瑞银研究报告指，恒生银行上半年净利润按年跌34.6%至62.85亿港元，显著低于瑞银及市场预期。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，收入仍按年增长2.7%，当中非利息收入升34%可抵消净利息收入下跌7.4%。营运支出仅按年微增 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。 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%。瑞银现予恒生银行"中性"评级，目标价为112港元。 来源：格隆汇APP ...

Market Performance - The Hang Seng Index closed at 25,176, down 1.36% for the day and up 25.51% year-to-date [1] - The Hang Seng Tech Index fell 2.72% to 5,490, with a year-to-date increase of 22.89% [1] - The Dow Jones Index decreased by 0.38% to 44,461, with a year-to-date rise of 4.51% [1] - The S&P 500 Index closed at 6,362, down 0.12% for the day and up 8.18% year-to-date [1] Currency and Commodity Overview - The Renminbi Index stood at 95.710, down 0.22% over the past month and down 5.14% over six months [2] - Brent crude oil price increased by 8.15% over the past month to $72.210 per barrel, but decreased by 1.00% over six months [2] - Gold prices rose by 0.88% over the past month to $3,332.69 per ounce, with a significant increase of 19.24% over six months [2] Company-Specific Developments - JD.com announced a voluntary public acquisition offer for CECONOMY AG at €4.60 per share, with full support from CECONOMY's supervisory and management boards [13] - Adidas reported a 58% year-on-year increase in operating profit for Q2, reaching €546 million, surpassing market expectations [15] - Guotai Junan International successfully issued the first public digital native bond by a Chinese brokerage, with a size of up to $300 million [16] Economic Indicators - Eurozone GDP grew by 0.1% quarter-on-quarter in Q2, exceeding expectations, with an annual growth of 1.4% [17] - The U.S. GDP for Q2 showed an annualized growth of 3%, rebounding from a contraction in Q1 and surpassing the expected 2.4% [18]

Core Viewpoint - Citigroup's report indicates that higher-than-expected credit costs may bring short-term uncertainty to Hang Seng Bank (00011), although the HKD 3 billion share buyback is likely to be well-received by the market, with focus shifting to credit cost outlook [1] Financial Performance Summary - Hang Seng Bank's net profit for the first half of 2025 is projected at HKD 6.3 billion, representing a 22% decrease from the previous half and a 35% year-on-year decline [1] - Operating profit is expected to be HKD 8.5 billion, down 16% from the previous half and 25% year-on-year, which is 14% lower than consensus expectations, primarily due to increased provisions [1] - Total revenue is forecasted to decline by 1% from the previous half but increase by 3% year-on-year, exceeding market expectations by 2%, driven by strong non-interest income [1] - Operating expenses are anticipated to be HKD 7.6 billion, down 1% from the previous half and up 1% year-on-year, which is 2% lower than consensus expectations [1] Provision and Credit Cost Analysis - Provision expenses have risen to HKD 4.9 billion, marking a 49% increase from the previous half and a staggering 224% year-on-year increase, mainly due to increased provisions for Hong Kong commercial real estate (CRE) [2] - The expected credit loss (ECL) model adjustments have led to an additional expense of HKD 640 million [2] - The non-performing loan (NPL) ratio has increased by 0.6 percentage points to 6.7% compared to the end of last year, with the NPL ratio for Hong Kong commercial real estate rising by 5 percentage points to 20% [2]

Core Viewpoint - Citigroup's report indicates that higher-than-expected credit costs may bring short-term uncertainty to Hang Seng Bank, despite a welcomed HKD 3 billion stock buyback plan. The focus is likely to remain on the outlook for credit costs [1]. Financial Performance Summary - Hang Seng Bank's net profit for the first half of 2025 is projected at HKD 6.3 billion, representing a 22% decrease from the previous half and a 35% year-on-year decline [1]. - Operating profit is expected to be HKD 8.5 billion, down 16% from the previous half and 25% year-on-year, which is 14% lower than consensus expectations, primarily due to increased provisions [1]. - Total revenue is forecasted to decline by 1% from the previous half but increase by 3% year-on-year, exceeding market expectations by 2%, driven by strong non-interest income [1]. - Operating expenses are anticipated to be HKD 7.6 billion, down 1% from the previous half and up 1% year-on-year, which is 2% lower than consensus expectations [1]. Provision and Credit Cost Analysis - Provision expenses have risen to HKD 4.9 billion, marking a 49% increase from the previous half and a staggering 224% year-on-year increase, largely due to increased provisions for Hong Kong commercial real estate (CRE) [2]. - The expected credit loss (ECL) model adjustments have led to an additional expense of HKD 640 million [2]. - The non-performing loan (NPL) ratio has increased by 0.6 percentage points to 6.7% compared to the end of last year, with the NPL ratio for Hong Kong commercial real estate rising by 5 percentage points to 20% [2].

