Core Viewpoint - HSBC Holdings (00005) has shown a positive performance with a closing price of 111.7 HKD, reflecting a daily increase of 2.01% and a trading volume exceeding 1.724 billion HKD, driven by a recovery in the financial sector and optimistic market expectations regarding interest rates [1][3]. Technical Analysis - The technical support levels for HSBC are clear, with the first support at 107.8 HKD and the second at 103.6 HKD, indicating a certain level of buying interest below these prices. Resistance levels are at 115.7 HKD and 119.8 HKD, requiring further trading volume for effective breakthroughs [2]. - The Relative Strength Index (RSI) for HSBC is currently at 51, indicating a neutral position. Although technical indicators suggest a "sell" signal, the strength of this signal is limited. Conversely, several oscillators indicate a buying signal, suggesting potential upward movement [2]. Market Overview - On December 10, the Hong Kong stock market exhibited a range-bound pattern with significant sector performance differentiation. Real estate and property management stocks were the highlights, with Vanke Enterprises (02202) surging by 13.17% due to favorable funding news. Other notable gains included China Jinmao (00817) and Sunac China (01918), which rose by 8.55% and 8.87%, respectively [3]. - In the technology sector, Meituan (03690) increased by 2.72% due to growth expectations in food delivery orders, while Tencent (00700) and Alibaba (09988) saw slight increases. Among financial stocks, Hong Kong Exchanges and Clearing (00388) and Ping An Insurance (02318) showed steady gains, while China Merchants Bank (03968) fell over 3% due to asset quality concerns [3]. Derivative Products Performance - Since December 8, HSBC's stock has seen a cumulative increase of 2.38%, with related warrants and bull certificates demonstrating significant leverage effects. The most notable products include: 1. UBS Bull Certificate (63092) with a two-day increase of 33%, showcasing the leverage effect as it closely follows the stock's upward trend [6]. 2. UBS Call Warrant (18901) also recorded a 33% increase over two days, benefiting from the stock's steady rise [6]. - Another two products, UBS Bull Certificate (58939) and Bank of China Call Warrant (29663), achieved increases of 22% and 12%, respectively, indicating that the stable rise of the underlying stock is the main driver for the price increase of derivatives [8]. Selected Derivative Recommendations - Two selected warrants are highlighted for their cost-effectiveness and high leverage, suitable for different risk appetites: 1. Guotai Junan Call Warrant (28491) is recommended for its low premium and implied volatility, with a strike price of 130.98 HKD, allowing for significant upside potential while minimizing time value loss [9]. 2. UBS Bull Certificate (58939) is noted for its low premium and high leverage of 12.4 times, providing a safety margin with a redemption price set at 100 HKD, making it suitable for capturing short-term market movements [9].

汇丰银行预测，在风险平衡的背景下，美联储 2027 年前不会调整利率。 来源：滚动播报 ...

12月11日，港股三大指数集体下挫，恒生指数跌0.04%，国企指数跌0.23%，恒生科技指数跌0.83%。 | સ્દ્ર | 名称 | | 最新价 | 涨跌额 | 张跌幅√ | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | 0 | 25530.51 | -10.27 | -0.04% | | 800100 | 国企指数 | | 8934.28 | -20.41 | -0.23% | | 800700 | 恒生科技指数 | | 5534.59 | -46.51 | -0.83% | 盘面上，大型科技股涨跌各异，其中，阿里巴巴跌1.7%，快手、网易、京东、腾讯控股微跌；美团涨 1.5%，百度、小米微涨；半导体、芯片股下挫，中兴通讯跌超13%；旅游及观光板块走低，中国中免跌 近5%；证券板块低迷，招商证券、光大证券跌超3%；美联储降息落定，有色金属板块高开低走，中国 铝业、中铝国际、灵宝黄金跌幅靠前；此外，军工股、稀土概念、影视娱乐、光伏股、体育用品股纷纷 走低。 另一方面，风电股涨幅居前，金风科技涨超5%；锂电池股活跃，宁德时代涨近2%；银行股走 ...

今日（12月11日），受美联储降息刺激，港股市场早盘一度高开。然而，后续发展不尽如人意，最终反弹告吹，各类指数小幅回落。 截至收盘，恒生指数报收于25530.51点，下跌10.27点，跌幅0.04%。从成交量看，港股今日全天仅成交1825亿港元，再次出现缩量。 恒生科技指数收报5534.59点，下跌46.51点，跌幅0.83%。 焦点公司方面，中兴通讯（HK00763）突发大跌，截至收盘，股价跌超13%。同时，中兴通讯A股（SZ000063）也以跌停报收。 资金方面，截至收盘，南向资金累计净买入港股超7亿港元。 后市展望： 招商国际认为，在美联储降息、AI投资等因素支持下，预计美国经济明年保持温和增长，维持对美股的战略性看多，但需关注结构性分化和一季度短期风 险。针对明年港股市场展望，该行表示，港股将从估值修复主导，迈向盈利增长主导。估值扩张可能减弱，但流动性宽松，不会形成拖累。2026年呈现盈利 驱动与流动性托底相结合的格局，通过"新供给创造新需求"，成为港股市场新动力。 招商国际还指出，新经济支撑港股走向基本面驱动；内外部政策环境向好；外资和南向资金的新供给增加，转化为对港股配置的新需求。基于股东权益回报 ...

