免責聲明 | 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（可選擇貨幣）公告 | | 發行人名稱 | HSBC Holdings plc 滙豐控股有限公司 | | 股份代號 | 00005 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 2025年第一次股息 | | 公告日期 | 2025年4月29日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 替代匯率 | | 股息信息 | | | 股息類型 | 第一季度 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.1 USD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.7 ...

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9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 | | 庫存股份 ...

Core Viewpoint - The global investment market in Q3 is characterized by uncertainty, influenced by geopolitical factors and trade policies, presenting both challenges and opportunities for investors [1] Group 1: HSBC Insights - HSBC emphasizes the importance of structural growth in Asia, particularly in China, India, and Singapore, which are expected to mitigate some impacts of the US-China trade war [2] - The bank maintains a diversified investment strategy, adjusting its outlook for US stocks to positive, anticipating a slowdown in economic growth to 1.6% by 2025, while still facing uncertainties [2][3] - HSBC suggests a focus on quality bonds and low-correlation assets, such as gold, to enhance portfolio diversification amid ongoing geopolitical risks [3] Group 2: Standard Chartered Insights - Standard Chartered upgrades its global stock outlook to overweight, citing improved market technical indicators and resilience in economic activity and corporate earnings as key factors [4] - The bank also increases its allocation to US stocks slightly, while emphasizing the importance of diversification across major regions, particularly favoring Chinese stocks due to stimulus measures [4] - Standard Chartered lowers its stance on gold to a core holding, anticipating a period of consolidation, while still finding high-quality bonds attractive in the current yield environment [4] Group 3: OCBC Insights - OCBC highlights that the current weakness of the US dollar is influenced by trade policies, geopolitical factors, and global capital flows, rather than solely by interest rate cuts [5] - The bank advocates for a dynamic asset allocation strategy that increases exposure to safe-haven assets like gold and yen, while also focusing on currencies and equities driven by internal demand in Asia [5] - OCBC notes that some companies are shifting production to ASEAN countries, indicating a transition from simple exports to building local supply and industrial chains [5]

Group 1 - Major overseas financial institutions, including Morgan Stanley, JPMorgan, Goldman Sachs, and HSBC, are optimistic about Chinese assets, highlighting their attractive valuation and potential for continued capital inflow [1][7] - The valuation advantage of Chinese assets is evident, with the A-share market's price-to-earnings ratio significantly lower than that of U.S. stocks, making it a "valuation pit" for global investors [2][4] - The overall return rate from investing in Chinese assets has outperformed that of U.S. dollar assets, with a reported cumulative return of +11.3% for the MSCI China Index compared to a -3.3% decline for a weighted U.S. stock and bond portfolio [4] Group 2 - The stability of the Renminbi is bolstered by the Chinese central bank's measures against capital outflow, which enhances the attractiveness of Renminbi-denominated assets [5][6] - A stable Renminbi exchange rate positively impacts corporate profitability and valuation, particularly for export-dependent companies, thereby boosting investor confidence and attracting foreign capital [6] - The Chinese stock market is expected to benefit from a stronger Renminbi and a weaker U.S. dollar, leading to increased capital inflow [7] Group 3 - The revaluation of Chinese assets is underway, with significant earnings growth in the technology sector, indicating potential for further valuation adjustments [8] - The China A500 Index ETF (563880) is highlighted as a strategic investment opportunity, reflecting economic trends and structural changes in the industry [9] - The China A500 Index ETF offers low management fees and a predictable income distribution mechanism, enhancing its appeal to investors [9]

在全球地缘政治复杂多变的背景下，三季度全球投资市场充满了不确定性。近期，汇丰、渣打以及华侨银 行等多家外资机构纷纷发布了对三季度投资的展望。 整体来看，三季度投资市场仍然充满挑战与机遇。多家外资机构的投资策略提到，需要密切关注贸易政策、地 缘政治等因素的变化，采用多元资产和主动策略管理风险，加强投资组合的韧性，在波动中寻找合适的投资机 会。 渣打：关税缓和乘势而上 渣打集团日前发布2025年6月全球市场展望时表示，渣打上调全球股票至超配，并认为，随着美国贸易政策风 险缓和，市场技术指标亦有所改善，而更多贸易协议的达成，以及经济活动数据与公司盈利的相对韧性，是维 持这股涨势的关键因素。 同时，渣打上调美国股票至小幅超配。渣打分析指出，市场已经过度抛售美国资产，然而，渣打将继续分散投 资于各主要地区。亚洲（除日本）市场超配中国股票，这是由于当局推出刺激政策及美元走软。 此外，渣打下调黄金至核心持仓，渣打预计，未来将有一段时间的整固。优质债券在现今收益率高企的情况下 仍然吸引。 汇丰：波动中把握亚洲结构性机遇 汇丰环球私人银行及财富管理中国首席投资总监匡正表示，从全球市场来看，过去几个月，美国关税战引发全 球多个资 ...

在全球经济格局复杂多变、贸易政策风云变幻的背景下，投资市场的不确定性无疑又增添了几分。近 期，汇丰、渣打以及华侨银行等多家外资机构纷纷发布了对三季度投资的展望。整体来看，三季度的投 资市场仍然充满挑战与机遇。多家外资机构在投资策略中提示，需密切关注贸易政策、地缘政治等因素 的变化，采用多元资产和主动策略管理风险，加强投资组合的韧性，在波动中寻找合适的投资机会。在 地域配置上，汇丰仍维持地域多元化的投资策略。在亚洲，汇丰看好中国、印度及新加坡等展现出经济 韧性的市场。"中国及亚洲其他地区的专业制造业技术能力集中，不易被取代，中国经济的韧性及结构 性增长机遇依然明显。"(人民财讯) ...

