Core Viewpoint - Bank of America Securities reports that Bank of China Hong Kong (02388) achieved a 10.5% year-on-year increase in net profit to HKD 22.2 billion in the first half of the year, exceeding expectations [1] Financial Performance - Pre-provision profit rose by 16.5% year-on-year to HKD 31.7 billion, also surpassing forecasts [1] - The interim dividend per share increased by 1.8% year-on-year to HKD 0.58, while the payout ratio decreased to 27.7% [1] Earnings Forecast and Target Price - Bank of America Securities raised the earnings per share forecast for Bank of China Hong Kong by 10% for this year [1] - Earnings per share forecasts for 2026 to 2027 are expected to remain stable [1] - The target price for the stock was increased from HKD 33.1 to HKD 37.66, maintaining a "Buy" rating [1]

Core Viewpoint - Morgan Stanley's report indicates that Bank of China Hong Kong's performance in the first half of the year exceeded the bank's expectations, but was generally in line with market expectations, supported by robust growth in pre-tax operating profit [1] Summary by Category - **Earnings Forecast** - The bank raised its earnings forecast by 20% to reflect more resilient profit margins and trading income [1] - **Rating and Target Price** - The bank maintained a "neutral" rating and adjusted the target price from HKD 37.7 to HKD 38.4 [1]

Group 1: Hong Kong Stocks Performance - BYD Electronics (00285) rose over 7%, reporting a nearly 14% year-on-year increase in net profit for the first half of 2025, with positive progress in AI data center business [1] - Beihai Kangcheng-B (01228) surged over 11%, achieving profitability in the first half of the year and recently forming a strategic partnership with Baiyang Pharmaceutical [1] - MicroPort Medical (00853) increased over 11%, with a reported loss of $46.602 million for the first half of 2025, a 51.9% reduction in loss year-on-year [1] - Bank of China Hong Kong (02388) rose over 6%, reporting a net profit of HKD 22.12 billion for the first half of 2025, with an increase in net trading income year-on-year [1] - UBTECH (09880) increased over 4%, announcing a strategic partnership agreement worth $1 billion with international investment firm Infini Capital [1] - Gold stocks performed well, with China Silver Group (00815) up over 8%, Zhaojin Mining (01818) up over 7%, Shandong Gold (01787) up over 6%, Chifeng Jilong Gold (06693) up over 6%, and Zijin Mining (02899) up over 6%, driven by rising gold prices due to increased interest rate cut expectations [1] Group 2: Chinese Companies' Financial Results - China Communications Construction (01800) fell over 5%, reporting a 16.9% year-on-year decrease in net profit for the first half of 2025 and not declaring an interim dividend [2] - Evergrande Property (06666) declined over 3%, with a 5.6% year-on-year drop in net profit for the first half of the year, with management expressing pessimism about economic benefits from Evergrande Group [2] - Zoomlion Heavy Industry (01157) rose over 2%, reporting a more than 20% year-on-year increase in net profit for the first half of 2025, with institutions optimistic about export growth in the second half [2] - Midea Group (00300) increased over 2%, reporting a 25.04% year-on-year increase in net profit for the first half of 2025 and proposing an interim dividend of HKD 5 per 10 shares [2] Group 3: US Stocks Performance - Autodesk (ADSK.US) rose 9.09%, reporting a 17% year-on-year revenue increase for the second fiscal quarter and raising its full-year revenue and adjusted EPS guidance [3] - Gap (GAP.US) increased 1.52%, with revenue slightly below market expectations for the second fiscal quarter, and management indicated that tariffs may pressure annual gross margins [3] - Marvell Technology (MRVL.US) fell 18.60%, reporting record revenue of $2.01 billion for the second quarter, a 58% year-on-year increase, but provided a Q3 revenue guidance slightly below expectations [3] - Alibaba (BABA.US) surged 12.90%, with a market value increase of $36.7 billion overnight, reporting an 18% year-on-year decline in Non-GAAP net profit, but strong resilience in core business [3] - Ambarella (AMBA.US) rose 16.78%, providing strong guidance for Q3 revenue, expected to be between $100 million and $108 million, reflecting continued growth in edge AI demand [3] - IREN Ltd (IREN.US) increased 14.93%, exceeding expectations in its fourth-quarter earnings report and announcing a priority partnership with NVIDIA [3] Group 4: Other Notable Stocks - Dell Technologies (DELL.US) fell 8.88%, reporting that its infrastructure division's operating profit margin was below expectations [4] - Affirm Holdings (AFRM.US) rose 10.59%, reporting better-than-expected revenue and profit for the fourth fiscal quarter [4] - TryHard Holdings (THH.US) declined 9.80%, issuing 1.5 million shares at $4 each, at the lower end of the pricing range [5] - GrowHub (TGHL.US) increased 1.48%, issuing 3.8 million shares at $4 each, also at the lower end of the pre-set pricing range [5]

