Group 1 - The global economic landscape is rapidly evolving, making it crucial to understand China's macro trends and market opportunities, with international financial institutions focusing on the "14th Five-Year Plan" as a core analysis framework [1] - Predictions for China's economic growth in 2026 are set between 4.5% and 5%, with an actual growth forecast of 4.6%, emphasizing a shift towards domestic demand and innovation-driven growth [2] - The focus on expanding domestic demand aligns with the goal of significantly increasing the household consumption rate as outlined in the "14th Five-Year Plan" [2] Group 2 - Foreign institutions express a preference for Chinese assets, recommending an overweight position in Chinese stocks due to expected improvements in corporate governance and targeted policy support for technology and innovation [3][4] - HSBC adopts a "barbell strategy" in the A-share market, balancing high-tech growth sectors with high-yield quality stocks to align with policy directions and capture benefits from AI-driven growth [4] - The international status of the Renminbi is expected to rise, with efforts to enhance its credibility and position as a core currency in the international financial system, marking the establishment of a "strong Renminbi policy" [5] Group 3 - Current foreign investment in Chinese assets is still considered "underweight," but this trend is changing due to the long-term potential of China's technology sector and the diversification of global asset allocation [6] - Following the "9.24" market rally in 2024, many global asset management firms have increased their allocation to Chinese assets, indicating a growing recognition of their long-term value [6]

中经记者 郝亚娟 夏欣 上海 北京报道 近日，渣打银行财富方案部发布《2026年全球市场展望》，从宏观层面看，2026年美国经济软着陆的概 率上升，随着全球贸易紧张局势缓和、主要经济体将推进宽松的财政和货币政策，以及人工智能蓬勃发 展，风险资产预期将表现领先。渣打银行建议投资者在基础投资组合中超配股票和黄金，对于中国资产 则重点关注科技、健康护理和通信行业。 在基础配置中，渣打银行建议超配美国、印度和中国股票，新兴市场债以及黄金，同时低配欧洲、英国 和日本股票。渣打银行认为中国在2026年可能推出更果断但针对性刺激措施，尤其是"十五五"规划建议 的发布，重点提出了加快先进技术的投资以提升自主能力和生产力。渣打银行仍然超配中国股票，预期 定向的政策刺激，以及与人工智能主题相关的强劲盈利增长，将为中国经济提供强有力的支持。 关于黄金，渣打银行维持超配黄金，3个月及12个月目标价分别为每盎司4350美元及4800美元。新兴市 场央行持续的需求与有利的宏观环境，有望维持黄金涨势。 （编辑：杨井鑫 审核：朱紫云 校对：张国刚） ...

格隆汇1月7日｜渣打大中华区经济师陈冠霖指，维持2026年香港GDP增长2.5%的预测。鉴于2025年首 三季度香港经济表现超出预期，将2025年增长预测从2.8%上调至3.3%。该行将2026至27年香港CPI通胀 率预测由2%下调至1.5%，目前预计2025年通胀率为1.5%，表明通胀压力稳定且均衡，本地经济增长稳 健。他续指，香港家庭支出有望继续恢复，房地产行业将继续呈现L型复苏，并存在上行的可能性。 ...

