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 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 10,572,780,266 | | | | 10,572,780,266 | | 增加 / 減少 (-) | | | | 0 | | | | | | 本月底結存 | | | | 10,572,780,266 | | 0 | | 10,572,780,266 | 第 2 頁 共 10 頁 v 1.1.1 | 截至月份: | 2025年10月31日 | 狀態: | 新提交 | | ...

Core Insights - ST Xin Ya (002388.SZ) released its Q3 2025 financial report on October 31, 2025, indicating a total of 6 institutional investors holding shares [1] - The total shareholding by institutional investors reached 89.1381 million shares, accounting for 17.45% of ST Xin Ya's total equity [1] - Compared to the previous quarter, the institutional shareholding percentage decreased by 2.34 percentage points [1] Institutional Shareholding - Six institutional investors disclosed their holdings in ST Xin Ya A-shares [1] - The institutional investors include: - Quzhou Baoxin Central Technology Development Partnership (Limited Partnership) - Hunan Xiangcai New Materials Partnership (Limited Partnership) - Shanghai Huasui Industrial Co., Ltd. - Shanghai Peiyi Business Management Center (Limited Partnership) - Shanghai Outa Technology Co., Ltd. - Linyi Lingya High-tech Industry Partnership (Limited Partnership) [1] - The combined institutional shareholding ratio is 17.45% [1]

Core Viewpoint - Morgan Stanley has raised its profit forecasts for Bank of China Hong Kong (02388) for 2025 to 2027 by 3%, 2%, and 2% respectively, driven by HIBOR [1] Group 1: Earnings Forecast Adjustments - All three years' net interest income forecasts have been increased due to HIBOR [1] - The wealth and market-related fees for Bank of China Hong Kong are expected to remain strong, leading to an increase in fee income forecasts [1] - Cost forecasts for all three years have been lowered due to improved cost discipline [1] Group 2: Valuation Adjustments - Morgan Stanley has raised the bear, baseline, and bull case valuations for Bank of China Hong Kong by 3%, 3%, and 1% respectively [1] - The weightings for the bear/base/bull case scenarios have been adjusted from 20/60/20 to 10/70/20, reflecting a reduction in macro risks in Hong Kong [1] - The target price for Bank of China Hong Kong has been increased from HKD 33.4 to HKD 35.7, with a rating of "Underweight" [1]

Core Viewpoint - Morgan Stanley has raised its profit forecasts for Bank of China Hong Kong (02388) for 2025 to 2027 by 3%, 2%, and 2% respectively, driven by HIBOR [1] Group 1: Earnings Forecast Adjustments - All three years' net interest income forecasts have been increased due to HIBOR [1] - The bank expects strong performance in wealth and market-related fees, leading to higher fee income projections [1] - Cost forecasts for all three years have been lowered due to improved cost discipline [1] Group 2: Valuation Adjustments - Morgan Stanley has raised the bear, baseline, and bull case valuations for Bank of China Hong Kong by 3%, 3%, and 1% respectively [1] - The weighting of the bear/base/bull scenarios has been adjusted from 20/60/20 to 10/70/20, reflecting a reduction in macro risks in Hong Kong [1] - The target price for Bank of China Hong Kong has been increased from HKD 33.4 to HKD 35.7, with a rating of "Underweight" [1]

花旗根据中银香港第三季的业绩，调整了其未来业绩预测。虽然对2025年和2026年的每股盈利预测基本 保持不变(预计运营支出改善将抵消非净利息收入下降)，但花旗将2027年的每股盈利预测上调了1%。这 是基于对净利息收入和运营支出的看好预期。因此，花旗将目标价从40.9港元上调至42.3港元，并维 持"买入"评级。 ...

Core Viewpoint - Morgan Stanley has raised its profit forecasts for Bank of China Hong Kong for 2025 to 2027 by 3%, 2%, and 2% respectively, driven by HIBOR [1] Group 1: Profit Forecast Adjustments - All three years' net interest income forecasts have been increased due to HIBOR [1] - The wealth and market-related fees are expected to remain strong, leading to an increase in fee income forecasts [1] Group 2: Cost and Valuation Adjustments - Cost forecasts for all three years have been lowered due to improved cost discipline [1] - Reflecting the profit forecast adjustments, Morgan Stanley has increased the bear, baseline, and bull market scenario valuations for Bank of China Hong Kong by 3%, 3%, and 1% respectively [1] - The target price has been raised from HKD 33.4 to HKD 35.7, with a rating of "Underweight" [1]

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]