Market Overview - The Hang Seng Index (HSI) closed at 26,523.97, down by 20.88 points or 0.08% as of September 18, 16:00 Eastern Time [1] - The index reached a high of 26,568.27 and a low of 26,422.86 during the trading session, with a trading volume of 74.7354 million [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 108.106, up by 0.85% compared to the Hong Kong closing price [2] - Tencent Holdings closed at HKD 642.805, reflecting a slight increase of 0.13% from the Hong Kong closing price [2] Individual Stock Movements - Tencent Holdings saw a decrease of HKD 19.500, or 2.95%, with an ADR price of 642.805 [3] - Alibaba Group (ADR) decreased by HKD 3.200, or 1.98%, with an ADR price of 157.960 [3] - HSBC Holdings increased by HKD 0.600, or 0.56%, with an ADR price of 108.106 [3] - China Construction Bank decreased by HKD 0.190, or 2.42%, with an ADR price of 7.641 [3] - AIA Group saw a decline of HKD 1.300, or 1.74%, with an ADR price of 73.536 [3] - NetEase experienced a drop of HKD 6.000, or 2.44%, with an ADR price of 237.834 [3] - Hong Kong Exchanges and Clearing fell by HKD 14.000, or 3.06%, with an ADR price of 446.269 [3] - Ping An Insurance decreased by HKD 1.500, or 2.69%, with an ADR price of 54.170 [3] - JD.com saw a decline of HKD 2.400, or 1.76%, with an ADR price of 137.583 [3] - Kuaishou Technology dropped by HKD 1.850, or 2.37%, with an ADR price of 72.913 [3]

Core Viewpoint - Hong Kong's three note-issuing banks, HSBC, Standard Chartered, and Bank of China (Hong Kong), are reducing their prime lending rates for the first time since December, which will lower funding costs and provide relief to businesses and mortgage borrowers in the city [1][2]. Group 1: Rate Adjustments - HSBC and Bank of China (Hong Kong) will lower their prime lending rates by 12.5 basis points to 5.125% effective Friday and Monday respectively, while Standard Chartered will cut its rate to 5.375% from Monday [2]. - All three banks will also reduce their savings rates by the same margin to 0.125% [2]. Group 2: Monetary Policy Context - The banks' rate cuts follow the Hong Kong Monetary Authority's (HKMA) decision to reduce its base rate by a quarter point, aligning with the US Federal Reserve's overnight cut [4]. - The HKMA's actions are part of a peg-linked system, but Hong Kong's commercial lenders independently determine their prime lending and deposit rates [4]. Group 3: Impact on Borrowers - HSBC's Hong Kong CEO stated that the adjustments are appropriate given the US rates decision and local market conditions, noting that HSBC has lowered its Hong Kong dollar best lending rate by 75 basis points since September 2024 [5]. - For a HK$5 million, 30-year loan priced at prime minus 1.75%, the 12.5-basis-point cut reduces the effective mortgage rate to 3.375%, lowering the monthly payment by HK$347 to HK$22,105 [5]. - As of the end of July, Hong Kong homebuyers had HK$1.887 trillion in outstanding mortgage loans, with an average mortgage size of HK$4.51 million [6].

Group 1 - The Federal Reserve has lowered the federal funds target rate by 25 basis points to a range of 4.00%–4.25%, marking the first rate cut of the year [1] - The easing of the dollar is expected to stimulate economic activity in Hong Kong, benefiting asset performance [1] - Lower interest rates are anticipated to reduce corporate financing costs and encourage capital expenditure [1] Group 2 - The recent data indicates that the "stagflation" effect from tariffs on the U.S. economy is becoming apparent, with a more pronounced downward trend in employment compared to rising inflation [1] - The Fed's statement has notably shifted regarding the labor market, emphasizing rising unemployment risks and changes in risk balance, reflecting a greater focus on employment issues [1] - The dot plot has significantly shifted downward, with median rate forecasts for the end of this year and next year both lowered by 25 basis points, indicating a dovish policy stance [2] Group 3 - There are still divisions among Fed members regarding the extent of rate cuts, as some members advocate for a 50 basis point cut instead of 25 [2] - The uncertain economic outlook and frequent expressions from the U.S. government regarding monetary policy preferences may weaken the predictability of future monetary policy [2]