Group 1 - The core viewpoint of the article highlights that Bank of China Hong Kong (2388.HK) has seen a significant stock price increase, rising over 8% to reach a historical high of 38.2 HKD, with a market capitalization exceeding 400 billion HKD [1] - The bank plans to apply for a stablecoin issuer license, aiming to be among the first approved issuers, following the establishment of a joint venture led by Standard Chartered Hong Kong that has expressed interest in applying for a license [1] - The deadline for the first batch of applications for stablecoin licenses is set for the end of September [1] Group 2 - Although Bank of China is not one of the three sandbox institutions for stablecoin issuance, it has established a dedicated team to advance related developments [1] - There is external optimism regarding the potential development of a stablecoin linked to offshore RMB, which is why the bank places significant importance on the development of stablecoins [1]

Group 1 - The core viewpoint of the news is that the Hong Kong stock market's stablecoin concept stocks have collectively strengthened, with notable gains in several companies [1] - Huajian Medical (01931) saw an increase of 8.77%, reaching a latest price of 10.540 and a total market capitalization of 17.072 billion [2] - Yaocai Securities Financial (01428) rose by 8.42%, with a latest price of 12.620 and a total market capitalization of 21.42 billion [2] - Bank of China Hong Kong (02388) increased by 7.55%, with a latest price of 37.880 and a total market capitalization of 400.497 billion [2] - Yunfeng Financial (00376) experienced a gain of 5.03%, with a latest price of 3.340 and a total market capitalization of 12.919 billion [2] Group 2 - Other notable companies include JD Group (09618) with a 3.14% increase, latest price of 121.500, and a market cap of 344.574 billion [2] - OSL Group (00863) rose by 1.77%, latest price of 17.220, and a market cap of 12.705 billion [2] - Standard Chartered Group (02888) increased by 1.68%, latest price of 145.600, and a market cap of 336.011 billion [2] - Lianlian Digital (02598) saw a 1.48% increase, latest price of 11.650, and a market cap of 13.009 billion [2]

Core Viewpoint - Bank of China Hong Kong reported a strong performance for the first half of 2025, with significant increases in net operating income and profit attributable to shareholders, leading to a rise in stock price by over 6% following the earnings announcement [1][2]. Financial Performance - For the first half of 2025, the net operating income before impairment provisions was HKD 40.022 billion, an increase of 13.26% year-on-year [1]. - The profit attributable to shareholders was HKD 22.12 billion, reflecting a year-on-year increase of 10.54% [1]. - Basic earnings per share were HKD 2.0952, with an interim dividend proposed at HKD 0.58 per share [1]. Revenue Breakdown - Net interest income, after accounting for foreign exchange swap contracts, rose to HKD 28.929 billion, a year-on-year increase of 0.4%, driven by growth in average interest-earning assets [2]. - Average interest-earning assets increased by HKD 203.871 billion or 5.7% year-on-year [2]. - The net service fee and commission income increased year-on-year, benefiting from improved market conditions in investment, with notable growth in insurance, securities brokerage, and fund business commissions [1]. Profitability Metrics - The net trading income also saw a year-on-year increase, which helped offset the rise in operating expenses, impairment provisions, and net losses from fair value adjustments of investment properties [1]. - The total profit for the period was HKD 22.796 billion, an increase of HKD 2.333 billion or 11.4% year-on-year [1]. Interest Margin - The net interest margin, after including foreign exchange swap contracts, was 1.54%, a decrease of 7 basis points year-on-year, primarily due to lower market interest rates compared to the same period last year [2]. - The company has strengthened deposit pricing and term management to optimize the deposit structure, which has partially mitigated the impact of declining market interest rates [2].

