在全球经济格局复杂多变、贸易政策风云变幻的背景下，投资市场的不确定性无疑又增添了几分。近 期，汇丰、渣打以及华侨银行等多家外资机构纷纷发布了对三季度投资的展望。 整体来看，三季度的投资市场仍然充满挑战与机遇。多家外资机构在投资策略中提示，需密切关注贸易 政策、地缘政治等因素的变化，采用多元资产和主动策略管理风险，加强投资组合的韧性，在波动中寻 找合适的投资机会。 渣打： 汇丰： 把握亚洲市场结构性机遇 近日，汇丰环球私人银行及财富管理中国首席投资总监匡正认为，从全球市场来看，过去几个月，美国 贸易关税引发全球多个资产类别波动加剧，但亚洲市场凭借稳健的结构性增长及多元化的本地机遇，整 体表现较好，有望抵销关税带来的部分影响。 在地域配置上，汇丰仍维持地域多元化的投资策略。在亚洲，汇丰看好中国、印度及新加坡等展现出经 济韧性的市场。"中国及亚洲其他地区的专业制造业技术能力集中，不易被取代，中国经济的韧性及结 构性增长机遇依然明显。"匡正表示，与此同时，印度股市虽可能因地缘政治冲突而加剧短期波动，但 或仍将受益于数字化进程及政府对制造业的关注；在不确定的贸易局势中，新加坡所受的影响程度则相 对轻微。 亚洲市场之外， ...

Group 1 - The Chinese market is attracting global investors due to its economic resilience and structural growth opportunities, as highlighted by multiple foreign banks [1][2] - HSBC's Chief Investment Officer emphasized the strong technical capabilities of China's manufacturing sector, which are difficult to replace, indicating ongoing growth potential [1] - Deutsche Bank's report suggests that China's monetary and fiscal policies are expected to support economic growth, with an upward revision of the 2025 economic growth forecast [1][2] Group 2 - A recent HSBC survey indicates that despite global trade uncertainties, China remains a key market for companies looking to increase trade and manufacturing [2] - The survey also highlights the deepening economic ties within Asia and between Asia and the Middle East, with China positioned as a central player in global trade [2] - The Chinese government is expected to continue supporting economic growth through monetary easing and fiscal measures, including special government bonds [2] Group 3 - The liquidity environment for A-shares is expected to remain favorable due to anticipated monetary policy actions such as rate cuts and increased market participation from various funds [3] - Investment themes in the Chinese market include a focus on high-quality growth and deep value stocks, particularly in technology and consumer sectors [3] - The potential for AI applications and domestic consumption growth is seen as a significant opportunity, alongside interest in core state-owned enterprises and consumer goods [3]

Group 1 - HSBC Holdings announced the succession plan for its chairman, with Mark Tucker set to retire on September 30, 2025, and David L Libbert appointed as interim chairman pending regulatory approval [2][5] - During the transition, Tucker will continue as Group CEO and board strategy advisor to ensure a smooth handover [5] - Libbert's appointment comes amid ongoing strategic controversies regarding HSBC's resource allocation, particularly the perceived "Asian blood transfusion to the West" model, which has frustrated major shareholders [7][8] Group 2 - The core challenge for HSBC's new leadership will be to address shareholder concerns and optimize global capital allocation strategies, particularly the structural imbalance between high profits in Asia and low returns in the West [8][9] - The debate over whether to spin off Asian operations or undertake a more thorough restructuring has persisted for 13 years, intensifying in recent years [7][8] - Tucker's departure marks the end of an era, and Libbert's primary task will be to stabilize the board and support the selection of a new chairman [8]

