股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 恒生銀行有限公司 | | | | 呈交日期: | 2025年8月1日 | | | | I. 法定/註冊股本變動 | 不適用 | | | | 備註： | | | | | 恒生銀行並無法定股本，及其股本並無股份面值。 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00011 | | 說明 | 股份 | | | | | | 多櫃檯證券代號 | 80011 | RMB 說明 | | 股份 | | | | | | | | 已發行 ...

Group 1 - UBS downgraded Hang Seng Bank's rating from "Neutral" to "Sell" and lowered the target price from HKD 112 to HKD 102 [1] - The bank's net profit for the first half of the year fell by 34.6% year-on-year, with credit costs reaching a record high, resulting in performance below UBS and market expectations [1] - Management maintained a cautious outlook, indicating that expected credit losses (ECL) for the second half will be similar to the first half, suggesting that credit costs for the full year 2025 may exceed 100 basis points [1] Group 2 - Due to exposure to risks in Hong Kong's commercial real estate, UBS revised its earnings per share forecast for 2025-2026 down by 12% to 18% [1] - Despite a potential increase in the payout ratio to over 90%, the bank's dividend for 2025 is expected to be HKD 6.2, down from HKD 6.8 last year [1] - UBS noted that the HKD 3 billion share buyback plan is in line with expectations, and if loan demand remains weak next year, the buyback scale may be expanded [1]

考虑到香港商业地产的风险敞口为恒生带来的拨备压力，将2025至26年每股盈利预测下调12%至18%， 并预期即使派息比率可能提升至90%以上，2025年每股股息仍难维持稳定，料2025年股息为6.2港元， 而去年为6.8港元。另外，瑞银指30亿港元股份回购计划符合预期，若明年贷款需求持续疲弱，可能会 扩大回购规模。 瑞银发布研报称，将恒生银行(00011)评级由"中性"降至"沽售"，目标价由112港元下调至102港元。瑞银 指，恒生上半年净利润同比大跌34.6%，信用成本创新高，导致业绩逊于瑞银及市场预期。管理层在业 绩会议中维持审慎态度，指引下半年预期信用损失(ECL)将与上半年相若，意味2025全年信用成本可能 超过100个基点。 ...

该行预测恒生银行2025至2027财年信贷成本分别为110基点、60基点、45基点。随着盈利预测调整，该 行将目标价从135港元降至131港元，相当于预测明年市账率1.5倍，维持"买入"评级。花旗料恒生银行 今明两年净息差各为1.91%及1.97%。 花旗发表报告指，根据恒生银行上半年业绩，将2025财年每股盈利预测下调24%，主要受信贷成本上升 及因HIBOR预期降低导致的净利息收入减少。同时，花旗将恒生银行2026财年至2027财年每股盈利预 测上调1%，主要由于宣布的30亿港元股份回购、较佳的非利息收入及较低的营运支出，但部分被更保 守的信贷成本假设抵销。 ...

瑞银发表研究报告指，将恒生银行评级由"中性"降至"沽售"，目标价由112港元下调至102港元。瑞银 指，恒生上半年净利润按年大跌34.6%，信用成本创新高，导致业绩逊于瑞银及市场预期。管理层在业 绩会议中维持审慎态度，指引下半年预期信用损失(ECL)将与上半年相若，意味2025全年信用成本可能 超过100个基点。 考虑到香港商业地产的风险敞口为恒生带来的拨备压力，将2025至26年每股盈利预测下调12至18%，并 预期即使派息比率可能提升至90%以上，2025年每股股息仍难维持稳定，料2025年股息为6.2港元，而 去年为6.8港元。另外，瑞银指30亿港元股份回购计划符合预期，若明年贷款需求持续疲弱，可能会扩 大回购规模。 ...

| 序号 | 名称 | 港股代码 | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% | AD ADR最新价(美元) | | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 550.011 | +0.011 | 0.00% | 70.070 | | 2 | 阿里巴巴-W | 09988 | 118.360 | +2.660 | 2.30% | 120.630 | | 3 | 建设银行 | 00939 | 8.003 | -0.047 | -0.59% | 20.390 | | 4 | 汇丰控股 | 00005 | 96.234 | +0.084 | 0.09% | 61.300 | | 5 | 小米集团-W | 01810 | 52.874 | -0.276 | -0.52% | 33.680 | | 6 | 友邦保险 | 01299 | 73.059 | -0.341 | -0.46% | 37.230 | | 7 | 美团-W | 03690 | 120.489 | -1.111 | -0.91% | 30.700 ...