Group 1 - The core viewpoint of the news highlights the significant performance variations among Hong Kong-listed companies, with some sectors like innovative pharmaceuticals, education, and finance showing notable growth, while banks like Hang Seng Bank and HSBC experienced substantial declines in their earnings [2][5][9] Group 2 - Over 60 Hong Kong-listed companies have reported their mid-year results for 2025, with companies like Hong Kong Broadband and Yu Hua Education seeing their mid-year earnings double year-on-year [2][3] - Hong Kong Broadband reported a staggering 6911.73% increase in profit attributable to shareholders, reaching HKD 108 million, driven by improved operational efficiency and reduced financing costs [3] - Yu Hua Education's revenue for the six months ending February 28, 2025, was approximately CNY 1.278 billion, a 7.2% increase, with adjusted net profit rising by 108.7% to CNY 435 million, attributed to increased enrollment and optimized cost management [3] - WuXi AppTec achieved a revenue of CNY 20.799 billion for the first half of 2025, marking a 20.6% year-on-year growth, with net profit attributable to shareholders soaring by 95.5% to CNY 8.287 billion [3][4] - Huaneng International Power's revenue for the first half of 2025 was CNY 112.032 billion, a decrease of 5.7%, while net profit increased by 23.19% to CNY 9.578 billion, attributed to effective fuel cost management [4] - IMAX China reported a revenue of USD 57.802 million for the first half of 2025, a 31.66% increase, with net profit rising by 88.9% to USD 23.893 million, driven by increased content solutions and technical services revenue [4] Group 3 - Hang Seng Bank's total operating income for the first half of 2025 was HKD 20.975 billion, a 3% increase, but pre-tax profit fell by 28.39% to HKD 8.097 billion, and net profit attributable to shareholders decreased by 30.46% to HKD 6.880 billion [5][7] - HSBC's pre-tax profit for the first half of 2025 was USD 15.8 billion, a decrease of USD 5.7 billion, with total revenue declining by 9% to USD 34.1 billion [9][12] - Following the earnings releases, Hang Seng Bank's stock price dropped by 7.4%, bringing its market capitalization down to HKD 214.2 billion [7] - HSBC's stock price also fell by 3.82%, resulting in a market capitalization of HKD 1.69 trillion [12] Group 4 - The overall earnings growth for the Hang Seng Index is expected to significantly increase compared to the previous year, with sectors like healthcare, information technology, and consumer discretionary leading the growth [13][15] - Retail, semiconductor, education, diversified finance, and gaming sectors are projected to see continued profit growth, while the electric vehicle and consumer electronics sectors remain at high levels of activity despite lower growth rates compared to the previous year [15]

Financial Performance - Net Interest Income (NII) decreased by 7% YoY, from HK$15483 million to HK$14339 million[8] - Fee and Other Income increased significantly by 34% YoY, reaching HK$6636 million, driven by the Wealth business[8, 11] - Operating Profit decreased by 25% YoY, from HK$11396 million to HK$8549 million[8] - Profit Before Tax (PBT) decreased by 28% YoY, from HK$11307 million to HK$8097 million[8] - Earnings per share (EPS) decreased by 34% YoY, from HK$504 to HK$334[8] - Dividend per share (DPS) increased by 8% YoY, from HK$240 to HK$260[8] Balance Sheet - Customer Loans and Advances decreased by 2% compared to December 2024, from HK$819 billion to HK$803 billion[8, 13] - Customer Deposits increased by 3% compared to December 2024, from HK$1267 billion to HK$1300 billion, driven by affluent customer growth[8, 13, 14] - Non-performing Loan (NPL) ratio increased to 669%, a 57bps increase HoH[8, 11] Capital and Efficiency - Common Equity Tier 1 (CET1) ratio increased to 213%[8, 11] - Total Capital Ratio (CAR) increased to 249%[8, 11] - Cost Efficiency Ratio (CER) improved slightly to 361%, a 07 percentage point decrease YoY[8, 20]

