FF301 第 1 頁 共 11 頁 v 1.1.1 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12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: | 2026年1月2日 | | | I. 法定/註冊股本變動 不適用 | | | 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 | | | 2,641,430,142 | | 0 | | 2,641,430,142 | | 增加 / 減少 (-) | | | 0 | ...

Core Viewpoint - East Asia Bank's Guangzhou branch will exit the Guangdong Provincial Financial Tax Library Network System (Provincial ETS) and cease providing social security payment services by January 31, 2026 [1] Group 1 - The announcement was made on December 25, 2025, indicating a business adjustment at East Asia Bank (China) Limited Guangzhou Branch [1] - Customers utilizing the affected services are required to complete the termination procedures for the tripartite agreement by January 29, 2026 [1] - Failure to complete the termination procedures by the deadline will be considered as agreement to terminate the service [1] Group 2 - The bank expresses sincere apologies for any inconvenience caused by this decision [1] - Customers are encouraged to seek alternative banks for social security payment services [1] - For inquiries, customers can contact the Guangzhou branch at the provided phone number [1]

Core Viewpoint - East Asia Bank announced scheduled maintenance for its telephone banking system to enhance service quality, which may affect customer access during specified times [1] Group 1 - The telephone banking system will undergo maintenance on January 24, 2026, and February 7, 2026, from 00:00 to 03:00 Beijing time [1] - The actual duration of the maintenance may be shortened based on progress [1] - During the maintenance period, the customer service hotline 95382 may experience connectivity issues, and customers are advised to try again later if they encounter difficulties [1] Group 2 - Customers can utilize mobile banking for self-service inquiries and transactions during the maintenance [1] - The bank expresses apologies for any inconvenience caused and appreciates customer understanding and support [1]

Core Viewpoint - The 22nd China International Financial Forum was held in Shanghai, focusing on building an intelligent financial ecosystem in the digital economy era [1][5]. Group 1: Company Overview - East Asia Bank (China) Limited was established in Hong Kong in 1918 and opened its first branch in Shanghai in 1920. It became one of the first foreign banks approved to register in mainland China in 2007, currently operating 29 primary branches across 38 cities in mainland China, ranking among the leading foreign banks in the region [3][7]. Group 2: ESG and Sustainability Initiatives - East Asia Bank actively aligns with the group's ESG strategy and China's dual carbon goals, announcing a net-zero target to achieve operational net-zero by 2030 and financing net-zero by 2050. The bank is focused on promoting green and sustainable finance, directing credit resources towards green low-carbon projects to facilitate corporate transitions to green and low-carbon practices [3][4][7]. Group 3: Green Finance Growth - Since the end of 2020, the proportion of East Asia Bank's green finance-related business increased from 8.1% to 20% of total corporate loans by October of this year, with expectations for further growth. Key investment areas include the new energy vehicle sector (27%), followed by renewable energy sectors such as wind and solar (18%), along with green buildings, wastewater treatment, and transportation [4][7].

Core Viewpoint - UBS maintains a cautious outlook on Hong Kong bank stocks, projecting that market focus will shift to banks' profit prospects for next year, with net interest income and credit costs being the main drivers [1] Group 1: Profit Forecasts - UBS forecasts that the net profit growth for Bank of China Hong Kong (02388) and Bank of East Asia (00023) will remain flat for 2026, with expected per-share dividends increasing by 2% to 3% [1] - Target prices for Bank of China Hong Kong and Bank of East Asia have been raised to HKD 40 and HKD 13.5 respectively, reflecting a decrease in the cost of equity following interest rate cuts [1] Group 2: Interest Income and Market Conditions - Despite a backdrop of the Federal Reserve's interest rate cut cycle, the one-month Hong Kong Interbank Offered Rate (HIBOR) has rebounded, with the average for the fourth quarter so far at 3.19%, up 113 basis points from the third quarter, providing strong support for banks' net interest income [1] - It is anticipated that net interest income for Hong Kong bank stocks in the fourth quarter will exceed that of the third quarter, with market forecasts likely to be revised upwards [1] Group 3: Credit Risk - UBS warns that while net interest income for Hong Kong bank stocks has improved, the risk of non-performing loans has also increased in the second half of the year, leading to an upward adjustment in credit cost forecasts for Bank of China Hong Kong and Bank of East Asia [1]

Core Viewpoint - UBS maintains a cautious outlook on Hong Kong bank stocks, projecting that the market focus will shift to banks' profit prospects for next year, with net interest income and credit costs being the main drivers [1] Group 1: Company Projections - UBS forecasts that the net profit growth for Bank of China Hong Kong (02388) and East Asia Bank (00023) will remain flat in 2026, with expected per-share dividend growth of 2% to 3% [1] - The target prices for Bank of China Hong Kong and East Asia Bank have been raised to HKD 40 and HKD 13.5, respectively, reflecting a decrease in the cost of equity following interest rate cuts [1] Group 2: Market Conditions - Despite the improvement in net interest income for Hong Kong banks, the risk of non-performing loans has increased in the second half of the year, leading to an upward adjustment in credit cost forecasts for Bank of China Hong Kong and East Asia Bank [1] - The average one-month Hong Kong Interbank Offered Rate (HIBOR) has risen to 3.19% in the fourth quarter, up 113 basis points from the third quarter, providing strong support for banks' net interest income [1] - It is anticipated that the net interest income for Hong Kong bank stocks in the fourth quarter will exceed that of the third quarter, with market forecasts likely to be revised upward [1]

