消息面上，2025年，汇丰控股提出以每股155港元私有化恒生银行。法院会议及股东特别大会将于2026 年1月8日举行。2025年10月9日，汇丰控股和恒生银行公告，宣布汇丰亚太作为要约人，已要求恒生银 行董事会向计划股东提呈私有化建议，交易估值约为2903亿港元。根据公告，此次私有化将根据公司条 例第673条的协议安排进行。此次私有化对价定为每股155港元，较恒生银行前一交易日每股119港元的 收盘价溢价30.3%。 智通财经APP获悉，汇丰控股(00005)跌超2%，截至发稿，跌2.67%，报123.8港元，成交额4.17亿港元。 ...

证券时报记者 李颖超 当前，全球经济格局加速演变，准确理解中国宏观趋势与市场机遇尤为重要，国际金融机构正深入研判"十五 五"开局之年的发展路径与投资机会。新年伊始，来自汇丰银行、渣打银行等多家国际金融机构的首席经济学家、 投资策略总监接受了证券时报记者的采访，多家机构不约而同地将"十五五"规划建议作为分析核心，从增长目 标、政策重点、产业动能到资产"跟投"，系统勾勒出一幅以"内需主导、创新驱动、高水平开放"为关键词的中国经 济新图景。 保持中高速增长 向内需与创新要动力 对于2026年中国经济的增速设定，外资机构给出了贴近"潜在增长水平"的预测。 超配中国股票 青睐科技与价值板块 基于对宏观面和政策面的积极研判，多家外资机构在资产配置上明确表达了对中国资产的偏好。 据渣打银行（中国）有限公司财富方案部总经理梁大伟介绍，该行最新发布的《2026年全球市场展望》建议超配 中国股票，并认为其有望受益于企业治理的改善，以及针对科技与创新的针对性政策支持。 "渣打银行自身也超配中国股票，预期定向的政策刺激，以及与人工智能主题相关的强劲盈利增长，将为中国经济 提供强有力支持。"渣打银行（中国）有限公司财富方案部投资策略总 ...

Core Viewpoint - Major Wall Street banks have opted out of advising on the $1.4 billion IPO of India's SBI Funds Management due to low fees offered by shareholders [1][2]. Group 1: IPO Details - The IPO is expected to raise approximately $1.4 billion, valuing SBI Funds Management at around $14 billion [7]. - Shareholders, including the State Bank of India and France's Amundi SA, have offered fees of about 0.01% of the issue size, which is considered extremely low by bankers [3]. Group 2: Bank Participation - Citigroup withdrew from the advisory role due to fee concerns and was replaced by Jefferies Financial Group [2]. - JPMorgan Chase also decided not to pursue the transaction for similar reasons [2]. - Other banks selected for the IPO include Kotak Mahindra Capital, Axis Bank, SBI Capital Markets, and several others [4]. Group 3: Fee Trends and Market Context - The average fee for IPOs last year was 1.86% of the issue size, an increase from 1.67% in 2024, highlighting the low fee structure of this particular IPO [3]. - There is a trend of banks accepting symbolic fees in government-linked deals to gain prestige and long-term relationships, as seen in a previous share sale by State Bank [5]. - With over 200 private-sector firms expected to enter the IPO market this year, investment banks are becoming more selective in their engagements [5][6].

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 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) | 00005 | 說明 | 普通股(每股0.50美元) | | | | | | | | 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 | | | 17,175,239,862 | | 0 | | 17,175,239,862 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 17,175,239,862 | | 0 | | 17,175,239,862 | | 2. 股份分類 | 優先股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | - ...

Core Viewpoint - DBS has a positive outlook on HSBC Holdings, projecting a return on equity of approximately 16% for the fiscal years 2026-2027, despite a decline from the high base of fiscal year 2025 [1] Group 1: Earnings Forecast - DBS has raised its earnings forecasts for HSBC for fiscal years 2026 and 2027 by 2% and 7% respectively [2] - The net interest income forecast for HSBC from fiscal years 2025 to 2027 has been increased to over $43 billion [2] - The anticipated dividend yields for 2025 to 2027 are 5.2 cents, 5.6 cents, and 6.3 cents respectively [2] Group 2: Revenue and Growth Drivers - The downward risk to net interest income for fiscal year 2026 is expected to be smaller than last year due to a reduced rate of interest cuts in the US and a recovery in Hong Kong interbank offered rates since the historical low in Q2 2025 [2] - Non-interest income is expected to maintain strong growth momentum, with a robust capital market anticipated in fiscal year 2026 [1] - Credit costs are expected to remain manageable, as there are no significant signs of deterioration in credit risk for commercial real estate in Hong Kong [1] Group 3: Stock Performance and Recommendations - DBS expects HSBC to restart its share buyback program later this year, with a total stock return projected to exceed 6% for fiscal year 2026 [1] - The target price for HSBC has been raised from HKD 113.7 to HKD 139.2, reflecting a forecasted price-to-book ratio of 1.47 times for fiscal year 2026 [1]