Core Viewpoint - Hang Seng Bank reported a 3% increase in total revenue for the first half of 2025, amounting to HKD 20.975 billion, driven by a diversified revenue strategy, particularly strong growth in wealth management and investment services, which led to a 34% year-on-year increase in service fees and other income. However, the bank's net profit attributable to shareholders decreased by 30% to HKD 6.880 billion, with earnings per share down 34% to HKD 3.34 [1][3]. Financial Performance - The bank's total revenue for the first half of 2025 was HKD 20.975 billion, reflecting a 3% increase [1]. - Net profit attributable to shareholders fell by 30% to HKD 6.880 billion [1]. - Earnings per share decreased by 34% to HKD 3.34 [1]. Dividend and Share Buyback - The board announced a second interim dividend of HKD 1.30 per share, totaling HKD 2.60 per share for the first half, an 8% increase from the previous year [3]. - The bank plans to conduct a share buyback of up to HKD 3 billion, expected to be completed within six months [3]. Capital Ratios - The bank's common equity tier 1 capital ratio stands at 21.3%, with a tier 1 capital ratio of 23.3% and a total capital ratio of 24.9% [3]. Credit Provisioning and Loan Quality - Due to ongoing market uncertainties, the bank has prudently increased provisions, anticipating credit losses of HKD 4.861 billion, with total impaired loans at HKD 55 billion as of June 30, 2025 [3]. - The non-performing loan ratio is reported at 6.69%, which has increased compared to the end of the previous year, but the rate of increase has slowed down [6]. Management Commentary - The CEO emphasized that the increase in provisions is a precautionary measure against potential pressures from market uncertainties, particularly in the commercial real estate sector, which has been facing weak demand and oversupply [5]. - The management aims to balance supporting clients and providing sustainable returns to shareholders, indicating that further increases in provisions may occur if economic conditions do not improve [5].

摩根士丹利发表研究报告指，恒生银行中期净利润68.8亿港元，按年下跌逾30.5%，较市场普遍预期逊 色，主要受到高信贷减值拨备损失所导致。拨备前利润较大摩预测低2.7%，但较市场预期高9%。净利 息收入逊于大摩预期，但较市场预期高1%。受贷款余额减少及市场利率下行影响，净息差收窄至 1.99%。贷款较去年下半年跌2%，存款则升3%。中期非利息收入胜预期，恒生归因于经纪及财富管理 费用表现强劲。 大摩指出，恒生信贷减值拨备规模大幅超出预期，相信是由于香港商业地产敞口拨备增加。期内不良贷 款率升至6.69%。该行宣布将进行高达30亿港元的股份回购，预料在六个月内完成，大摩认为符预期。 该行认为，恒生整体中期表现弱于预期，考虑到香港商业地产行业阴霾未散，仍维持对其"减持"评级， 目标价为93港元。 ...

港股全天承压下挫，其中，恒科指表现最差，午后一度跌超3%，恒指及国指则均跌超1%。截止收盘， 恒生指数跌1.36%或347.52点，报25176.93点，全日成交额为3196.52亿港元；恒生国企指数跌1.18%，报 9038.27点；恒生科技指数跌2.72%，报5490.76点。 光大证券认为，港股整体盈利能力相对较强，同时互联网、新消费、创新药等资产相对稀缺，结合当前 估值仍偏低，长期配置性价比仍较高。近期恒生指数已经突破了前期高点，上涨阻力较小，在国内稳增 长政策的持续发力下，港股市场未来或许将继续震荡上行。 蓝筹股表现 理想汽车-W(02015)领跌蓝筹。截至收盘，跌12.84%，报104.5港元，成交额72.83亿港元，拖累恒指 33.77点。7月29日晚，理想首款纯电SUV——理想i8正式发布。i8定位中大型豪华家用市场，主要竞争 对手包括问界M9纯电动版、特斯拉Model X和蔚来ES8等车型。理想i8共推出3款配置车型，官方指导价 32.18万至36.98万元，低于此前公布的35万元至40万元预售价格。据悉，理想i8将在今年8月20日开启交 付。 其他蓝筹股方面，中石油(00857)涨3.85 ...

该行指，信贷成本高于预期，可能为恒生带来短期不确定性，30亿港元的股票回购将受到市场欢迎，但 焦点可能集中在信贷成本展望上。该行维持对恒生"买入"评级及目标价135港元。 花旗发表报告表示，恒生银行上半年纯利63亿港元，按半年下降22%，按年下降35%。营运利润85亿港 元，按半年下降16%，按年下降25%，比共识预期低14%，主要因拨备增加。总收入按半年下降1%，按 年增长3%，比市场预期高2%，得益于强劲的非利息收入。拨备费用增至49亿港元，按半年增长49%， 按年则大增224%，主要因香港商业地产(CRE)拨备增加及预期信用损失(ECL)假设下调。 ...