Market Overview - The Hang Seng Index (HSI) closed at 26,457.88, up by 11.32 points or 0.04% as of September 15, 16:00 Eastern Time [1] - The index reached a high of 26,527.24 and a low of 26,435.55 during the trading session, with an average price of 26,481.40 [1] - The trading volume was 71.35 million shares, indicating active market participation [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 108.054, reflecting an increase of 1.46% compared to the Hong Kong closing price [2] - Tencent Holdings closed at HKD 644.822, with a slight increase of 0.21% from the Hong Kong closing price [2] - Alibaba Group (ADR) saw a price of HKD 153.679, down by 0.921 compared to its Hong Kong price, despite a 2.32% increase in its latest price [3] - Other notable performances include BYD Company, which rose by 3.44% to HKD 108.100, and Xiaomi Group, which increased by 1.90% to HKD 56.200 [3] Summary of Stock Movements - Tencent Holdings remained stable with no change in its latest price [3] - HSBC Holdings showed a minor increase of 0.19% [3] - Alibaba's stock experienced a decline when compared to its ADR price [3] - The overall performance of major blue-chip stocks was mixed, with some stocks like BYD and Xiaomi showing positive movements while others like China Ping An and AIA Group faced declines [3]

Group 1 - The new batch of silver bonds in Hong Kong started accepting subscriptions on September 15, with multiple placement agencies reporting a positive response on the first day [1][3] - To encourage more investment in bonds, several placement agencies have introduced a "seven exemptions" offer, which includes waiving subscription fees, bond custody fees, transfer fees, interest代收费, early redemption fees, and maturity redemption fees [3] - On the first day, Bank of China (Hong Kong) reported a total subscription amount that increased by nearly 20% compared to last year, with an average of 28 subscriptions per person, up from 22 last year [3] Group 2 - Industrial and Commercial Bank of China (Asia) reported an average of over 30 subscriptions per person, which is an increase of approximately 20% compared to the previous year [3] - CITIC Bank International received an average subscription amount of HKD 300,000, which met expectations [3] - The Deputy General Manager of the Personal Financial Products Department at Bank of China (Hong Kong) indicated that with market expectations leaning towards an interest rate reduction cycle, the silver bonds offer a guaranteed return of at least 3.85% over the next three years, making it an attractive investment option for elderly investors seeking stable returns and low-risk characteristics [3]

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]

她表示，市场预期美联储将重启减息周期，料本周减0.25%，年底前再减0.25%，香港银行亦有机会跟 随减息。该批次银债保证息率3.85%，较去年的4%低0.15%，但仍较现时市场上1年期定期存款高出超过 1%，今批银债于未来3年能提供3.85%回报相当吸引。 智通财经APP获悉，9月15日，香港政府发行的第10批银色债券开始接受认购。中银香港个人金融产品 部副总经理梁淑怡表示，货币政策宽松的预期下，银债息率吸引，叠加2022年银债到期，到期资金或投 入新债。她估计今次的认购人数会多过上次的30万人，总认购额料超过700亿港元，而总发行额有机会 加码至550亿港元。 她估计，今次中签率与上次相若，建议客户认购25至30手，以增加中签机会。对于近期股市走好会否减 少银债吸引力，她认为，债券和股票属不同产品，股票价格相对波动，而银债防守性较强，并带来稳定 现金流，吸引力相当不错。 ...

（於香港註冊成立之有限公司） 股份代號：2388（港幣櫃台）及82388（人民幣櫃台） 敬啟者： 本次公司通訊的刊發通知及發佈公司通訊的安排 本次公司通訊的刊發通知 1. 公司通訊 請知悉，所有公司通訊的中、英文版本均會繼續於該等網站提供。請在本公司網站投資者關係一節或在香港交易所網站瀏覽公司通 訊。 根據上市規則及公司條例，本公司毋須就於該等網站刊載公司通訊向股東發出通知。謹此建議 閣下可於香港交易所網站訂閱訊息 提示服務，以便在本公司刊發公司通訊時接收通知。 閣下若因任何理由未能閱覽載於該等網站的公司通訊，本公司將於收到 閣 下通知後，盡快安排向 閣下發送公司通訊的印刷本，費用全免。請 閣下發送電郵至bochk.ecom@computershare.com.hk或郵 寄書面指示至本公司的股份過戶登記處（「股份登記處」）香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心 17M樓提出要求。 2. 可供採取行動的公司通訊2 根據上市規則，本公司須向每名股東個別發送可供採取行動的公司通訊。請知悉所有可供採取行動的公司通訊將根據 閣下的選 擇，以電郵或郵寄方式個別發送予 閣下。為確保能及時收取最新 ...