Group 1 - The core viewpoint emphasizes that despite the uncertainties caused by U.S. trade tariffs, the Asian market continues to show resilience and attract capital due to its structural growth and local opportunities [1] - The Chinese economy is characterized by strong manufacturing capabilities that are hard to replace, indicating ongoing structural growth opportunities [1] Group 2 - Domestic demand resilience is crucial, with current economic data showing stability, and the need for policy support to maintain economic momentum [2] - The focus of macroeconomic policy is shifting from infrastructure to consumer and corporate capital expenditure, highlighting the importance of internal demand [2] Group 3 - The consumption market is benefiting from policy support, with significant growth in sales of durable goods, particularly in the automotive sector, which saw a 15% year-on-year increase [3] - There is potential for further policy measures to stimulate consumption in non-durable goods and services, with a possibility of a 20 basis point interest rate cut in the second half of the year [3] Group 4 - The liquidity environment for A-shares remains favorable, supported by stock buybacks and renewed public fund issuance [4] - The focus on high-quality growth and deep value stocks is expected to continue, particularly in the context of China's technological innovation and the ongoing "AI+" trend [4] Group 5 - Core quality state-owned enterprises and sectors like food and beverage are expected to remain attractive, with a focus on artificial intelligence applications and long-term structural trends [5] - The strategy emphasizes diversification through low-correlation assets, particularly in light of ongoing geopolitical risks and global economic slowdown [5] - Gold is viewed as a stable asset during market volatility, with its price supported by a weaker dollar and central bank purchases, making it a recommended part of diversified portfolios [5]

Core Viewpoint - HSBC Holdings is undergoing a strategic transformation with a focus on Asia and restructuring its global operations [1] Group 1: Strategic Business Overhaul - HSBC announced a $1.5 billion cost-saving program aimed at organizational simplification by 2026, with expected total charges of nearly $1.8 billion for severance and upfront costs [2][3] - The bank plans to redeploy an additional $1.5 billion from non-strategic activities into its core strategy, winding down operations in the U.K., Europe, and the U.S. while focusing on Asia and the Middle East [3] - HSBC is divesting from several countries including Germany, South Africa, Bahrain, and France, and has completed sales in the U.S., Canada, New Zealand, Greece, Russia, Argentina, and Armenia [4] Group 2: Asia-Centric Strategy - HSBC aims to strengthen its operations in Asia, particularly targeting high-net-worth and ultra-high-net-worth clients, which constitute over half of its operations [5] - The bank is expanding its transaction banking and wealth business in Asia, focusing on core markets like Hong Kong and the U.K. [6] - HSBC is rapidly growing its wealth business in mainland China and has received approval to open 20 new branches in India, capitalizing on the growing wealth market [7][8] Group 3: Financial Performance and Outlook - HSBC's capital position remains strong, with investment-grade ratings and a return of $26.9 billion to shareholders in 2024, up from $20.8 billion in 2023 [9][10] - Revenue generation has been muted, with a negative CAGR of 2.7% over the three years ending in 2022, and expectations for weak top-line performance in the near term [12][13] - The Zacks Consensus Estimate for 2025 earnings is $6.83, indicating a projected rise of 5.1% [20][22]

金十数据6月6日讯，汇丰研究称，欧佩克+预计将在下次会议上同意8月和9月两次大幅增产。预计在此 期间，欧佩克+将分别将日产量提高4.1万桶和27.4万桶。该行分析师表示："我们新的预期是，假设从 10月到12月定期增产，到2025年底，每天220万桶的自愿减产将完全解除。"该行分析师表示，如果欧佩 克选择在夏季过后继续加速增产，将证实其打击产能过剩观点、从美国页岩油生产商手中夺回市场份额 的意图。 汇丰：欧佩克+预计将在8月和9月同意大幅增产 ...