Group 1 - The core point of the article highlights that the Li Ka-shing family is selling 400 residential units in the Greater Bay Area, with prices starting from 400,000 yuan [1] - The properties being marketed include projects in Huizhou, Zhongshan, Guangzhou, and Dongguan, indicating a strategic move to attract Hong Kong buyers [1] - This "old stock new sale" approach reflects the family's long-term development strategy of acquiring land at low prices and suggests a significant increase in demand for property from Hong Kong residents [1]

美银证券发布研报称，基于目标市账率1.12倍计，将恒生银行(00011)目标价由原先102港元下调8%至 93.6港元。由于盈利逆风及不良贷款覆盖率低，重申恒生跑输大市评级。 美银证券指，恒生上半年收入同比增长2.7%，达210亿港元，拨备前利润同比增长3.9%，达134亿港 元，超市场预期分别2%及6%。然而，净利润同比下降34.6%至63亿港元，逊市场预期22%，因拨备增 加两倍。上半年净资产收益率(ROE)同比下降4.5个百分点至7.9%。普通股权一级资本(CET1)比率按半 年上升3.6个百分点至21.3%，部分得益于《巴塞尔协议三》规则的实施。上半年股息同比增长8.3%至每 股2.6港元，派息比率同比上升30个百分点至78%。 美银证券又表示，恒生宣布高达30亿港元的回购计划，将于六个月内完成。美银证券将恒生2025至2027 年盈利预测下调10%至18%，主要因信贷成本上升(2025至2027年预计分别为110基点、85基点、75基 点)，但因HIBOR下跌导致无风险利率下降，将股本成本下调50基点至8.5%。 ...

Core Viewpoint - Bank of America Securities has downgraded the target price for Hang Seng Bank from HKD 102 to HKD 93.6, a decrease of 8%, citing headwinds in earnings and low non-performing loan coverage, while maintaining an underperform rating [1] Financial Performance - Hang Seng Bank reported a 2.7% year-on-year increase in revenue, reaching HKD 21 billion, and a 3.9% increase in pre-provision profit to HKD 13.4 billion, exceeding market expectations by 2% and 6% respectively [1] - However, net profit fell by 34.6% year-on-year to HKD 6.3 billion, missing market expectations by 22%, primarily due to a doubling of provisions [1] - The return on equity (ROE) decreased by 4.5 percentage points to 7.9% year-on-year [1] Capital and Dividends - The Common Equity Tier 1 (CET1) ratio increased by 3.6 percentage points to 21.3%, partly due to the implementation of Basel III regulations [1] - The bank announced an 8.3% year-on-year increase in dividends to HKD 2.6 per share, with the payout ratio rising by 30 percentage points to 78% [1] Share Buyback and Future Projections - Hang Seng Bank has announced a share buyback plan of up to HKD 3 billion, expected to be completed within six months [1] - Earnings forecasts for 2025 to 2027 have been reduced by 10% to 18%, mainly due to rising credit costs, projected at 110 basis points, 85 basis points, and 75 basis points for the respective years [1] - The cost of equity has been lowered by 50 basis points to 8.5% due to a decline in the HIBOR, resulting in a decrease in the risk-free rate [1]

报告提到，管理层对前景保持审慎态度，预期即使利率处于低位，今年下半年贷款需求仍将疲弱，且预 期信用损失可能与上半年相若。管理层承诺维持合理且可持续的股东回报，预计全年派息比率将不超过 盈利的100%。 该行称，恒生银行虽然收入及拨备前营业利润(PPOP)略胜预期，但减值拨备大幅增加，导致盈利不及 预期。尽管HIBOR下降，收入仍同比增长2.7%，当中非利息收入升34%可抵消净利息收入下跌7.4%。 营运支出仅同比微增1%，反映良好成本管控，推动拨备前营业利润增长3.9%。但减值拨备大增2.3倍， 信用成本达118个基点，创历史新高。恒生宣布于6个月内完成30亿港元股份回购计划，符合瑞银预期。 瑞银发布研报称，恒生银行(00011)上半年净利润同比跌34.6%至62.85亿港元，显著低于瑞银及市场预 期。该行现予恒生银行"中性"评级，目标价112港元。 ...