Core Viewpoint - The Federal Reserve is expected to announce a 0.25% interest rate cut, with Hong Kong banks likely to follow suit by reducing the Hong Kong dollar prime rate by 0.125% [1][2] Group 1: Federal Reserve's Interest Rate Decision - The Federal Reserve is anticipated to lower interest rates by 0.25%, as indicators such as the healthy hiring rate and a low layoff rate do not support a more aggressive cut of 0.5% [1] - The market expects the Federal Reserve to implement three rate cuts within the year, with a potential strategy of reducing the prime rate by 0.125% in two separate instances [1] Group 2: Hong Kong Banking Sector Response - Hong Kong banks' prime rates are currently only 0.25% higher than before the 2022 rate hike cycle began, indicating limited room for further reductions if the U.S. rates are cut [1] - East Asia Bank's chief economist suggests that Hong Kong banks may only reduce the prime rate by 0.125% this time, not fully aligning with the U.S. rate cut [2] - If Hong Kong banks do not follow the U.S. rate cut closely, there may be implications for the Hong Kong dollar's exchange rate due to potential narrowing of the interest rate differential [1][2]

Core Viewpoint - The report highlights a significant adjustment in the global economic and political landscape in the first half of 2025, with trade relations and geopolitical changes causing volatility in financial markets. Despite some positive developments in US-China trade relations and the end of the Iran conflict, key issues such as tariff policies and the implications of the "One Big Beautiful Bill Act" remain uncertain [1][2]. Macroeconomic Strategy - The ongoing tariff war, de-dollarization, and demand for gold as a safe haven will continue to impact the market. The uncertainty surrounding the Trump administration's policies and the Federal Reserve's monetary policy may lead to fluctuating market sentiments and investment emotions [1][2][24]. Macroeconomic Outlook - Global economic growth is expected to slow to its lowest point since the post-pandemic recovery, with a forecasted growth rate of 2.8% in 2025, down from 3.3% in 2024. The US economy is projected to grow only 1.2% in 2025, facing pressures from policy reversals and tariff impacts. In contrast, China's economy is expected to achieve around 5% growth due to policy stimulus [2][3][61]. Stock Market Insights - The US stock market may experience short-term volatility but has long-term support, particularly in the artificial intelligence sector. European stocks are seen as undervalued compared to US stocks, offering better long-term risk-return profiles. Asian markets, especially Hong Kong and Singapore, are expected to continue their valuation recovery [2][3][16]. Foreign Exchange Market - The uncertainty surrounding US trade policies is likely to suppress the dollar's performance, although it may receive short-term support from safe-haven flows. The euro is expected to perform well in the medium to long term, while the British pound faces inflationary pressures. Various currencies, including the yen and Australian dollar, will exhibit different volatility patterns influenced by their respective economic data and policies [2][3][16]. Bond Market Analysis - The attractiveness of long-term US Treasury bonds has declined due to the US debt situation, while short-term US bonds remain a core safe-haven asset. Demand for investment-grade corporate bonds is strong, and Asian investment-grade dollar bonds are expected to perform well due to favorable fundamentals and China's easing monetary policy [3][16]. Gold Market Outlook - Gold prices are anticipated to continue rising due to strong demand for safe-haven assets and central bank purchases. The report notes that gold has seen a significant increase in price, with a year-to-date rise of 27% as of June 25, 2025. Central banks are expected to continue increasing their gold reserves, further supporting gold prices [2][49][56].

Group 1 - The core viewpoint of the article indicates that the U.S. labor market is showing significant signs of slowing down, with expectations for non-farm payrolls to remain below 100,000 for August, and an anticipated unemployment rate increase to 4.3% [1] - The Chief Economist of East Asia Bank, Zhuo Liang, agrees with the assessment of a slowing labor market and suggests that the Federal Reserve is likely to cut interest rates this month, with a high probability of a 25 basis point reduction [1] - There is a possibility of data revisions from the statistical bureau, as past non-farm payroll data has shown considerable volatility, which may affect market expectations for interest rate cuts [1] Group 2 - Zhuo Liang forecasts a total interest rate reduction of 50 basis points in the second half of the year, followed by an additional 100 basis points in the following year [1] - The article notes that significant revisions in non-farm payroll data in the past have been linked to statistical methods and low response rates in surveys, indicating potential for future revisions depending on the new statistical bureau director's reforms [1]

Group 1 - The non-executive director Li Guoshi of East Asia Bank (00023) reduced his holdings by 10,000 shares at a price of HKD 13 per share, totaling HKD 130,000 [1] - After the reduction, the latest number of shares held by Li Guoshi is approximately 12.9346 million shares, representing a holding percentage of 0.49% [1]

Group 1 - The non-executive director Li Guoshi of East Asia Bank (00023) reduced his holdings by 10,000 shares at a price of HKD 13 per share, totaling HKD 130,000 [1] - After the reduction, the latest number of shares held by Li Guoshi is approximately 12.9346 million shares, representing a holding percentage of 0.49% [1]