Core Viewpoint - Bank of China Hong Kong (02388) reported a strong performance for the first half of 2025, with significant increases in net operating income and profit attributable to shareholders, leading to a rise in stock price by over 6% following the earnings announcement [1][2]. Financial Performance - The net operating income before impairment provisions for the first half of 2025 was HKD 40.022 billion, representing a year-on-year increase of 13.26% [1]. - Profit attributable to shareholders reached HKD 22.12 billion, up 10.54% year-on-year, with basic earnings per share at HKD 2.0952 [1]. - The interim dividend proposed is HKD 0.58 per share [1]. Revenue Breakdown - Net interest income, after accounting for foreign exchange swap contracts, increased to HKD 28.929 billion, a year-on-year rise of 0.4%, driven by growth in average interest-earning assets [2]. - Average interest-earning assets grew by HKD 203.871 billion or 5.7% year-on-year [2]. - The net service fee and commission income increased year-on-year, benefiting from improved market conditions in investment, with notable growth in insurance, securities brokerage, and fund business commissions [1]. Profitability Metrics - The net trading income also saw a year-on-year increase, which helped offset the rise in operating expenses, impairment provisions, and net losses from fair value adjustments of investment properties [1]. - The total profit for the period was HKD 22.796 billion, an increase of HKD 2.333 billion or 11.4% year-on-year [1]. Interest Margin - The net interest margin, after including foreign exchange swap contracts, was 1.54%, down 7 basis points year-on-year, primarily due to lower market interest rates compared to the same period last year [2]. - The group has strengthened deposit pricing and term management to optimize the deposit structure, which has partially mitigated the impact of declining market interest rates [2].

中新社香港8月30日电 在香港上市的中银香港(控股)有限公司29日发表2025年上半年业绩，期内股东应 占溢利221.52亿港元，按年上升10.5%。 8月29日，在香港上市的中银香港(控股)有限公司发表2025年上半年业绩，期内股东应占溢利221.52亿港 元，按年上升10.5%。图为位于香港中环的中银大厦等建筑。(资料图) 中新社记者 李志华 摄 业绩报告指出，今年上半年香港经营环境向好、资本市场回暖，中银香港持续扩大中间业务收入。期 内，保险、证券经纪和基金业务佣金收入按年增长；减值贷款比率为1.02%，优于市场平均水平，反映 其资产质量稳健。 人民币离岸市场建设方面，中银香港增加人民币在贸易和资本市场的应用场景，满足企业客户境外各类 人民币融资需求。截至今年6月底，人民币客户贷款较去年底增长16%。同时，马尼拉分行、金边分行 人民币清算量录得稳定增长。 中银香港表示，下半年会持续推进全球化发展，推进东南亚区域业务发展，以及互联互通及人民币业务 等。(完) ...

