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].

智通财经APP获悉，中金发布研报称，考虑渣打集团(02888)非息收入表现强劲、资产质量表现好于预 期，该行上调公司2025E/2026E实质归母净利润预测30.6%、21.2%至50.1亿美元、48.0亿美元。公司当 前交易于0.9x/0.8x 2025E/2026E P/B，考虑公司业绩改善与降息背景下折现因子变动，该行上调公司目 标价21.7%至158.8港元，对应1.0x/0.9x 2025E/2026E P/B与11.8%的上行空间。维持跑赢行业评级。 中金主要观点如下： 2Q25业绩好于该行预期 渣打集团发布2Q25业绩，公司2Q25调整后营业收入55亿美元，同比增长14.6%;调整后归母净利润18亿 美元，同比增长53.7%，公司业绩好于该行和市场预期，主要由于非息收入好于预期。 盈利超预期主要由于非息收入超预期 经营支出和资产减值损失符合预期 2Q25经营支出同比增速继续小于收入增速，公司维持2026年经营支出小于123亿美元的指引。2Q25信用 成本年化16bp，同比略增但仍在低位，公司维持中期维度信用成本或逐步恢复至常态化30-35bp的指 引。对于市场较为关心的香港商业地产风险，公司在业 ...

渣打集团发布2Q25业绩，公司2Q25调整后营业收入55亿美元，同比增长14.6%;调整后归母净利润18亿 美元，同比增长53.7%，公司业绩好于该行和市场预期，主要由于非息收入好于预期。 中金发布研报称，考虑渣打集团(02888)非息收入表现强劲、资产质量表现好于预期，该行上调公司 2025E/2026E实质归母净利润预测30.6%、21.2%至50.1亿美元、48.0亿美元。公司当前交易于0.9x/0.8x 2025E/2026E P/B，考虑公司业绩改善与降息背景下折现因子变动，该行上调公司目标价21.7%至158.8 港元，对应1.0x/0.9x 2025E/2026E P/B与11.8%的上行空间。维持跑赢行业评级。 中金主要观点如下： 2Q25业绩好于该行预期 经营支出和资产减值损失符合预期 2Q25经营支出同比增速继续小于收入增速，公司维持2026年经营支出小于123亿美元的指引。2Q25信用 成本年化16bp，同比略增但仍在低位，公司维持中期维度信用成本或逐步恢复至常态化30-35bp的指 引。对于市场较为关心的香港商业地产风险，公司在业绩会上表示公司香港本地地产敞口仅约20亿美 元，占公司整 ...

渣打集团：以约820万英镑回购约60万股 智通财经7月30日电，渣打集团(02888.HK)在港交所发布公告称，7月30日在伦交所等交易所斥资约 820.2万英镑回购股份59.8万股，每股回购价在13.5至13.78英镑。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 渣打集團有限公司 呈交日期： 2025年7月31日 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 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | | ...

中经记者 郝亚娟 夏欣 上海、北京报道 渣打中国财富方案部认为，预计金价短期将维持在每盎司3400美元左右区间震荡，直至美国经济增长风 险和贸易政策更加明朗。只有当美国经济状况进一步恶化，且关税风险再度加剧，金价才有可能持续攀 升。除非市场对于"特朗普看跌期权"的信心减弱，否则作为传统避险工具的黄金的价格上行空间受限。 央行购金或成下一阶段上涨动能 截至7月31日14:00，现货黄金再次站上3300美元/盎司。 当前，影响金价的两大关键变量接连落地：一是美联储宣布连续第五次维持基准利率不变，市场对年内 降息的预期逐渐升温；二是中美经贸会谈在瑞典斯德哥尔摩举行，双方达成共识，将继续推动已暂停的 美方24%对等关税和中方反制措施延长90天。 多重因素交织下，金价未来走势备受关注。世界黄金协会资深市场分析师Louise Street指出："上半年美 元金价涨幅高达26%，跑赢多数主流资产类别。如此强势的开局，意味着今年下半年金价可能会在相对 窄幅的区间内震荡。宏观经济环境前景仍高度不明朗，这或许将为黄金提供进一步支撑。若全球经济或 地缘政治局势出现任何实质性恶化，黄金作为避险资产的吸引力都可能被进一步放大，推动金价 ...