Core Viewpoint - The global market is entering a new round of asset allocation competition in 2026, with a focus on broader asset diversification to address uncertainties, following a rare bull market in 2025 where major global indices recorded positive returns, particularly in China and precious metals [2] Macro Environment - The global economy is expected to continue a moderate recovery in 2026, with the U.S. economy likely avoiding a hard landing, characterized by a "weaker appearance but supported by policy" [3] - The Federal Reserve may have room for three more interest rate cuts, contributing to a more accommodative monetary policy that supports risk assets [3] - Enhanced coordination of fiscal and monetary policies among major economies is anticipated, with flexibility in policy direction following previous tightening [3] - Geopolitical risks, including the Russia-Ukraine conflict and Middle East issues, remain unresolved, potentially shifting focus to Latin American countries [3] Asset Allocation - Standard Chartered recommends overweighting equities in the core investment portfolio while maintaining core positions in bonds, as the environment for risk assets is favorable but performance disparities will widen [4] - The U.S. and Asian markets (excluding Japan) are favored for equities, with particular emphasis on the resilience of U.S. stocks due to corporate earnings growth and easing geopolitical risks [4] - India is upgraded to overweight due to improved earnings and strong economic growth, while China is also favored, especially in technology, healthcare, and communications sectors [4] Sector Insights - European (excluding the UK) and Japanese stocks are downgraded to underweight, while technology stocks remain a focal point, shifting the investment logic from long-term narratives to current earnings certainty [5] - In the bond market, government bonds are recommended as a core stabilizer, with a preference for emerging market government bonds benefiting from moderate inflation and dovish monetary policy [5] Currency and Commodities - The dollar is expected to face pressure, with a decline in its structural advantages, while gold is maintained as a core hedging tool, with a mid-term target price of $4,350 per ounce in three months and $4,800 per ounce in twelve months [6] - Gold is viewed as a long-term asset rather than a short-term trading tool, while the oil market is constrained by supply-demand fundamentals, limiting price increases despite geopolitical volatility [6]

Group 1 - Standard Chartered's economist for Greater China, Chen Guanlin, expects HIBOR to closely reflect the trends of SOFR, with a forecast of 3-month HIBOR fluctuating around 3% in 2026, down from a previous estimate of 3.5% [1] - The bank anticipates that the U.S. economy will see accelerated growth due to AI-related investments, which may lead to an increase in inflation, thereby limiting the Federal Reserve's capacity for rate cuts in 2026 [1] - The Hong Kong Monetary Authority (HKMA) has intervened in the currency market by buying HKD and selling USD, resulting in a reduction of the banking system's aggregate balance from HKD 173.4 billion at the end of May to HKD 54.1 billion by the end of August [1] Group 2 - Standard Chartered indicates that due to a slowdown in capital inflows to the stock market and the ongoing recovery of the Hong Kong real estate market, there is limited room for further depreciation of the USD/HKD exchange rate in early 2026 [2] - The bank notes that seasonal factors towards the end of the year and index adjustments may lead to a slight tightening of HKD liquidity [2] - Ongoing debt swap activities may exert further appreciation pressure on HKD cross-currency swaps [2]

| 截至月份: | 2025年12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1月7日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 13 頁 v 1.1.1 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 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | 2,274,933,671 | | 0 | | 2,274,933,671 | | 增加 / ...

外汇市场方面，渣打预计，短期内，美联储对宽松政策持审慎态度，叠加地缘风险带来的避险需求，支 撑美元保持涨势。但未来12个月，随着美联储可能转向宽松、其他主要央行加息周期近尾声，美债收益 率优势收窄，美元结构性支撑减弱，或重现疲软。 对于黄金，渣打维持超配，认为3个月及12个月目标价分别为4350美元/盎司、4800美元/盎司。新兴市 场央行持续的需求与有利的宏观环境，有望维持黄金涨势。 本报讯 （记者杨洁）1月7日，记者从渣打银行（以下简称"渣打"）获悉，渣打财富方案部日前发布 《2026年全球市场展望》。渣打建议投资者在基础投资组合中超配股票和黄金，对于中国资产则重点关 注科技、健康护理和通信行业。 渣打银行（中国）有限公司财富方案部总经理梁大伟表示："站在2026年的新起点，全球市场正面临关 键的转折。我们预见美元的结构性支撑将逐步减弱，而亚洲经济的韧性与改革红利正日益凸显。我们预 期风险资产在2026年将表现领先，在市场上升的同时分化将更为明显，建议在更广泛的资产类别中进行 分散投资。面对增长动能转换与地缘格局重塑的双重变奏，投资者更需要在不确定性中保持定力，在变 化中前瞻布局。" 在基础配置中，渣打建 ...

格隆汇1月7日丨渣打集团(02888.HK)发布公告，2026年1月6日耗资984.6万英镑回购53.05万股。 ...

智通财经APP讯，渣打集团(02888)发布公告，于2026年1月6日，该公司斥资984.59万英镑回购53.05万 股。 ...

如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02888 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2026年1月5日 | | 2,263,003,334 | 0 | ...