Core Viewpoint - The Hang Seng Index (HSI) experienced a slight decline, closing at 26,678.91, down 0.07% from the previous day, indicating a mixed performance in the Hong Kong stock market with some large-cap stocks showing gains while others faced losses [1][2]. Group 1: Market Performance - The Hang Seng Index closed at 26,678.91, down 17.50 points or 0.07% [1]. - The index reached a high of 26,780.49 and a low of 26,590.87 during the trading session, with a trading volume of 39.788 million shares [1]. - The average price for the day was 26,685.68, with a 52-week high of 27,275.90 and a low of 18,856.77 [1]. Group 2: Major Stock Movements - HSBC Holdings closed at 112.744 HKD, up 0.31% from the previous close [2]. - Tencent Holdings closed at 651.079 HKD, reflecting a 0.17% increase [2]. - Alibaba Group saw a decline, closing at 160.400 HKD, down 1.84% [3]. - Other notable movements included AIA Group up 1.29% and Meituan down 1.26% [3].

Core Viewpoint - In October, Hong Kong local bank stocks outperformed the Hang Seng Index by 18%, primarily driven by the privatization news of Hang Seng Bank [1] Group 1: Market Performance - Hong Kong local bank stocks showed strong performance, benefiting from the privatization news of Hang Seng Bank [1] - The overall banking sector fundamentals remain stable, with moderate loan growth and a continued rise in Hong Kong interbank offered rates, although the increase has narrowed [1] Group 2: Investment Preferences - The company believes that the downside risks for HSBC Holdings have largely been reflected in its stock price [1] - The privatization transaction is expected to enhance earnings per share and return on equity starting in 2027 [1] - The company prefers regional banks over local banks due to the more stable pre-provision operating profit of regional banks and lower real estate risks in Hong Kong and mainland China [1]

Group 1 - On November 10, four Hong Kong stocks were repurchased by their companies, with MGM China, LianLian Digital, and International Home Retail having the largest repurchase amounts of HKD 6.243 million, HKD 2.7071 million, and HKD 0.1184 million respectively [1] - As of November 10, a total of 244 Hong Kong stocks have been repurchased this year, with 58 stocks having a cumulative repurchase amount exceeding HKD 100 million [1] - The companies with the largest cumulative repurchase amounts this year are Tencent Holdings, HSBC Holdings, and AIA Group, with repurchase amounts of HKD 60.965 billion, HKD 30.257 billion, and HKD 17.693 billion respectively [1]

Core Viewpoint - HSBC Holdings announced the appointment of Sun Wei as an independent non-executive director and member of the Group Risk Management Committee and the Nomination and Corporate Governance Committee, effective January 1, 2026 [1] Group 1: Appointment Details - Sun Wei, aged 69, retired from Morgan Stanley in 2022 and has since served as a senior advisor for the company [1] - Prior to his retirement, Sun Wei held the position of Co-CEO for Morgan Stanley Asia Pacific and served as CEO for Morgan Stanley China from 2006 to 2022 [1] Group 2: Previous Experience - Before joining Morgan Stanley, Sun Wei held several senior regulatory positions at the Hong Kong Securities and Futures Commission, where he contributed to establishing regulatory frameworks and facilitating the overseas listing of Chinese enterprises [1]

Core Viewpoint - HSBC Holdings has appointed Wei Sun Christianson, aged 69, as an independent non-executive director, effective January 1, 2026 [1] Group 1 - Wei Sun Christianson will also serve as a member of the Group Risk Management Committee and the Nomination and Corporate Governance Committee [1]

Group 1 - HSBC Holdings has appointed Wei Sun Christianson, aged 69, as an independent non-executive director [1] - Wei Sun Christianson will also serve as a member of the Group Risk Management Committee and the Nomination and Corporate Governance Committee [1] - The appointment will take effect from January 1, 2026 [1]

Core Viewpoint - HSBC Holdings has appointed Wei Sun Christianson, aged 69, as an independent non-executive director and a member of the Group Risk Management Committee and the Nomination and Corporate Governance Committee, effective from January 1, 2026 [1] Group 1 - The appointment of Wei Sun Christianson is part of HSBC's strategy to enhance its governance and risk management frameworks [1] - Wei Sun Christianson brings extensive experience to the board, which may strengthen the company's oversight capabilities [1] - The effective date of the appointment is set for January 1, 2026, indicating a planned transition [1]

Market Overview - The Hang Seng Index (HSI) closed at 26,662.27, up by 13.21 points or 0.05% from the previous close [1] - The index reached a high of 26,664.74 and a low of 26,496.53 during the trading session, with a trading volume of 43.5445 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 112.005, an increase of 1.36% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 649.659, up by 0.02% from the Hong Kong market close [2] ADR Performance - Tencent Holdings (ADR) was priced at 649.659, reflecting a slight increase of 0.02% compared to its Hong Kong counterpart [3] - Alibaba Group (ADR) was priced at 161.200, down by 1.35% compared to its Hong Kong price of HKD 163.400 [3] - HSBC (ADR) was priced at 112.005, showing an increase of 1.36% compared to its Hong Kong price [3]

(香港股份代號 : 5) HSBC Holdings plc 滙豐控股有限公司 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 11 月 11 日 董事會及下設委員會成員變動 隨附之公告現正於 HSBC Holdings plc 滙豐控股有限公司上市之證券交易所發布。 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：利伯特*、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 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 11 月 11 日 HSBC ...

Economic Outlook - GDP growth expectations for Q4 are projected at 1%, with Q1 at 1.3% [2] - Earnings growth expectations for Q4 are flat quarter over quarter, with eight of the eleven S&P sectors expected to show sequential negative earnings growth [2][4] Sector Analysis - The technology sector is expected to see sequential positive earnings growth due to seasonal factors, while most other sectors are anticipated to post negative earnings growth [4] - There has been a noticeable shift in investor sentiment regarding the labor market, AI bubble, and private credit concerns over the past few weeks [6][7] Investment Sentiment - Investor positioning has shifted from being underinvested and ready to buy dips to expressing significant concerns about market risks [6] - The potential cliff event for AI capital expenditures is anticipated between 2026 and 2027, suggesting a borrowing of growth into 2026 that may impact future growth [9]