Group 1 - In July 2025, the number of existing property mortgages in Hong Kong decreased to 5,702, down 1,070 (15.8%) from June, while the number of new property mortgages increased to 804, up 240 (42.6%) from June, marking a 13-month high [1] - Compared to the same month last year, existing property mortgages decreased by 239 (4%) from 5,941 in July 2024, while new property mortgages increased by 246 (44.1%) from 558 in July 2024 [1] - For the first seven months of 2025, existing property mortgages totaled 34,587, an increase of 4,116 (13.5%) from 30,471 in the same period last year, while new property mortgages reached 3,993, up 1,782 (80.6%) from 2,211 in the previous year, marking a five-year high for the first seven months [1] Group 2 - In terms of market share for existing property mortgages, Bank of China Hong Kong leads with 29.1%, followed by HSBC at 21.3%, Hang Seng Bank at 12.6%, Standard Chartered at 6%, and Bank of East Asia at 4.9% [2] - For new property mortgages, HSBC regained the top position with a market share of 27%, while Bank of China Hong Kong fell to second with 26.4%, followed by Hang Seng Bank at 16.5%, Standard Chartered at 6.3%, and Bank of East Asia at 5.7% [2] - The market share of the four major banks for existing property mortgages dropped from 74.9% in the previous month to 69% in July 2025, indicating a potential shift in the competitive landscape as banks become more positive about mortgage business [2]

Core Viewpoint - The Hong Kong Stablecoin Regulation officially took effect on August 1, with the first batch of licenses expected to be issued in early 2026, but the number of licenses will be limited to single digits, indicating a high barrier to entry for applicants [1][9][10]. Licensing Process - The Hong Kong Monetary Authority (HKMA) has not issued any licenses yet, and the planned issuance timeline is later than previously expected [1]. - The HKMA has emphasized a "high threshold" and a limited number of initial licenses, which has been interpreted by the market as an "invitation-only" approach [1][4]. - Despite the "invitation-only" interpretation, HKMA officials clarified that any interested institutions can proactively communicate with the HKMA regarding licensing matters [4]. Transition Period - A six-month transition period has been established for existing stablecoin issuers to comply with the new regulations, running from August 1, 2025, to January 31, 2026 [6]. - Existing issuers have two options: actively apply for a formal license or enter a winding-up period [6]. - If an existing issuer fails to apply successfully within three months after the regulation takes effect, they must orderly cease operations within four months [6]. Temporary Licenses - The Financial Management Commissioner will grant "temporary licenses" to qualified existing issuers during the first six months, allowing them to continue their issuance activities [7]. - Entities receiving temporary licenses will be treated as licensed until the temporary license expires or a final decision is made [7]. Market Dynamics - The initial licensing phase is expected to be slow, with the HKMA indicating that the timeline for issuing licenses may change based on the completeness of applications and maturity of use cases [10]. - Some institutions have received regulatory guidance to reduce stablecoin issuance, aligning with the HKMA's recent stance on cooling the market [10]. Potential Applicants - The three major note-issuing banks in Hong Kong—Bank of China (Hong Kong), Standard Chartered Bank (Hong Kong), and HSBC—are likely to be among the first to apply and receive approval [12]. - Other potential applicants include Chinese-funded banks, sandbox testing companies, large state-owned enterprises, and internet giants with payment licenses [12]. - Securities firms are expected to play a supporting role in stablecoin trading, custody, financing, and consulting services, with 44 institutions upgrading their virtual asset trading licenses as of now [12].

