Group 1 - AIA Group Limited (友邦保险-R) and Li Ning Company Limited (李宁-R) have the highest short-selling ratios at 100.00%, followed by JD.com (京东集团-SWR) at 95.15% [1][2] - The top three companies by short-selling amount are HSBC Holdings (汇丰控股) at 1.676 billion, Tencent Holdings (腾讯控股) at 944 million, and Ping An Insurance (中国平安) at 872 million [1][2] - Li Ning Company Limited has the highest deviation value at 39.85%, followed by Standard Chartered (渣打集团) at 34.61% and AIA Group Limited at 33.51% [1][2] Group 2 - The top short-selling amounts are led by HSBC Holdings at 1.676 billion, followed by Tencent Holdings at 944 million and Ping An Insurance at 872 million [2] - The short-selling ratio for HSBC Holdings is 27.07%, while Tencent Holdings has a ratio of 7.88% and Ping An Insurance has 38.42% [2] - The highest short-selling deviation values are observed in Li Ning Company Limited at 39.85%, Standard Chartered at 34.61%, and AIA Group Limited at 33.51% [2]

渣打2025年第四季经调整税前利润(不包括重组及债务估值调整)为12亿美元，较市场共识低6%，其中收 入较预期低1%(净利息收入高8%，非利息收入低11%)，营运开支高4%，贷款减值则优于预期36%。法 定税前利润为8亿美元，较市场共识低23%，因重组开支增加。普通股权一级资本比率为14.1%，即使股 息和股票回购高于预期，仍保持按季稳定。 花旗发布研报称，渣打集团(02888)新的2026财年目标显示市场共识营收将上调，但(基本)成本支出也将 增加;而新的法定有形股东权益报酬率目标为逾12%，与市场共识(11.7%)大致一致。整体而言，该行认 为渣打业绩好坏参半，重申"中性/高风险"评级，目标价186港元。 ...

渣打2025年第四季经调整税前利润(不包括重组及债务估值调整)为12亿美元，较市场共识低6%，其中收 入较预期低1%(净利息收入高8%，非利息收入低11%)，营运开支高4%，贷款减值则优于预期36%。法 定税前利润为8亿美元，较市场共识低23%，因重组开支增加。普通股权一级资本比率为14.1%，即使股 息和股票回购高于预期，仍保持按季稳定。 智通财经APP获悉，花旗发布研报称，渣打集团(02888)新的2026财年目标显示市场共识营收将上调，但 (基本)成本支出也将增加; 而新的法定有形股东权益报酬率目标为逾12%，与市场共识(11.7%)大致一 致。整体而言，该行认为渣打业绩好坏参半，重申"中性/高风险"评级，目标价186港元。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of HKD 229.24 [7]. Core Insights - The company reported a 6.1% year-on-year increase in operating income and a 25.4% increase in profit attributable to ordinary shareholders for the year 2025, despite slight fluctuations in growth rates due to a temporary decline in global market operations [1]. - The company has announced a new USD 1.5 billion share buyback program and increased its annual dividend per share by 65.7% to USD 0.61 [1]. - The company expects a lower operating income growth rate of approximately 5-7% for 2026, with a return on tangible equity (ROTE) projected to exceed 12% [1]. Summary by Sections Operating Performance - In Q4 2025, net interest income (NII) increased by 8% quarter-on-quarter, primarily due to temporary benefits from HIBOR [2]. - The net interest margin for Q4 2025 was 2.09%, up 15 basis points from Q3 [2]. - The company reported a 1% year-on-year increase in NII for the full year 2025, amounting to USD 11.2 billion [2]. Wealth Management and Global Markets - Non-interest income in Q4 2025 increased by 2% year-on-year but decreased by 21% quarter-on-quarter, with growth in wealth management and global banking offset by a decline in non-recurring income from global markets [3]. - Wealth management revenue grew by 20% year-on-year, driven by strong performance in investment products and bank insurance [3]. Asset Quality and Capital Position - The non-performing loan (NPL) ratio at the end of 2025 was 2.05%, with a provision coverage ratio of 68% [4]. - The annualized loan loss rate for 2025 remained stable at 19 basis points [4]. - The common equity tier 1 capital ratio was 14.1%, exceeding the group's target range of 13% to 14% [4]. Valuation and Forecast - The report forecasts net profit attributable to shareholders for 2026 to be USD 5.751 billion, with a projected price-to-book (PB) ratio of 1.20 for 2026 [5]. - The company is expected to benefit from the global supply chain restructuring, with a target price of HKD 229.24 based on a PB of 1.20 [5].

2026年指引成为市场焦点，集团料法定有形股东权益回报率(ROTE)将超过12%，高于市场预期的 11.7%，并较2025年的11.9%有所上升。同时，集团预期年内收入增长将位于5%至7%预期的下限，意味 较市场预期高2%。小摩预期，集团更新指引，令市场将2026年拨备前利润预测上调中单位数，并料集 团的ROTE将逐步上升，于2028年达约14.5%。 摩根大通发布研报称，渣打集团(02888)2025年第四季收入大致符合预期，净利息收入好过预期，但受 环球市场业务阶段性收入下降影响，非净利息收入逊预期。税前利润较市场预期低6%，因成本较预期 高4%。股息较市场预期高40%，而15亿美元的回购计划则符合预期。该行称渣打仍然为其首选股份， 维持"增持"评级，目标价265港元。 ...

