Core Insights - The Hong Kong mortgage market shows signs of recovery, with an increase in existing property mortgage registrations in October, reaching 6,463, a month-on-month increase of 7.1% [1] - New property mortgage registrations fell to 595, a decrease of 44% month-on-month, attributed to a reduction in the number of large new developments launched [1] - The overall market sentiment is improving, driven by lower interest rates following the U.S. rate cuts, which is expected to encourage more buyers and investors to enter the market [1] Group 1: Existing Property Mortgages - In October, existing property mortgage registrations totaled 6,463, marking a 7.1% increase from the previous month, and maintaining above 6,000 for three consecutive months [1] - The market is showing sustained strength, with expectations for continued positive growth in mortgage registrations for the year [1] Group 2: New Property Mortgages - New property mortgage registrations dropped to 595 in October, a significant decline of 44% from the previous month, primarily due to fewer large new projects being launched [1] - Year-to-date figures indicate a strong performance in new property mortgages, with a 78.2% year-on-year increase in registrations, totaling 5,971 [2] Group 3: Market Share Analysis - In October, Bank of China (Hong Kong) saw its market share for existing property mortgages decrease by 1.6 percentage points to 33.5%, while HSBC's market share fell by 0.1 percentage points to 19.9% [1] - For new property mortgages, HSBC's market share decreased by 4.2 percentage points to 24%, while Bank of China (Hong Kong) dropped by 3.9 percentage points to 20.3% [2] - Hang Seng Bank and Standard Chartered Bank saw increases in their market shares for both existing and new property mortgages, indicating a shift in competitive dynamics [1][2]

Core Insights - In October 2025, the number of existing property mortgage applications in Hong Kong increased to 6,662, up by 491 applications (8%) from September, while the number of pre-sale mortgage applications dropped to 599, a decrease of 599 applications (44%) from the previous month [1] - Year-on-year comparison shows that existing property mortgage applications rose by 2,729 applications (69.4%) compared to October 2024, while pre-sale mortgage applications increased by 51 applications (9.3%) [1] - For the first ten months of 2025, existing property mortgage applications totaled 54,228, an increase of 10,988 applications (25.4%) from the same period in 2024, and pre-sale mortgage applications reached 6,041, up by 2,435 applications (67.5%) [1] Market Share Analysis - In the existing property mortgage market, Bank of China (Hong Kong) leads with a market share of 32.2%, followed by HSBC at 19.3%, Hang Seng Bank at 15.8%, Standard Chartered Bank at 7%, and Bank of East Asia at 6.2% [2] - For pre-sale mortgages, HSBC ranks first with a market share of 23.9%, followed by Bank of China (Hong Kong) at 20.2%, Hang Seng Bank at 14.4%, and China Communications Bank at 10.5% [2] - The market share of the four major banks in existing property mortgages slightly decreased from 74.7% to 74.3% in October 2025 [2]

Core Viewpoint - HSBC Global Investment Research suggests that the US dollar may remain under pressure due to expectations of interest rate cuts by the Federal Reserve and uncertainty regarding the selection of its chairman, with a forecasted bottom in early 2026 [1] Group 1 - The US dollar is expected to be sensitive to upcoming statements from multiple Federal Reserve officials this week [1] - Key economic indicators such as the ISM index and ADP employment data will be released, increasing the dollar's sensitivity [1] - The market is looking for clues regarding the December policy direction from these upcoming data releases [1]

Core Viewpoint - The wealth management market in China is experiencing rapid development, driven by market expansion, upgrading investment demands, and favorable policies, positioning China as the second-largest asset and wealth management market globally [3][4]. Market Development - China's wealth management market is in a golden period with significant growth potential, supported by a large and stable client base. The number of high-net-worth individuals (HNWIs) in mainland China has reached 470,000, accounting for 20% of the global total [3][4]. Changing Investor Demands - There is a shift in wealth management demands among Chinese investors towards diversified and professional asset allocation. Investors are moving from traditional savings to more varied investment strategies, seeking global and diversified asset allocation [4][6]. Asset Allocation Trends - Recent surveys indicate that global respondents have reduced cash holdings by nearly 40% and increased investments in alternative assets and gold, with the allocation to these assets doubling. High-net-worth individuals are increasingly interested in international asset allocation, family wealth succession, tax planning, and global lifestyle management [6][8]. Impact of Global Market Conditions - The dual impact of ongoing market volatility and a low-interest-rate environment is reshaping asset allocation strategies. Investors are shifting from traditional safe assets to higher-risk financial investments, reflecting a demand for higher returns [8][9]. Wealth Management Strategies - Wealth management institutions need to enhance investors' understanding of diversified and global asset allocation, offering a wide range of product choices and digital tools. They should also assist in risk management through diversified models to achieve better returns [9][10]. HSBC's Strategic Initiatives - HSBC aims to become the preferred international wealth management institution for affluent and high-net-worth clients in mainland China. The bank is upgrading its wealth management services and expanding its footprint in major cities, with new flagship wealth management outlets [10][12]. Cross-Border Investment Opportunities - There is a growing demand for cross-border investment services among Chinese investors, with over half of respondents planning to increase investments in overseas markets. HSBC is leveraging its international service capabilities to facilitate global asset allocation for clients [12][14]. Digital Transformation in Wealth Management - The application of AI and digital tools is central to enhancing customer experience in wealth management. The rapid adoption of technology in mainland financial institutions is changing investor behavior and improving service delivery [14][15].

