Investment Rating - The report maintains a positive outlook on the banking sector, indicating a potential for stabilization and improvement in operational pressures for banks in 2026 [2][5]. Core Insights - The banking sector has shown a "double opening red" phenomenon in both deposits and loans, with a structural difference in credit allocation. The signs of "deposit migration" are not significant, suggesting a stable deposit base [2][5]. - The total assets of the banking industry reached 471 trillion yuan by the end of 2025, reflecting an 8.0% year-on-year growth. Major banks, joint-stock banks, city commercial banks, and rural commercial banks reported asset growth rates of 11.0%, 4.7%, 9.7%, and 5.2%, respectively [3][14]. - The overall net interest margin is expected to decline further, but at a slower pace, indicating some relief in operational pressures. The banks have passed the phase of accelerated risk exposure and are nearing a "stock digestion period" [5][6]. Summary by Sections Regulatory Dynamics - The Financial Regulatory Bureau released data on the total assets and liabilities of the banking sector for 2025, showing a total asset growth of 8.0% year-on-year [3][14]. Industry Dynamics - Qingdao Bank and Xiamen Bank reported their 2025 performance, with Qingdao Bank achieving a net profit growth of 21.66% and an asset quality improvement, while Xiamen Bank also reported significant growth in total assets and loans [15][16]. Market Dynamics - The overall A-share market saw a decline of 1.59%, while the banking sector increased by 0.86%, indicating a defensive characteristic of the banking stocks [2][18]. Data Overview - The report highlights the central bank's net injection of 0.4 trillion yuan and the mixed movement of interest rates across different maturities, with short-term rates showing slight declines and long-term rates experiencing mixed trends [4][21][23].

Market Overview - The Hang Seng Index (HSI) closed at 27,742.89, down by 225.20 points or 0.81% as of January 29, 16:00 Eastern Time [1] - The index reached a high of 27,909.81 and a low of 27,419.65 during the trading session, with an average price of 27,664.73 [1] - The 52-week high for the index is 27,909.81, while the 52-week low is 19,335.70 [1] Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 138.219, up 0.45% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 619.286, down 0.44% from the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) latest price is HKD 622.000, with a slight increase of 1.000 or 0.16% [3] - Alibaba Group (09988) latest price is HKD 173.300, down by 0.200 or 0.12% [3] - HSBC Holdings (00005) latest price is HKD 137.600, up by 0.100 or 0.07% [3] - China Construction Bank (00939) latest price is HKD 8.160, up by 0.130 or 1.62% [3] - AIA Group (01299) latest price is HKD 90.950, up by 2.100 or 2.36% [3] - Xiaomi Group (01810) latest price is HKD 36.620, up by 0.300 or 0.83% [3] - NetEase (099999) latest price is HKD 206.600, down by 5.400 or 2.55% [3] - Meituan (03690) latest price is HKD 98.600, up by 0.250 or 0.25% [3] - Industrial and Commercial Bank of China (01398) latest price is HKD 6.640, up by 0.050 or 0.76% [3] - Hong Kong Exchanges and Clearing (00388) latest price is HKD 444.200, up by 5.000 or 1.14% [3] - Ping An Insurance (02318) latest price is HKD 73.300, up by 2.350 or 3.31% [3] - Baidu Group (09888) latest price is HKD 155.500, down by 0.600 or 0.38% [3] - China Bank (03988) latest price is HKD 4.760, up by 0.090 or 1.93% [3] - BYD Company (01211) latest price is HKD 101.800, down by 1.000 or 0.97% [3] - JD.com (09618) latest price is HKD 114.600, down by 1.700 or 1.46% [3] - Ctrip Group (09961) latest price is HKD 482.200, down by 13.200 or 2.66% [3]

