Core Viewpoint - HSBC believes that the US dollar is likely to weaken further, despite ongoing debates about whether it has already bottomed out [1] Group 1: Economic Indicators - HSBC's global foreign exchange research head, Paul Mackel, indicates that historical trends show the dollar tends to weaken when the Federal Reserve resumes a loose monetary policy and the US economy avoids recession [1] - Discussions about a potential acceleration in the US economy, along with recent political turmoil in France and Japan, have prompted considerations regarding the dollar's sideways movement since July [1] Group 2: Market Sentiment - The market's sentiment is described as unpredictable, with a strong desire for a stronger dollar being tempting, but it is deemed premature to abandon bearish views [1] - Mackel forecasts that the dollar will likely reach its bottom by early next year [1]

Core Viewpoint - HSBC believes that the US dollar is likely to weaken again, with expectations of hitting a bottom in early next year [1] Group 1: Economic Indicators - HSBC's global foreign exchange research head states that the US dollar typically weakens when the Federal Reserve resumes a loose monetary policy and the US avoids recession [1]

Group 1 - The core viewpoint of the article is that JPMorgan expects HSBC's privatization of Hang Seng to have a positive impact on profitability [1] - JPMorgan calculates that the privatization will increase HSBC's net profit after tax (NPAT) by 3.7% by 2027, and earnings per share will rise by 0.1% [1] - The average return on tangible equity (ROTE) is projected to improve by 38 basis points due to the privatization [1] Group 2 - The privatization is expected to release approximately 40 basis points of HSBC's common equity tier 1 capital ratio (CET1) [1] - JPMorgan believes that the decline in HSBC's stock price has already reflected the downside risks associated with the transaction, predicting a sideways movement in the stock price in the short term [1] - Despite a lack of positive catalysts and no share buyback support, HSBC's long-term yield is still expected to reach 5%, with the risks from tariffs already considered [1] Group 3 - In light of the renewed tensions in US-China trade relations, JPMorgan anticipates that HSBC will outperform the Hang Seng Index, maintaining an "overweight" rating with a target price of HKD 122 [1]

（文章来源：新华财经） 汇丰全球外汇研究主管保罗·梅克尔在报告中指出："当美联储重启宽松周期，而美国经济又免于衰退 时，历史经验表明美元将会走弱，这一规律很难被打破。" 虽然关于美国经济重新加速的讨论，以及近期法国和日本的政治局势动荡，确实值得让人思考美元自7 月以来的横盘走势，但市场心态变幻莫测。相信美元走强的渴望固然诱人，但现在摒弃看跌观点为时尚 早。梅克尔预计美元将在明年初触底。 新华财经北京10月14日电关于美元是否已经触底，市场上争论激烈，但汇丰银行认为美元很可能还将再 度走弱。 ...

| | 手部港股 | | 音港主板 | | | 创业板 | | 香港股票ADR | > | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价 | 较港股升跌 | 较港股升跌% | ADR | | 1 | 腾讯控股 | 9 00700 | 639.000 | 12.500 | -1.92% | TCEHY | 635.081 | -3.919 | -0.61% | 81 | | 2 | 阿里巴巴-W | 09988 | 162.600 | -2.800 | -1.69% | BABA | 162.223 | -0.377 | -0.23% | 166 | | 3 | 汇丰控股 | 00005 | 102.600 | -0.900 | -0.87% | HSBC | 103.412 | +0.812 | 0.79% | 66 | | 4 | 建设银行 | 00939 | 7.320 | -0.020 | -0.27% | ...

