Core Viewpoint - The Federal Reserve's monetary policy adjustments significantly impact HSBC Holdings' stock performance, with 2025's interest rate stability and hints of future rate cuts leading to notable stock price volatility due to geopolitical risks and fiscal expansion pressures [1] Group 1: Interest Rate Transmission Mechanism - The Federal Reserve maintains the federal funds rate in the range of 4.25%-4.5%, with only two rate cuts planned for 2025, totaling 50 basis points, which is below market expectations of four cuts [1] - Market expectations regarding the Fed's rate cut timing have fluctuated, causing stock price volatility; for instance, after the July 30 Fed meeting, the probability of a September rate cut dropped from 65% to 30%, resulting in a 2.3% drop in HSBC's Hong Kong stock [1] Group 2: Currency Fluctuations - The Fed's policies influence HSBC's cross-border business through the dollar exchange rate, impacting the company's operations and profitability [1] Group 3: Capital Flows - Adjustments in Fed policy lead to a global reallocation of capital, affecting HSBC's funding and investment strategies [1] Group 4: Credit Risk - The Fed's policies contribute to a slowdown in the U.S. economy, which in turn affects the credit quality of HSBC's loan assets [1] Group 5: Market Expectations - Uncertainty in the Fed's policy path amplifies valuation volatility for HSBC, with analysts revising profit expectations downwards; for example, the 2025 net profit forecast was reduced from $14.5 billion to $12.4 billion, a decline of 14.5% [1] Group 6: Asset and Liability Management - In HSBC's Americas business, loan pricing is linked to Fed rates, limiting the upside for new loan yields while only 35% of existing loans are floating rate, restricting benefits from rising rates [2] - The cost of deposits in the U.S. has risen to 2.1%, a 40 basis point increase from 2024, significantly higher than the 1.3% in Asia, further compressing net interest margins [2] - By Q2 2025, the net interest margin for HSBC's North American business narrowed to 2.8%, a year-on-year decline of 15 basis points [2] Group 7: Foreign Exchange Losses - In Q2 2025, the strong dollar led to exchange losses of $1.2 billion in HSBC's cross-border trade financing, accounting for 19% of the quarter's pre-tax profit [3] - To mitigate currency risk, HSBC increased its dollar hedging positions, resulting in a 25% year-on-year increase in derivative trading volume and an additional $300 million in trading costs [3] Group 8: Emerging Market Dynamics - The issuance of $1 trillion in U.S. debt under the "Big and Beautiful" act has raised U.S. Treasury yields, exacerbating capital outflow pressures from emerging markets, with HSBC's loan growth in Latin America slowing from 12% in 2024 to 5% in the first half of 2025 [3] - Conversely, the Fed's rate cut expectations have driven global capital back to Asia, with HSBC's wealth management business in Asia seeing net inflows of $23 billion, an 18% year-on-year increase, partially offsetting declines in the Americas [3] Group 9: Credit Quality Concerns - HSBC has increased provisions for U.S. commercial real estate loans by $1.9 billion in Q2 2025, a 90% year-on-year increase, reflecting rising default rates [3] - Despite low unemployment, the credit card loan default rate rose from 2.1% in 2024 to 2.7% in Q2 2025, with HSBC's U.S. credit card business non-performing loan rate increasing to 3.2% [3] Group 10: Valuation Compression - HSBC's price-to-earnings ratio (TTM) decreased from 12.8 times at the beginning of 2025 to 9.3 times by the end of July, below the average of 10.5 times for Asian peers, indicating market concerns over its U.S. business profitability [4] Conclusion - The dynamic interplay between the Federal Reserve's policies and HSBC's stock price is influenced by multiple channels, including interest rates, currency fluctuations, capital flows, and credit risks, leading to increased stock price volatility amid geopolitical risks and fiscal pressures [4]

每经AI快讯，8月20日，汇丰控股(00005.HK)在港交所发布公告称，8月19日于香港斥资约1.43亿港元回 购约145万股，每股回购价在98.5至99.35港元；同日在伦交所回购约233万股，每股回购价在9.416至 9.484英镑，斥资约2199.3万英镑。 ...

智通财经APP讯，汇丰控股(00005)公布，2025年8月19日耗资约2199.27万英镑回购约232.58万股股份， 耗资约1.43亿港元回购145.16万股股份。 ...

格隆汇8月20日丨汇丰控股(00005.HK)公告，8月19日耗资1.4亿港元回购145.2万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 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8月20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 ...

