Core Viewpoint - Standard Chartered Group reported better-than-expected performance for Q2 2025, with adjusted operating income of $5.5 billion, a year-on-year increase of 14.6%, and adjusted net profit attributable to shareholders of $1.8 billion, up 53.7% year-on-year, primarily driven by stronger non-interest income [1] Financial Performance - Non-interest income exceeded expectations, growing 33% year-on-year to $2.8 billion, with a contribution of $240 million from the sale of Solv India equity; even excluding this, non-interest income still showed a 22% year-on-year increase [1] - The company's financial market services revenue grew 47.2% year-on-year, driven by demand for interest rate and currency hedging amid market volatility [1] - Wealth management revenue increased by 20.1% year-on-year, primarily from affluent clients in overseas markets such as India, Hong Kong, and the Middle East [1] Guidance and Projections - The strong performance in non-interest income led the company to raise its revenue growth guidance for 2025 from "below 5%" to a lower limit of "5%-7%" [1] - Net interest income was in line with expectations, remaining flat year-on-year and decreasing 3% quarter-on-quarter, mainly due to the decline in HIBOR; the adjusted net interest margin was 2.03%, down 9 basis points quarter-on-quarter [2] - The company maintained its guidance for operating expenses to be below $12.3 billion in 2026, with credit costs expected to gradually normalize to 30-35 basis points [2] Shareholder Returns - The company announced a new $1.3 billion share buyback, following the completion of a previous $1.5 billion buyback, maintaining a total buyback guidance of at least $8 billion for 2024-2026 [3] - The company aims to gradually increase its annual dividend per share and maintain a return on tangible equity (ROTE) close to 13% by the end of 2026 [3] Earnings Forecast and Valuation - Due to the strong performance in non-interest income and better-than-expected asset quality, the company raised its 2025E/2026E net profit forecasts by 30.6% and 21.2% to $5.01 billion and $4.80 billion, respectively [3] - The company is currently trading at 0.9x/0.8x 2025E/2026E price-to-book ratios, and the target price was raised by 21.7% to HKD 158.8, corresponding to 1.0x/0.9x 2025E/2026E price-to-book ratios with an upside potential of 11.8% [3]

Group 1 - The Ministry of Finance and the State Taxation Administration announced the resumption of VAT on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8 [1] - The Hong Kong High Court ruled that Zong Fuli cannot withdraw or transfer any assets from the bank account of Jianhao Venture Capital Limited until the litigation results are finalized [1] - The U.S. non-farm payrolls increased by only 73,000 in July, the lowest in nine months, significantly below the expected 110,000, indicating a rapid slowdown in the labor market [1] Group 2 - The central bank emphasized the implementation of a moderately loose monetary policy and enhancing the effectiveness of monetary policy measures [2] - The National Development and Reform Commission plans to accelerate the establishment of new policy financial tools to support private enterprises in major national projects [2] - The Supreme Court issued judicial interpretations on labor disputes, clarifying that agreements not to participate in social insurance are invalid [2] Group 3 - The Ministry of Finance reported six typical cases of local government hidden debt, with Xiamen, Chengdu, and Wuhan East Lake New Technology Development Zone adding hidden debts of 68.396 billion, 61.408 billion, and 10.385 billion respectively [3] Group 4 - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.37% to 3559.95 points, and the total trading volume for the day was 1.62 trillion [4] - The Hong Kong Hang Seng Index closed down 1.07% at 24507.81 points, marking four consecutive days of decline [5] Group 5 - The Hong Kong Stock Exchange published a consultation summary on optimizing IPO pricing and public market regulations, allowing a reduction in the minimum allocation ratio for IPO book-building from 50% to 40% [5] - The Shanghai Stock Exchange clarified that pre-application consultation is not a mandatory procedure for project acceptance [5] Group 6 - In the electric vehicle sector, July delivery figures showed significant growth for several companies, with Leap Motor surpassing 50,000 deliveries for the first time [9] - The Ministry of Industry and Information Technology issued a digital transformation implementation plan for the machinery industry, aiming for 50% of enterprises to reach a maturity level of two or above by 2027 [10] Group 7 - The State Administration of Foreign Exchange outlined key tasks for foreign exchange management, emphasizing the need for macro-prudential management of cross-border capital flows [21] - The onshore RMB closed at 7.2106 against the USD, down 176 basis points from the previous trading day [21]