Performance Summary - China Railway Construction (01186.HK) reported a revenue of 489.2 billion yuan, a decrease of 5.2% year-on-year, with a net profit of approximately 10.7 billion yuan, down 10.1% [2] - Industrial and Commercial Bank of China (01398.HK) achieved a revenue of 409.1 billion yuan, an increase of 1.8% year-on-year, while net profit fell by 1.4% to 168.1 billion yuan [2] - Agricultural Bank of China (01288.HK) recorded a revenue of 369.79 billion yuan, up 0.7% year-on-year, and a net profit of 139.51 billion yuan, an increase of 2.66% [2] - China Construction Bank (00939.HK) reported a revenue of 385.91 billion yuan, a 3% increase year-on-year, with net profit around 162.08 billion yuan, down 1.4% [2] - Bank of China (03988.HK) had a revenue of 329.42 billion yuan, up 3.61% year-on-year, while net profit decreased by 0.85% to 117.59 billion yuan [2] - Postal Savings Bank of China (01658.HK) reported a revenue of 179.53 billion yuan, a 1.5% increase year-on-year, with net profit of 49.23 billion yuan, up 0.85% [2] - China Merchants Bank (03968.HK) achieved a revenue of 169.92 billion yuan, down 1.7% year-on-year, while net profit increased by 0.3% to 74.93 billion yuan [2] - Bank of Communications (03328.HK) reported a revenue of 133.50 billion yuan, up 0.7% year-on-year, with net profit of 46.02 billion yuan, an increase of 1.6% [2] - Minsheng Bank (01988.HK) had a revenue of 70.70 billion yuan, up 7.8% year-on-year, while net profit decreased by 4.9% to 21.38 billion yuan [2] - China Everbright Bank (06818.HK) reported a revenue of 65.95 billion yuan, down 5.6% year-on-year, with net profit of 24.62 billion yuan, an increase of 0.55% [2] - BYD Company (01211.HK) achieved a revenue of 371.28 billion yuan, up 23.3% year-on-year, with net profit of 15.51 billion yuan, an increase of 13.8% [2] - China Communications Construction Company (01800.HK) reported a revenue of 335.45 billion yuan, down 5.8% year-on-year, with net profit of 9.99 billion yuan, down 16.9% [2] - Lenovo Holdings (03396.HK) achieved a revenue of 281.59 billion yuan, up 21% year-on-year, with net profit of 699 million yuan, an increase of 144% [2] - Great Wall Motors (02333.HK) reported a revenue of 92.34 billion yuan, up 1% year-on-year, with net profit of 6.34 billion yuan, down 10.2% [2] - BYD Electronics (00285.HK) achieved a revenue of 80.61 billion yuan, up 2.6% year-on-year, with net profit of 1.73 billion yuan, an increase of 14% [2] - Country Garden (02007.HK) reported a revenue of 72.57 billion yuan, with a net loss of 19.078 billion yuan [2] - China Reinsurance (01508.HK) achieved a revenue of 61.03 billion yuan, up 0.6% year-on-year, with net profit of 6.244 billion yuan, an increase of 9.03% [2] - Yanzhou Coal Mining Company (01171.HK) reported a revenue of 53.966 billion yuan, down 13.17% year-on-year, with net profit of 4.731 billion yuan, down 38.7% [2] - Jitu Express (01519.HK) achieved a revenue of 5.499 billion USD, up 13.1% year-on-year, with net profit of 156 million USD, an increase of 147.1% [2] - AVIC Industry (02357.HK) reported a revenue of 37.465 billion yuan, up 11.43% year-on-year, with net profit of 1.03 billion yuan, down 17.67% [2] - CITIC Financial Assets (02799.HK) achieved a revenue of 31.136 billion yuan, up 2.9% year-on-year, with net profit of 6.168 billion yuan, an increase of 15.7% [2] - Bank of China Hong Kong (02388.HK) reported a net interest income of 25.06 billion HKD, down 3.5% year-on-year, with net profit of 22.12 billion HKD, an increase of 10.54% [2] - Zoomlion Heavy Industry (01157.HK) achieved a revenue of 24.855 billion yuan, up 1.3% year-on-year, with net profit of 2.765 billion yuan, an increase of 20.84% [2] - New Town Development (01030.HK) reported a revenue of 22.1 billion yuan, down 34.82% year-on-year, with net profit of 895 million yuan, down 32.11% [2] - Huatai Securities (06886.HK) achieved a revenue of approximately 20.98 billion yuan, up 5.86% year-on-year, with net profit of 7.549 billion yuan, an increase of 