Financial Data and Key Metrics Changes - Q2 2025 income increased by 15% year-on-year, excluding notable items, driven by double-digit growth across Global Banking, Global Markets, and Wealth Solutions [2][3] - Operating income for the group was $5.5 billion, up 14% or 15% excluding notable items [4] - Profit before tax for the quarter was $2.4 billion, up 34%, with a return on tangible equity (RoTE) of 19.7% [5][14] - Earnings per share for the first half was up 41% year-on-year, with a tangible net asset value (TNAV) per share of $16.8, up 16% year-on-year [14][15] Business Line Data and Key Metrics Changes - Corporate and Institutional Banking (CIB) income for the quarter was $3.3 billion, up 9%, driven by a 47% increase in Global Markets income [15] - Wealth and Retail Banking (WRB) income was up 4% to $2.1 billion, with Wealth Solutions income up 20% [17][18] - Non-interest income (Non NII) grew by 31% year-on-year, driven by strong performance in Global Markets and Wealth Solutions [7][8] Market Data and Key Metrics Changes - Underlying customer deposits increased by 4% or $19 billion in the quarter, with strong net new money from affluent clients [12] - Risk-weighted assets (RWA) increased by $6 billion in the quarter, with over half attributed to foreign exchange impacts [13][14] - The overall credit portfolio remained resilient, with a loan loss rate of 12 basis points in Q2, benefiting from net recoveries in CIB [11][12] Company Strategy and Development Direction - The company announced a new share buyback of $1.3 billion, aiming to exceed $8 billion in capital returns from 2024 to 2026 [3][14] - The strategy focuses on supporting clients through a diversified network and enhancing digital asset offerings [22][28] - The company is committed to sustainable finance, targeting to mobilize $300 billion by 2030 [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trends supporting the business, despite external uncertainties [38] - The outlook for net interest income (NII) is expected to decline by a low single-digit percentage year-on-year, with a recovery in HIBOR anticipated later in the year [7][21] - Management remains optimistic about the growth of Wealth Solutions and the transition of deposits into assets under management [52][70] Other Important Information - The Fit for Growth program has achieved $500 million in run-rate savings, with a revised phasing of spending expected to be between 35% to 45% in 2025 [9][10] - The company is actively engaging in digital asset solutions, including a joint venture to issue a Hong Kong dollar-backed stablecoin [29][64] Q&A Session Summary Question: Insights on net interest income and deposit performance - Management provided details on HIBOR assumptions and the sustainability of deposit momentum, indicating that current deposits may transition into assets under management as uncertainty decreases [34][36][46] Question: Wealth Solutions and revenue guidance - Management acknowledged the current reliance on deposits but expressed confidence in the eventual shift towards higher-margin products as clients mature [50][52] Question: SC Ventures monetization and capital distribution - Management emphasized the strategic nature of SC Ventures and the focus on exceeding capital distribution targets, highlighting strong capital generation capabilities [73][84]

