Core Viewpoint - Citigroup has updated its future earnings forecasts for Bank of China Hong Kong based on the bank's third-quarter performance, indicating that operational expense improvements will be offset by a decline in non-net interest income [1] Group 1: Earnings Forecasts - The earnings per share (EPS) forecasts for 2025 and 2026 remain largely unchanged [1] - The EPS forecast for 2027 has been raised by 1% due to positive expectations for net interest income and operational expenses [1] Group 2: Target Price and Rating - The target price for Bank of China Hong Kong has been increased from HKD 40.9 to HKD 42.3 [1] - Citigroup maintains a "Buy" rating for the bank [1]

Core Viewpoint - 中银香港's operating income for the first three quarters of 2025 increased by 6.3% year-on-year, with a slowdown in growth compared to the first half of 2025, primarily due to fluctuations in non-interest income and increased provisioning [1] Financial Performance - For Q1-Q3 2025, operating profit rose by 3.5% year-on-year, a decrease in growth rate from the first half of 2025 by 9.5 percentage points [1] - As of September, total assets, total loans, and total deposits increased by 7.4%, 3.5%, and 10.4% year-on-year, respectively, with growth rates changing by -2.7 percentage points, +3.0 percentage points, and +1.4 percentage points compared to June [1] - The adjusted net interest margin for Q3 2025 was 1.54%, up 1 basis point from Q2 2025, driven by rising HKD interest rates and improved deposit costs [1] Income Sources - Net service fees and commission income for the first three quarters increased by 22.1% year-on-year, maintaining a high growth rate above 20% despite a decrease of 3.7 percentage points from the first half of 2025 [1] - Other non-interest income rose by 72.5% year-on-year, although the growth rate decreased by 26.6 percentage points from the first half of 2025, mainly due to fluctuations in foreign exchange swaps and a decline in global market trading income [1] Asset Quality - As of September, the non-performing loan ratio was 0.96%, down 6 basis points from June, while the annualized credit cost was 0.4%, up 0.14 percentage points year-on-year [2] - Operating expenses for the first three quarters increased by 1.9% year-on-year, with a cost-to-income ratio of 22.05%, down 0.95 percentage points year-on-year, indicating strong performance [2] Strategic Initiatives - The company is focusing on the Greater Bay Area and Southeast Asia markets, leveraging digital transformation and risk control to enhance multi-business collaboration [2] - The personal banking sector has seen increased trading volumes due to the recovery of the Hong Kong stock market, while corporate banking has expanded its client base and maintained market leadership in new stock collections and syndicate loans [2] Valuation and Target Price - The target price for 2025 is set at HKD 45.59, with a target price-to-book ratio (PB) of 1.35, reflecting a premium due to loan growth and strengthened Southeast Asia operations [3]

证券研究报告 港股通 中银香港 (2388 HK) 息差边际企稳增强经营韧性 华泰研究 季报点评 投资评级(维持): 买入 目标价(港币): 45.59 沈娟 研究员 SAC No. S0570514040002 SFC No. BPN843 贺雅亭 研究员 heyating@htsc.com +(86) 10 6321 1166 蒲葭依 研究员 SAC No. S0570525090001 SFC No. BVL774 李润凌* 联系人 SAC No. S0570123090022 lirunling@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (港币 截至 10 月 28 日) | 38.48 | | --- | --- | | 市值 (港币百万) | 406,841 | | 6 个月平均日成交额 (港币百万) | 564.05 | | 52 周价格范围 (港币) | 23.75-39.24 | 股价走势图 (9) 9 27 44 62 Oct-24 Feb-25 Jun-25 Oct-25 (%) 中银香港 恒生指数 资料来源：S&P 经营预测指标与估值 | 会计年度 ...

Core Insights - Bank of China Hong Kong (02388) reported a 6.3% year-on-year increase in net operating income before impairment provisions to HKD 57.179 billion for the first nine months of 2025 [1] - Net interest income, after accounting for foreign exchange swap contracts, decreased by 0.7% year-on-year to HKD 43.3 billion, with net interest margin narrowing by 8 basis points to 1.54% due to lower market interest rates compared to the same period last year [1] - Net service fee and commission income rose by 22.1% year-on-year to HKD 9.051 billion, driven by a recovery in investment market sentiment and increased demand for wealth management services [1] Financial Performance - The group's operating expenses increased by 1.9% year-on-year, with personnel costs, IT investments, and advertising expenses contributing to the rise [1] - The cost-to-income ratio stood at 22.05%, maintaining a strong position relative to local banking industry standards [1] Impairment Provisions - Net impairment provisions amounted to HKD 5.123 billion, an increase of HKD 1.8 billion year-on-year, primarily due to downgrades in internal ratings for certain clients and deteriorating conditions for some existing non-performing accounts [2] - The annualized credit cost for customer loans and other accounts was 0.40%, up by 0.14 percentage points compared to the same period last year [2]

智通财经APP讯，中银香港(02388)发布公告，该公司将于2025年11月26日派发第三次中期股息每股0.29 港元。 ...