（於香港註冊成立之有限公司） 股份代號：2388（港幣櫃台）及82388（人民幣櫃台） 敬啟者： 本次公司通訊的刊發通知及發佈公司通訊的安排 本次公司通訊的刊發通知 中銀香港（控股）有限公司（「本公司」）2025中期報告（「本次公司通訊」）備有中、英文版，並已上載本公司網站(www.bochk.com)（「本公司網 站」）投資者關係一節及香港交易及結算所有限公司網站(www.hkexnews.hk)（「香港交易所網站」，連同本公司網站，統稱「該等網站」）。 如 閣下曾選擇收取公司通訊2 的印刷本，本次公司通訊的印刷本按 閣下選取的訊語言版本隨函附上。 發佈公司通訊的安排 根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）、公司條例（香港法例第622章）（「公司條例」）及本公司組織章程細 則，本公司已實施以下有關公司通訊發佈的安排： 1. 公司通訊 請知悉，所有公司通訊的中、英文版本均會繼續於該等網站提供。請在本公司網站投資者關係一節或在香港交易所網站瀏覽公司通 訊。 根據上市規則及公司條例，本公司毋須就於該等網站刊載公司通訊向股東發出通知。謹此建議 閣下可於香港交易所網站訂閱訊息 提示服務， ...