Core Points - The Shanghai Composite Index decreased by 0.37%, while the CES100 index fell by 0.94%, closing at 5353.14 points with a trading volume of 86.446 billion yuan [1] - The CES100 index has shown a monthly increase of 3.15%, a quarterly increase of 11.48%, and a year-to-date increase of 26.14% [1] Index Composition - The top ten holdings of the CES100 index include Tencent Holdings (10.09%), HSBC Holdings (9.91%), Alibaba-W (9.73%), Xiaomi Group-W (7.38%), AIA Group (5.77%), Meituan-W (5.68%), Hong Kong Exchanges and Clearing (4.02%), Standard Chartered Group (2.52%), Prudential (1.94%), and Kuaishou-W (1.7%) [2] - The CES100 index is fully composed of stocks from the Hong Kong Stock Exchange [2] - Sector allocations within the CES100 index include Financials (27.57%), Consumer Discretionary (26.61%), Communication Services (14.04%), Information Technology (9.72%), Real Estate (5.45%), Health Care (5.39%), Utilities (3.97%), Industrials (3.49%), Consumer Staples (3.19%), and Materials (0.57%) [2] Fund Tracking - Public funds tracking the CES100 index include Huaan CES Hong Kong Stock Connect Selected 100 ETF Link A, Huaan CES Hong Kong Stock Connect Selected 100 ETF Link C, and Huaan CES Hong Kong Stock Connect Selected 100 ETF [2]

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) * 註： Maria da Conceicao das Neves Calha Ramos 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 Apte； Jacqueline Hunt; Diane Enberg Jurgens; Robin Ann Lawther， CBE: 梁國權 ； Philip George Rivett （高級獨立董事） ； 鄧元鋆 及 Linda Yi-chuang Yueh，CBE 董事會設立五個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | | 審核委員會 | 董事會 | 企業文化與 | 薪酬委員會 | 管治及提名 | | --- | --- | --- | --- | --- | --- | | | | 風險委員會 | 可持續發展委員會 | | 委員會 | | S ...

Group 1 - CITIC Securities maintains a "Buy" rating for Kuaishou (01024.HK), highlighting the company's growth in platform ecology and commercialization, with future profit margins expected to optimize [1] - Huachuang Securities maintains a "Strong Buy" rating for Li Auto (02015.HK), noting the company's strong competitiveness in the vehicle market and rapid AI transformation, with revised sales and revenue forecasts for 2025-2027 [1] - CMB International maintains a "Buy" rating for Budweiser APAC (01876.HK), indicating a recovery in sales and pricing in the Chinese market, while adjusting revenue and profit forecasts for 2025-2027 [1] Group 2 - JPMorgan maintains an "Overweight" rating for UBTECH (09880.HK), projecting a compound annual growth rate of 260% for its humanoid robot business from 2025 to 2027, with significant contributions to revenue [2] - Tianfeng Securities initiates a "Buy" rating for Hong Kong and China Gas (01083.HK), emphasizing its leading position in smart energy and strong profit forecasts for 2025-2027 [2] Group 3 - Guohai Securities maintains an "Outperform" rating for Laopu Gold (06181.HK), forecasting significant growth in sales and net profit for the first half of 2025, driven by brand influence and product optimization [3] Group 4 - CICC maintains an "Outperform" rating for MGM China (02282.HK), reporting strong performance in Q2 2025, with expectations for continued market share growth and product updates [4] - CICC maintains a "Hold" rating for Prada (01913.HK), anticipating above-industry revenue growth despite uncertainties related to the Versace integration [4] Group 5 - CITIC Securities maintains a "Buy" rating for New Oriental (09901.HK), reporting record revenue and profit in Q4 FY25, with a projected growth rate of 5%-10% for FY2026 [5] - CICC maintains an "Outperform" rating for Standard Chartered (02888.HK), noting better-than-expected Q2 2025 performance driven by non-interest income growth [5]

该行指，渣打集团仍为其首选，主要因管理层留意到集团第三季开局良好，并将2025财年总收入预期上 调至5-7%区间的下限，其次该行料集团2025年至2026财年每股盈利将出现低个位数的上调，这受惠于 2025年稍微增加的总收入及拨备减少。加上普通股一级资本充足率强劲，达到14.3%，渣打集团宣布13 亿美元的股票回购计划，每股派息12.3美仙，而未来12个月潜在回报为8.1%，在大中华区金融业中排名 第二。 智通财经APP获悉，摩通发布研报称，渣打集团(02888)次季拨备前利润(PPoP)及税前盈利(PBT)分别较 预期高出12%及23%，主要由于非净利息收入表现远胜预期。该行维持渣打集团目标价148元，重申"增 持"评级。 ...