Company News - Yuanshan Group (00551.HK) reported a cumulative operating income of approximately $6.017 billion for the first nine months, a decrease of 1% year-on-year [2] - Baoshan International (03813.HK) recorded a cumulative operating income of 12.903 billion yuan for the first nine months, down 7.7% year-on-year [2] - Longyuan Power (00916.HK) achieved a cumulative power generation of 56,546,706 MWh in the first nine months, a decline of 0.53% year-on-year; excluding the impact of thermal power, there was a year-on-year increase of 13.81%, with wind power up 5.30% and solar power up 77.98% [2] Financial Performance - Qinhuangdao Port Co., Ltd. (03369.HK) reported a total throughput of 317 million tons for the first nine months, an increase of 5.56% year-on-year [3] - New China Life Insurance (01336.HK) expects net profit attributable to shareholders for the first three quarters to be between 29.986 billion yuan and 34.122 billion yuan, representing a year-on-year growth of 45% to 65% [3] - Jiangshan Holdings (00295.HK) reported a total power generation of approximately 238,787 MWh for the first nine months, a decrease of 4.83% year-on-year [3] - Morning News Technology (02000.HK) reported an unaudited revenue of 270 million HKD for the first nine months, down 7.6% year-on-year [3] - Dekang Agriculture and Animal Husbandry (02419.HK) sold approximately 7.5509 million pigs in the first nine months, with sales revenue of approximately 14.277 billion yuan [3] Drug Approvals and Developments - Hengrui Medicine (01276.HK) received a clinical trial approval notice for SHR-A2102, a targeted Nectin-4 antibody-drug conjugate (ADC) developed in-house; global sales for similar products are expected to reach approximately $1.949 billion in 2024 according to EvaluatePharma [3] - Hutchison China MediTech (00013.HK) plans to announce FRUSICA-2 registration study data at the 2025 European Society for Medical Oncology annual meeting [3] - CSPC Pharmaceutical Group (01093.HK) had its new drug application for Idaglutide α injection accepted by the National Medical Products Administration [3] Corporate Actions - Huazhen Medical (01931.HK) announced the acquisition of U.S. properties and the establishment of a U.S. subsidiary, ETHK BANK, to promote stablecoins and intellectual property securitization in the U.S. [3] - Lihigh Holdings (08472.HK) plans to invest 24 million HKD in cryptocurrency and commodities [3] - Hisense Home Appliances (00921.HK) and its subsidiaries subscribed to a financial product from Jingu Trust worth 1.739 billion HKD [3] Real Estate Performance - New Town Development (01030.HK) reported cumulative contract sales of 15.050 billion yuan for the first nine months, a decrease of 52.72% year-on-year [3] - Longfor Group (00960.HK) achieved total contract sales of 50.75 billion yuan in the first nine months [3] - CIFI Holdings Group (00884.HK) reported cumulative contract sales of approximately 13.06 billion yuan for the first nine months [3] - Ronshine China Holdings (03301.HK) reported contract sales of 3 billion yuan for the first nine months, down 45.3% year-on-year [3] - Yuzhou Group (01628.HK) reported cumulative sales of 4.913 billion yuan for the first nine months [3] - Yida China (03639.HK) reported contract sales of approximately 572 million yuan for the first nine months, down 24.74% year-on-year [3] Financing and Buyback Activities - Geely Automobile (00175.HK) was approved to issue debt financing instruments totaling no more than 10 billion yuan [3] - HSBC Holdings (00005.HK) repurchased 1.58 million HKD worth of shares at prices ranging from 102.2 to 103.77 HKD [3] - Xiaomi Group-W (01810.HK) repurchased 400 million HKD worth of shares at prices ranging from 47.82 to 50.55 HKD [3] - Shoucheng Holdings (00697.HK) repurchased 890 million HKD worth of shares at prices ranging from 2.21 to 2.27 HKD [3]

Core Viewpoint - HSBC Holdings and Hang Seng Bank announced a proposal for the privatization of Hang Seng Bank, with HSBC Asia offering HKD 155 per share, representing a 33% premium over the average closing price of HKD 116.5 over the last 30 trading days, valuing Hang Seng Bank at HKD 290 billion, which is 1.8 times its book value for the first half of 2025 [1][2]. Group 1 - HSBC's privatization strategy aims to streamline operations and enhance investment opportunities in Hong Kong [1][2]. - The proposal is perceived as high by the market, especially given Hang Seng Bank's declining profits, with a 30.46% drop in shareholder profit to HKD 6.88 billion and a 28.39% decrease in pre-tax operating profit [2]. - HSBC plans to finance the acquisition using internal resources, which is expected to reduce its Common Equity Tier 1 (CET1) capital ratio by approximately 125 basis points [3]. Group 2 - HSBC's decision to halt share buybacks for the next three quarters is seen as a move to stabilize its capital ratio, targeting a CET1 ratio of 14% to 14.5% [3][4]. - The market response has been negative, with HSBC's stock price declining over 7% following the announcement of the privatization [3]. - Investors are concerned about the impact of geopolitical risks and economic uncertainties, leading some to shift investments away from HSBC [4]. Group 3 - HSBC is actively involved in managing Hang Seng Bank's non-performing real estate loans, facilitating the sale of over USD 3 billion in assets [5]. - Hang Seng Bank's commercial real estate loan quality is under pressure, with significant increases in credit impairment [5]. - The collaboration aims to enhance business synergies between HSBC and Hang Seng Bank, allowing for a focus on wealth management and other growth areas [5][6]. Group 4 - Post-privatization, Hang Seng Bank will retain its identity as an independent licensed bank, maintaining its management structure and brand [6]. - There is potential for future capital operations, including the possibility of a spin-off listing if business synergies lead to significant performance improvements [6].

汇丰控股(00005)发布公告，于2025年10月10日斥资2322.2万英镑回购231.45万股;斥资1.58亿港元回购 153.4万股。 ...

智通财经APP讯，汇丰控股(00005)发布公告，于2025年10月10日斥资2322.2万英镑回购231.45万股;斥资 1.58亿港元回购153.4万股。 ...

格隆汇10月13日丨汇丰控股(00005.HK)发布公告，2025年10月10日耗资1.58亿港元回购153.4万股，回购 价格每股102.2-103.77港元。 ...