Core Insights - The company reported a year-on-year increase of 6.3% in net operating income before impairment provisions for the first nine months of 2025, reaching HKD 57.179 billion [1] - Net interest income, after accounting for foreign exchange swap contracts, decreased by 0.7% year-on-year to HKD 43.3 billion, with a net interest margin narrowing by 8 basis points to 1.54% due to lower market interest rates compared to the same period last year [1] - The company experienced a significant year-on-year increase of 22.1% in net service fees and commission income, amounting to HKD 9.051 billion, driven by a recovery in the investment market and increased demand for wealth management services [1] - Total assets reached HKD 446.5713 billion as of September 30, 2025, reflecting a 6.5% increase from the end of 2024 [2] - Customer deposits totaled HKD 300.1306 billion, a 10.2% increase from the end of 2024, with a notable rise in savings deposits [2] - The board announced a third interim dividend of HKD 0.29 per share, payable on November 26, 2025, to shareholders on record as of November 20, 2025 [3] Financial Performance - The net operating income before impairment provisions decreased by 13.9% quarter-on-quarter in Q3 2025 [2] - Net interest income increased by 1.6% quarter-on-quarter, with the net interest margin widening by 1 basis point to 1.54% due to rising HKD interest rates [2] - Net service fees and commission income fell by 3.8% quarter-on-quarter, primarily due to a decline in loan commission income [2] - The impaired loan ratio stood at 0.96%, remaining better than the market average [2] Dividend Announcement - The company will distribute a third interim dividend of HKD 0.29 per share on November 26, 2025, to shareholders listed on the register as of November 20, 2025 [3]

Financial Performance - For the first nine months of 2025, the group's net operating income before impairment provisions increased by 6.3% year-on-year to HKD 57.179 billion, while the third quarter saw a quarter-on-quarter decline of 13.9%[4] - The net interest income after accounting for foreign exchange swap contracts decreased by 0.7% year-on-year to HKD 43.3 billion, with the net interest margin narrowing by 8 basis points to 1.54% due to lower market interest rates compared to the previous year[5] - Net service fees and commission income rose by 22.1% year-on-year to HKD 9.051 billion, driven by increased demand for wealth management services and improved market conditions[5] - Customer deposits grew by 10.2% compared to the end of 2024, totaling HKD 3,001.306 billion, with savings deposits increasing and time, short-term, and notice deposits declining[9] - The impairment loan ratio stood at 0.96%, continuing to outperform the market average[9] - Total assets reached HKD 4,465.713 billion as of September 30, 2025, reflecting a 6.5% increase from the end of 2024[9] - Operating expenses increased by 1.9% year-on-year, with a cost-to-income ratio of 22.05%, maintaining a strong position within the local banking sector[6] - The liquidity coverage ratio, stable funding ratio, and capital ratio remained robust, ensuring financial stability[9] Business Strategy and Development - The group is actively pursuing business opportunities in the Greater Bay Area and Southeast Asia, enhancing cross-border business advantages and promoting integrated development strategies[10] - The company is focusing on digital transformation through artificial intelligence and strengthening comprehensive risk management foundations to effectively address risk challenges[10] - The company is actively promoting digital transformation to enhance online services, trading capabilities, and risk management levels[13] - The company has expanded its cross-border services in the Greater Bay Area, with new RMB mortgage and property loan solutions launched for customers[11] - The company is deepening its regional management model in Southeast Asia, expanding its financial product service system to capture opportunities from the Belt and Road Initiative[14] Market Position and Services - The stock trading volume in the first nine months of 2025 significantly increased compared to the same period last year, driven by a recovery in the Hong Kong stock market and new IPOs[11] - The company launched a new guaranteed fund to meet investor demand for stable returns and to capture the potential upside in the US stock market, providing guaranteed dividends and value[11] - The company maintained its market leadership in the primary market for IPO fundraising, with a leading position in syndicate loan arrangements in the Hong Kong and Macau regions[12] - The company has been recognized as an international securities custodian service provider, enhancing its multi-currency account overdraft services and automated foreign exchange transaction settlement[12] - The company is focusing on high-end customers' needs for inheritance-related life insurance products, enriching its product series and enhancing promotional efforts[11] - The company is supporting carbon reduction and sustainable development for enterprises in Hong Kong, the Greater Bay Area, and Southeast Asia through green and sustainable loans and bonds[12] Dividends - The third interim dividend for the fiscal year 2025 is set at HKD 0.29 per share, with the record date for shareholders on November 20, 2025[15]