Core Viewpoint - The issuance of stablecoin licenses in Hong Kong has officially begun, with a limited number of licenses expected to be granted, likely to major banks and financial institutions [1][4][5]. Group 1: License Application and Eligibility - The Hong Kong Monetary Authority (HKMA) has set specific criteria for stablecoin issuer license applications, including financial conditions, personnel qualifications, reserve assets, and custody requirements [1][3]. - Major banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be among the first to apply for stablecoin licenses due to regulatory compliance and business needs [1][5]. - The initial phase of license issuance is expected to be cautious, with only a few licenses (possibly 2-3) being granted [4][6]. Group 2: Role of Financial Institutions - Securities firms are likely to focus on trading, custody, financing, and consulting related to stablecoins, rather than applying for stablecoin issuer licenses themselves [2][9]. - A total of 44 financial institutions have upgraded their virtual asset trading licenses, with most being local securities firms [12][13]. - The upgrade of trading licenses is a prerequisite for firms to offer services related to stablecoins and other virtual assets [13][14]. Group 3: Application Scenarios and Market Potential - The application scenarios for stablecoins include digital asset trading, cross-border payments in global trade, and traditional asset tokenization [7][8]. - The use of stablecoins in different regions varies, with financial applications being more prominent in Europe and North America, while B2B trade is expected to be a focus in Asia, Africa, and Latin America [8]. - The potential for stablecoins as a stable medium of exchange and value storage tool in virtual asset trading is highlighted, with firms like Futu Securities reporting increased trading volumes and customer engagement [14]. Group 4: Future Outlook and Risks - The market is keen on the emergence of offshore RMB-denominated stablecoins, with recent developments indicating a growing interest in this area [15][16]. - The commercial model for stablecoins remains unclear, and there are concerns about market speculation and the safety of reserve assets [16].

Group 1 - The Federal Reserve has maintained the federal funds rate in the range of 4.25-4.5% as expected, indicating a cautious stance on future monetary policy without providing a clear path for rate cuts [1] - The Fed's statement highlighted three key points: first, it remains highly attentive to future inflation based on trade developments; second, the annualized GDP growth for Q2 increased by 3%, showing improvement from the contraction in Q1, although overall economic growth has shown signs of slowing in the first half of the year; third, the employment market in the U.S. is still considered robust [1] - Following the meeting, market expectations for a rate cut in October decreased to 76%, with the anticipated number of rate cuts for the year falling to less than two [1] Group 2 - The statement reflects the Fed's less optimistic view on U.S. economic growth compared to earlier assessments, suggesting that if inflation rises temporarily or economic growth continues to slow, the Fed may adopt more aggressive rate-cutting measures [1] - The expectation remains that a rate cut in Q4 is still a significant possibility [1]

Core Viewpoint - China Bank (Hong Kong) Limited's first phase of RMB bonds for 2024 has received an "AAA" rating from China Chengxin International, indicating strong creditworthiness and stability in the near term [1]. Group 1: Rating and Credit Strength - The rating maintains the previous conclusions based on the strong linkage between China Bank (Hong Kong) and its parent company, China Bank, highlighting its significant role in the Hong Kong financial system [1]. - The bank benefits from a solid customer base, strong capital strength, and diversified income sources, which contribute to its credit advantages [1]. Group 2: Challenges and Risks - The bank faces challenges such as high concentration in the loan industry and customer base, which may pressure credit risk management [1]. - Business development is also under pressure, indicating potential hurdles in future growth [1]. Group 3: Support and Future Outlook - The rating considers the support from the Hong Kong Special Administrative Region government and China Bank, which bolsters the bank's credit profile [1]. - The credit level of China Bank (Hong Kong) is expected to remain stable over the next 12 to 18 months [1].

Core Viewpoint - Bank of China Hong Kong (BOCHK) has launched a free streaming quote service for all individual clients with securities accounts, enhancing real-time stock trading information access and optimizing trading functionalities [1][2] Group 1: Service Offering - The new service allows clients to access unlimited real-time Hong Kong stock streaming quotes through the BOCHK mobile banking platform, replacing the traditional manual update or paid subscription model [1] - BOCHK has upgraded several mobile banking stock trading features, including improved stock search functionality, smart assistance for filling in trading information, and useful reference information such as price difference alerts [1] Group 2: Market Context - The Hong Kong stock market is expected to recover in the first half of 2025, with a significant increase in new stock issuance, leading to the highest fundraising amount globally [1] - In the first half of this year, BOCHK reported a 39% year-on-year increase in the average number of active securities clients and a 55% increase in monthly per capita trading amount [1] Group 3: Strategic Initiatives - BOCHK is committed to enhancing customer experience through innovative services and has partnered with the Hong Kong Stock Exchange to facilitate easier trading of different counter securities [2] - The bank aims to accelerate its digital banking development by leveraging innovative technology to improve online service capabilities and meet diverse client investment needs [2]