Core Insights - The number of existing home mortgage registrations in August 2025 reached 6,629, a month-on-month increase of 22.1%, marking the highest level in 23 months since August 2023, driven by a recovering property market and increased transactions [1][2] - The market share of the top four banks increased by 4.3 percentage points to 77.5%, with Bank of China Hong Kong leading the market with a share of 33.8% [2] - The number of pre-sale mortgage registrations fell to 376 in August, a decrease of 52.6% from July, primarily due to the completion of units at Long Tian Feng [3] Group 1: Existing Home Mortgages - In August 2025, existing home mortgage registrations totaled 6,629, up 22.1% from July, the highest in nearly two years [1][2] - The increase in registrations was attributed to favorable market conditions, including lower interest rates and increased market confidence [1] - The top four banks' market share rose to 77.5%, with Bank of China Hong Kong maintaining the highest share at 33.8% [2] Group 2: Pre-sale Mortgages - Pre-sale mortgage registrations dropped to 376 in August, a significant decline of 52.6% from the previous month [3] - The decline was mainly due to the completion of units at Long Tian Feng, with the majority of registrations in August coming from SIERRA SEA [3] - Despite the monthly drop, the total number of pre-sale mortgage registrations for the first eight months of 2025 increased significantly by 90.5% year-on-year [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 The Bank of East Asia, Limited 東亞銀行有限公司 ( 1918 年在香港註冊成立之有限公司) (股份代號: 23) 獨立審閱報告及 截至 2025 年 6 月 3 0 日止 6 個月的中期業績 茲提述東亞銀行有限公司（「本行」，連同其附屬公司統稱為「本集團」）日期為 2025 年 8 月 21 日有關本集團截至 2025 年 6 月 30 日止 6 個月未經審核業績的公 告。本行之 2025 中期報告預期約於 2025 年 9 月 17 日在香港交易及結算所有限 公司網站及本行網站登載。獨立審閱報告及本行截至 2025 年 6 月 30 日止 6 個月 未經審核的中期業績摘錄於本公告的附錄。 於 2025 年 9 月 1 日，本行董事會成員為李國寶爵士 # ( 執行主席 ) 、李國章教授 *( 副主席 ) 、黃子欣博 士 **( 副主席 ) 、李國星先生 * 、李國仕先生 ...

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8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: | 東亞銀行有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 11 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) | 00023 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,636,521,142 | | 0 | | 2,636,521,142 | | 增加 / 減少 (-) | | | 0 | | ...

Core Viewpoint - East Asia Bank reported a mixed performance for the first half of 2025, with a decline in operating income but an increase in net profit attributable to shareholders [1] Financial Performance - Operating income for the first half of 2025 was HKD 10.259 billion, a decrease of 2.1% compared to HKD 10.484 billion in the same period of 2024 [2] - Net profit attributable to shareholders increased by 14.0% to HKD 2.407 billion, up from HKD 2.111 billion year-on-year [2] - Total customer loans and advances rose by 1.2% to HKD 539.175 billion [2] - Total assets reached HKD 891.424 billion, an increase of HKD 136.65 billion or 1.6% from the end of 2024 [2] - Customer deposits increased by 3.4% to HKD 665.226 billion [2] Analyst Ratings and Price Targets - Goldman Sachs raised its earnings per share estimates for East Asia Bank for the fiscal years 2025 to 2027 by 8%, 11%, and 24%, respectively, and increased the target price by 12% to HKD 11.8, maintaining a "Sell" rating [3] - Citigroup set a target price of HKD 11.6 with a "Neutral" rating [4] - CICC maintained its forecasts for East Asia Bank and raised the target price by 25% to HKD 14.12, corresponding to a price-to-book ratio of 0.4X for 2025E/2026E, while also maintaining a "Neutral" rating [4]

Core Insights - The establishment of the Bay Area Cross-Border M&A Alliance is a significant initiative aimed at enhancing cross-border financial services and facilitating mergers and acquisitions in the Greater Bay Area [10][7] - East Asia Bank has reported substantial growth in wealth management, with a 48.7% increase in asset management scale and a 61.5% rise in high-net-worth clients as of mid-2025 [2][13] - The Greater Bay Area is identified as a key region for cross-border M&A activities, with East Asia Bank positioning itself as a leader in this space [4][5] Group 1: Bay Area Cross-Border M&A Alliance - The Bay Area Cross-Border M&A Alliance aims to integrate resources and provide a comprehensive service platform for enterprises to facilitate cross-border investments [6][7] - The alliance currently has over 50 member units, indicating a strong collaborative effort to enhance cross-border M&A services [7] - East Asia Bank serves as the chair unit of the alliance, leveraging its expertise to support domestic enterprises in expanding internationally and attracting global capital [7][10] Group 2: Wealth Management Growth - East Asia Bank has experienced a significant increase in its wealth management business, with a 67% year-on-year growth in cross-border clients as of mid-2025 [2][13] - The bank's cross-border personal wealth management services have seen double-digit growth following the resumption of travel between Hong Kong and mainland China [2][13] - The bank is focusing on enhancing its service offerings for ultra-high-net-worth clients, aiming to create a new wealth management hub in the Greater Bay Area [15] Group 3: Strategic Initiatives and Innovations - East Asia Bank has established a comprehensive service ecosystem in the Greater Bay Area, including the East Asia Qianhai Securities and various financial technology initiatives [8][11] - The bank has launched several innovative financial products and services, including the Cross-Border Wealth Management Connect and the Cross-Border Payment Platform [8][11] - The establishment of the Digital Innovation Laboratory and the Financial Technology Innovation Center in Qianhai reflects the bank's commitment to leveraging technology for enhanced service delivery [11][12]