Financial Data and Key Metrics Changes - Q2 income increased by 15% year on year, excluding notable items, driven by double-digit growth across Global Banking, Global Markets, and Wealth Solutions [1][2] - Operating income for the Group was $5.5 billion, up 14% or 15% excluding notable items, reflecting strong performance in CIB and WRB [3][4] - Profit before tax for the quarter was $2.4 billion, up 34%, with a return on tangible equity (RoTE) of 19.7% [4][13] - Earnings per share for the first half increased by 41% year on year, with TNAV per share up 16% year on year to $16.8 [13][14] Business Line Data and Key Metrics Changes - CIB income for the quarter was $3.3 billion, up 9%, driven by a 47% increase in Global Markets income [14][15] - Wealth and Retail Banking income was up 4% to $2.1 billion, with Wealth Solutions income increasing by 20% [16] - Non-NII grew by 31% year on year, driven by strong performance in Global Markets and Wealth Solutions [6][19] Market Data and Key Metrics Changes - Underlying customer deposits increased by 4% or $19 billion in the quarter, with strong net new money from affluent clients [11][16] - Intra ASEAN corridor income increased by 17%, driven by FX and commodity trading [22] - The Group's affluent AUM reached $420 billion at the end of the first half of 2025, with an 11% CAGR since 2016 [25] Company Strategy and Development Direction - The company is focused on delivering a cross-border strategy to support client needs, with a strong emphasis on digital asset solutions and sustainable finance [21][26][30] - The Fit for Growth program aims to simplify, standardize, and digitize operations, with a target of achieving $1.5 billion in savings [8][90] - The company is committed to exceeding $8 billion in capital returns from 2024 to 2026, with a new share buyback of $1.3 billion announced [2][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trends supporting the business, despite uncertainties in the external environment [36][41] - The outlook for net interest income (NII) is expected to be down by a low single-digit percentage year on year, with guidance for total income growth in 2025 upgraded to the bottom of the 5% to 7% range [6][19][20] - The company remains optimistic about the demand for origination in global banking, with a strong pipeline and growth in corporate lending [24] Other Important Information - The company achieved a significant gain of $238 million from the Solve India transaction, retaining a non-controlling interest in the acquiring entity [17][18] - The company is actively engaging in the digital asset space, including a joint venture to issue a Hong Kong dollar-backed stablecoin [27][29] Q&A Session Summary Question: Insights on net interest income and deposit performance - Management provided details on HIBOR assumptions and the sustainability of deposit momentum, indicating that current deposit growth is a positive sign for future asset management [33][34][36][44] Question: Wealth Solutions and net new money flow - Management acknowledged the current reliance on deposits but expressed confidence that clients will eventually shift towards higher-margin wealth products as uncertainty decreases [50][52][70] Question: Stablecoins and digital assets - Management discussed the strategic importance of digital assets and stablecoins, emphasizing their readiness to provide services in this evolving market [61][63][65] Question: Cost management and Fit for Growth program - Management clarified that the Fit for Growth program is a transformation initiative rather than a cost-cutting measure, with a focus on long-term efficiency and savings [87][90]

Financial Performance Highlights - The company's Q2'25 operating income increased by 14% year-over-year to $5509 million[5] - Non-Net Interest Income (Non-NII) saw a significant increase of 31% year-over-year in Q2'25, reaching $2806 million[5] - The underlying earnings per share (EPS) for H1'25 increased by 41% year-over-year to 139.2 cents[6, 42] - The tangible net asset value (TNAV) per share increased by 16% year-over-year to 1680 cents[8, 42] Capital Allocation and Shareholder Returns - A new share buyback program of $1300 million was announced[3, 39, 83] - The company is on track to return at least $8 billion to shareholders between 2024 and 2026[3, 57, 83] - Distributions of $6500 million to shareholders have been announced since FY'23 results, including $5300 million in share buybacks and $1200 million in ordinary dividends[40, 42] Business Segment Performance - Global Markets within CIB experienced substantial growth, with income up 47% year-over-year in Q2'25[43, 46] - Wealth Solutions in WRB continued its growth momentum, with income up 20% year-over-year in Q2'25[47] - Ventures segment profit before tax was $130 million in Q2'25, supported by a $238 million gain on the Solv India transaction with Jumbotail[51, 55] Strategic Outlook and Guidance - The company upgraded its 2025 income growth guidance to around the bottom of the 5-7% range at constant currency, excluding notable items[16, 57, 83] - The company expects low single-digit percentage growth in underlying loans and advances to customers for FY'25[34] - The company aims for operating expenses to be less than $12300 million in 2026[22, 57]

观点网讯：7月31日，渣打集团（02888）公布截至2025年6月30日止上半年及第二季度的业绩报告。 （注：下文提述的"元"字或"$"符号概指美元，"仙"字或"c"符号概指一百分之一美元） 其中，于第二季度，渣打集团经营收入上升14%至55亿元（按固定汇率基准计算），倘剔除重大项目， 则增加15% （按固定汇率基准计算）。 经营支出增加3%至30亿元（按固定汇率基准计算），主要由于为促进业务增长而进行的针对性投资及 通胀所致，部分被提效措施所节省的开支抵销。 －普通股权一级资本比率为14.3% （2025年3月31日：13.8%）。 －即将开始13亿元股份回购，预期会令普通股权一级资本比率下降约50个基点。 －中期普通股股息增加37%至每股12.3仙（相等于2.88亿元）。 －每股有形资产净值为16.80元，按季上升119仙。 信贷减值支出为1.17亿元；其中财富管理及零售银行业务的支出为1.53亿元，按年有所增加，按季则录 得跌幅，乃由于部分无抵押组合的支出减少所致；部分被企业及投资银行业务拨回的4,400万元所抵 销。 除税前基本溢利增加34%至24亿元（按固定汇率基准计算）；除税前列账基准溢利增加48 ...