Core Viewpoint - DBS has a positive outlook on HSBC Holdings, projecting a return on equity of approximately 16% for the fiscal years 2026-2027, despite a decline from the high base of fiscal year 2025 [1] Group 1: Earnings Forecast - DBS has raised its earnings forecasts for HSBC for fiscal years 2026 and 2027 by 2% and 7% respectively [2] - The net interest income forecast for HSBC from 2025 to 2027 has been increased to over $43 billion [2] - The headwinds facing net interest income in fiscal year 2026 are expected to be smaller than last year due to a reduced rate of interest cuts in the US and a recovery in Hong Kong interbank offered rates since the historical lows in Q2 2025 [2] Group 2: Dividend and Return Projections - Expected dividend yields for HSBC from 2025 to 2027 are projected at 5.2 cents, 5.6 cents, and 6.3 cents respectively [2] - Average return on equity for shareholders is anticipated to be 12.6%, 15.3%, and 16.1% for the years 2025 to 2027 [2] Group 3: Factors Supporting Growth - The decline in net interest income is expected to be offset by structural hedges and favorable factors such as reduced funding costs [1] - Non-interest income is anticipated to maintain strong growth momentum, with expectations of a robust Hong Kong capital market in fiscal year 2026 [1] - Credit costs are expected to remain manageable, as there are no significant signs of deterioration in credit risk within Hong Kong's commercial real estate sector [1]

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for momentum i ...

数据已经显示出恶化迹象：2025年12月，委内瑞拉原油出口已降至50万桶/日。由于出口受阻且国内储 油罐爆满，PDVSA（委内瑞拉国家石油公司）已被迫要求合资企业减少生产，至少20万至30万桶/日的 产能已被关闭。 汇丰与高盛的最新研报揭示了一个残酷的现实：委内瑞拉石油行业的复苏将是极度缓慢、昂贵且局部 的。 据新华社报道，美国白宫已要求美国各大石油公司对委内瑞拉大量投资，修复委内瑞拉原油开采基础设 施。 尽管特朗普承诺投入巨资，且该国名义上拥有全球最大储量，但这些"纸面原油"大部分在商业上并不具 备开采价值，市场不应期待任何"V型"反转。 据追风交易台，1月5日，汇丰和高盛的分析指出，短期内，由于制裁和混乱，石油产量甚至可能面临进 一步下跌的风险。对于投资者而言，委内瑞拉的变局短期内不会引发油价飙升，因为全球市场已严重供 过于求；但长期来看，如果数百亿美元资金真的到位，其潜在的产量回归将成为2027年后压制油价的核 心空头因素。 由于制裁和库存限制，短期产量面临"关井"风险 虽然市场在讨论复产，但汇丰指出，委内瑞拉石油行业目前的实际走向是萎缩而非扩张。在2026年1月3 日马杜罗政权倒台后，美国并未立即解除 ...

This story was originally published on ESG Dive. To receive daily news and insights, subscribe to our free daily ESG Dive newsletter. Dive Brief: HSBC has hired Chaoni Huang, formerly a sustainability executive at rival bank BNP Paribas, to lead its sustainable finance and transition business in Asia, the British lender announced Monday. Huang will serve as the managing director and head of HSBC’s sustainability-focused business in the region and help its clients “decarbonize and invest in new growth,” ...

Core Viewpoint - HSBC Holdings has been selected as a key asset in the "Global Vision" top ten core assets for 2026, representing the financial sector, due to its strategic transformation and focus on the Asia-Pacific market [1] Group 1: Strategic Transformation - HSBC has undergone a significant transformation over three years, divesting low-profit retail assets in Europe and the U.S. and refocusing on the Asia-Pacific market, emphasizing retail banking, cross-border trade, and wealth management [1] - The results of this transformation are evident in the first three quarters of 2025, with net interest income increasing by 4% year-on-year and a return on tangible equity (RoTE) of 18.2% [1] Group 2: Industry Opportunities - The global banking industry is entering a recovery phase in 2024, with the Asia-Pacific region becoming a core growth engine, contributing over 60% of the global cross-border trade growth of 8% [5] - The interest rate cut cycle is expected to benefit HSBC by reducing cross-border financing costs and stimulating demand for cross-border mergers and acquisitions, trade financing, and IPO activities in the Asia-Pacific region [5] Group 3: Business Segments Performance - HSBC's business structure has been reorganized into four main segments: Hong Kong, UK, Corporate and Institutional Banking (CIB), and International Wealth Management and Premier Banking (IWPB), enhancing operational efficiency [7] - The Hong Kong segment serves as a profit anchor, with a revenue increase of 5% to $11.8 billion in the first three quarters of 2025, driven by a 21% growth in non-resident clients since January 2023 [7] - The CIB segment is projected to benefit from a recovery in global capital markets, with revenue growth of 10%-12% driven by cross-border trade financing and investment banking activities [11] - The IWPB segment is expected to achieve revenue growth of 18%-20% due to the increasing wealth of high-net-worth individuals in the Asia-Pacific region [14] Group 4: Competitive Advantages - HSBC's core competitive advantage lies in its deep-rooted local network and cross-border service capabilities in the Asia-Pacific region, which have been built over 160 years [16] - The bank's strategic restructuring has enhanced its resilience to market cycles, with a focus on high-return businesses, resulting in 59% of revenue coming from CIB and IWPB [16] Group 5: Financial Improvement and Valuation - HSBC's financial health is improving, with a 4% year-on-year increase in net interest income and a stable RoTE above 18% [19] - The bank's current valuation is below historical averages, with potential for a 15%-20% recovery as the market recognizes its focus on high cash returns and Asia-Pacific growth [19]