格隆汇8月19日丨中银香港(02388.HK)公告，将于2025年8月29日(星期五)召开董事委员会会议，藉以(其 中包括)审议及通过公司截至2025年6月30日止6个月的未经审核综合财务报表，以及考虑宣派2025年度 第二次中期股息。 ...

承董事會命 公司秘書 黃雪飛 香港，2025 年 8 月 19 日 於本公告日期，董事會由葛海蛟先生 * （董事長）、張輝先生 * （副董事長）、 孫煜先生（副董事長兼總裁）、 蔡釗先生 * 、鄭汝樺女士 ** 、蔡冠深博士 ** 、 馮婉眉女士**、羅義坤先生**、李惠光先生**、聶世禾先生**及馬時亨教授**組成。 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 內容而産生或因倚賴該等內容而引致的任何損失承擔任何責任。 董事委員會會議召開日期 中銀香港（控股）有限公司（「本公司」）董事會（「董事會」）謹此宣佈將 於 2025 年 8 月 29 日（星期五）召開董事委員會會議，藉以（其中包括）審議 及通過本公司截至 2025 年 6 月 30 日止六個月的未經審核綜合財務報表，以及 考慮宣派 2025 年度第二次中期股息。 * 非執行董事 ** 獨立非執行董事 ...

Group 1 - UBS expects HIBOR to stabilize between 2% and 2.5% by the end of Q3 [1] - UBS maintains a cautious stance on Hong Kong commercial real estate risks due to potential increases in non-performing loans related to HIBOR rebound [1] - UBS has downgraded Hang Seng Bank's rating from "Neutral" to "Sell" due to rising credit costs and potential dividend cuts in 2025 [1] Group 2 - UBS anticipates that the compression pressure on net interest income for Hong Kong banks in Q3 will be greater than in Q2 [2] - The bank forecasts a decline in net interest income for Bank of China Hong Kong, Hang Seng Bank, and East Asia Bank by 7%, 9%, and 11% respectively in 2025 [2] - After a 2% growth in loan balances from May to June, the sustainability of this growth momentum remains uncertain [2]

Group 1 - In July 2025, Hong Kong recorded 39 registered elderly mortgages, an increase of 50% from 26 in June, marking the highest level in nine months since October 2024 [1] - A total of 229 elderly mortgage registrations were recorded in the first seven months of 2025, a decrease of 16.4% compared to 274 in the same period of 2024 [1] - Bank of China Hong Kong (02388) maintained the highest participation in the elderly mortgage market, with 38 out of 39 registrations in July being from this bank, resulting in a market share of 97.4% for the first seven months of the year [1] Group 2 - As of July 31, 2025, the elderly mortgage program has received a total of 8,558 applications, with single applications accounting for 65.6% [2] - The average age of elderly mortgage applicants is approximately 69 years, with an average property value of HKD 5.6 million [2] - The most popular option among applicants is the lifetime annuity, chosen by 53.4% of applicants, as it provides maximum security without repayment concerns [2]

Core Insights - The article highlights the top short-selling stocks in the market, focusing on their short-selling ratios, amounts, and deviation values [1][2][3] Short-Selling Ratios - The top three stocks by short-selling ratio are: - China Resources Beer-R (80291) at 100.00% - Bank of China Hong Kong-R (82388) at 88.69% - Kuaishou-WR (81024) at 80.08% [1][2] Short-Selling Amounts - The leading stocks by short-selling amount are: - Alibaba-SW (09988) with a short-selling amount of 2.949 billion - Tencent Holdings (00700) with 2.711 billion - Meituan-W (03690) with 2.333 billion [1][3] Deviation Values - The stocks with the highest deviation values are: - China Resources Beer-R (80291) at 51.62% - Kuaishou-WR (81024) at 43.86% - Bank of China Hong Kong-R (82388) at 39.84% [1][2][3]

