前言 当前，中国企业全球化的画卷正以前所未有的广度与深度展开。站在这一时代背景下，渣打银行与第一 财经携手，共同发起《征程》栏目，旨在深入记录并解读中国中小企业出海的结构性变革。这一联合行 动，本身即是对新时代协作方式的一种回应一一在复杂而多变的全球环境中，唯有跨界协同，方能形成 更具穿透力的洞察。 渣打银行在今年1月对其相关业务进行了系统升级，正式确立为"国际及创新企业银行业务"。这一调 整，并非简单的名称更新，而是基于对中国企业发展阶段与全球经济格局的长期判断。"国际"，源于渣 打覆盖全球54个市场、深度融入东盟及"一带一路"区域的网络优势;"创新"，则指向其对中国经济新旧 动能转换的持续关注，以及对创新型企业全球化进程的长期陪伴。 从助力科技企业搭建海外创新与运营枢纽，到支持实体企业完善跨区域供应链与全球运营网络，渣打在 不同市场的实践不断印证其角色定位:不仅参与企业的当下发展，更关注商业成就如何跨越时间与空 间，沉淀为可持续、可延展的长期基业。 与此同时，任何一家企业的成功出海，都是一个融入更广泛生态系统的过程。金融机构、财经媒体、智 库、法律与专业服务机构、当地合作伙伴等，共同构成支持企业远征的"生 ...

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文件的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本文件全部或任何部份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。 香港，二○二六年二月六日 截至本公告日期，本公司的董事會成員為： 主席： Maria da Conceicao das Neves Calha Ramos STANDARD CHARTERED PLC 渣打集團有限公司 (於英格蘭及威爾士註冊之有限責任的公眾有限公司) (編號﹕966425) (股份代號：02888) 董事委員會會議召開日期 渣打集團有限公司（「本公司」）謹此宣佈本公司董事委員會會議將於二○二六年二月二十四日（星期二）舉 行，藉以批准刊發本公司截至二○二五年十二月三十一日止年度的業績公告及考慮派發（如有）截至 二○二五年十二月三十一日止年度末期股息。 承董事會命 集團公司秘書 Scott Corrigan 執行董事： William Thomas Winters，CBE（集團行政總裁）及Diego De Giorgi（集團財務總監） 獨立非執行董事： Shirish Moreshwar A ...

Core Insights - The Greater Bay Area (GBA) is experiencing a significant evolution in wealth management demands among high-net-worth individuals, shifting from traditional asset preservation to more complex needs such as cross-border capital operations, global business expansion, family inheritance, tax planning, and children's education [1][2] - Wealth management services are transitioning from product competition to a focus on ecosystem integration, cross-border collaboration, and long-term client relationships, indicating a new phase in the industry [1][2] Demand Evolution - Entrepreneurs and high-net-worth individuals in the GBA are increasingly seeking comprehensive, cross-domain services, moving from basic asset management to more integrated solutions that include corporate financing and global strategies [2] - Real-life examples illustrate this trend, with clients requiring services that encompass overseas market consulting, international credit management, and multi-currency asset allocation, highlighting the demand for financial partners with global connectivity and resource integration capabilities [2] Market Response - Standard Chartered Bank has opened a new priority private banking center in Shenzhen Bay, designed as a "super connector" to meet the evolving needs of GBA clients, emphasizing a one-stop wealth management service [3] - The center's strategic location and innovative design aim to provide a blend of traditional services and unique offerings like "overseas management" support, facilitating clients' expansion into international markets [3] Strategic Perspective - Standard Chartered's investment in wealth management for affluent clients is growing at approximately 10% annually, with China identified as a key market due to its significant potential for high-quality development [4] - The establishment of the Shenzhen Bay center is seen as a vital step in enhancing the bank's dual-engine service model between mainland China and Hong Kong, supporting long-term wealth preservation and growth for clients [5]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 渣打集團有限公司 | | | 呈交日期: | 2026年2月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 14 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02888 | 說明 | 普通股指每股面值0.5美元普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,264,364,528 | | 0 | | 2,264,364,528 ...