智通财经APP获悉，摩根大通发布研报称，渣打集团(02888)2025年第四季收入大致符合预期，净利息收 入好过预期，但受环球市场业务阶段性收入下降影响，非净利息收入逊预期。税前利润较市场预期低 6%，因成本较预期高4%。股息较市场预期高40%，而15亿美元的回购计划则符合预期。该行称渣打仍 然为其首选股份，维持"增持"评级，目标价265港元。 2026年指引成为市场焦点，集团料法定有形股东权益回报率(ROTE)将超过12%，高于市场预期的 11.7%，并较2025年的11.9%有所上升。同时，集团预期年内收入增长将位于5%至7%预期的下限，意味 较市场预期高2%。小摩预期，集团更新指引，令市场将2026年拨备前利润预测上调中单位数，并料集 团的ROTE将逐步上升，于2028年达约14.5%。 ...

花旗发表研报指，渣打集团2025年第四季经调整税前利润(不包括重组及债务估值调整)为12亿美元，较 市场共识低6%，其中收入较预期低1%(净利息收入高8%，非利息收入低11%)，营运开支高4%，贷款减 值则优于预期36%。法定税前利润为8亿美元，较市场共识低23%，因重组开支增加。普通股权一级资 本比率为14.1%，即使股息和股票回购高于预期，仍保持按季稳定。 花旗指出，渣打新的2026财年目标显示市场共识营收将上调，但(基本)成本支出也将增加；而新的法定 有形股东权益报酬率目标为逾12%，与市场共识(11.7%)大致一致。整体而言，该行认为渣打业绩好坏 参半，重申"中性/高风险"评级，目标价为186港元。 ...

摩根大通研报指出，渣打2025年第四季收入大致符合预期，净利息收入好过预期，但受环球市场业务阶 段性收入下降影响，非净利息收入逊预期。税前利润较市场预期低6%，因成本较预期高4%。股息较市 场预期高40%，而15亿美元的回购计划则符合预期。花旗认为，渣打上季基本税前利润逊但资本回报较 佳。 渣打集团(02888)一度跌超4%，截至发稿，跌2.98%，报192港元，成交额1.24亿港元。 消息面上，渣打集团昨日发布2025年全年度业绩，按固定汇率基准，该集团取得经营收入209亿美元， 同比上升6%，倘剔除重大项目则增加8%；除税前基本溢利79亿美元，同比增加18%；除税前列账基准 溢利70亿美元，同比增加18%；每股基本盈利229.7美仙，拟派发末期股息每股49美仙，并宣布全新的 15亿美元股份回购。 ...

智通财经APP获悉，渣打集团(02888)一度跌超4%，截至发稿，跌2.98%，报192港元，成交额1.24亿港 元。 消息面上，渣打集团昨日发布2025年全年度业绩，按固定汇率基准，该集团取得经营收入209亿美元， 同比上升6%，倘剔除重大项目则增加8%；除税前基本溢利79亿美元，同比增加18%；除税前列账基准 溢利70亿美元，同比增加18%；每股基本盈利229.7美仙，拟派发末期股息每股49美仙，并宣布全新的 15亿美元股份回购。 摩根大通研报指出，渣打2025年第四季收入大致符合预期，净利息收入好过预期，但受环球市场业务阶 段性收入下降影响，非净利息收入逊预期。税前利润较市场预期低6%，因成本较预期高4%。股息较市 场预期高40%，而15亿美元的回购计划则符合预期。花旗认为，渣打上季基本税前利润逊 但资本回报 较佳。 ...

Core Viewpoint - The report from CICC indicates an improvement in Standard Chartered Group's net interest income expectations, leading to an upward revision of the company's revenue forecasts for 2026 and 2027 by 2.7% and 3.8% to $21.9 billion and $22.5 billion respectively, while maintaining the adjusted net profit forecast for 2026 and increasing the 2027 forecast by 1.7% to $5.6 billion [1] Revenue Performance - The company reported a 2025 adjusted revenue of $20.9 billion, reflecting a year-on-year increase of 6.1%, and an adjusted net profit of $5.4 billion, up 25.4% year-on-year, with Q4 2025 revenue and net profit also meeting expectations [2] - In Q4 2025, net interest income increased by 8% quarter-on-quarter but decreased by 1% year-on-year, exceeding consensus expectations of 7.5%, primarily due to higher-than-expected HIBOR rates [3] - Non-interest income in Q4 2025 decreased by 21.2% quarter-on-quarter but increased by 2.3% year-on-year, falling short of consensus expectations, attributed to a 15% year-on-year decline in CIB global markets business [3] Wealth Management - Wealth management revenue showed strong momentum, increasing by 20% year-on-year in Q4 2025, with insurance and investment distribution revenues growing by 13% and 22% respectively [4] - The company's strategy focuses on affluent clients, resulting in a quarterly growth of approximately $10 billion in AUM, with 40% being non-deposit products [4] Cost Management - The company's operating costs for 2025 rose by 4% year-on-year due to business expansion, while the cost-to-income ratio improved by 8 basis points to 59.1% [5] - The company reported a low credit cost, with an annualized credit loss rate of 14 basis points in Q4 2025, maintaining a strong asset quality [5] Shareholder Returns - The company declared a Q4 2025 DPS of $0.49, with a full-year DPS of $0.61, representing a year-on-year increase of 65.7%, exceeding market expectations [6] - The total dividend for the year amounted to $1.4 billion, up 54% year-on-year, with a dividend payout ratio of 31% [6] - The company plans to continue its share buyback program, maintaining a total buyback of $2.8 billion for the year [6] 2026 Guidance - The company provided a positive outlook for 2026, projecting a return on tangible equity (ROTE) above 12% and a revenue growth of approximately 5% [8] - The company will announce a new three-year strategy in May 2026, having completed its previous strategic goals ahead of schedule [7][8]