Group 1 - The core viewpoint of the article indicates that the Federal Reserve's outlook on the U.S. economy is slightly optimistic, leading to no immediate plans for short-term interest rate cuts, with future cuts depending on economic data performance [1] - The expectation is that, given the current employment situation in the U.S. and the gradual decline in inflation, there is still room for interest rate cuts, with a relatively high chance of cuts occurring mid-year [1] - The global stock market is anticipated to perform well in the medium to long term due to easing global liquidity as most major central banks are in a rate-cutting cycle amid declining global inflation [1] Group 2 - Regarding gold, the article highlights that demand driven by global central bank purchases and risk-hedging factors provides long-term allocation value, with expectations for gold prices to trend upward in the medium to long term, potentially reaching new highs, although volatility is expected to increase significantly [1]

美联储2026年首次议息会议维持利率不变，符合市场预期。中银香港财富策略及分析处主管张诗琪认 为，会后声明反映美联储对于美国经济展望略趋乐观，故不急于短期减息，后续减息步伐将取决于经济 数据表现。张诗琪预期，按目前美国就业情况加上通胀逐步回落，美联储仍有减息空间，而年中减息的 机会相对较高。此外，张诗琪预期，南向通及海外资金流入将继续支持今年恒指表现。 港股方面，在美联储减息扩表及中国内地货币政策适度宽松的支持下，港股持续受惠于充裕的流动性。 2025年，港股IPO集资额超过2856亿元，位居全球第一。 美股方面，张诗琪表示，去年美国企业投资主要集中于人工智能等高科技领域，传统行业增速相对较 低。尽管今年人工智能投资预计仍将处于相对高位，但需留意个别企业估值偏高、回报与投入失衡等情 况。与此同时，美联储持续减息及经济温和增长的背景下，传统行业投资有望实现周期性修复。 至于黄金方面，由于全球央行购金以及避险因素带动配置需求，黄金具有长期配置价值。预期金价中长 期趋势向上，有望再创新高，但波动将显著增加。投资者需关注涨势中的阶段性调整，并以长期配置策 略，把握阶段性调整分段吸纳，避免盲目高追。 展望今年的环球股票 ...

Market Overview - US stock indices showed mixed performance on Wednesday, with the Hang Seng Index ADR rising but closing lower compared to Hong Kong's market close, at 27,511.69 points, down 315.22 points or 1.13% [1] Major Blue-Chip Stocks - HSBC Holdings closed at HKD 135.752, down 1.27% from the Hong Kong market close [2] - Tencent Holdings closed at HKD 613.539, down 1.20% from the Hong Kong market close [2] Stock Performance Summary - Tencent Holdings: Latest price HKD 621.000, up 2.31%, ADR price HKD 613.539, down 1.20% [3] - Alibaba Group: Latest price HKD 173.500, up 2.12%, ADR price HKD 171.309, down 1.26% [3] - HSBC Holdings: Latest price HKD 137.500, up 2.23%, ADR price HKD 135.752, down 1.27% [3] - Xiaomi Group: Latest price HKD 36.320, up 2.14%, ADR price HKD 35.857, down 1.27% [3] - AIA Group: Latest price HKD 88.850, up 2.78%, ADR price HKD 87.888, down 1.08% [3] - Meituan: Latest price HKD 56.86, up 1.86%, ADR price HKD 97.328, down 1.04% [3] - BYD Company: Latest price HKD 102.800, up 4.58%, ADR price HKD 101.502, down 1.26% [3]

拟议收购交割后，中银香港将拥有中银国际私行的全部已发行股份，中银国际私行将成为公司的间接全 资附属公司，且中银国际私行的资产、负债和财务业绩将并入集团的财务报表。 格隆汇1月28日丨中银香港(02388.HK)宣布，公布，有关拟议收购中银国际私行全部股本及拟议出售宝 生证券全部股本事项。于公告日期，收购协议及出售协议各所载之所有先决条件均已获满足。拟议收购 及拟议出售将根据收购协议及出售协议各自的条款及条件于2026年1月30日交割。 拟议出售交割后，中银香港将不再拥有宝生证券的任何已发行股份，且宝生证券将不再为中银香港的直 接附属公司及公司的间接附属公司。宝生证券的资产、负债及财务业绩将不再并入集团的财务报表。拟 议出售预期将为集团录得约0.49亿港元的收益(未经审核)，其乃根据拟议出售的对价4.10亿元人民币(根 据出售协议约定的汇率，相等於约4.49亿港元)减去宝生证券于交割日的预期净资产及拟议出售的预期 交易成本而计算所得，其中拟议出售的预期交易成本不重大。拟议出售的实际收益将于集团综合收益表 中确认，并须经本集团核数师审阅及最终审核，亦可能与上文披露的预期收益有所不同。集团拟将拟议 出售所得的大部分 ...

