FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： HSBC Holdings plc 滙豐控股有限公司 呈交日期： 2025年6月12日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00005 | 說明 | 普通股(每股0.50美元) | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股 ...

Group 1 - HSBC has a positive outlook for the second half of 2025, noting a rebound in trading activity in the US market despite some signs of demand being pulled forward [1] - The bank suggests an overweight position in equities, high-yield bonds, and emerging market bonds, driven by optimism around artificial intelligence and a weaker dollar [1] - Historical data indicates that during periods of high economic policy uncertainty, risk assets tend to rebound rather than decline further [1] Group 2 - Market confidence in the US government's tax reduction agenda is waning, with potential agreements in the summer serving as a short-term catalyst for risk asset increases, provided long-term yields do not rise sharply [2] - Downside risks include a rising unemployment rate and US Treasury yields approaching a "danger zone" of 4.7%, which could trigger widespread selling of risk assets [2] - HSBC plans to slightly overweight equities and increase positions during market pullbacks, particularly in US stocks, while maintaining an overweight in emerging markets and high-yield credit [2]

汇丰控股(00005.HK)在港交所发布公告称，6月10日在伦交所等地以约1631万英镑 回购近186万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： HSBC Holdings plc 滙豐控股有限公司 呈交日期： 2025年6月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) | 00005 | | 說明 | | 普通股(每股0.50美元) | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | ...

Core Insights - HSBC's report highlights that Chinese households hold RMB 160 trillion (approximately USD 22 trillion) in cash, which is equivalent to the total housing value of the UK and France combined [1] - A significant portion of this cash, estimated at RMB 50 trillion (USD 6.5 trillion), is classified as "excess savings," indicating funds that may not be needed for retirement [4] Group 1: Investment Trends - HSBC anticipates that a portion of these funds will flow into the stock market, as only 10% of Chinese household financial assets are currently in stocks, down from 15% in 2021 and 20% in 2010 [5] - Record inflows into Hong Kong stocks through the Stock Connect program have been observed, amounting to USD 80 billion this year, with projections of reaching USD 180 billion by year-end [8] - The majority of these funds are directed towards high-growth sectors such as internet and electric vehicle companies, as well as high-yield companies [12] Group 2: Driving Factors - Two main drivers are identified: accelerated pension reforms, including an increase in retirement age and promotion of private pensions, leading households to invest more in stocks and insurance [13] - The low interest rate environment in mainland China is making cash holdings less valuable, prompting investments in Hong Kong stocks, which are perceived as undervalued [13] Group 3: Implications for Investors - There is a strong willingness among Chinese households to invest in Hong Kong stocks, which is positively influencing the discount rates of these stocks [13] - Hong Kong is expected to become a key gateway for Chinese households to access global assets [13] - Investors are advised to reconsider their asset allocation, particularly those with high cash holdings, and consider increasing investments in stocks and pension products [13]

Core Viewpoint - Grupo Financiero Galicia S.A. is launching an underwritten secondary offering of 11,721,449 American Depositary Shares (ADSs) representing 117,214,490 Class B ordinary shares, with all proceeds going to the selling shareholder, HSBC Bank plc [1][2]. Company Overview - Grupo Financiero Galicia S.A. is one of Argentina's largest financial services groups, aiming to create long-term value through various financial solutions including savings, credit, investment, insurance, and digital services [6][8]. - The company has over 110 years of experience and operates through multiple subsidiaries, including Banco de Galicia y Buenos Aires S.A.U., Galicia Más Holdings, and Galicia Seguros, among others [8]. Offering Details - The offering is being conducted under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) [3]. - The ADSs are not authorized for public offering in Argentina and cannot be sold publicly under Argentine law [1][4].