Market Overview - The Hang Seng Index (HSI) closed at 25,237.96, down by 32.11 points or 0.13% on August 15 [1] - The index reached a high of 25,311.59 and a low of 25,199.63 during the trading session [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 99.966, down 0.33% from the previous close [2] - Tencent Holdings closed at HKD 591.706, down 0.05% from the previous close [2] Stock Price Movements - Tencent Holdings (00700) increased by HKD 2.00, or 0.34%, to HKD 592.00 [3] - Alibaba Group (09988) decreased by HKD 3.70, or 3.04%, to HKD 118.10 [3] - China Construction Bank (00939) fell by HKD 0.18, or 2.26%, to HKD 7.80 [3] - HSBC Holdings (00005) decreased by HKD 0.10, or 0.10%, to HKD 100.30 [3] - Xiaomi Group (01810) dropped by HKD 0.35, or 0.66%, to HKD 52.85 [3] - AIA Group (01299) fell by HKD 1.95, or 2.54%, to HKD 74.95 [3] - Meituan (03690) decreased by HKD 2.70, or 2.17%, to HKD 121.70 [3] - NetEase (099999) dropped by HKD 7.60, or 3.66%, to HKD 200.20 [3] - Hong Kong Exchanges and Clearing (00388) increased by HKD 0.20, or 0.05%, to HKD 439.40 [3] - Industrial and Commercial Bank of China (01398) fell by HKD 0.19, or 3.09%, to HKD 5.96 [3] - Ping An Insurance (02318) decreased by HKD 0.30, or 0.52%, to HKD 57.60 [3] - BYD Company (01211) dropped by HKD 1.00, or 0.88%, to HKD 112.80 [3] - Bank of China (03988) fell by HKD 0.09, or 1.98%, to HKD 4.45 [3] - Kuaishou Technology (01024) decreased by HKD 0.40, or 0.53%, to HKD 74.80 [3] - Ctrip (09961) increased by HKD 1.80, or 0.37%, to HKD 489.00 [3] - Tencent Music (01698) decreased by HKD 0.90, or 0.89%, to HKD 99.90 [3] - BeiGene (06160) increased by HKD 6.50, or 3.51%, to HKD 191.50 [3]

Market Overview - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 103.043, up 2.63% from the previous close, while Tencent Holdings closed at HKD 585.875, down 0.70% [1][2] Stock Performance Summary - Tencent Holdings (00700) latest price: HKD 590.000, change: +HKD 4.000 (+0.68%), ADR price: HKD 585.875, decline: -HKD 4.125 (-0.70%) [2] - Alibaba Group (09988) latest price: HKD 121.800, change: -HKD 1.900 (-1.54%), ADR price: HKD 119.737, decline: -HKD 2.063 (-1.69%) [2] - HSBC Holdings (00005) latest price: HKD 100.400, change: -HKD 0.315 (-0.31%), ADR price: HKD 103.043, increase: +HKD 2.643 (+2.63%) [2] - AIA Group (01299) latest price: HKD 76.900, change: +HKD 0.500 (+0.65%), ADR price: HKD 76.338, decline: -HKD 0.562 (-0.73%) [2] - Meituan (03690) latest price: HKD 124.400, change: +HKD 0.100 (+0.08%), ADR price: HKD 121.813, decline: -HKD 2.587 (-2.08%) [2] - NetEase (099999) latest price: HKD 207.800, change: -HKD 7.600 (-3.53%), ADR price: HKD 203.157, decline: -HKD 4.643 (-2.23%) [2] - Hong Kong Exchanges and Clearing (00388) latest price: HKD 439.200, change: -HKD 0.600 (-0.14%), ADR price: HKD 435.548, decline: -HKD 3.652 (-0.83%) [2] - Ping An Insurance (02318) latest price: HKD 57.900, change: +HKD 1.100 (+1.94%), ADR price: HKD 57.146, decline: -HKD 0.754 (-1.30%) [2] - JD.com (09618) latest price: HKD 125.100, change: -HKD 2.300 (-1.81%), ADR price: HKD 123.693, decline: -HKD 1.407 (-1.13%) [2] - Kuaishou Technology (01024) latest price: HKD 75.200, change: +HKD 0.250 (+0.33%), ADR price: HKD 74.811, decline: -HKD 0.389 (-0.52%) [2]