在全球经济格局复杂多变、贸易政策风云变幻的背景下，投资市场的不确定性无疑又增添了几分。近 期，汇丰、渣打以及华侨银行等多家外资机构纷纷发布了对三季度投资的展望。 整体来看，三季度的投资市场仍然充满挑战与机遇。多家外资机构在投资策略中提示，需密切关注贸易 政策、地缘政治等因素的变化，采用多元资产和主动策略管理风险，加强投资组合的韧性，在波动中寻 找合适的投资机会。 渣打： 汇丰： 把握亚洲市场结构性机遇 近日，汇丰环球私人银行及财富管理中国首席投资总监匡正认为，从全球市场来看，过去几个月，美国 贸易关税引发全球多个资产类别波动加剧，但亚洲市场凭借稳健的结构性增长及多元化的本地机遇，整 体表现较好，有望抵销关税带来的部分影响。 在地域配置上，汇丰仍维持地域多元化的投资策略。在亚洲，汇丰看好中国、印度及新加坡等展现出经 济韧性的市场。"中国及亚洲其他地区的专业制造业技术能力集中，不易被取代，中国经济的韧性及结 构性增长机遇依然明显。"匡正表示，与此同时，印度股市虽可能因地缘政治冲突而加剧短期波动，但 或仍将受益于数字化进程及政府对制造业的关注；在不确定的贸易局势中，新加坡所受的影响程度则相 对轻微。 亚洲市场之外， ...

Group 1 - The Chinese market is attracting global investors due to its economic resilience and structural growth opportunities, as highlighted by multiple foreign banks [1][2] - HSBC's Chief Investment Officer emphasized the strong technical capabilities of China's manufacturing sector, which are difficult to replace, indicating ongoing growth potential [1] - Deutsche Bank's report suggests that China's monetary and fiscal policies are expected to support economic growth, with an upward revision of the 2025 economic growth forecast [1][2] Group 2 - A recent HSBC survey indicates that despite global trade uncertainties, China remains a key market for companies looking to increase trade and manufacturing [2] - The survey also highlights the deepening economic ties within Asia and between Asia and the Middle East, with China positioned as a central player in global trade [2] - The Chinese government is expected to continue supporting economic growth through monetary easing and fiscal measures, including special government bonds [2] Group 3 - The liquidity environment for A-shares is expected to remain favorable due to anticipated monetary policy actions such as rate cuts and increased market participation from various funds [3] - Investment themes in the Chinese market include a focus on high-quality growth and deep value stocks, particularly in technology and consumer sectors [3] - The potential for AI applications and domestic consumption growth is seen as a significant opportunity, alongside interest in core state-owned enterprises and consumer goods [3]

Group 1 - HSBC Holdings announced the succession plan for its chairman, with Mark Tucker set to retire on September 30, 2025, and David L Libbert appointed as interim chairman pending regulatory approval [2][5] - During the transition, Tucker will continue as Group CEO and board strategy advisor to ensure a smooth handover [5] - Libbert's appointment comes amid ongoing strategic controversies regarding HSBC's resource allocation, particularly the perceived "Asian blood transfusion to the West" model, which has frustrated major shareholders [7][8] Group 2 - The core challenge for HSBC's new leadership will be to address shareholder concerns and optimize global capital allocation strategies, particularly the structural imbalance between high profits in Asia and low returns in the West [8][9] - The debate over whether to spin off Asian operations or undertake a more thorough restructuring has persisted for 13 years, intensifying in recent years [7][8] - Tucker's departure marks the end of an era, and Libbert's primary task will be to stabilize the board and support the selection of a new chairman [8]

Group 1 - The core viewpoint emphasizes that despite the uncertainties caused by U.S. trade tariffs, the Asian market continues to show resilience and attract capital due to its structural growth and local opportunities [1] - The Chinese economy is characterized by strong manufacturing capabilities that are hard to replace, indicating ongoing structural growth opportunities [1] Group 2 - Domestic demand resilience is crucial, with current economic data showing stability, and the need for policy support to maintain economic momentum [2] - The focus of macroeconomic policy is shifting from infrastructure to consumer and corporate capital expenditure, highlighting the importance of internal demand [2] Group 3 - The consumption market is benefiting from policy support, with significant growth in sales of durable goods, particularly in the automotive sector, which saw a 15% year-on-year increase [3] - There is potential for further policy measures to stimulate consumption in non-durable goods and services, with a possibility of a 20 basis point interest rate cut in the second half of the year [3] Group 4 - The liquidity environment for A-shares remains favorable, supported by stock buybacks and renewed public fund issuance [4] - The focus on high-quality growth and deep value stocks is expected to continue, particularly in the context of China's technological innovation and the ongoing "AI+" trend [4] Group 5 - Core quality state-owned enterprises and sectors like food and beverage are expected to remain attractive, with a focus on artificial intelligence applications and long-term structural trends [5] - The strategy emphasizes diversification through low-correlation assets, particularly in light of ongoing geopolitical risks and global economic slowdown [5] - Gold is viewed as a stable asset during market volatility, with its price supported by a weaker dollar and central bank purchases, making it a recommended part of diversified portfolios [5]