EF001 免責聲明 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 不適用 | 其他信息 | | 發行人董事 | | | 於本公告日期，中銀香港（控股）有限公司董事會由葛海蛟先生*（董事長）、張輝先生*（副董事長）、孫煜先生（副董事長兼總 | 裁）、蔡釗先生*、鄭汝樺女士**、蔡冠深博士**、馮婉眉女士**、羅義坤先生**、李惠光先生**、聶世禾先生**及馬時亨教授**組 | | 成。 | | | * 非執行董事 | ** 獨立非執行董事 | 第 2 頁 共 2 頁 v 1.1.1 第 1 頁 共 2 頁 v 1.1.1 EF001 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中銀香港（控股）有限公司 | | 股份代號 | 02388 | ...

Core Insights - Southbound funds increased their holdings in Bank of China Hong Kong (02388.HK) by 3.8495 million shares on October 27, 2025, marking a 1.09% increase [1][2] - Over the past five trading days, there have been three days of net increases in holdings, totaling 4.8765 million shares [1] - In the last 20 trading days, there were 12 days of net reductions, amounting to a total decrease of 4.0821 million shares [1] Summary by Category Shareholding Changes - As of October 27, 2025, Southbound funds hold a total of 356 million shares of Bank of China Hong Kong, representing 3.36% of the company's issued ordinary shares [1] - The shareholding changes over the last few trading days are as follows: - October 27: 3.56 billion shares, +3.8495 million shares, +1.09% [2] - October 24: 3.52 billion shares, +4.1810 million shares, +1.20% [2] - October 23: 3.48 billion shares, +0.1090 million shares, +0.03% [2] - October 22: 3.48 billion shares, -1.6675 million shares, -0.48% [2] - October 21: 3.50 billion shares, -1.5955 million shares, -0.45% [2] Company Overview - Bank of China Hong Kong is one of the three note-issuing banks in Hong Kong and the only clearing bank for Renminbi business in the region [2] - The bank is positioned favorably in major business markets, leveraging its strengths in Renminbi services to attract clients [2] - It offers comprehensive financial and investment services through a vast branch network and efficient electronic channels, catering to individuals, various enterprises, and institutions [2] - The bank provides full-scale and high-quality cross-border services, benefiting from its close ties with its parent company, Bank of China [2]

Core Viewpoint - The issuance of offshore RMB bonds by Bank of China (Hong Kong) for the Indonesian government marks a significant milestone as it is the first long-term public offering of such bonds by a Southeast Asian sovereign entity, reflecting strong investor confidence in Indonesia's economic prospects [1] Group 1: Bond Issuance Details - The total issuance size is RMB 6 billion, comprising RMB 3.5 billion for a 5-year term and RMB 2.5 billion for a 10-year term, with pricing rates of 2.5% and 2.9% respectively [1] - The order book peaked at RMB 22 billion, achieving a subscription multiple of 3.67 times, indicating robust demand from investors [1] Group 2: Role of Bank of China (Hong Kong) - Bank of China (Hong Kong) acted as the settlement agent, joint lead manager, and joint bookrunner for the bond issuance, utilizing multiple settlement systems including those in Hong Kong, Europe, and Luxembourg [1] - The bank's vice president expressed pride in assisting Indonesia with its first offshore RMB bond issuance, highlighting Indonesia's significant role in ASEAN due to its large population, economy, and territory [1] Group 3: Market Response and Future Implications - The bond received enthusiastic responses from both international investors, including those from China, and local Indonesian investors, showcasing confidence in Indonesia's economic outlook [1] - The issuance is seen as a crucial step for the Indonesian government to diversify its financing channels and is expected to enhance economic ties between China and Indonesia, expanding cooperation from trade to capital and currency markets [1] - The Jakarta branch of Bank of China (Hong Kong) aims to leverage this opportunity to deepen its presence in the Indonesian market and contribute to the development of the local capital market [1]