Industry Overview - The Zacks Foreign Banks Industry consists of overseas banks operating in the United States, supervised by the Federal Reserve, and providing a range of financial services to both individual and corporate clients [3] - The industry is undergoing significant restructuring efforts, with banks divesting non-core operations to focus on profitable markets and changing their revenue mix [4] Key Themes Influencing the Industry - Restructuring Efforts: Foreign banks are actively restructuring their businesses to enhance focus on core operations, which is expected to lead to long-term growth despite initial elevated expenses [4] - Relatively Lower Interest Rates: Central banks are lowering interest rates, which is anticipated to support net interest income (NII) and margins for foreign banks, improving loan demand and overall revenues [5] - Uneven Global Economic Recovery: The post-COVID-19 economic recovery has been inconsistent, affecting banks' profitability due to weak growth in their home markets [6] Industry Performance - The Zacks Foreign Banks Industry ranks 14 within the broader Zacks Finance Sector, placing it in the top 6% of over 250 Zacks industries, indicating strong near-term outperformance potential [7][8] - The industry has collectively surged 60.8% over the past two years, outperforming the S&P 500's 38.8% and the Zacks Finance Sector's 45% [11] Valuation Metrics - The industry has a trailing 12-month price-to-tangible book ratio (P/TBV) of 2.34X, significantly lower than the S&P 500's 12.80X, indicating a relative discount compared to the broader market [15][18] Company Highlights HSBC Holdings plc - HSBC has $3.05 trillion in assets and is focusing on expanding operations in Asia, particularly in wealth management and private banking [21] - The bank is reallocating $1.5 billion from non-strategic activities to core operations and has initiated a $1.5 billion cost-saving plan [24][26] - Shares have increased by 24.4% on the NYSE in the past six months, with a Zacks Rank of 3 (Hold) [27] ICICI Bank Limited - ICICI Bank has total assets of $247.8 billion and is enhancing its digital banking services, leading to a 15.9% increase in non-interest income in fiscal 2025 [30][35] - The bank's shares have risen 7.8% on the NYSE in the past six months, with a Zacks Rank of 3 [36] Barclays PLC - Barclays has total assets of $2,061.1 billion and is focused on improving efficiency through cost-saving measures, achieving gross savings of £1 billion in 2024 [39][41] - The company's shares have gained 32.8% on the NYSE in the past six months, with a Zacks Rank of 3 [43]

港交所文件显示，汇丰控股于6月9日回购52.09万股，耗资460万港元。 ...

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： HSBC Holdings plc 滙豐控股有限公司 呈交日期： 2025年6月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00005 | 說明 | 普通股(每股0.50美元) | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 ...

Investment Rating - The report indicates a positive outlook for OPEC+ with expectations of accelerated supply hikes in the coming months, suggesting a desire to regain market share [10]. Core Insights - OPEC+ is set to increase its quota by 411 thousand barrels per day (kbd) for July, with further hikes anticipated in August and September [2][3]. - The report highlights that while summer demand is expected to absorb these increases, a surplus is projected for the fourth quarter of 2025 due to deteriorating fundamentals [10]. - The analysis suggests that Saudi Arabia's oil policy is influenced by multiple factors, including managing overproduction by certain members and regaining market share from non-OPEC producers, particularly US shale [4][5]. Summary by Sections OPEC+ Supply Adjustments - OPEC+ confirmed a quota increase of 411 kbd for July, with expectations for additional hikes of 411 kbd in August and 274 kbd in September [2][3]. - The new scenario anticipates regular hikes from October to December, with voluntary cuts fully unwound by the end of 2025 [3]. Market Dynamics - The supply-demand model indicates a surplus of 0.3 million barrels per day (mbd) for 2026, an increase from previous estimates due to higher OPEC+ volumes [6]. - The market is expected to remain balanced in the second and third quarters as demand rises during the summer [6]. Refining Margins and Demand - Healthy refining margins suggest that oil demand is currently stable, although the impact of tariffs on consumption may become more apparent later in the year [7][63]. - The report notes that refinery closures in Europe and the US are supporting margins, despite potential future impacts from tariffs [63].