格隆汇12月12日｜渣打银行财富解决方案首席投资办公室(CIO)2026年全球市场展望称，随着主要资产 类别持续通胀，银行首席信息官预计2026年风险资产表现良好。涨幅膨胀预计将伴随着更广泛的分散， 因此CIO倾向于围绕三大关键主题进行更广泛的资产类别多元化投资：主题一——股票：随着市场膨 胀，CIO预计2026年强劲的盈利增长将主导高估值，市场涨幅由美国及亚洲(除日本外)领跑。通过区域 多元化或行业选择来管理风险也很重要。主题二——收益：我们预计新兴市场(EM)债券将优于发达市 场(DM)债券。仅凭以美联储为中心的展望，新兴市场(USD和本地货币)债券就提供了有吸引力的信用质 量、更高的收益率和多元化。主题三——分散投资：CIO预计黄金将在2026年继续上涨，但在一系列不 确定因素中，对替代策略和如日元和CNH的货币需求依然高涨，这对实现良好分散投资至关重要。 ...

新华社记者夏晓 渣打银行（香港）有限公司私人银行全球主管洪子寓日前在阿联酋迪拜接受新华社记者专访时表示，中 国经济展现的韧性以及高技术产业的蓬勃发展，正持续吸引全球高净值投资者关注，增强其投资中国的 信心。 新华社迪拜12月12日电 专访｜全球高净值投资者持续看好中国投资前景——访渣打银行（香港）有限 公司私人银行全球主管洪子寓 他认为，中国庞大的人口规模，坚实的数学与工程人才储备，以及丰富的数据资源，为人工智能应用提 供了独特优势。 "中国的优势在于新技术能快速落地并普及。"他说，"凭借规模庞大的消费市场和数据库，人工智能将 成为中国经济新的增长引擎，消费群体也将从中受益。" 谈及中国经济的韧性，洪子寓指出，今年以来，尽管面临关税不确定性等外部挑战，中国对东南亚及其 他新兴市场的出口仍持续扩大，特别是在高端机械与科技产品领域。 洪子寓说，他不久前访问中国杭州时了解到很多初创企业成长壮大的故事，当地浓厚的创业氛围和创新 精神令他印象深刻。他认为，当前中国的整体营商环境稳定，投资者信心也在回升。 "中国（经济）展现出极强的韧性。总体来看，中国经济目前处于一个非常良好的发展阶段。"他说。 （完） 洪子寓说，越来越 ...

Core Viewpoint - Goldman Sachs has upgraded Standard Chartered Group (02888) rating from "Neutral" to "Buy" and raised the target price by 21% from HKD 168 to HKD 203, indicating further revaluation potential despite an 83% increase in the stock price this year [1] Group 1: Rating and Target Price - The rating for Standard Chartered Group has been upgraded to "Buy" from "Neutral" [1] - The target price has been increased by 21% from HKD 168 to HKD 203 [1] Group 2: Financial Performance Expectations - Goldman Sachs expects the return on tangible equity (ROTE) to reach 14.6% by the end of this year, exceeding the management's guidance of 13% [1] - ROTE is projected to further increase to 15% in 2027 and 15.7% in 2028 [1] Group 3: Shareholder Returns - The expected total return to shareholders (dividends + buybacks) is projected to reach 8.4% by 2026 [1] - The long-term total payout ratio is anticipated to remain at 80% due to strong capital generation capabilities [1] Group 4: Capital Management Strategy - Share buyback forecasts for 2028-2029 have been raised from USD 2.5 billion to USD 2.8 billion annually [1] - Dividend payout ratios for 2026-2028 have been revised from a fixed 21% to 25%/30%/35% respectively [1] - The average total payout ratio for 2026-2028 is now expected to be 75% [1]