Core Viewpoint - HSBC Holdings reported a decline in total revenue and net profit for Q3 2025, primarily due to legal provisions related to the Madoff fraud case and restructuring costs [2][3][4]. Group 1: Financial Performance - HSBC's total revenue for Q3 2025 reached $17.8 billion, a year-on-year increase of 5%, surpassing the expected $16.7 billion [2]. - The pre-tax profit was $7.3 billion, down 15% year-on-year, reflecting a decrease of $1.2 billion compared to the same period last year [2]. - The company recorded a total operating income of $48.961 billion for the year, a decrease of 6.27% year-on-year, and a net profit attributable to shareholders of $17.341 billion, down 26.61% year-on-year [2]. Group 2: Legal Provisions Related to Madoff Case - HSBC set aside $1.1 billion in provisions related to the Madoff Ponzi scheme, which has been ongoing for over a decade [4][5]. - The provision includes $1.1 billion directly linked to a long-term lawsuit stemming from the Madoff fraud, with an additional $300 million related to UK dividend tax [4]. - The impact of this provision is estimated to reduce the Group's Common Equity Tier 1 capital ratio by approximately 15 basis points [4]. Group 3: Privatization of Hang Seng Bank - HSBC announced plans to privatize Hang Seng Bank at a price of HKD 155 per share, representing a 30% premium over the bank's stock price at the time [6][7]. - The acquisition is seen as one of the largest mergers in Hong Kong in recent years and is pending regulatory and shareholder approval, expected to be completed in the first half of 2026 [7]. - Concerns have been raised regarding the financial implications of this acquisition, which is estimated to cost around $14 billion, potentially affecting HSBC's future dividend capacity and investment plans [7][8]. Group 4: Concerns Over Commercial Real Estate Loans - As of June 30, the credit impairment for commercial real estate loans in Hong Kong reached HKD 25.012 billion, an increase of HKD 5.2 billion from the end of the previous year [8]. - The amount of commercial real estate loans classified as needing full-cycle expected loss provisions rose from HKD 29.438 billion to HKD 66.851 billion [8]. - HSBC's London-based corporate credit department has been actively engaging with global banks to facilitate the sale of over $3 billion in non-performing real estate loan assets from Hang Seng Bank [8].

Group 1 - Major blue-chip stocks showed mixed performance, with HSBC Holdings closing at HKD 108.898, up 0.74% from the previous close in Hong Kong [2] - Tencent Holdings closed at HKD 632.297, reflecting a 0.52% increase from the previous close in Hong Kong [2] Group 2 - Tencent Holdings reported a latest price of HKD 629.000, down HKD 22.000 or 3.38% [3] - Alibaba Group (ADR) saw a latest price of HKD 165.100, down HKD 7.000 or 4.07% [3] - HSBC Holdings had a latest price of HKD 108.100, with a slight increase of HKD 0.100 or 0.09% [3] - AIA Group reported a price of HKD 75.450, up HKD 2.250 or 3.07% [3] - Meituan-W closed at HKD 102.000, down HKD 0.400 or 0.39% [3] - BYD Company saw a price of HKD 100.600, down HKD 3.600 or 3.45% [3]