Group 1: Federal Reserve and Market Impact - The Federal Reserve lowered interest rates by 25 basis points but maintained a forecast of only one rate cut in 2026 according to the "dot plot" [1] - Hong Kong stocks opened high but closed lower, with the Hang Seng Index down 0.04% to 25,530.51 points and a total turnover of HKD 182.48 billion [1] - Guangfa Securities noted that Hong Kong stocks are more sensitive to external risks, particularly with an unclear future rate cut path from the Federal Reserve and upcoming unlocks of restricted shares in December [1] Group 2: Blue-Chip Stocks Performance - HSBC Holdings reached a new high, closing up 2.06% at HKD 114, contributing 43.23 points to the Hang Seng Index [2] - Other blue-chip stocks like Hansoh Pharmaceutical and Henderson Land also saw gains, while Alibaba Health and Sands China faced declines [2] Group 3: Sector Performance - Large tech stocks generally declined, with Alibaba down 1.7% and Tencent down 0.25% [3] - The wind power sector remained strong, with Goldwind Technology and Dongfang Electric seeing significant gains [3] - Lithium battery stocks were active, with companies like CATL and Ganfeng Lithium showing positive performance amid rising production costs [4] Group 4: Chip Sector Developments - The chip sector continued to decline, with Huahong Semiconductor down 4.8% and SMIC down 2.26% [4] - The U.S. government allowed NVIDIA to export its H200 AI chips to China, which may boost domestic AI development and increase demand for local chips [5] Group 5: Real Estate Sector Trends - Domestic property stocks generally fell, with Agile Group down 7.58% and Sunac China down 2.22% [6] - Discussions around mortgage interest subsidy policies have increased, which could stimulate potential homebuyer demand if implemented [6] Group 6: Notable Stock Movements - ZTE Corporation faced a significant drop of 13.08% following compliance investigation news [7] - Red Star Macalline's stock fell 14.39% due to unusual trading activity, despite the company stating that its operations remain normal [8] - Lens Technology saw a slight increase of 2.05% after announcing a potential acquisition [9] - Asia Fortune's stock surged 80.87% after announcing a voluntary cash offer for shares [10]

来源：瑞恩资本RyanbenCapital 彭博消息，汇丰控股HSBC(00005.HK)行政总裁艾桥智(Georges Elhedery)在接受彭博电视访问时表示， 在他15个月前开始对银行进行彻底重组之前，没有足够的管理人员对各自业务的业绩完全负责。 力推「单一责任制」 艾桥智表示，「我们实现了从零责任制到如今的转变」。 艾桥智在精简业务的过程中，重点之一是将人工智能融入汇丰的营运。 他表示，向公司超过20万名员工推广AI的努力进展顺利。 「我将监控大家使用AI的情况，因AI关系到人们在未来五年内能否在职场中保持竞争力，故亦会监控 超级用户，相信这些人会成为同事中最有影响力的人」。 「以前所有业务都实行双重或多重责任制，而现在我们约60%的收入都是在单一责任制下产生的。这非 常重要」。 自执掌汇丰以来，艾桥智已将其营运委员会的规模缩减了近一半(由18人减至12人)，藉此杜绝高层通过 联席职衔逃避承担决策的责任。 简化银行业务，裁员数千人，重组「还没有到达终点」 艾桥智此前曾担任全球银行及市场业务的联席主管，他表示，为了使汇丰成为一家更精简、更高效的银 行，还有更多工作要做。 他正在继续推进一项转型计划，已 ...

美银证券发布研报称，预计汇丰控股(00005)明年将有两个领域实现显著增长，包括香港存款业务及亚 洲财富管理业务;认为汇控在这两方面拥有显著竞争优势，管理层也已承诺加大投资在相关领域，预计 增加的资源配置将进一步提升其竞争优势，并带来市占率提升。美银证券对汇控2026及2027年的每股盈 利预测较市场预期高约7%至9%，主要得益于更高的收入及股份回购，又预计汇控股份回购的速度将从 明年第二季起恢复至每季度20亿至30亿美元的水平。基于上调的每股盈利预测，该行将汇控评级从"中 性"上调至"买入"。 ...

智通财经APP获悉，美银证券发布研报称，预计汇丰控股(00005)明年将有两个领域实现显著增长，包括 香港存款业务及亚洲财富管理业务; 认为汇控在这两方面拥有显著竞争优势，管理层也已承诺加大投资 在相关领域，预计增加的资源配置将进一步提升其竞争优势，并带来市占率提升。美银证券对汇控2026 及2027年的每股盈利预测较市场预期高约7%至9%，主要得益于更高的收入及股份回购，又预计汇控股 份回购的速度将从明年第二季起恢复至每季度20亿至30亿美元的水平。基于上调的每股盈利预测，该行 将汇控评级从"中性"上调至"买入"。 ...

恒生指数高开0.66%，恒生科技指数涨0.55%。泡泡玛特、紫金矿业、汇丰控股涨逾2%，网易、阿里巴 巴、哔哩哔哩等科网股走强。 恒生指数高开0.66%，恒生科技指数涨0.55%。泡泡玛特、紫金矿业、汇丰控股涨逾2%，网易、阿里巴 巴、哔哩哔哩等科网股走强。 ...

Core Insights - Ant International, HSBC, and Swift have successfully completed a Proof of Concept (POC) for cross-border transfer of tokenised deposits using ISO 20022 standards [1] - The initiative utilizes Swift's global messaging network, HSBC's Tokenised Deposit Service, and Ant International's blockchain technology [1] - This POC represents a significant milestone in the collaboration between these companies to enhance the benefits of tokenisation for businesses [1] Company Summaries - Ant International is leveraging its blockchain technology in collaboration with HSBC and Swift to facilitate cross-border transactions [1] - HSBC has launched a Tokenised Deposit Service that plays a crucial role in this POC, indicating its commitment to innovation in financial services [1] - Swift's global messaging network is integral to the success of this initiative, showcasing its importance in the evolving landscape of financial transactions [1]