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 | 截至月份: | 2025年9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中銀香港（控股）有限公司 | | | 呈交日期: | 2025年10月2日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 本公司可發行的股份數目上限為20,000,000,000股普通股股份及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 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) | 02388 | | 說明 | | | | | | | 多櫃檯證券代號 | 82388 | RMB 說明 | | | | | | | | | | 已 ...

Group 1 - The Federal Reserve has lowered the federal funds target rate by 25 basis points to a range of 4.00%–4.25%, marking the first rate cut of the year [1] - The easing of the dollar is expected to stimulate economic activity in Hong Kong, benefiting asset performance [1] - Lower interest rates are anticipated to reduce corporate financing costs and encourage capital expenditure [1] Group 2 - The recent data indicates that the "stagflation" effect from tariffs on the U.S. economy is becoming apparent, with a more pronounced downward trend in employment compared to rising inflation [1] - The Fed's statement has notably shifted regarding the labor market, emphasizing rising unemployment risks and changes in risk balance, reflecting a greater focus on employment issues [1] - The dot plot has significantly shifted downward, with median rate forecasts for the end of this year and next year both lowered by 25 basis points, indicating a dovish policy stance [2] Group 3 - There are still divisions among Fed members regarding the extent of rate cuts, as some members advocate for a 50 basis point cut instead of 25 [2] - The uncertain economic outlook and frequent expressions from the U.S. government regarding monetary policy preferences may weaken the predictability of future monetary policy [2]

Core Viewpoint - The Hong Kong government's 10th batch of silver bonds has begun accepting subscriptions, with expectations of high demand due to favorable interest rates and upcoming bond maturities [1] Group 1: Subscription Details - The estimated number of subscribers for this batch is expected to exceed 300,000, with total subscription amounts projected to surpass HKD 70 billion [1] - The total issuance amount may be increased to HKD 55 billion [1] Group 2: Interest Rate Expectations - Market expectations suggest that the Federal Reserve will resume a rate-cutting cycle, with a potential reduction of 0.25% this week and another 0.25% by the end of the year [1] - The current silver bond offers a guaranteed interest rate of 3.85%, which is 0.15% lower than last year's rate of 4%, but still over 1% higher than the current market rate for one-year fixed deposits [1] Group 3: Investment Appeal - The silver bonds are considered attractive for their defensive nature and ability to provide stable cash flow, despite recent positive trends in the stock market [1] - It is recommended for clients to subscribe to 25 to 30 lots to increase their chances of winning a subscription [1]

（於香港註冊成立之有限公司） 股份代號：2388（港幣櫃台）及82388（人民幣櫃台） 敬啟者： 本次公司通訊的刊發通知及發佈公司通訊的安排 本次公司通訊的刊發通知 1. 公司通訊 請知悉，所有公司通訊的中、英文版本均會繼續於該等網站提供。請在本公司網站投資者關係一節或在香港交易所網站瀏覽公司通 訊。 根據上市規則及公司條例，本公司毋須就於該等網站刊載公司通訊向股東發出通知。謹此建議 閣下可於香港交易所網站訂閱訊息 提示服務，以便在本公司刊發公司通訊時接收通知。 閣下若因任何理由未能閱覽載於該等網站的公司通訊，本公司將於收到 閣 下通知後，盡快安排向 閣下發送公司通訊的印刷本，費用全免。請 閣下發送電郵至bochk.ecom@computershare.com.hk或郵 寄書面指示至本公司的股份過戶登記處（「股份登記處」）香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心 17M樓提出要求。 2. 可供採取行動的公司通訊2 根據上市規則，本公司須向每名股東個別發送可供採取行動的公司通訊。請知悉所有可供採取行動的公司通訊將根據 閣下的選 擇，以電郵或郵寄方式個別發送予 閣下。為確保能及時收取最新 ...

