Group 1 - The Federal Reserve has maintained the federal funds rate in the range of 4.25-4.5% as expected, indicating a cautious stance on future monetary policy without providing a clear path for rate cuts [1] - The Fed's statement highlighted three key points: first, it remains highly attentive to future inflation based on trade developments; second, the annualized GDP growth for Q2 increased by 3%, showing improvement from the contraction in Q1, although overall economic growth has shown signs of slowing in the first half of the year; third, the employment market in the U.S. is still considered robust [1] - Following the meeting, market expectations for a rate cut in October decreased to 76%, with the anticipated number of rate cuts for the year falling to less than two [1] Group 2 - The statement reflects the Fed's less optimistic view on U.S. economic growth compared to earlier assessments, suggesting that if inflation rises temporarily or economic growth continues to slow, the Fed may adopt more aggressive rate-cutting measures [1] - The expectation remains that a rate cut in Q4 is still a significant possibility [1]

Core Viewpoint - Bank of China Hong Kong (BOCHK) has launched a free streaming quote service for all individual clients with securities accounts, enhancing real-time stock trading information access and optimizing trading functionalities [1][2] Group 1: Service Offering - The new service allows clients to access unlimited real-time Hong Kong stock streaming quotes through the BOCHK mobile banking platform, replacing the traditional manual update or paid subscription model [1] - BOCHK has upgraded several mobile banking stock trading features, including improved stock search functionality, smart assistance for filling in trading information, and useful reference information such as price difference alerts [1] Group 2: Market Context - The Hong Kong stock market is expected to recover in the first half of 2025, with a significant increase in new stock issuance, leading to the highest fundraising amount globally [1] - In the first half of this year, BOCHK reported a 39% year-on-year increase in the average number of active securities clients and a 55% increase in monthly per capita trading amount [1] Group 3: Strategic Initiatives - BOCHK is committed to enhancing customer experience through innovative services and has partnered with the Hong Kong Stock Exchange to facilitate easier trading of different counter securities [2] - The bank aims to accelerate its digital banking development by leveraging innovative technology to improve online service capabilities and meet diverse client investment needs [2]

Group 1 - Bank of China Hong Kong (BOCHK) is offering free real-time streaming quotes for Hong Kong stocks to all individual clients with securities accounts, enhancing the online securities investment platform [1][2] - The service replaces the traditional model of manual updates or paid subscriptions, allowing clients to access market information more quickly [1] - BOCHK has upgraded several mobile banking stock trading features, including improved stock search functionality and smart assistance for filling in transaction details [1] Group 2 - The average number of active securities clients and the monthly trading amount per client at BOCHK increased by 39% and 55% year-on-year, respectively, due to a thriving Hong Kong stock market [1] - BOCHK is the first bank to participate in the Hong Kong Stock Exchange's fixed monthly fee plan for corporate data, providing clients with free streaming quotes to capture market opportunities [2] - The collaboration with the Hong Kong Stock Exchange aims to enhance market liquidity by providing high-quality, real-time market data to a broader client base [2]

瑞银发布研报称，预期中银香港(02388)减值拨备将维持高水平，上半年信用成本达36基点，与去年下 半年持平。即使上半年业绩可能表现强劲，瑞银仍维持全年净利润同比跌1%的预测;将2025至27年每股 盈利预测上调3至9%，反映非利息收入强劲增长，目标价由34.5港元上调至36.5港元，重申"中性"评 级。 该行预期中银香港上半年净利润同比增长3.4%，主要受惠于非利息收入强劲增长55.8%，足以抵消 HIBOR下跌导致的净利息收入跌9.1%。在非利息收入推动因素中，瑞银认为资本市场相关费用，包括 证券经纪、基金分销及保险代理费用等，将随港股反弹及市场利率下行而显著提升。另外，预期交易相 关投资收益亦表现亮眼，料该业务收入增长8.1%。 ...

Core Viewpoint - UBS forecasts that Bank of China Hong Kong (02388) will maintain high levels of impairment provisions, with credit costs at 36 basis points for the first half of the year, consistent with the second half of last year, despite strong performance expectations for the first half [1] Group 1: Financial Performance - UBS maintains a forecast of a 1% year-on-year decline in net profit for the full year, despite an expected 3.4% year-on-year increase in net profit for the first half, driven by a strong growth of 55.8% in non-interest income [1] - The decline in net interest income is projected at 9.1% due to falling HIBOR rates, which will be offset by the growth in non-interest income [1] Group 2: Revenue Drivers - Key drivers of non-interest income include significant increases in capital market-related fees, such as securities brokerage, fund distribution, and insurance agency fees, which are expected to rise significantly with the rebound of Hong Kong stocks and declining market interest rates [1] - Trading-related investment income is also anticipated to perform well, with expected revenue growth of 8.1% in this segment [1] Group 3: Earnings Forecast - UBS has raised its earnings per share forecasts for 2025 to 2027 by 3% to 9%, reflecting strong growth in non-interest income [1] - The target price for Bank of China Hong Kong has been increased from HKD 34.5 to HKD 36.5, while maintaining a "Neutral" rating [1]

Core Viewpoint - UBS forecasts that Bank of China Hong Kong's net profit for the first half of the year will increase by 3.4% year-on-year, primarily driven by a strong growth in non-interest income of 55.8%, which offsets a 9.1% decline in net interest income due to falling HIBOR [1] Group 1: Non-Interest Income - The strong growth in non-interest income is attributed to capital market-related fees, including securities brokerage, fund distribution, and insurance agency fees, which are expected to significantly increase with the rebound of Hong Kong stocks and declining market interest rates [1] - Trading-related investment income is also anticipated to perform well, with business revenue growth projected at 8.1% [1] Group 2: Profit Forecasts - Despite the strong performance in the first half, UBS maintains a forecast for a 1% year-on-year decline in net profit for the entire year [1] - Earnings per share forecasts for 2025 to 2027 have been raised by 3% to 9%, reflecting the robust growth in non-interest income [1] - The target price has been adjusted from HKD 34.5 to HKD 36.5, while maintaining a "Neutral" rating [1]

