一、市场: ●2月26日收盘：美股连续第二日收高 人工智能概念股普涨 北京时间2月26日凌晨，美股周三收高，人工智能概念股普涨。道指、纳指、标普500指数均上涨。英伟达、赛富时等公司将公布财报，投资者重新评估科技 股估值，对人工智能资本支出存疑虑。英伟达股价收高，但其近月表现不佳，市场担忧人工智能支出不可持续。有投资官认为投资者不应与黄仁勋对赌，当 前市场担忧有些过度。软件板块延续涨势，甲骨文等个股走高，Workday因营收预测疲软大跌。此外，投资者关注美伊局势、关税政策及特朗普国情咨文相 关内容。 ●2月26日美股成交额前20：微软遭日本反垄断机构调查 周三美股成交额前20的部分公司有新动态。英伟达收高1.41%，盘后公布财报，第四季度调整后每股收益超预期，CEO称客户竞相投资AI算力；特斯拉收高 1.96%，针对其的招聘歧视诉讼继续推进，但原告证据薄弱；微软收高2.98%，遭日本反垄断机构调查，因可能在云服务市场不正当竞争；AMD收跌 1.39%，与Meta签多年协议供应GPU；Meta收高2.25%，宣布与AMD五年战略伙伴关系；奈飞收高5.97%，派拉蒙提高收购华纳兄弟报价；Coinbase收高 13 ...

Core Viewpoint - HSBC Holdings PLC reported a mixed earnings performance, with an EPS of $1.60 falling short of the estimated $1.80, while revenue exceeded expectations at $17.7 billion compared to an estimate of $17 billion [1][6] Financial Performance - The bank's pre-tax profit, excluding notable items, exceeded consensus by 9%, driven by increased net interest income and reduced impairments [2][6] - The CET1 capital ratio stood at 14.9%, surpassing expectations by 20 basis points, indicating a strong capital position [2] Growth Drivers - HSBC's adjusted Q4 pre-tax profit benefited from deposit growth and higher interest rates in Hong Kong, although approximately $100 million of these gains are not expected to recur [3] - The wealth segment performed well, with fee and other income rising by 20% year-on-year, and invested assets increasing by $80 billion compared to the previous year [3] Future Projections - Management projects banking net interest income to reach at least $45 billion in 2026, surpassing the consensus of $43.5 billion [4] - Costs are expected to rise by just 1%, suggesting a cost base of approximately $33.8 billion, which is around $500 million better than market forecasts [4] Financial Metrics - HSBC has a P/E ratio of approximately 18.22, a price-to-sales ratio of about 2.36, and an enterprise value to sales ratio of around 1.27 [5] - The bank maintains a moderate debt-to-equity ratio of about 0.51, showcasing financial stability [5]

Key Takeaways HSBC reported Q4 pre-tax profit of $6.80B, driven by 41.5% y/y revenue growth and lower ECL charges.HSBC saw profit growth in Hong Kong, UK, CIB and Wealth units, while losses narrowed at Corporate Centre.HSBC expects at least $45B in 2026 NII and targets 17% or more RoTE through 2028.HSBC Holdings (HSBC) reported fourth-quarter 2025 pre-tax profit of $6.80 billion, which increased significantly from the prior-year quarter.Results were primarily driven by an increase in revenues, and lower exp ...

HSBC (NYSE:HSBC) Q4 2025 Earnings call February 25, 2026 08:00 AM ET Company ParticipantsAlastair Ryan - Global Head of Investor RelationsDaniel David - Senior European Banks Credit Equity ResearchFaisal Yousaf - Group TreasurerGreg Case - Head of Fixed Income Investor RelationsLee Street - VP of Equity ResearchPaul Fenner-Leitao - Managing Director of Credits Equity ResearchFaisal YousafHello, everyone, and thank you for joining our full year 2025 fixed income investor call. I'm Fas Yousaf, Group Treasurer ...

HSBC (NYSE:HSBC) Q4 2025 Earnings call February 25, 2026 08:00 AM ET Company ParticipantsAlastair Ryan - Global Head of Investor RelationsDaniel David - Senior European Banks Credit Equity ResearchFaisal Yousaf - Group TreasurerGreg Case - Head of Fixed Income Investor RelationsLee Street - VP of Equity ResearchPaul Fenner-Leitao - Managing Director of Credits Equity ResearchFaisal YousafHello, everyone, and thank you for joining our full year 2025 fixed income investor call. I'm Faisal Yousaf, Group Treasu ...