（於香港註冊成立之有限公司） 股份代號：2388（港幣櫃台）及82388（人民幣櫃台） 敬啟者： 本次公司通訊的刊發通知及發佈公司通訊的安排 本次公司通訊的刊發通知 中銀香港（控股）有限公司（「本公司」）2025中期報告（「本次公司通訊」）備有中、英文版，並已上載本公司網站(www.bochk.com)（「本公司網 站」）投資者關係一節及香港交易及結算所有限公司網站(www.hkexnews.hk)（「香港交易所網站」，連同本公司網站，統稱「該等網站」）。 如 閣下曾選擇收取公司通訊2 的印刷本，本次公司通訊的印刷本按 閣下選取的訊語言版本隨函附上。 發佈公司通訊的安排 根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）、公司條例（香港法例第622章）（「公司條例」）及本公司組織章程細 則，本公司已實施以下有關公司通訊發佈的安排： 1. 公司通訊 請知悉，所有公司通訊的中、英文版本均會繼續於該等網站提供。請在本公司網站投資者關係一節或在香港交易所網站瀏覽公司通 訊。 根據上市規則及公司條例，本公司毋須就於該等網站刊載公司通訊向股東發出通知。謹此建議 閣下可於香港交易所網站訂閱訊息 提示服務， ...

