金十数据7月25日讯，据知情人士透露，汇丰计划裁撤位于德国的股票销售与交易岗位，这是该行持续 削减亚洲与中东以外投行业务的一部分。知情人士称，该举措是首席执行官Georges Elhedery为重组投 行业务所推进改革的一部分。作为欧洲最大的金融机构，汇丰过去几个月已在其投行业务中裁减数十位 分析师，并关闭了其在美国、英国及欧洲的股票资本市场和并购业务部门。自去年9月上任以来， Elhedery实施了一项全面改革计划，提出"简化"战略架构，重组组织架构为四大业务板块，还将汇丰的 商业银行与投行部门合并，并将英国和香港的业务分别独立运作。 汇丰拟裁员德国股票团队，持续收缩亚洲与中东以外投行业务 ...

汇丰控股有限公司正计划裁减其驻德国股票团队的部分员工，该公司仍在继续缩减亚洲和中东以外地区 的投资银行部门。据知情人士透露，汇丰正准备裁减杜塞尔多夫办公室的股票销售和交易岗位。这些不 愿因讨论私人信息而具名的人士表示，此举是首席执行官Georges Elhedery重组投资银行计划的一部 分。 ...

据知情人士透露，汇丰计划在德国证券部门裁员，预计将有多名雇员离开。 这一动态意味着，汇丰继续在亚洲和中东之外的市场压缩投行部门的规模。 5月27日消息，该公司裁掉数十名分析师，包括债券专家Steven Major。（彭博） ...

HSBC is planning to let go of several staff in its Germany-based equities team as it continues to pare the investment banking division outside Asia and the Middle East https://t.co/k4h5Y6hhXK ...

| | 於下列日期結束時的結存 (註5及6) 2025年7月24日 | 17,427,139,067 | | 0 | | 17,427,139,067 | | --- | --- | --- | --- | --- | --- | --- | | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | | 1). | 在英國購回以作註銷但尚未註銷之股份 | 3,200,000 | 0.018362 % | GBP | 9.4584 | | | | 變動日期 2025年7月23日 | | | | | | | 2). | 在英國購回以作註銷但尚未註銷之股份 | 3,200,000 | 0.018362 % | GBP | 9.626 | | | | 變動日期 2025年7月24日 | | | | | | | 3). | 在香港購回以作註銷但尚未註銷之股份 | 561,200 | 0.00322 % | HKD | 96.8409 | | | | 變動日期 2025年7月10日 | | | | | | | 4). | 在香港購回以作註銷但尚未註銷之股份 | 925,60 ...

Core Viewpoint - HSBC economists predict that the Federal Reserve is likely to keep the policy interest rate unchanged in the upcoming meeting, marking the fifth consecutive pause in rate hikes [1] Group 1 - HSBC's Ryan Wang notes that there are differing views among policymakers regarding the recent policy path ahead of the meeting [1] - Federal Reserve Governor Waller has expressed support for a rate cut in July, indicating potential dissent among officials in the upcoming decision [1] - Chairman Powell may face questions regarding the independence of the Federal Reserve during the meeting [1]

Summary of Key Points from the Conference Call Industry Overview - The report discusses the global macroeconomic environment and investment strategies across various asset classes, focusing on trends in equities, fixed income, and emerging markets [2][8][6]. Core Insights and Arguments 1. **Risk-On Environment**: - The current market sentiment is risk-on due to no major escalation in trade disputes, stable global growth, and ongoing monetary easing. This environment supports equities, particularly in the US and China [2][7]. - Rationale: Large-cap stocks are benefiting from a weak USD year-to-date, conservative earnings forecasts, and improving return on equity (ROE) in China. Risks include a weak US labor market and disappointing consumption growth in China [2][7]. 2. **Fiscal Risk Premium**: - Preference for fiscally sound investments as structural steepening pressure persists due to large budget deficits and high public debt. Recommended trades include buying 10Y Australian government bonds (ACGBs) versus French OATs and favoring subordinated debt [2][7]. - Rationale: Australia and Spain exhibit better fiscal dynamics compared to France, which faces political uncertainty. Risks include potential fiscal austerity and lower long-end supply [2][7]. 3. **Rotation Trade & Global Easing**: - A rotation of funds from the US to emerging markets (EM) is ongoing, driven by a soft USD and global rate cuts. Recommended trades include overweighting EM equities and favoring Latin American currencies [2][7]. - Rationale: Low financial stress and ongoing rate cuts support this rotation. Risks include a potential return of US exceptionalism and heightened inflation [2][7]. 4. **US Dollar Dynamics**: - The USD is experiencing a tug-of-war, with recent resilient economic data supporting a potential rebound, while ongoing debates about Fed policy weigh on the currency [2][25]. - A sideways USD could benefit risk assets, especially in light of the ongoing easing cycle [2][26]. 5. **Emerging Markets Outlook**: - Emerging markets are expected to benefit from a weak USD and ongoing global easing, with a preference for high-yielding currencies in Latin America and CEEMEA [2][7]. - Risks include heightened risk aversion and a potential reconnection of the USD with yields [2][7]. Additional Important Insights - **Financial Stress and Market Volatility**: Financial stress has decreased, and market volatility has moderated following trade negotiations and geopolitical developments [9][11]. - **Global Growth Momentum**: Recent data indicates a recovery in global growth momentum, with the probability of a slowdown significantly reduced from 78% to around 30% [13][16]. - **Fiscal-Monetary Policy Concerns**: Investors are increasingly worried about fiscal challenges in various economies, leading to elevated risk premiums in the bond market [20][21]. - **Investment Recommendations**: - Overweight US and China equities due to attractive valuations and improving fundamentals [2][7]. - Favor BBs and subordinated debt in credit markets for uncorrelated returns [2][7]. - Buy 10Y MGS in Malaysia, anticipating strong reinvestment demand [2][7]. Conclusion The report outlines a cautiously optimistic outlook for equities, particularly in the US and China, while highlighting the importance of fiscal health in investment decisions. Emerging markets are positioned to benefit from global easing and a weak USD, although risks remain from potential economic slowdowns and geopolitical tensions.

Core Viewpoint - HSBC economists suggest that an early trade agreement with the United States could help normalize the Bank of Japan's monetary policy, alleviating concerns about economic growth in Japan [1] Economic Outlook - HSBC anticipates that the Bank of Japan will raise interest rates by 25 basis points in October, bringing the policy rate to 0.75% [1] - The better-than-expected economic growth this year is expected to provide the Bank of Japan with a stronger rationale for further rate hikes [1]

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 FF305 呈交日期： 2025年7月24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 | ...

据了解，中证香港300主题指数系列从中证香港300指数样本中根据中证行业分类选取符合相应主题的证 券作为指数样本，反映了在香港交易所上市各主题证券的整体表现。该指数以2004年12月31日为基日， 以1000.0点为基点。 从指数持仓来看，中证香港300现代服务指数十大权重分别为：腾讯控股（17.58%）、阿里巴巴-W （11.7%）、汇丰控股（9.08%）、建设银行（5.16%）、美团-W（4.09%）、友邦保险（3.83%）、香 港交易所（2.85%）、中国移动（2.79%）、工商银行（2.74%）、网易-S（2.21%）。 金融界7月23日消息，A股三大指数收盘涨跌不一，中证香港300现代服务指数 (H300现代服务， H30107)报1730.04点。 从中证香港300现代服务指数持仓的市场板块来看，香港证券交易所占比100.00%。 数据统计显示，中证香港300现代服务指数近一个月上涨6.24%，近三个月上涨16.01%，年至今上涨 23.03%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其 ...