Core Viewpoint - Precious metals, particularly silver and gold, experienced significant declines, with silver plunging nearly 17% and gold dropping over 3%, largely due to a strengthening dollar and easing geopolitical tensions [1][2][3]. Market Impact - Indian markets were heavily affected, with MCX silver March futures falling over 8% and MCX gold trading 1% lower. Equity markets also suffered, with Axis Silver ETF collapsing by up to 21% and Nippon India Silver ETF dropping 13% [2][14]. Reasons for Price Decline - **Strengthening Dollar**: The dollar reached a near two-week high, making dollar-priced gold more expensive for foreign currency holders, thus reducing demand for precious metals [3][14]. - **Geopolitical Easing**: Reduced tensions, particularly between the US and Iran, diminished gold's appeal as a safe-haven asset [6][14]. - **US-China Relations**: A positive phone call between US President Trump and Chinese President Xi Jinping alleviated concerns about escalating economic tensions, further dampening demand for safe-haven assets [8][14]. Analyst Perspectives - Some analysts view the selloff as a healthy consolidation rather than a trend reversal, suggesting that the broader uptrend for gold remains intact despite recent volatility [10][15]. - Others express caution, indicating that the decline in silver and other metals may continue, with MCX Silver March prices expected to drop to ₹235,000/kg amid weak international trends [11][15]. Tactical Guidance - Recommendations include buying gold above ₹154,000 with a target of ₹156,800-₹158,500 and silver above ₹270,000 with a target of ₹278,000-₹284,000, indicating potential recovery points [12][15]. - Analysts from Standard Chartered expect continued volatility in gold prices until there is more certainty regarding monetary policy, while structural drivers for precious metals remain intact [13][15].

摩通将汇丰目标价由138港元上调至165港元，渣打目标价由190港元上调至265港元，均重申"增持"评 级，并因更高的潜在增长及估值重估潜力，较偏好渣打。 摩根大通发表研报指，汇丰控股及渣打集团过去三个月股价分别累升29%及26%，跑赢同期恒指约26个 及23个百分点。摩通预期，受账面值复式增长、股息及股份回购的推动，跑赢大市的趋势将持续，预测 汇丰及渣打年度回报率分别为12%及15%。 摩通认为，稳定的利率前景增强了投资者对两间银行可持续有形股本回报率(ROTE)的信心，预测2025 至2027年汇丰及渣打正常化ROTE可分别扩张48及32个基点，同时预期两间银行具备进一步估值重估的 潜力，而即将公布的去年第四季业绩可成为短期催化剂，目前预期两间银行收入增长将平稳，汇丰经调 整标准化盈利持平，而渣打则录双位数增长。 ...

Market Overview - Spot silver experienced a significant decline, dropping as much as 16.6% on Thursday after briefly recovering above $90 an ounce in early Asian trading. Spot gold also fell, decreasing by as much as 3.5% in volatile trading conditions [1][7]. - The sentiment across various asset classes, including regional equities and metals, has turned negative, indicating fragile market conditions and creating a feedback loop amid low liquidity [1][7]. Recent Trends in Precious Metals - Precious metals had previously surged due to speculative momentum, geopolitical tensions, and concerns regarding the independence of the US central bank. However, this rally abruptly ended last week, with silver experiencing its largest daily drop ever and gold its most significant decline since 2013 [2][7]. - Analysts from Standard Chartered Plc noted that price volatility is expected to continue until there is more clarity on monetary policy. They indicated that some of the recent volatility is due to investors redeeming holdings in exchange-traded products, but structural drivers for precious metals remain strong, suggesting a potential recovery [6][7]. Federal Reserve Policy Implications - The market is currently assessing the implications of Kevin Warsh's nomination as Federal Reserve chair. President Trump indicated that he would not have nominated Warsh if he had shown a desire to increase interest rates, suggesting that the Fed is likely to lower rates again, which would benefit precious metals that do not yield interest [3][7].