[Financial Highlights](index=3&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group achieved robust financial growth in the first half of 2025, with profit for the period increasing by 11.4% year-on-year, alongside increases in basic earnings per share and dividends, improved cost-to-income ratio, and enhanced returns on assets and equity, demonstrating strong operational efficiency and capital management Key Financial Indicators for H1 2025 (HKD million) | Indicator | June 30, 2025 | June 30, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Net operating income before impairment allowances | 40,022 | 35,336 | +13.3% | | Operating profit | 28,394 | 25,134 | +13.0% | | Profit for the period | 22,796 | 20,463 | +11.4% | | Profit attributable to equity holders of the Company | 22,152 | 20,040 | +10.5% | | Basic earnings per share (HKD) | 2.0952 | 1.8954 | +10.5% | | Dividend per share (HKD) | 0.580 | 0.570 | +1.8% | | Total assets | 4,399,822 | 4,194,408 (Dec 31, 2024) | +4.9% (compared to end of last year) | | Equity and reserves attributable to equity holders of the Company | 347,059 | 338,716 (Dec 31, 2024) | +2.5% (compared to end of last year) | Key Financial Ratios for H1 2025 (%) | Ratio | June 30, 2025 | June 30, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Return on average total assets | 1.05 | 1.00 | +0.05 percentage points | | Return on average equity attributable to equity holders | 12.92 | 12.39 | +0.53 percentage points | | Cost-to-income ratio | 20.76 | 22.98 | -2.22 percentage points | | Loan-to-deposit ratio | 59.48 | 61.55 (Dec 31, 2024) | -2.07 percentage points (compared to end of last year) | | Total capital ratio | 25.69 | 22.00 (Dec 31, 2024) | +3.69 percentage points (compared to end of last year) | [Management Discussion and Analysis](index=3&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This chapter elaborates on the Group's financial performance, operating conditions, risk management strategies, and a detailed review of each business segment for the first half of 2025, demonstrating robust profit growth, optimized cost management, sound asset quality, and ample liquidity amidst a complex global economic environment [Summary of Financial Performance and Condition](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%8F%8A%E7%8B%80%E6%B3%81%E6%91%98%E8%A6%81) In the first half of 2025, the Group's profit for the period increased by 11.4% year-on-year to HKD 22.796 billion, with improved returns on average equity and total assets, while net interest margin was affected by lower market interest rates but partially mitigated by optimizing deposit structure, leading to a better cost-to-income ratio of 20.76%, stable asset quality with an impaired loan ratio of 1.02%, significantly enhanced capital ratios due to Basel III implementation, and ample liquidity Key Financial Results Summary for H1 2025 (HKD billion) | Indicator | H1 2025 | H2 2024 | H1 2024 | | :--- | :--- | :--- | :--- | | Profit for the period | 227.96 | 186.55 | 204.63 | | Return on average equity attributable to equity holders (%) | 12.92 | 10.94 | 12.39 | | Return on average total assets (%) | 1.05 | 0.91 | 1.00 | | Basic earnings per share (HKD) | 2.0952 | 1.7208 | 1.8954 | | Dividend per share (HKD) | 0.5800 | 1.4190 | 0.5700 | Key Financial Ratios for H1 2025 (%) | Ratio | H1 2025 | H2 2024 | H1 2024 | | :--- | :--- | :--- | :--- | | Net interest margin | 1.34 | 1.46 | 1.46 | | Adjusted net interest margin | 1.54 | 1.67 | 1.61 | | Cost-to-income ratio | 20.76 | 26.10 | 22.98 | | Impaired loan ratio | 1.02 | 1.05 | 1.06 | | Total capital ratio | 25.69 | 22.00 (Dec 31, 2024) | 22.17 (June 30, 2024) | | Tier 1 capital ratio | 23.69 | 20.02 (Dec 31, 2024) | 20.05 (June 30, 2024) | | Common Equity Tier 1 capital ratio | 23.69 | 20.02 (Dec 31, 2024) | 20.05 (June 30, 2024) | - Net interest margin was 1.34%, and adjusted net interest margin, including funding income or costs from foreign exchange swap contracts, was **1.54%**, a year-on-year decrease of 7 basis points, primarily due to lower market interest rates compared to the same period last year, though partially mitigated by optimizing the Group's deposit structure[11](index=11&type=chunk) - The cost-to-income ratio improved by **2.22 percentage points** year-on-year to **20.76%**, maintaining a relatively favorable level within the local banking industry[12](index=12&type=chunk) - The total capital ratio was **25.69%**, with both the Tier 1 capital ratio and Common Equity Tier 1 capital ratio at **23.69%**, primarily influenced by the decrease in risk-weighted assets following the effective implementation of the Basel III final reform package[16](index=16&type=chunk) - The average Liquidity Coverage Ratio for the first and second quarters of 2025 and the quarter-end Net Stable Funding Ratio both met regulatory requirements, indicating ample liquidity[17](index=17&type=chunk) [Operating Environment](index=6&type=section&id=%E7%B6%93%E7%87%9F%E7%92%B0%E5%A2%83) In the first half of 2025, global economic growth faced pressure with a shift towards looser monetary policies, while Mainland China's economy showed strong fundamentals and Hong Kong's economy grew steadily with good performance in merchandise trade and service exports, maintaining a stable financial system, active stock market, buoyant IPO market, and improved property market sentiment - Global trade uncertainty increased, global economic growth faced pressure, and monetary policies in most economies shifted towards easing[19](index=19&type=chunk) - Mainland China's economy demonstrated strong fundamentals, with stable growth in production and foreign trade, key industries returning to expansion, and steady growth in investment and consumption demand[19](index=19&type=chunk) - Hong Kong's economy grew steadily, with faster growth in merchandise trade and continued expansion in service exports, leading Moody's to upgrade Hong Kong's credit rating outlook to "stable"[19](index=19&type=chunk) - Hong Kong's financial system remained stable, the HKD exchange rate was steady, total bank deposits continued to grow, the stock market was active with the Hang Seng Index rising **20.0%** from end-2024, and IPO fundraising increased **sevenfold** year-on-year[19](index=19&type=chunk)[20](index=20&type=chunk) - Hong Kong's property market sentiment improved, with the private residential property price index rising for three consecutive months, and government stamp duty adjustments positively impacting price stability and transaction volume[20](index=20&type=chunk) [Consolidated Financial Review](index=7&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In the first half of 2025, the Group's net operating income before impairment allowances increased by 13.3% year-on-year to HKD 40.022 billion, driven by growth in net interest income, net fee and commission income, and net trading gain, resulting in a 11.4% year-on-year increase in profit for the period to HKD 22.796 billion and a 10.5% increase in profit attributable to equity holders to HKD 22.152 billion Financial Highlights for H1 2025 (HKD million) | Indicator | June 30, 2025 | Dec 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Net operating income before impairment allowances | 40,022 | 35,917 | 35,336 | | Operating expenses | (8,310) | (9

该行预计，中银香港2024至2027财年的盈利年幅合增长率为2.3%，由于上调非净利息收入预测，将 2025至27财年的收益预测上调了1至2%。该行预计，受惠于贷款量预期增长，料2025财年的净利息收入 将同比下降，然后在2026和27财年大致持平。另外，由于年初至今中国和香港资本市场得到改善，手续 费收入增长有望稳步回升，料将抵消净利息收入的压力。 星展发布研报称，中银香港(02388)上半年业绩胜于预期，纯利同比升10.5%至221.5亿元，其在HIBOR 的情况下，次季净息差按季跌2个基点至1.53%，不良贷款率为1.02%，相较去年下半年降3个基点。星 展重申中银香港的"买入"评级，目标价由36港元上调至39.4港元。 ...