HSBC (NYSE:HSBC) Q4 2025 Earnings call February 25, 2026 08:00 AM ET Speaker3Hello, everyone, and thank you for joining our full year 2025 fixed income investor call. I'm Fas Yousaf, Group Treasurer, and I'm joined today in Hong Kong by Alastair Ryan, Global Head of Investor Relations, and from London by Greg Case, Head of Debt Investor Relations. My remarks today will cover three areas. First, I'll provide a summary of group performance and progress against strategic initiatives. Second, I'll discuss the s ...

来源：第一财经 【时政新闻】 ①美对伊进入"可执行阶段" 白宫简报会释放时间信号； ②泽连斯基：乌俄美三方会谈可能在3月初举行； ③泽连斯基称乌克兰和美国代表团将于2月26日会晤； ④特朗普国情咨文演讲点名讽刺佩洛西； ⑤美国和英国讨论民用核技术合作； 【市场动态】 ①美股三大股指期货走高，截至发稿，道指期货涨0.3%，标普500指数期货涨0.32%，纳指期货涨 0.44%； ②欧股主要股指多数走低，德国DAX指数涨0.29%，英国富时100指数涨0.95%，法国CAC40指数涨 0.44%； 【公司新闻】 ①汇丰控股美股盘前涨超5%； ②Axon Enterprise美股盘前涨超17%； ③第一太阳能美股盘前跌超15%； ④惠普盘前跌超5%。消息面上，此前该公司预计2026年个人电脑部门出货量将出现两位数降幅； ⑤台积电盘前涨超1%。消息面上，报道称苹果2026年将采购超1亿片台积电生产的先进芯片。 (本文来自第一财经) ⑥美国联邦住房金融局局长普尔特：房利美、房地美"非常有可能"今年上市； ...

中新社香港2月25日电 (记者 戴小橦)汇丰控股有限公司(简称"汇控")25日公布2025年全年业绩。报告期 内，集团实现收入683亿美元，较2024年增加24亿美元，同比增长4%；净利息收益达348亿美元，同比 增加21亿美元。 汇控行政总裁艾桥智表示，2025年集团四大业务板块均表现稳健，整体增长势头强劲。基于良好业绩表 现，集团上调2026年至2028年中长期发展目标：将每年不计及须予注意项目的平均有形股本回报率提升 至17%及以上，同步上调同期不计及须予注意项目的年度收入增长目标，力争2028年实现5%的增长水 平。 针对市场关注的私有化恒生银行后是否裁员的问题，艾桥智表示，此次私有化不涉及任何裁员计划，集 团将持续在香港加大人才投入。他提到，员工岗位职能或出现调整，为此集团已制定专项培训、技能提 升及资金支持方案，集团设有3年过渡期推进相关工作。 谈及中国内地业务时，艾桥智指出，汇控主要服务跨国企业及有海外拓展需求的内地企业，同时也是内 地核心的国际财富管理机构。(完) 2月25日，汇丰控股有限公司公布2025年全年业绩。图为香港街头汇丰银行和恒生银行的招牌。(资 料图) 中新社记者 陈永诺 摄 ...

Press Release 25 February 2026 HSBC CONTINENTAL EUROPE2025 ANNUAL AND SECOND HALF RESULTS On 24 February 2026, the Board of Directors of HSBC Continental Europe reviewed the results for the second half of the year and approved the consolidated financial statements for 2025. Revenue performance in 2025 was strong with increased client activity and deposit growth in Corporate and Institutional Banking (‘CIB’) offsetting the impacts of lower interest rates on net interest margins.  During the year, HSBC Contin ...

Annual Report and Accounts 2025 Two iconic banks. One bright future. HSBC Holdings plc 4Q25 results Presentation to investors and analysts Progress on strategy execution Georges Elhedery Group CEO Progress on strategy execution 4Q25 results Appendix Strong momentum in our full year 2025 performance Achieved through growth in earnings, discipline in cost and capital Earnings Growing Distributing Dividend per Share2 $0.75 (+14%) Group Revenue REPORTED $68.3bn (+4% YoY) EX-NOTABLE ITEMS $71.0bn (+5% YoY) Depos ...