Group 1 - The core viewpoint is that international investors are increasingly focusing on Chinese assets, particularly in the context of uncertainty surrounding US dollar policies and the search for investment opportunities outside the US [1][2] - HSBC has observed a flow of foreign capital into the Hong Kong stock market, although the overall scale is still below historical highs, indicating room for further foreign investment in Hong Kong stocks [1] - Investment from foreign capital is primarily concentrated in the artificial intelligence sector and high-dividend stocks [1] Group 2 - In the field of artificial intelligence, China has surpassed the US and Europe in research output, and while Chinese AI-related stocks have been revalued, their valuations still lag behind their US counterparts [1] - The pace of share buybacks in Asia (excluding Japan) is breaking records, with expected equity returns rising from approximately 11% last year to 12.5% by 2026 [1] - The People's Bank of China will provide refinancing tools for commercial banks in 2024 to support share buybacks by listed companies and major shareholders, leading to a positive outlook for high-dividend quality state-owned enterprises, Hong Kong insurance companies, telecom stocks, and real estate stocks [1] Group 3 - The impact of the US tariff war on China's capital markets has weakened, with Chinese goods accounting for only about 13% of total US imports, compared to 2018 [2] - Despite initial expectations that Asian stock markets would be most affected by the tariff war, the mainland and Hong Kong stock markets have remained relatively stable [2] - HSBC Private Banking maintains a high allocation to gold over the next six months, anticipating strong demand from global investors for risk diversification and hedging [2] Group 4 - HSBC forecasts a target price of 25,830 points for the Hang Seng Index this year, indicating potential for upward movement [4] - As the focus of US tariff policies shifts, risk sentiment in Asian markets is gradually stabilizing [4] - HSBC plans to increase holdings in Asian stock markets driven by domestic demand and supportive stimulus policies, including those in China, India, and Singapore [4]

Core Viewpoint - HSBC Private Banking predicts that foreign capital is flowing into the Hong Kong stock market, primarily focusing on AI and high-yield sectors [1] Group 1: Market Outlook - HSBC forecasts a target price of 25,830 points for the Hang Seng Index this year, indicating potential for further upside [1] - As the focus of U.S. tariff policies shifts, risk sentiment in Asian markets is gradually stabilizing [1] Group 2: Investment Strategy - HSBC plans to increase holdings in Asian stock markets driven by domestic demand and supportive stimulus policies, including China, India, and Singapore [1] - Currently, foreign capital inflow into the Hong Kong stock market is observed, but the overall scale is still below historical highs, suggesting room for further foreign investment [1] Group 3: Sector Focus - Foreign investment in Chinese assets is primarily concentrated in the artificial intelligence sector and high-yield stocks [1]

Core Viewpoint - Major international financial institutions, including Morgan Stanley, JPMorgan, Goldman Sachs, and HSBC, are optimistic about Chinese assets, highlighting four key factors that support this view [1][2][3][4]. Group 1: Valuation and Investment Sentiment - The MSCI Hong Kong Index is currently trading at a price-to-earnings ratio of approximately 9 times, nearing historical lows, indicating a valuation advantage [1]. - Global investors are significantly underweight in Chinese stocks, suggesting a potential influx of capital into the market [2]. - The recent performance of offshore Chinese funds, particularly UCITS funds, has shown a notable increase in capital inflow, with a total of $1.2 billion attracted in a single week [5]. Group 2: Currency and Economic Factors - The Chinese yuan has gained substantial support, enhancing the attractiveness of yuan-denominated assets, with expectations of the USD/CNY exchange rate stabilizing around 7.3 by year-end, and a potential optimistic outlook for appreciation to 7.0 [6]. - Factors supporting the stability of the yuan include the People's Bank of China's interventions, improved export competitiveness, and a decline in the US dollar index from 109 to 99 [6]. Group 3: Trade Relations and Market Outlook - Positive signals from both the US and China regarding trade negotiations suggest a desire to ease tensions caused by tariff issues, which could benefit market sentiment [7]. - HSBC forecasts a year-end target of 25,830 points for the Hang Seng Index, driven by earnings from Chinese companies, particularly those benefiting from trends in artificial intelligence [7]. - The bank emphasizes the importance of domestic consumption and policy support in driving growth in Asian markets, including China, India, and Singapore [7].

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6月6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 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 ...