智通财经APP获悉，星展发布研报称，中银香港(02388)上半年业绩胜于预期，纯利同比升10.5%至221.5 亿元，其在HIBOR的情况下，次季净息差按季跌2个基点至1.53%，不良贷款率为1.02%，相较去年下半 年降3个基点。星展重申中银香港的"买入"评级，目标价由36港元上调至39.4港元。 该行预计，中银香港2024至2027财年的盈利年幅合增长率为2.3%，由于上调非净利息收入预测，将 2025至27财年的收益预测上调了1至2%。该行预计，受惠于贷款量预期增长，料2025财年的净利息收入 将同比下降，然后在2026和27财年大致持平。另外，由于年初至今中国和香港资本市场得到改善，手续 费收入增长有望稳步回升，料将抵消净利息收入的压力。 ...

Investment Rating - The report maintains a "Buy" rating for BOC Hong Kong with a target price of HK$42.35, revised from the previous target price of HK$38.50 [2][7]. Core Insights - BOC Hong Kong's net interest income for the first half of 2025 met expectations, while non-interest income significantly exceeded expectations, driven by a 25.8% year-on-year increase in net service fees and commissions [7]. - The bank's operating profit before provisions grew by 16.5% year-on-year, supported by strong cost control with a cost-to-income ratio of 20.8% [7]. - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.02%, which is below the industry average in Hong Kong [7]. - The report highlights potential catalysts for growth, including opportunities in digital assets, cross-border wealth management, and favorable policies that may boost the economy [7]. Financial Performance Summary - For the fiscal year ending December 31, 2023, BOC Hong Kong reported a net interest income of HK$51,078 million and a net profit of HK$32,723 million [8]. - The forecast for 2025 includes a net interest income of HK$49,780 million and a net profit of HK$40,814 million, reflecting a 4.4% increase in net profit compared to 2024 [8]. - The bank's basic earnings per share (EPS) is projected to be HK$3.860 for 2025, with a dividend per share (DPS) of HK$2.165, indicating a dividend yield of 6.1% [9]. Share Price Performance - Over the past year, BOC Hong Kong's share price has increased by 53.8%, outperforming the Hang Seng Index by 11.8% [5][6]. - The average share price over the last three months was HK$35.4, with a recent price of HK$35.220 [5][7].

Core Viewpoint - Goldman Sachs reports that Bank of China Hong Kong (02388) achieved a 12% year-on-year increase in operating profit for Q2, reaching HKD 13.7 billion, exceeding market and Goldman Sachs expectations by 22% and 24% respectively, driven by improved net interest margin, partially offset by weaker-than-expected credit provisions [1] Financial Performance - For the first half of the year, Bank of China Hong Kong's earnings per share surpassed market and Goldman Sachs forecasts by 6% [1] - The interim dividend declared is HKD 0.58 per share, aligning with Goldman Sachs expectations but 13% lower than general market predictions [1] Ratings and Price Target - Goldman Sachs maintains a neutral rating on the stock, raising the target price from HKD 35.1 to HKD 38.3 [1] Earnings Forecast Adjustments - Following the Q2 performance exceeding expectations, Goldman Sachs has revised its earnings per share forecasts for Bank of China Hong Kong for 2025 to 2027 upwards by 10%, 9%, and 11% respectively, reflecting adjustments in net interest margin and non-interest income forecasts, partially offset by higher provisioning expenses [1] - The expected payout ratio for the group is projected to increase from 55% in 2024 to 56% in 2025, with a gradual rise to 58% in 2026 and 60% in 2027 [1]