[Financial Highlights](index=3&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group achieved robust financial growth in the first half of 2025, with profit for the period increasing by 11.4% year-on-year, alongside increases in basic earnings per share and dividends, improved cost-to-income ratio, and enhanced returns on assets and equity, demonstrating strong operational efficiency and capital management Key Financial Indicators for H1 2025 (HKD million) | Indicator | June 30, 2025 | June 30, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Net operating income before impairment allowances | 40,022 | 35,336 | +13.3% | | Operating profit | 28,394 | 25,134 | +13.0% | | Profit for the period | 22,796 | 20,463 | +11.4% | | Profit attributable to equity holders of the Company | 22,152 | 20,040 | +10.5% | | Basic earnings per share (HKD) | 2.0952 | 1.8954 | +10.5% | | Dividend per share (HKD) | 0.580 | 0.570 | +1.8% | | Total assets | 4,399,822 | 4,194,408 (Dec 31, 2024) | +4.9% (compared to end of last year) | | Equity and reserves attributable to equity holders of the Company | 347,059 | 338,716 (Dec 31, 2024) | +2.5% (compared to end of last year) | Key Financial Ratios for H1 2025 (%) | Ratio | June 30, 2025 | June 30, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Return on average total assets | 1.05 | 1.00 | +0.05 percentage points | | Return on average equity attributable to equity holders | 12.92 | 12.39 | +0.53 percentage points | | Cost-to-income ratio | 20.76 | 22.98 | -2.22 percentage points | | Loan-to-deposit ratio | 59.48 | 61.55 (Dec 31, 2024) | -2.07 percentage points (compared to end of last year) | | Total capital ratio | 25.69 | 22.00 (Dec 31, 2024) | +3.69 percentage points (compared to end of last year) | [Management Discussion and Analysis](index=3&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This chapter elaborates on the Group's financial performance, operating conditions, risk management strategies, and a detailed review of each business segment for the first half of 2025, demonstrating robust profit growth, optimized cost management, sound asset quality, and ample liquidity amidst a complex global economic environment [Summary of Financial Performance and Condition](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%8F%8A%E7%8B%80%E6%B3%81%E6%91%98%E8%A6%81) In the first half of 2025, the Group's profit for the period increased by 11.4% year-on-year to HKD 22.796 billion, with improved returns on average equity and total assets, while net interest margin was affected by lower market interest rates but partially mitigated by optimizing deposit structure, leading to a better cost-to-income ratio of 20.76%, stable asset quality with an impaired loan ratio of 1.02%, significantly enhanced capital ratios due to Basel III implementation, and ample liquidity Key Financial Results Summary for H1 2025 (HKD billion) | Indicator | H1 2025 | H2 2024 | H1 2024 | | :--- | :--- | :--- | :--- | | Profit for the period | 227.96 | 186.55 | 204.63 | | Return on average equity attributable to equity holders (%) | 12.92 | 10.94 | 12.39 | | Return on average total assets (%) | 1.05 | 0.91 | 1.00 | | Basic earnings per share (HKD) | 2.0952 | 1.7208 | 1.8954 | | Dividend per share (HKD) | 0.5800 | 1.4190 | 0.5700 | Key Financial Ratios for H1 2025 (%) | Ratio | H1 2025 | H2 2024 | H1 2024 | | :--- | :--- | :--- | :--- | | Net interest margin | 1.34 | 1.46 | 1.46 | | Adjusted net interest margin | 1.54 | 1.67 | 1.61 | | Cost-to-income ratio | 20.76 | 26.10 | 22.98 | | Impaired loan ratio | 1.02 | 1.05 | 1.06 | | Total capital ratio | 25.69 | 22.00 (Dec 31, 2024) | 22.17 (June 30, 2024) | | Tier 1 capital ratio | 23.69 | 20.02 (Dec 31, 2024) | 20.05 (June 30, 2024) | | Common Equity Tier 1 capital ratio | 23.69 | 20.02 (Dec 31, 2024) | 20.05 (June 30, 2024) | - Net interest margin was 1.34%, and adjusted net interest margin, including funding income or costs from foreign exchange swap contracts, was **1.54%**, a year-on-year decrease of 7 basis points, primarily due to lower market interest rates compared to the same period last year, though partially mitigated by optimizing the Group's deposit structure[11](index=11&type=chunk) - The cost-to-income ratio improved by **2.22 percentage points** year-on-year to **20.76%**, maintaining a relatively favorable level within the local banking industry[12](index=12&type=chunk) - The total capital ratio was **25.69%**, with both the Tier 1 capital ratio and Common Equity Tier 1 capital ratio at **23.69%**, primarily influenced by the decrease in risk-weighted assets following the effective implementation of the Basel III final reform package[16](index=16&type=chunk) - The average Liquidity Coverage Ratio for the first and second quarters of 2025 and the quarter-end Net Stable Funding Ratio both met regulatory requirements, indicating ample liquidity[17](index=17&type=chunk) [Operating Environment](index=6&type=section&id=%E7%B6%93%E7%87%9F%E7%92%B0%E5%A2%83) In the first half of 2025, global economic growth faced pressure with a shift towards looser monetary policies, while Mainland China's economy showed strong fundamentals and Hong Kong's economy grew steadily with good performance in merchandise trade and service exports, maintaining a stable financial system, active stock market, buoyant IPO market, and improved property market sentiment - Global trade uncertainty increased, global economic growth faced pressure, and monetary policies in most economies shifted towards easing[19](index=19&type=chunk) - Mainland China's economy demonstrated strong fundamentals, with stable growth in production and foreign trade, key industries returning to expansion, and steady growth in investment and consumption demand[19](index=19&type=chunk) - Hong Kong's economy grew steadily, with faster growth in merchandise trade and continued expansion in service exports, leading Moody's to upgrade Hong Kong's credit rating outlook to "stable"[19](index=19&type=chunk) - Hong Kong's financial system remained stable, the HKD exchange rate was steady, total bank deposits continued to grow, the stock market was active with the Hang Seng Index rising **20.0%** from end-2024, and IPO fundraising increased **sevenfold** year-on-year[19](index=19&type=chunk)[20](index=20&type=chunk) - Hong Kong's property market sentiment improved, with the private residential property price index rising for three consecutive months, and government stamp duty adjustments positively impacting price stability and transaction volume[20](index=20&type=chunk) [Consolidated Financial Review](index=7&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In the first half of 2025, the Group's net operating income before impairment allowances increased by 13.3% year-on-year to HKD 40.022 billion, driven by growth in net interest income, net fee and commission income, and net trading gain, resulting in a 11.4% year-on-year increase in profit for the period to HKD 22.796 billion and a 10.5% increase in profit attributable to equity holders to HKD 22.152 billion Financial Highlights for H1 2025 (HKD million) | Indicator | June 30, 2025 | Dec 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Net operating income before impairment allowances | 40,022 | 35,917 | 35,336 | | Operating expenses | (8,310) | (9