipping Holdings had the largest buyback amounts, with Tencent repurchasing 636 million HKD, Xiaomi 97.2035 million HKD, and COSCO 41.3004 million HKD [1] - Year-to-date, 257 Hong Kong stocks have conducted buybacks, with 68 stocks having cumulative buyback amounts exceeding 100 million HKD [1] Group 2 - The largest cumulative buyback amounts year-to-date were by Tencent Holdings at 72.408 billion HKD, HSBC Holdings at 30.257 billion HKD, and AIA Group at 17.693 billion HKD [1]

Key Takeaways HSBC is likely to pay about $300M to settle French "Cum-Cum" allegations and end a criminal probe.The proposed deal includes repayment of related tax bills and aligns with HSBC's prior provision.French prosecutors will present the settlement soon, mirroring actions seen with Credit Agricole.HSBC Holdings PLC (HSBC) is likely to pay roughly $300 million to resolve its alleged involvement in the French “Cum-Cum” tax scandal, which has ensnared several major banks in the country. This was reporte ...

Core Insights - The collaboration between Swift, Ant International, and HSBC has successfully completed a proof of concept (POC) for tokenized deposit cross-border transfers based on the ISO 20022 standard [1] - This project aims to enhance liquidity, enable programmable finance, and provide 24/7 real-time settlement services [1] - Ant International and HSBC have integrated Ant International's blockchain infrastructure with the Swift network, facilitating cross-border real-time fund management [1] Group 1 - The POC marks a significant step in unlocking the potential of tokenized deposits for enterprises [1] - The standardized protocol developed in collaboration with Swift and HSBC allows Ant International to efficiently utilize bank tokenized deposit services without establishing bilateral AML and compliance arrangements with each banking partner [1]

Core Viewpoint - The collaboration between Swift, Ant International, and HSBC in Singapore has successfully completed a proof of concept (POC) for tokenized deposit cross-border transfers based on the ISO 20022 standard, marking a significant step in enhancing liquidity and enabling programmable finance [1] Group 1: Project Overview - The project leverages Swift's global financial messaging network, HSBC's newly launched tokenized deposit service, and Ant International's blockchain technology [1] - The POC aims to provide 24/7 real-time settlement services, enhancing the potential of tokenized deposits for enterprises [1] Group 2: Integration and Efficiency - Ant International and HSBC successfully integrated Ant International's blockchain infrastructure with the Swift network [1] - The collaboration allows for cross-border real-time fund management through HSBC's tokenized deposit services in Singapore and Hong Kong [1] - The development of a standardized protocol enables Ant International to efficiently utilize banking services without establishing bilateral anti-money laundering (AML) and compliance arrangements with each banking partner [1]

Core Insights - Ant International, HSBC, and Swift have successfully tested a new cross-border payment solution utilizing tokenized deposits and ISO 20022 messaging standards, marking a significant milestone in enhancing liquidity and real-time settlement for businesses [2][4]. Group 1: Technology and Standards - The initiative leverages Swift's global messaging network, HSBC's tokenized deposit service, and Ant's blockchain technology to facilitate cross-border transfers [2]. - The transition from the MT messaging standard to the XML-based ISO 20022 format is described as one of the most significant data migrations in modern finance, improving the structure and clarity of payment data [5][6]. Group 2: Benefits and Features - The integration of ISO 20022 with blockchain technology is expected to provide enhanced value through improved payment processing speed, anti-money laundering (AML) measures, and regulatory compliance [4][3]. - The new system allows for easier adoption by banks and external customers, promoting interoperability between digital and traditional fiat currencies [5]. Group 3: Industry Impact - The shift to ISO 20022 is anticipated to enable automated screening, straight-through processing, and harmonized reporting, addressing the limitations of the previous MT standard [7]. - A key consideration for CFOs during this transition is whether their banks and systems are fully utilizing the capabilities of ISO 20022, as many institutions may still rely on legacy formats [7].