Core Viewpoint - HSBC Holdings has shown notable upward momentum after breaking through key resistance levels, with a recent price increase of 2.16% to 108.8 HKD, attracting significant market attention [1] Technical Analysis - HSBC is at a critical decision point regarding its short-term price movement, with mixed signals from various technical indicators [1] - Short-term key support is identified at 102.6 HKD, with strong support at 98.4 HKD; on the upside, a breakthrough of 110.5 HKD could lead to a challenge of the higher target at 114.6 HKD [3] - The probability of a short-term price increase for HSBC is estimated at 55%, with a daily average volatility of 5%, providing ample room for short-term trading [3] Derivative Products - The market offers a variety of attractive options for structured products, with notable performance from bull certificates during recent price increases [3] - UBS call options (18901) offer a leverage of 18.8 times with a strike price of 118.88 HKD, appealing to aggressive investors seeking cost efficiency [5] - For conservative investors, the Bank of China call option (19105) provides a leverage of 16.6 times with a relatively low implied volatility [5] Market Sentiment - HSBC's performance as a blue-chip stock often influences the broader market direction, with multiple indicators suggesting continued upward movement [10]

Core Viewpoint - HSBC Holdings reported better-than-expected performance for Q3 2025, driven by higher net interest income and wealth management revenue, with adjusted revenue of $17.9 billion, a 4% year-on-year increase, and a baseline net profit of $6.2 billion, up 1% year-on-year [1] Financial Performance - The main reason for the better-than-expected performance was the net interest income, which increased by 3% quarter-on-quarter and 2% year-on-year, supported by rapid deposit growth [1] - Average interest-earning assets grew by 6% year-on-year, contributing to the increase in net interest income [1] - The banking net interest margin rose by 2 basis points to 1.98%, attributed to a rebound in HIBOR since early August [1] Future Outlook - Net interest income is influenced by multiple factors, including the rapid rebound of HIBOR from below 1% to around 3.5% since August, and a year-on-year deposit growth of 5% [2] - The proportion of CASA deposits increased to 64% in Q3 2025, up 3 percentage points from Q1 2025 [2] - The company raised its 2025 Banking NII guidance from approximately $42 billion to $43 billion or better [1] Earnings Forecast and Valuation - The company adjusted its 2025E revenue forecast down by 1.3% to $67.2 billion and net profit forecast down by 3.7% to $21.1 billion due to slowing non-interest income growth [2] - For 2026E, the revenue forecast was raised by 4.0% to $71.7 billion, and net profit forecast was increased by 11.2% to $27.1 billion, reflecting resilience in net interest margin [2] - The company is trading at 1.4x/1.3x 2025E/2026E P/B, maintaining a target price of HKD 111.9, indicating a 5% upside potential and a rating of outperforming the industry [2]

Core Insights - HSBC Holdings reported a year-on-year revenue growth of 4.8% and a pre-tax profit growth of 4.5% for Q1-3 2025, with an upward revision of the 2025 ROTE guidance to above 15% [1][2] - The company announced a third dividend payout of $0.1 per ordinary share, totaling approximately $1.72 billion [1] - The bank's total assets, loans, and deposits showed year-on-year growth of 4.4%, 1.4%, and 4.6% respectively as of September, indicating a recovery in credit demand in the UK [1][2] Financial Performance - The net interest margin for Q3 2025 was reported at 1.56%, with a slight increase from Q2 [1][2] - The bank's net interest income guidance for 2025 was raised from $42 billion to $43 billion, supported by effective interest rate hedging and optimized funding costs [2] - Non-interest income grew by 17.2% year-on-year for Q1-3 2025, driven by a 24.9% increase in wealth management revenue [2] Asset Quality and Capital Position - As of September, the non-performing loan ratio was 2.50% with a provision coverage ratio of 42%, indicating stable asset quality [2][3] - The core Tier 1 capital ratio decreased slightly to 14.5%, with expectations of further pressure due to the privatization of Hang Seng Bank [3] - The company aims for a target price-to-book ratio of 1.50 for 2026, with projected net profits of $22.862 billion, $23.490 billion, and $25.804 billion for 2025-2027 [3]

Core Insights - HSBC has expanded its Innovation Banking unit to Singapore, allocating $1.5 billion to support startup companies in the region [1] - The expansion is part of HSBC's global initiative to increase lending in sectors such as technology and life sciences [1] - Neil Falconer has been appointed to lead the Singapore arm of HSBC Innovation Banking [1] Business Performance - The Innovation Banking division now includes over 900 bankers and serves clients across multiple regions including the US, UK, Australia, and China [2] - In the first half of the year, HSBC's Innovation Banking business saw a nearly 60% increase in its active client base [2] - Deposits rose by approximately 50% and loan commitments increased by around 25% during the same period [2] Strategic Focus - HSBC's global head of Innovation Banking emphasized the bank's tailored credit policy to support cash-intensive businesses in technology and healthcare [3] - The bank aims to provide a stable environment for capital raised in technology sectors, particularly during IPOs [3] - HSBC has also launched an enhanced entrepreneurial wealth proposition in Singapore to support entrepreneurs at various stages of their business journey [3] Market Position - Singapore is recognized as a leading hub for entrepreneurs, with 15% of them planning to move their wealth there and 12% considering relocation [4] - The increase in liquidity and transition activity among founders linked to HSBC's Corporate and Institutional Banking network has been noted over the past year [4] - BNP Paribas has recently completed the acquisition of HSBC's private banking operations in Germany, indicating ongoing strategic shifts within the bank [4]