该行指，渣打集团仍为其首选，主要因管理层留意到集团第三季开局良好，并将2025财年总收入预期上 调至5-7%区间的下限，其次该行料集团2025年至2026财年每股盈利将出现低个位数的上调，这受惠于 2025年稍微增加的总收入及拨备减少。加上普通股一级资本充足率强劲，达到14.3%，渣打集团宣布13 亿美元的股票回购计划，每股派息12.3美仙，而未来12个月潜在回报为8.1%，在大中华区金融业中排名 第二。 摩通发布研报称，渣打集团(02888)次季拨备前利润(PPoP)及税前盈利(PBT)分别较预期高出12%及 23%，主要由于非净利息收入表现远胜预期。该行维持渣打集团目标价148元，重申"增持"评级。 ...

摩根大通发表研究报告指，渣打集团次季拨备前利润(PPoP)及税前盈利(PBT)分别较预期高出12%及 23%，主要由于非净利息收入表现远胜预期。该行指，渣打集团仍为其首选，主要因管理层留意到集团 第三季开局良好，并将2025财年总收入预期上调至5-7%区间的下限。另外，渣打普通股一级资本充足 率强劲，达到14.3%，渣打集团宣布13亿美元的股票回购计划，每股派息12.3美仙，而未来12个月潜在 回报为8.1%，在大中华区金融业中排名第二。该行维持渣打集团目标价为148港元，重申"增持"评级。 ...

"当前，中国经济正转向以人工智能、电动汽车、大数据和生物制药等创新领域主导的增长模式。人民 币国际化、中国企业出海以及与共建'一带一路'国家深化贸易合作等，正在开辟全新的增长空间。我们 对中国经济的中长期前景保持乐观。"徐仲薇表示，在中国经济转型发展的支持下，中国家庭的财富积 累增长迅速，推动了多元化财富管理服务需求的增长，为国际金融机构带来广阔机遇。 据徐仲薇介绍，渣打全球网络布局与共建"一带一路"市场的重合度超过75%，2020年以来，渣打累计参 与支持超过720个共建"一带一路"相关项目，金额总值超过1300亿美元。仅2024年，渣打中国参与支持 超过200个中资企业出海项目，广泛覆盖清洁能源、电动汽车、TMT(电信、媒体、科技行业)、物流和 医疗健康等领域。 "2021年我们在中国设立专门的'新经济'团队，重点支持TMT、生物医药以及其它新兴产业。目前，渣 打中国来自新经济行业的收入已占整个对公业务的一半。"徐仲薇称，未来集团将继续加大对人工智能 (AI)领域的投入，通过AI赋能优化客户体验。(完) （文章来源：中国新闻网） 渣打集团财富管理及零售银行业务与大中华、北亚行政总裁徐仲薇近日接受中新社记者 ...

Group 1: Company Perspectives on Work Models - Standard Chartered's CEO Bill Winters emphasizes a flexible approach to office work, allowing staff to decide their return based on team management needs [1][2] - Winters practices hybrid working, aiming to be in the office four days a week, indicating a personal commitment to this model [1] - Citi's hybrid work model is highlighted as a strategy to attract and retain talent, with a requirement for employees to be in the office at least three days a week [3] Group 2: Contrasting Views from Other Banks - Goldman Sachs CEO David Solomon and JPMorgan CEO Jamie Dimon express strong opposition to remote work, advocating for in-office presence to enhance functionality [3][4] - Solomon describes the current remote work situation as an aberration that needs correction, emphasizing the importance of in-person training for new employees [8][10] - Dimon criticizes remote work for hindering innovation and efficiency, stating that JPMorgan is asking most hybrid employees to return to the office five days a week [9]