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。 有關 (1) 擬議收購中銀國際私行全部股本；及 (2) 擬議出售寶生證券全部股本 之關連交易的交割 茲提述中銀香港（控股）有限公司（「本公司」）於2025年1月24日就(i)中銀 香港（為本公司的全資附屬公司）擬議收購中銀國際私行的全部已發行股份； 及(ii)中 銀香 港擬 議 出售 寶生 證券 的全 部已 發行 股份 所作 出的 公告 （「該 公 告」）。除文義另有所指，本公告的用詞與該公告所定義的涵義相同。 交割 董事會欣然宣佈，於本公告日期，收購協議及出售協議各所載之所有先決條件均已獲 滿足。擬議收購及擬議出售將根據收購協議及出售協議各自的條款及條件於2026年1月 30日（「交割日」）交割。 擬議收購交割後，中銀香港將擁有中銀國際私行的全部已發行股份，中銀國際私行將 成為本公司的間接全資附屬公司，且中銀國際私行的資產、負債和財務業績將併入本 公司及其附屬公司（「本集團」）的財務報表。 金，餘下款 ...

Group 1 - Hong Kong bank stocks experienced a significant upward trend, with Huishang Bank (03698.HK) rising nearly 4% [1] - Industrial and Commercial Bank of China (01398.HK), HSBC Holdings (00005.HK), and Bank of China (03988.HK) all saw increases of over 2% [1] - Bank of China Hong Kong (02388.HK) and China Construction Bank (00939.HK) both rose nearly 2% [1]

Core Viewpoint - The report by Bank of China Hong Kong and Deloitte China emphasizes the transition of the gold industry from "responsible gold" to "sustainable gold," highlighting the need for a sustainable gold standard system and governance framework in Hong Kong [1][2]. Group 1: Industry Challenges and Transition - The gold industry has been facing challenges related to carbon emissions, environmental pollution, and labor rights, which fall under the Environmental, Social, and Governance (ESG) criteria [1]. - Historically, the industry focused on ESG risk management in gold mining and refining to ensure legal sourcing and minimize environmental and community impacts [1]. - With the rise of global green finance and sustainable investment, the governance concept in the gold industry is shifting from risk management to value creation, aiming for comprehensive sustainable development and long-term prosperity [1]. Group 2: Recommendations and Framework - The report discusses the core concepts of transitioning from "responsible gold" to "sustainable gold," analyzing the necessity and core elements for establishing a locally relevant and internationally aligned sustainable gold standard system in Hong Kong [2]. - It proposes several action recommendations, including a layered standard-setting mechanism, the creation of a credible third-party certification system, the establishment of industry alliances, and the introduction of innovative financial instruments [2]. - Bank of China Hong Kong aims to enhance its role as a global gold trading hub by expanding physical gold storage facilities and improving market infrastructure [2]. Group 3: Hong Kong's Role and Future Outlook - Hong Kong is positioned as a key bridge connecting mainland China and the world, with unique potential to integrate international standards with local practices in the gold market [2]. - The report aims to provide new ideas and frameworks for the sustainable development of Hong Kong's gold market, injecting more Asian perspectives into the global gold governance system [2]. - Bank of China Hong Kong will continue to leverage its strengths to promote Hong Kong as a global sustainable finance center, further solidifying its status as an international financial hub [2].

每经AI快讯，中银香港(02388.HK)涨近3%，截至发稿涨2.71%，报40.86港元，成交额2.63亿港元。 ...