滙豐控股有限公司 (香港股份代號：5) 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公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告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。 本公告僅供參考，並不構成收購、購買或認購滙豐控股、滙豐亞太或恒生銀行證券的邀請或要 約或該等邀請或要約的一部分，亦不在任何司法管轄區構成任何投票或批准的招攬，亦不構成 於任何司法管轄區內任何收購、購買或認購滙豐控股、滙豐亞太或恒生銀行證券的邀請 、 要約 或招攬要約，亦不得在任何司法管轄區內違反適用法律進行銷售、發行或轉讓滙豐控股、滙豐 亞太或恒生銀行證券。若構成違反任何司法管轄區的適用法律或法規，則本公告所載全部或部 分資料不得於、向或從該司法管轄區發佈、刊發或分發。 恒生銀行有限公司 (股份代號：11(港幣櫃台)及 80011(人民幣櫃台)) 香港上海滙豐銀行有限公司 聯合公告 （1）香港上海滙豐銀行有限公司根據公司條例第 673 條 以協議安排方式將恒生銀行有限公司私有化之建議 及 （2）建議撤銷恒生銀行股份的上市地位 有關寄發計劃文件的時間表的更新情況 滙 ...

Core Viewpoint - Royal Bank of Canada (RBC) has raised the target price for HSBC Holdings from 950 pence to 1050 pence [1] Company Summary - The adjustment in target price reflects RBC's positive outlook on HSBC's performance and market position [1]

Core Viewpoint - HSBC Holdings reported better-than-expected third-quarter performance, with adjusted revenue of $17.9 billion, a year-on-year increase of 4% [1] - The net profit attributable to ordinary shareholders increased by 1% year-on-year to $6.2 billion, surpassing both the bank's and market expectations, primarily due to higher net interest income and wealth management revenue [1] Revenue and Profit Forecasts - The company has revised down its full-year revenue forecast by 1.3% to $67.2 billion, and the net profit forecast for ordinary shareholders has been reduced by 3.7% to $21.1 billion, considering the slowdown in non-interest income growth [1] - However, due to the resilience in net interest margin, the revenue forecast for next year has been increased by 4% to $71.7 billion, and the net profit forecast for ordinary shareholders has been raised by 11.2% to $27.1 billion [1] Target Price and Rating - The target price for HSBC Holdings remains unchanged at HKD 111.9, with a rating of "outperform" [1]

Market Overview - The Hang Seng Index (HSI) closed at 26,606.21, up by 260.07 points or 0.99% on October 29, 2023 [1] - The index reached a high of 26,714.82 and a low of 26,434.77 during the trading session, with a trading volume of 42.127 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 109.551, an increase of 2.87% compared to the previous close [2] - Tencent Holdings closed at HKD 655.070, up by 1.56% from the previous close [2] ADR Performance - Tencent Holdings (ADR) traded at USD 655.070, reflecting an increase of 1.56% compared to its Hong Kong stock price [3] - Alibaba Group (ADR) showed a price of USD 174.812, up by 2.23% compared to its Hong Kong stock price [3] - HSBC (ADR) was priced at USD 109.551, which is 2.87% higher than its Hong Kong counterpart [3]

Core Insights - HSBC has expanded its innovation banking business to Singapore, committing to allocate $1.5 billion to support startup companies in the region as part of a global initiative [1] Company Expansion - The bank's move to Singapore is part of a broader strategy to enhance its lending capabilities to startups globally [1]

Investment Rating - The report maintains a "Buy" rating for the company [8][6]. Core Views - The company has shown stable revenue growth driven by a solid wealth management performance and a recovery in credit demand in the UK [2][4]. - The net interest margin has stabilized and is expected to improve, leading to an upward revision of the net interest income guidance for 2025 from $42 billion to $43 billion [3][6]. - The company has increased its return on tangible equity (ROTE) guidance for 2025 to above 15% [1]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's revenue increased by 4.8% year-on-year, and pre-tax profit rose by 4.5% [1]. - Non-interest income grew by 17.2% year-on-year, with wealth management business revenue increasing by 24.9% [4]. - The company attracted new investment assets worth $73 billion, with $42 billion coming from Asia [4]. Asset Quality - As of September, the non-performing loan (NPL) ratio was 2.50%, with a provision coverage ratio of 42% [5]. - The company expects credit costs to remain around 0.40% for 2025, with ongoing pressure in the Hong Kong commercial real estate sector [5]. Market Position and Valuation - The company is projected to achieve a target price of HKD 143.08 for 2026, corresponding to a price-to-book (PB) ratio of 1.50 times [6][8]. - The forecasted net profit for 2025-2027 is $22.86 billion, $23.49 billion, and $25.80 billion respectively, reflecting a growth of 6.9%, 3.3%, and 6.5% [6].