Core Points - SGAM Matmut has completed the acquisition of 100% of the share capital of HSBC Assurances Vie (France), a life insurance company [2][3] - The acquisition aligns with the Group's strategic plan "Objectif: Impact!" 2024-2026, focusing on growth and diversification [4] - The transaction will increase the Group's business volume by 51% to €4.8 billion based on 2024 pro forma earned premiums compared to 2023 [4] - HSBC Assurances Vie (France) will be rebranded as KOREGE starting 1 November 2025, reflecting a renewed ambition in the savings business [4] Company Leadership - Nicolas Gomart, Deputy Chairman and CEO of SGAM Matmut, will become Chairman of KOREGE, while Tristan de La Fonchais has been appointed CEO [5] - Laurence Rogier, former CEO of HSBC Assurances Vie (France), will serve as Vice-Chairwoman of the Board and oversee Strategic and Financial Coordination of KOREGE [6] Market Position - Matmut Group is a leading player in the French insurance market, managing 8.4 million insurance policies and serving 4.6 million members as of the end of 2024 [8] - The Group generated premium income of €3.2 billion in 2024, with a business mix comprising 46% Property & Casualty, 38% Savings & Protection, and 16% Health Insurance [8][9]

Core Viewpoint - HSBC has raised its GDP growth forecast for Vietnam from 6.6% to 7.9% for this year, following a surprising third-quarter economic growth rate of 8.23%, the highest in Southeast Asia, which exceeded market expectations of 7.2% [1] Economic Growth Forecasts - HSBC's new forecast is the highest among international institutions and is close to Vietnam's own target of over 8% [1] - Other financial institutions, including the Asian Development Bank and UOB, have also revised their growth predictions for Vietnam to 6.7% and 7.5%, respectively [1] - The International Monetary Fund (IMF) and World Bank (WB) have projected Vietnam's growth rates at 6.5% and 6.6%, respectively [1] Trade Performance - Despite a slight decline in exports to the US from other ASEAN countries, Vietnam's trade has maintained double-digit growth [1] - The trade surplus in the third quarter doubled compared to the first half of the year, driven by increased surpluses with trade partners outside the US [1] Domestic Economic Conditions - Domestic conditions in Vietnam remain stable, with improvements in retail sales and tourism leading the recovery in ASEAN [1] - Large infrastructure projects have contributed to increased construction activity [1] - The report indicates potential for further growth if public investment spending accelerates [1]

Core Insights - HSBC China is enhancing its wealth management talent investment by launching a new training program called "HSBC Wealth Academy," aimed at providing global educational resources and best practices to employees [1] - The bank is also expanding its service network with the opening of its second flagship wealth management branch in Beijing, further accelerating its wealth management business in mainland China [2] Group 1: Talent Development - HSBC China is focusing on developing wealth management advisors who can understand client needs and market trends, emphasizing skills that AI cannot replace [1] - The bank currently has the largest wealth management service team among foreign banks in mainland China and is actively expanding its frontline workforce [1] Group 2: Service Network Expansion - The newly opened flagship branch, Beijing Qihua Center, features a global financial services area and dedicated teams, enhancing customer satisfaction through a comfortable and interactive service environment [2] - HSBC China now operates 11 flagship branches in major cities including Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Hangzhou, Ningbo, Wuxi, and Dalian, with plans to open more in Nanjing and Qingdao [2] Group 3: Wealth Management Service Enhancement - HSBC China has upgraded its wealth management service system, focusing on four pillars: insight, customized strategies, asset allocation, and global connectivity [2] - The bank offers tailored wealth solutions based on life cycles and utilizes innovative digital tools for dynamic strategy adjustments, collaborating with top-ranked fund companies and asset management institutions [2]

Core Viewpoint - Huatai Securities reports that HSBC Holdings has shown stable performance driven by stable interest margins and strong wealth management, with a year-on-year revenue increase of 4.8% and a pre-tax profit increase of 4.5% for the first three quarters, although growth rates have slightly decreased compared to the first half of the year [1] Financial Performance - For the first three quarters, HSBC's revenue increased by 4.8% year-on-year, while pre-tax profit rose by 4.5%, with a decline in growth rates of 0.9 percentage points and 0.6 percentage points respectively compared to the first half of the year [1] - The board approved a third dividend for the fiscal year ending December 31, 2025, of $0.1 per ordinary share, totaling approximately $1.72 billion [1] Future Guidance - HSBC has raised its 2025 return on tangible equity (ROTE) guidance to above 15%, up from approximately 15% previously [1] - The bank's net interest income guidance for 2025 has been increased from $42 billion to $43 billion [1] Profit Forecast - Forecasted net profit attributable to shareholders for 2025 to 2027 is $22.862 billion, $23.49 billion, and $25.804 billion respectively, representing increases of 6.9%, 3.3%, and 6.5% compared to previous estimates [1] Strategic Positioning - HSBC's strategic positioning and structural adjustments resonate with the Hong Kong capital market, leading to a target price-to-book ratio of 1.5 times for 2026 [1] - The target price has been raised from HKD 134.83 to HKD 143.08, maintaining a "Buy" rating due to improved operational efficiency from organizational restructuring [1]