Group 1 - The core viewpoint of the report indicates that despite the Federal Reserve's interest rate cut cycle, the one-month Hong Kong Interbank Offered Rate (HIBOR) has rebounded, narrowing the gap with the US overnight financing rate [1] - The average one-month HIBOR for the fourth quarter is reported at 3.19%, which is an increase of 113 basis points compared to the third quarter, providing strong support for banks' net interest income [1] - It is anticipated that net interest income for Hong Kong banks in the fourth quarter will exceed that of the third quarter, with market forecasts likely to be revised upwards [1] Group 2 - UBS warns that while net interest income for Hong Kong banks shows improvement, the risk of non-performing loans has also increased in the second half of the year [1] - Looking ahead to 2026, UBS maintains a cautious outlook on Hong Kong bank stocks, expecting market focus to shift towards banks' profit prospects for the next year, with net interest income and credit costs being the main driving factors [1] - The forecast for Bank of China Hong Kong and Bank of East Asia indicates that net profit growth will remain roughly flat in 2026, with expected per-share dividends increasing by 2% to 3% [1] Group 3 - UBS reiterates a "neutral" rating for Bank of China Hong Kong and Bank of East Asia, raising target prices to HKD 40 and HKD 13.5 respectively, reflecting a decrease in the cost of equity following interest rate cuts [1]

Core Viewpoint - East Asia Bank announced a scheduled maintenance for its credit card system, which will take place from January 6, 2026, 00:50 to 02:00 Beijing time, potentially affecting all credit card functions during this period [1] Group 1 - The maintenance aims to enhance service quality for customers [1] - All functions of East Asia Bank's credit cards, including transactions and cash withdrawals, may be impacted during the maintenance window [1] - The PAY services for debit cards, such as APPLE PAY and Huawei PAY, will also be temporarily suspended [1] Group 2 - Customers are advised to make necessary arrangements in advance due to the potential service disruptions [1] - East Asia Bank expressed apologies for any inconvenience caused and appreciates customer understanding and support [1] - For inquiries, customers can contact East Asia Bank's customer service hotline at 95382 [1]

Core Insights - The article discusses a recent study identifying three distinct disease trajectories in severe asthma patients prior to biologic treatment, highlighting the heterogeneity of the disease and its implications for personalized intervention strategies [1][14]. Group 1: Disease Trajectories - The study included 755 severe asthma patients from Denmark, analyzing data from 1995 to 2022, and identified three main disease progression paths: "Chronic Severe Type" (26%), "Gradual Onset Type" (35%), and "Recent Onset Type" (39%) [2][3]. - "Chronic Severe Type" patients have the longest median disease duration of 35 years, the most severe lung function impairment (median FEV1%pred of 64%), and the highest rates of comorbidities related to corticosteroid exposure [2]. - "Gradual Onset Type" patients show a stepwise worsening pattern with a median disease duration of 26 years and a median FEV1%pred of 67%, indicating a progression from mild to severe asthma [3]. - "Recent Onset Type" patients have the shortest median disease duration of 5 years, with a median FEV1%pred of 75%, and a significant proportion of patients (43%) having baseline FEV1%pred > 80% [3]. Group 2: Treatment Response and Prognosis - The study found a clear association between disease trajectories and treatment outcomes, with "Recent Onset Type" patients showing the highest clinical response rate of 32%, compared to 29% for "Gradual Onset Type" and only 17% for "Chronic Severe Type" [4]. - A key barrier for "Chronic Severe Type" patients is the difficulty in restoring lung function, with only 32% achieving normal lung function post-treatment, compared to 56% in "Recent Onset Type" [4]. - The concept of "too late" asthma was introduced, indicating patients who do not achieve FEV1%pred > 80% after 12 months of biologic treatment, with a high occurrence in "Chronic Severe Type" (56%) [4][5]. Group 3: Implications for Early Intervention - The findings suggest that recognizing disease trajectories early can provide actionable intervention opportunities before reaching the "Chronic Severe" stage, potentially preventing irreversible lung damage [5][6]. - The study emphasizes the need to shift the treatment paradigm for severe asthma from a reactive approach to proactive early intervention with biologics, particularly for patients in the early stages of "Recent Onset Type" or "Gradual Onset Type" [6][7]. - Evidence from simulations indicates that initiating biologic treatment 5 years earlier could significantly reduce corticosteroid use, prevent deaths, and lower healthcare costs, highlighting the value of early intervention [7].

Economic Outlook - East Asia Bank projects Hong Kong's GDP growth to be between 2.5% and 3% in 2026, indicating a comprehensive economic recovery [1] - The bank has raised its target for the Hang Seng Index to 30,800 points, corresponding to an earnings target of HKD 2,400 per share, which reflects a price-to-earnings ratio of 12.8 times [1] Real Estate Market - The private residential property prices in Hong Kong recorded a low single-digit increase in 2025, with expectations for a further high single-digit growth in 2026, indicating a clear stabilization in the real estate market [1] - The interest rate environment is identified as a key driver for the real estate market, with expectations that the Hong Kong interbank offered rate (HIBOR) will remain below 3% for most of 2026 [2] Consumer and Retail Sector - Significant improvements in private consumption and retail sales have been noted, with retail sales reversing a downward trend since May 2025 and private consumption resuming growth from the second quarter of 2025 [2] - The value of retail sales is expected to see a high single-digit increase in the coming year, driven by an increase in visitors and the appreciation of the Renminbi [2] U.S. Economic Influence - The Federal Reserve is anticipated to implement 3 to 4 interest rate cuts in 2026, totaling 75 to 100 basis points, due to a weakening labor market and stabilizing inflation [3] - The S&P 500 index target for 2026 is projected at 7,500 points, reflecting a price-to-earnings ratio of 23.8 times, with a focus on sectors such as semiconductors, cloud platforms, and AI applications [3]