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 ...

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7月23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 Holdings has entered into a binding agreement to sell HSBC Life (UK) Limited to Chesnara for a total consideration of £260 million [2] - The transaction includes all valid life insurance policies and investment products issued by HSBC Life UK and is expected to complete in early 2026, subject to regulatory approval [2] - This sale is part of HSBC's strategy announced in October 2024 to simplify its operations and focus on areas with significant competitive advantages and growth potential [2] Group 2 - HSBC's indirect subsidiary, HSBC Continental Europe, plans to sell its French life insurance business, HSBC Assurances Vie (France), to Matmut Société d'Assurance Mutuelle for €925 million [3] - The estimated pre-tax loss for HSBC Continental Europe from this transaction is approximately €100 million [3] Group 3 - In the first quarter of 2025, HSBC Life reported insurance business revenue of CNY 3.57 billion and a net loss of CNY 122.6 million [4] - The company's comprehensive investment return rate was -0.35%, and the return on net assets was -4.95% [4]

业绩连续环比改善，经营质效进一步提升。2025Q1，公司营收同比增长7.25%，归母净利润实现9641 万元，同比改善近4 亿元；2025Q2，公司归母净利润、扣非归母净利润均环比持续稳步改善。 接下来，公司将持续以主要业务经营质效改善为目标，并通过深度融合数字化、先进智能制造等体系能 力建设，不断升级公司数智化运营能力，推动经营质量再上新台阶。 非消费类显示业务快速增长、OLED 保持高稼动率、盈利能力持续改善。分业务来看，1）车载和专 显：公司非消费类显示业务营收占比超50%，同比增长>25%，在保持全球领先竞争优势的基础上，业 务盈利能力持续增强。2）手机OLED：武汉柔性AMOLED 产线手机产品线保持饱满稼动，叠加创新降 本等综合性措施，盈利能力同环比均进一步得到改善。根据CINNO，截至2025Q1，公司AMOLED手机 显示出货量市场份额全球10.5%（对应约2200 万片），位居全球第3、国内第2。3）IT、运动健康等： 公司积极把握市场拓展机遇，优化产品结构，营收规模和业务盈利能力也均实现同比增长。 TM18 第二阶段稳定量产爬坡提升手机OLED 份额，TM19、TM20产能释放加强车载和专 ...

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7月22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 ...

金融界7月21日消息，上证指数高开高走，中证港股通回购指数 (港股通回购，932361)报1103.20点。 从中证港股通回购指数持仓样本的行业来看，金融占比22.85%、通信服务占比19.25%、工业占比 13.97%、可选消费占比13.70%、原材料占比11.98%、医药卫生占比8.64%、房地产占比3.28%、能源占 比2.76%、信息技术占比2.52%、主要消费占比1.03%。 资料显示，指数样本每季度调整一次，样本调整实施时间分别为每年3、6、9、12月的第二个星期五的 下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个 定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指 数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通证 券范围发生变动导致样本不再满足互联互通资格时，指数将相应调整。 本文源自：金融界 作者：行情君 数据统计显示，中证港股通回购指数近一个月上涨7.13%，近三个月上涨23.92%，年至今上涨27.69%。 据了解，中证港股通回购指数从港股通范围内选取50只回购比例 ...