Core Viewpoint - Goldman Sachs has upgraded Standard Chartered Group's rating from "Neutral" to "Buy" and raised the target price by 21% from HKD 168 to HKD 203, indicating further revaluation potential despite an 83% increase in the stock price this year [1] Group 1: Rating and Price Target - Goldman Sachs has raised Standard Chartered's rating to "Buy" and increased the target price to HKD 203, reflecting a 21% increase from the previous target [1] - The bank believes there is still room for further revaluation of Standard Chartered's stock [1] Group 2: Return on Equity Expectations - Goldman Sachs projects that Standard Chartered's underlying return on tangible equity (ROTE) will reach 14.6% by the end of this year, exceeding the management's guidance of 13% [1] - The ROTE is expected to further increase to 15% in 2027 and 15.7% in 2028 [1] - An upward revision of the mid-term ROTE guidance is anticipated during the 2025 financial report or the investor day in May 2026, which could act as a catalyst for the stock price [1] Group 3: Shareholder Returns - Standard Chartered is expected to provide attractive returns to shareholders, with a projected total return (dividends + buybacks) of 8.4% by 2026 [1] - The long-term total payout ratio is expected to be maintained at 80% due to strong capital generation capabilities [1] - Share buyback forecasts for 2028-2029 have been increased from USD 2.5 billion to USD 2.8 billion annually, and the dividend payout ratios for 2026-2028 have been revised from a fixed 21% to 25%/30%/35% respectively [1] - The revised forecasts indicate an average total payout ratio of 75% for 2026-2028, supporting ROTE improvement and valuation revaluation [1]

Group 1 - Hong Kong bank stocks continue to rise, with HSBC and Standard Chartered reaching new highs, with HSBC up 2.81% to HKD 117.2 and Standard Chartered up 2.09% to HKD 180.7 [1] - The Federal Reserve announced a 25 basis point interest rate cut and plans to expand its balance sheet by purchasing USD 40 billion in short-term government bonds starting this month [1] - Bank of America Securities forecasts significant growth for HSBC in two areas next year: Hong Kong deposit business and Asian wealth management, citing HSBC's competitive advantages and management's commitment to increase investment in these areas [1] Group 2 - Goldman Sachs reports that despite Standard Chartered's stock price rising 83% this year, there is still room for further revaluation [1] - Goldman Sachs expects Standard Chartered's return on tangible equity (ROTE) to reach 14.6% by the end of this year, exceeding management's guidance of 13%, and to further rise to 15% by 2027 and 15.7% by 2028 [1] - The bank anticipates that Standard Chartered will raise its mid-term ROTE guidance during its 2025 financial report or the investor day in May 2026, which could act as a catalyst for the stock price [1]

香港银行股早盘继续上扬，汇控、渣打股价齐创新高。截至发稿，汇丰控股(00005)涨2.81%，报117.2港 元；渣打集团(02888)涨2.09%，报180.7港元。 高盛则发布研报称，尽管渣打集团今年以来港股股价升83%，但认为仍有进一步重估空间。高盛预计， 到今年年底，渣打集团的基础风险调整后股东权益回报率(ROTE)将达14.6%，超过管理层13%的指引， 并在2027年进一步升至15%，2028年则达15.7%。因此，该行预计渣打集团将于2025年财报或2026年5月 举行的投资者日活动中，上调其中期ROTE指引，这或为该股股价的进一步催化剂。 消息面上，美联储此前宣布降息25个基点，且宣布将在本月开始扩大资产负债表，购买400亿美元的短 期国债。美银证券研报指出，预计汇丰控股明年将有两个领域实现显著增长，包括香港存款业务及亚洲 财富管理业务；认为汇控在这两方面拥有显著竞争优势，管理层也已承诺加大投资在相关领域，预计增 加的资源配置将进一步提升其竞争优势，并带来市占率提升。 ...

高盛发表报告，将渣打集团评级从"中性"升至"买入"，目标价由168港元上调至203港元。该行认为，尽 管渣打集团今年以来港股股价升83%，但认为仍有进一步重估空间。高盛预计，到今年年底，渣打集团 的基础风险调整后股东权益回报率(ROTE)将达14.6%，超过管理层13%的指引，并在2027年进一步升至 15%，2028年则达15.7%。因此，该行预计渣打集团将于2025年财报或2026年5月举行的投资者日活动 中，上调其中期ROTE指引，这或为该股股价的进一步催化剂。 ...

Goldman Sachs upgraded Standard Chartered Plc (SCBFF) to Buy from Neutral on the potential for management to boost its guidance after its 2025 earnings are released or at its investor day in May. The upgrade "is especially driven by our increased ...

责任编辑：山上 智通财经讯，渣打集团(02888)发布公告，于2025年12月10日斥资968.88万英镑回购57.09万股。 港股频道更多独家策划、专家专栏，免费查阅>> ...

格隆汇12月11日丨渣打集团(02888.HK)发布公告，2025年12月10日耗资968.88万英镑回购57.09万股，每 股回购价16.795-17.05英镑。 ...