大摩认为，中银香港(02388)股息回报将获支持，相信即将公布的中期业绩当中净息差将受压，但非利 息收入预料表现强劲，将关注管理层对信贷质素及资本管理的看法，予"减持"评级，目标价从24.7港元 上调至31.4港元。该行又指，恒生银行(00011)估值偏高，维持减持评级，目标价由93港元升至94.5港 元。 智通财经APP获悉，摩根士丹利发布研报称，上半年本地利率因素及信贷质素风险持续，一众银行股中 较偏好国际银行多于本地银行，因本地银行估值偏高，而国际性银行估值相对合理、资本回报具支持及 前景正面，维持对汇丰控股(00005)及渣打集团(02888)的"增持"评级。 （原标题：大摩：港银中偏好估值合理的国际性银行 予汇丰控股(00005)及渣打集团(02888)"增持"评 级） 该行认为，银行股第二季业绩将主要受HIBOR下跌及香港商业地产信贷质素恶化的影响，预料财富管 理业务及市场收入可抵销部分压力，但相信下半年挑战仍存在，预计银行净利息收入及净息差将于第三 季录得按季下跌，至第四季有望轻微复苏。随着美国利率预期下降，大摩预期2026年净息差可进一步收 窄。 ...

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown a slight decline of 0.35% as of August 14, 2025, indicating mixed performance among its constituent stocks [3]. Group 1: Market Performance - China Pacific Insurance (02328) led the gains with an increase of 4.99%, followed by China Taiping (02601) at 4.83% and Uni-President China (00220) at 4.38% [3]. - Yanzhou Coal Mining (01171) experienced the largest decline at 4.52%, with Bank of China Hong Kong (02388) down 3.40% and China Coal Energy (01898) down 2.97% [3]. - The BoShi Hang Seng High Dividend ETF (513690) is currently priced at 1.1 yuan, reflecting a 2.89% increase over the past week as of August 13, 2025 [3]. Group 2: Fund Flow and Liquidity - As of August 12, 2025, net inflows from southbound funds have exceeded 910 billion HKD this year, significantly surpassing the total net inflow for the previous year [3]. - The BoShi Hang Seng High Dividend ETF has a trading volume of 4.32% and a transaction value of 209 million yuan during the session [3]. Group 3: Fund Performance Metrics - The BoShi Hang Seng High Dividend ETF has a current scale of 4.812 billion yuan, with a financing buy-in amount of 8.607 million yuan and a financing balance of 11.2407 million yuan [4]. - Over the past two years, the ETF's net value has increased by 47.37%, ranking 111 out of 2260 in the index stock fund category [4]. - The ETF has achieved a maximum monthly return of 24.18% since inception, with an average monthly return of 4.95% [4]. - The Sharpe ratio for the ETF over the past year is 2.01, indicating strong risk-adjusted returns [4]. Group 4: Index Composition - The Hang Seng High Dividend Yield Index aims to reflect the performance of high dividend securities listed in Hong Kong that can be traded through the Stock Connect [5]. - The top ten weighted stocks in the index include Yanzhou Coal Mining (01171), Hang Lung Properties (00101), and China Hongqiao Group (01378), collectively accounting for 29.51% of the index [5].

Market Overview - The Hang Seng Index (HSI) closed at 24,793.53, down by 113.28 points or 0.45% on August 11 [1] - The index reached a high of 24,931.26 and a low of 24,760.85 during the trading session [1] Major Blue-Chip Stocks - HSBC Holdings closed at HKD 100.791, up by 0.84% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 558.587, down by 0.43% compared to the Hong Kong close [2] ADR Performance - Tencent Holdings (ADR) decreased by 2.413 HKD, or 0.43%, with an ADR price of USD 71.160 [3] - Alibaba Group (ADR) fell by 2.088 HKD, or 1.76%, with an ADR price of USD 118.640 [3] - HSBC Holdings (ADR) increased by 0.841 HKD, or 0.84%, with an ADR price of USD 64.200 [3] - Other notable movements include: - Xiaomi Group (ADR) down by 0.483 HKD, or 0.95% [3] - AIA Group down by 0.185 HKD, or 0.25% [3] - Meituan down by 0.983 HKD, or 0.82% [3] - BYD Company down by 0.740 HKD, or 0.66% [3]