Core Insights - The financial system plays a crucial role in stabilizing expectations, growth, and structure amid economic transformation and cyclical fluctuations [1][12] - There is a clear support for asset prices in China, with positive macroeconomic fiscal and monetary policy directions [4][15] - Chinese assets are currently at relatively low valuations, providing diversification and hedging value for global investors [4][17] Group 1: Asset Pricing and Economic Outlook - The Chinese government continues to implement policies that support consumption and technological innovation, benefiting related sectors [4][15] - The GDP growth forecast for China has been raised to 4.6%, with corporate profit recovery trends continuing [4][16] - The MSCI China index anticipates corporate profit growth of around 8% this year, which is attractive on a global scale [4][16] Group 2: Investment Opportunities - With the decline in RMB fixed deposit rates, there is a lower opportunity cost for moving funds from deposits to investment products [2][13] - The current low interest rate environment encourages funds to flow from low-return assets to riskier assets for higher yields, potentially increasing stock market investments [5][16] - The Chinese stock market is favored due to the ongoing economic transition from traditional infrastructure and exports to consumption and technological innovation [5][17] Group 3: Wealth Management Strategies - In a declining interest rate environment, enhancing yield has become a core issue, leading to increased importance of structured products [6][18] - The distinction between public and private fund products is becoming clearer, with private accounts gaining attention for targeted investment strategies [6][18] - Alternative investments are gaining traction as traditional asset returns are constrained, providing diversification and stability [7][19] Group 4: Gold Investment Perspective - The company maintains a positive outlook on gold, suggesting a portfolio allocation of 7% to 8% for optimal returns [11][24] - Factors driving gold prices include ongoing geopolitical risks, uncertainty in U.S. policy, a weakening dollar, and increased central bank purchases [11][24] - The target prices for gold have been raised to $4,850 and $5,350 per ounce for the next 3 and 12 months, respectively [11][24]

Core Insights - The Chinese financial industry is undergoing a structural transformation characterized by a dual opening-up approach, where both domestic and foreign banks are enhancing their capabilities and market integration [1][2] Group 1: Domestic Banks Going Global - Chinese banks are shifting their focus from merely establishing overseas branches to enhancing their operational capabilities, aligning with the global market [3] - The overseas expansion of Chinese banks is increasingly focused on high-value areas such as wealth management and cross-border finance, moving beyond traditional markets to emerging regions like ASEAN, the Middle East, Africa, and Latin America [3][4] - State-owned banks remain the primary players in overseas expansion, while joint-stock banks are concentrating their efforts in key financial hubs like Hong Kong and London, focusing on niche areas such as private banking and wealth management [3] Group 2: Foreign Banks Entering China - Foreign banks are transitioning from a focus on obtaining licenses and expanding branch networks to a strategy centered on professional depth and long-term commitment, particularly in wealth management and cross-border finance [5][6] - As of June 2025, there are 42 foreign banks operating in China, with a non-performing loan ratio of 1.07%, which is lower than the overall commercial bank average of 1.49% [5] - Foreign banks are increasingly establishing flagship wealth management branches in major cities, emphasizing privacy, professionalism, and brand presence to differentiate themselves in the competitive market [6]

Group 1 - Standard Chartered encourages investors to focus on "quality" blockchain projects amid near-term volatility in digital assets [1] - The bank's Head of FX and Digital Assets Research, Geoff Kendrick, is actively accumulating digital assets during the downturn, viewing it as a defining moment for long-term positioning [2] - Kendrick identifies Ethereum and Solana as top layer-1 exposures, emphasizing that quality projects will prevail in the market [3] Group 2 - Standard Chartered has lowered its end-2026 price forecast for Solana (SOL) to $250 from $310, citing the time needed for the network's next major use case to mature [4] - Despite the price cut, the bank has raised its longer-term projections for Solana, asserting that its structural advantages remain intact [4] - The bank believes Solana's architecture positions it to dominate micropayments, especially as AI-driven applications and stablecoin transactions gain traction [6] Group 3 - If the thesis regarding Solana's dominance in micropayments holds, the bank expects SOL to outperform Bitcoin between 2027 and 2030, while gradually catching up to Ethereum [7] - There is a notable shift in Solana's decentralized exchanges, with trading flows moving from meme coins to SOL-stablecoin pairs [7] - Standard Chartered notes that these stablecoins are turning over two to three times faster than their Ethereum counterparts [8]