Core Viewpoint - Bank of China (Hong Kong) aims to enhance its investment in the ASEAN market, focusing on resource allocation, infrastructure development, and regional collaboration to strengthen its competitive advantage in the area [1] Group 1: Market Expansion - Bank of China (Hong Kong) has successfully expanded in the ASEAN market by acquiring and integrating 7 Southeast Asian institutions and establishing 3 new branches [1] - The bank has transitioned from a city bank to a regional bank, forming an initial regional management system that promotes integrated and centralized operations [1] Group 2: Financial Performance - As of the end of 2024, the customer deposit balance for Bank of China (Hong Kong) in Southeast Asia reached HKD 86.18 billion, reflecting a growth of 16.5% compared to 2023 [1] - The loan balance in the same region amounted to HKD 58.744 billion, showing an increase of 9.9% from the previous year [1]

Core Viewpoint - The Hong Kong 300 Local Stock Index has shown significant growth, with a 5.26% increase over the past month, 8.42% over the past three months, and a year-to-date increase of 19.72% [1] Group 1: Index Performance - The Hong Kong 300 Local Stock Index is currently at 1476.85 points [1] - The index is designed to reflect the performance of both mainland and local Hong Kong companies, with a base date of December 31, 2004, set at 1000.0 points [1] Group 2: Index Holdings - The top ten weighted companies in the Hong Kong 300 Local Stock Index are: AIA Group (28.18%), Hong Kong Exchanges and Clearing (19.7%), Bank of China (Hong Kong) (5.53%), CLP Holdings (5.05%), CK Hutchison Holdings (4.76%), Sun Hung Kai Properties (4.69%), Link REIT (4.08%), Hang Seng Bank (3.25%), Power Assets Holdings (2.88%), and Hong Kong and China Gas (2.85%) [1] - The index is fully composed of companies listed on the Hong Kong Stock Exchange [1] Group 3: Industry Composition - The industry composition of the index shows that finance accounts for 56.65%, real estate 17.34%, utilities 12.25%, communication services 6.31%, consumer staples 3.11%, industrials 1.57%, consumer discretionary 1.51%, healthcare 0.65%, and information technology 0.62% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Group 1 - As of June 3, Bank of China Hong Kong (02388.HK) closed at HKD 33.600, up 1.82% from the previous trading day, with an intraday high of HKD 34.000, marking a nearly one-year high [1] - On that day, the main capital inflow was HKD 2,056.7885 million, while outflow was HKD 1,847.2540 million, resulting in a net inflow of HKD 209.534 million [1] Group 2 - Bank of China Hong Kong is a licensed bank registered in Hong Kong, formed in 2001 through the restructuring of the Bank of China Group's institutions in Hong Kong, merging ten of the twelve banks [2] - The company has divested its stakes in Nanyang Commercial Bank and Chiyu Banking Corporation in 2016 and 2017, respectively, and has expanded its regional presence in Southeast Asia, with branches in several countries [2] - Bank of China Hong Kong is one of the three note-issuing banks in Hong Kong and the only RMB clearing bank, holding a leading position in major business markets [2] - The company provides comprehensive financial and investment services to individuals, various enterprises, and institutions through a vast branch network and efficient electronic channels [2] - The holding company, Bank of China Hong Kong (Holdings) Limited, was registered in Hong Kong in September 2001 and listed on the Hong Kong Stock Exchange in July 2002, making it one of the largest listed companies and banking groups in Hong Kong [2]

Group 1 - The seminar titled "Tide Rising in Hong Kong, Synergy for Win-Win" focused on the integration of Shenzhen and Hong Kong capital markets and the process of listing in Hong Kong, highlighting the role of intermediaries in providing comprehensive services throughout the listing cycle [1] - Bank of China Hong Kong (BOCHK) is one of the largest commercial banks in Hong Kong, with a significant presence in Southeast Asia, and plays a crucial role in supporting Chinese enterprises in their overseas expansion [2] - BOCHK has collaborated with BOCI, its international investment banking arm, to provide a full range of investment banking services, including IPOs, mergers and acquisitions, and bond issuance, assisting around 200 companies in listing in Hong Kong over the past 40 years [2] Group 2 - Experts at the seminar emphasized the importance of timing for IPOs, suggesting that companies should not wait for the best market conditions to initiate the listing process, as market conditions can change rapidly [3] - BOCHK has successfully supported hundreds of companies in their Hong Kong listings by offering comprehensive financial services, including public offerings and fund management [3] - The selection of an investment bank is critical for companies, as it represents a choice of a "survival plan" in the Hong Kong capital market, especially in a volatile market environment [3] Group 3 - Shenzhen has many high-potential companies, and Hong Kong is positioned to play a vital role as a "super connector" and "super value creator" in helping mainland enterprises expand into overseas markets [4] - BOCHK aims to support the development of the Guangdong-Hong Kong-Macao Greater Bay Area and facilitate high-level opening-up through financial assistance [4] - The integration of policy interpretation, financial services, and resource connection is shaping a new standard for the collaboration between mainland and Hong Kong capital markets, providing strong momentum for the internationalization of enterprises [4]