Group 1 - Bank of China Hong Kong (BOCHK) is offering free real-time streaming quotes for Hong Kong stocks to all individual clients with securities accounts, enhancing the online securities investment platform [1][2] - The service replaces the traditional model of manual updates or paid subscriptions, allowing clients to access market information more quickly [1] - BOCHK has upgraded several mobile banking stock trading features, including improved stock search functionality and smart assistance for filling in transaction details [1] Group 2 - The average number of active securities clients and the monthly trading amount per client at BOCHK increased by 39% and 55% year-on-year, respectively, due to a thriving Hong Kong stock market [1] - BOCHK is the first bank to participate in the Hong Kong Stock Exchange's fixed monthly fee plan for corporate data, providing clients with free streaming quotes to capture market opportunities [2] - The collaboration with the Hong Kong Stock Exchange aims to enhance market liquidity by providing high-quality, real-time market data to a broader client base [2]

瑞银发布研报称，预期中银香港(02388)减值拨备将维持高水平，上半年信用成本达36基点，与去年下 半年持平。即使上半年业绩可能表现强劲，瑞银仍维持全年净利润同比跌1%的预测;将2025至27年每股 盈利预测上调3至9%，反映非利息收入强劲增长，目标价由34.5港元上调至36.5港元，重申"中性"评 级。 该行预期中银香港上半年净利润同比增长3.4%，主要受惠于非利息收入强劲增长55.8%，足以抵消 HIBOR下跌导致的净利息收入跌9.1%。在非利息收入推动因素中，瑞银认为资本市场相关费用，包括 证券经纪、基金分销及保险代理费用等，将随港股反弹及市场利率下行而显著提升。另外，预期交易相 关投资收益亦表现亮眼，料该业务收入增长8.1%。 ...

Core Viewpoint - UBS forecasts that Bank of China Hong Kong (02388) will maintain high levels of impairment provisions, with credit costs at 36 basis points for the first half of the year, consistent with the second half of last year, despite strong performance expectations for the first half [1] Group 1: Financial Performance - UBS maintains a forecast of a 1% year-on-year decline in net profit for the full year, despite an expected 3.4% year-on-year increase in net profit for the first half, driven by a strong growth of 55.8% in non-interest income [1] - The decline in net interest income is projected at 9.1% due to falling HIBOR rates, which will be offset by the growth in non-interest income [1] Group 2: Revenue Drivers - Key drivers of non-interest income include significant increases in capital market-related fees, such as securities brokerage, fund distribution, and insurance agency fees, which are expected to rise significantly with the rebound of Hong Kong stocks and declining market interest rates [1] - Trading-related investment income is also anticipated to perform well, with expected revenue growth of 8.1% in this segment [1] Group 3: Earnings Forecast - UBS has raised its earnings per share forecasts for 2025 to 2027 by 3% to 9%, reflecting strong growth in non-interest income [1] - The target price for Bank of China Hong Kong has been increased from HKD 34.5 to HKD 36.5, while maintaining a "Neutral" rating [1]

Core Viewpoint - UBS forecasts that Bank of China Hong Kong's net profit for the first half of the year will increase by 3.4% year-on-year, primarily driven by a strong growth in non-interest income of 55.8%, which offsets a 9.1% decline in net interest income due to falling HIBOR [1] Group 1: Non-Interest Income - The strong growth in non-interest income is attributed to capital market-related fees, including securities brokerage, fund distribution, and insurance agency fees, which are expected to significantly increase with the rebound of Hong Kong stocks and declining market interest rates [1] - Trading-related investment income is also anticipated to perform well, with business revenue growth projected at 8.1% [1] Group 2: Profit Forecasts - Despite the strong performance in the first half, UBS maintains a forecast for a 1% year-on-year decline in net profit for the entire year [1] - Earnings per share forecasts for 2025 to 2027 have been raised by 3% to 9%, reflecting the robust growth in non-interest income [1] - The target price has been adjusted from HKD 34.5 to HKD 36.5, while maintaining a "Neutral" rating [1]