42.16% [2] - China Sanjiang Chemical (02198.HK) reported a revenue of 9.106 billion yuan, down 1.5% year-on-year, with net profit of 301 million yuan, an increase of 95.5% [2] - Tianjin Bank (01578.HK) achieved a revenue of 8.828 billion yuan, up 0.8% year-on-year, with net profit of 1.988 billion yuan, an increase of 1.1% [2] - Harbin Bank (06138.HK) reported a revenue of 7.386 billion yuan, up 2.6% year-on-year, with net profit of 915 million yuan, an increase of 20% [2] - Qingjian International (01240.HK) achieved a revenue of approximately 4.404 billion HKD, down 9.8% year-on-year, with net profit of 2.992 million HKD, an increase of 25.6% [2] - Xingye Alloy (00505.HK) reported a revenue of 4.389 billion yuan, up 22.1% year-on-year, with net profit of 106 million yuan, down 24.7% [2] - 3SBio (01530.HK) achieved a revenue of 4.355 billion yuan, down 0.8% year-on-year, with net profit of 1.358 billion yuan, an increase of 24.6% [2] - Huya Technology (01860.HK) reported a revenue of 938 million USD, up 47% year-on-year, with adjusted EBITDA of 88.681 million USD, an increase of 41% [2] - Haitong Securities (01905.HK) achieved a revenue of 3.521 billion yuan, down 12.6% year-on-year, with net profit of 785 million yuan, down 3.4% [2] - Dazhong Public Utilities (01635.HK) reported a revenue of approximately 3.449 billion yuan, down 5.8% year-on-year, with net profit of approximately 333 million yuan, an increase of 172.6% [2] Company News - China Biologic Products (01177.HK) received approval for the launch of Zongaitini tablets for the treatment of HER2-mutant non-small cell lung cancer [3] - Shandong High-Speed New Energy (01250.HK) reported a total operating power generation of approximately 3.6744 million MWh, an increase of approximately 6.9% year-on-year [3] - Fosun International (00656.HK) reached a settlement with Cainiao regarding a share buyback involving 350 million USD [3] Buyback Activities - Tencent Holdings (00700.HK) repurchased approximately 55 million HKD worth of shares, buying back 919,000 shares at prices ranging from 594.5 to 605 HKD [3] - China Hongqiao (01378.HK) repurchased approximately 22.7 million HKD worth of shares, buying back 8.9235 million shares at a price of 25.44 HKD [3] - HSBC Holdings (00005.HK) repurchased approximately 15.3 million HKD worth of shares, buying back 1.5276 million shares at prices ranging from 99.8 to 100.7 HKD [3] - Hang Seng Bank (00011.HK) repurchased approximately 2.3517 million HKD worth of shares, buying back 210,000 shares at prices ranging from 111.5 to 112.5 HKD [3] - MGM China (02282.HK) repurchased approximately 1.60602 million HKD worth of shares, buying back 1 million shares at prices ranging from 15.92 to 16.27 HKD [3] - Sinopec Engineering (02386.HK) canceled 136,500 shares that had been repurchased [3]

Group 1 - The Hong Kong government announced the issuance of the tenth batch of silver bonds with a stable interest rate of 3.85% for a three-year term, which is attractive compared to the current 12-month Hong Kong dollar fixed deposit rate of approximately 2% [1][2] - The target issuance amount for the silver bonds is HKD 50 billion, with the possibility of increasing it to a maximum of HKD 55 billion, under the infrastructure bond program [1][2] - The bonds will be issued without a secondary market, allowing investors to sell them back to the government before maturity to recover principal and accumulated interest [1] Group 2 - The funds raised from this batch of silver bonds will be allocated to the Basic Engineering Reserve Fund, aimed at better managing cash flow needs for large infrastructure projects [2] - The Hong Kong Monetary Authority has been appointed to manage the bond issuance, with Bank of China Hong Kong and HSBC serving as joint bookrunners [2] - Market expectations suggest that the US may reduce interest rates by a total of 75 basis points in September, December, and March of the following year, making the 3.85% guaranteed interest rate on the silver bonds particularly attractive [2]