Group 1 - On August 19, a total of 6 Hong Kong stocks were repurchased by companies, with 3 stocks having repurchase amounts exceeding 10 million HKD [1] - Tencent Holdings, China Hongqiao, and Hang Seng Bank had the largest repurchase amounts, totaling 550 million HKD, 93.2865 million HKD, and 22.3848 million HKD respectively [1] - As of August 19, 218 Hong Kong stocks have been repurchased this year, with 43 stocks having a cumulative repurchase amount exceeding 100 million HKD [1] Group 2 - Tencent Holdings, HSBC Holdings, and AIA Group had the largest cumulative repurchase amounts this year, totaling 41.144 billion HKD, 22.781 billion HKD, and 17.693 billion HKD respectively [1]

大型蓝筹股多数下跌，汇丰控股收报99.581港元，较香港收市涨0.54%；腾讯控股收报588.764港元，较香港收市跌0.63%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADRICIS | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | @ 00700 | 592.500 | +5.500 | 0.94% | TCEHY | 588.764 | -3.736 | | 2 | 阿里巴巴-W | 09988 | 118.300 | -0.300 | -0.25% | BABA | 116.979 | -1.321 | | 3 | 建设银行 | 00939 | 7.710 | 0.000 | 0.00% | CICHY | 7.674 | -0.036 | | 4 | 汇丰控股 | 00005 | 99.050 | +0.600 | 0.61% | HSBC | 99.581 | +0.531 | | 5 | 小米集团-W | 01810 | ...

智通财经APP获悉，欧洲大型银行计提的不良贷款拨备低于预期，尽管欧洲经济增长乏力，但劳动力市 场韧性有效抵消了经济疲软带来的压力。彭博情报分析师Mar'Yana Vartsaba指出，在第二季度财报发布 前，由于经济增长放缓需纳入银行对潜在贷款违约的模型测算中，分析师曾预计银行会提示信贷质量恶 化。 今年年初，受关税不确定性和宏观环境低迷影响，巴克莱、德意志银行等机构计提的不良贷款拨备高于 预期，但随后迅速调整策略。Keefe, Bruyette & Woods(KBW)分析师基于其覆盖的银行数据计算显示， 第二季度整体贷款损失拨备较预期低10%。 第二季度，MSCI欧洲金融子指数盈利增长15%，远高于预期的1.8%，是所有板块中超出预期幅度最大 的。 欧洲银行仍保留着新冠疫情后积累的部分拨备缓冲——据彭博情报的Vartsaba估计，总额约100亿欧元， 可用于缓解潜在不良贷款上升的风险。利率下降也对信贷质量形成支撑：欧洲央行6月将存款利率降至 2%，为两年多来最低水平。 这一切都表明未来几个季度资产质量将保持韧性。Dickerson称，只有当经济出现"重大动荡"且失业率上 升时，信贷质量才可能出现"全面恶化 ...

与网点收缩形成鲜明对比的，是高端金融地标的崛起。当渣打在杭州钱江新城亮起私人理财中心的霓虹 灯，当东亚银行北京望京旗舰支行打开私密会客室的雾化玻璃门，越来越多外资行的"会客室"搬进了商 场、办公楼，而不再是街边的网点，一场静默的战略转移已然展开。这些场所没有拥挤的排队叫号机， 取而代之的是品鉴雪茄的休闲区和全景落地窗外的城市天际线。外资银行加快在核心城市布局旗舰支行 与私人财富管理中心，将高净值客户与财富管理业务确立为零售业务主攻方向究竟是出于哪些方面的考 量呢？ 汇丰银行相关人员向巴伦中文网表示，缩减网点数量的主要原因分成两点： 一方面，随着中国金融市场的不断发展，中资银行在零售业务等领域迅速崛起，市场竞争愈发激烈，汇 丰银行在传统零售业务上的竞争优势逐渐被削弱。以储蓄业务为例，中资银行凭借广泛的网点布局和深 入的本土市场理解，吸引了大量普通客户，使得汇丰银行在这一领域的市场份额增长面临压力。 另一方面，数字化浪潮深刻改变了客户的金融服务获取习惯，越来越多的客户选择通过手机银行、网上 银行等线上渠道办理日常业务，对物理网点的依赖度大幅降低。 在经济全球化的浪潮中，外资银行作为国际金融市场的重要参与者，长期以 ...

汇丰控股(00005.HK)在港交所发布公告称，8月18日于香港斥资约2.68亿港元回购约270万股，每股回购 价在98.5至99.75港元；同日在伦交所等交易所回购约288万股，每股回购价在9.281至9.375英镑，斥资约 2692万英镑。 本文源自：金融界AI电报 ...