Hong Kong's affluent amass at least HK$10 million (US$1.28 million) in liquid assets by the age of 39, with the majority relying on investments to grow their wealth, according to a survey by HSBC. These wealthy individuals take, on average, eight years to increase their wealth to HK$10 million after they earn their first HK$1 million, the HSBC Affluent Survey released on Friday showed. A similar survey in 2023 showed the average age for Hongkongers to become a millionaire, with HK$1 million in assets, was ...

Core Insights - The FTSE 100 index in the UK has surpassed the 10,000-point mark for the first time, achieving its best annual performance since 2009 [1] Group 1: Performance Highlights - Fresnillo and Endeavour Mining were the standout performers in the precious metals mining sector last year [1] - Financial institutions such as HSBC, Barclays, and National Westminster Bank contributed significantly to the index's point increase over the past 12 months [1] Group 2: Comparative Performance - The FTSE 100 index, primarily composed of export-oriented companies, surged by 22% in 2025, outperforming both the Stoxx Europe 600 index and the S&P 500 index [1]

格隆汇1月2日｜汇丰控股(0005.HK)涨1.72%至124.50港元，股价创历史新高。2025年，汇丰控股累涨70.57%。 ...

香港股份代號：5 2026年1月2日 HSBC Holdings plc 滙豐控股有限公司 董事會成員名單及角色與職務 鮑哲鈺 孫瑋 段小纓 范貝恩女爵士 傅偉思 古肇華 麥浩智博士（員工投入事務指定非執行董事） 莫佩娜 梅愛苓 張瑞蓮 滙豐控股有限公司董事會成員名單如下： 獨立非執行主席 聶智恆 高級獨立非執行董事 高安賢 執行董事 艾橋智（集團行政總裁） 郭珮瑛（集團財務總監） 獨立非執行董事 集團設有六個董事委員會，各董事在這些委員會所擔任的職位如下： 集團監察委員會 聶智恆（主席） 鮑哲鈺 段小纓 傅偉思 高安賢 集團薪酬委員會 范貝恩女爵士（主席） 段小纓 高安賢 HSBC Holdings plc 滙豐控股有限公司 註冊辦事處及集團總管理處： 8 Canada Square, London E14 5HQ, United Kingdom 網站：www.hsbc.com 英格蘭及威爾斯註冊有限公司。註冊編號 617987 董事會成員名單 / 2 麥浩智博士 莫佩娜 梅愛苓 集團風險管理委員會 傅偉思（主席） 孫瑋 范貝恩女爵士 古肇華 梅愛苓 聶智恆 張瑞蓮 提名及企業管治委員會 梅愛苓（主席） 古 ...

Core Viewpoint - Major foreign financial institutions have expressed a positive outlook for China's stock market, driven by accelerating corporate earnings growth, macro policy coordination, and the appreciation of the RMB [1][3]. Group 1: Market Outlook - Foreign institutions believe that the driving force behind the rise of China's stock market is shifting from "valuation correction" in 2025 to "earnings growth" in 2026 [3][4]. - Goldman Sachs predicts a 38% increase in the Chinese stock market by the end of 2027, primarily driven by a 14% and 12% increase in corporate earnings in 2026 and 2027, respectively [4][5]. - UBS has set a target of 7100 points for the Hang Seng Tech Index and 100 points for the MSCI China Index by the end of 2026, indicating significant upside potential [5]. Group 2: Investment Trends - There has been a net inflow of $83.1 billion into Chinese assets through ETFs since the beginning of 2025, with the technology sector receiving the most inflow at $9.5 billion [10][11]. - Active foreign capital is expected to return more rapidly, with some foreign institutions increasing their positions in the Chinese stock market in preparation for 2026 [12][13]. - The investment opportunities are highly structured, with a focus on technology innovation, green energy transition, and high-quality brands benefiting from consumer recovery [7][9]. Group 3: Sector-Specific Insights - The technology sector is highlighted as having the greatest profit growth potential, with revenue less affected by trade policies [7]. - Traditional sectors are also attracting foreign interest, with improvements in state-owned enterprise earnings and dividend increases drawing long-term capital [8]. - Under the "anti-involution" framework, sectors like cement, solar energy, and chemicals are expected to receive policy support and have attractive valuations [9].

Global Economic Outlook - The global economic growth rate is expected to remain stable, with a slight slowdown from 2.8% in 2025 to 2.7% in 2026, influenced by geopolitical tensions and trade fragmentation [4] - Strong investment in artificial intelligence is anticipated to support investment and trade growth over the next two years [2][4] Trade Dynamics - Global goods and services trade is projected to grow by 3.8% in 2025, accelerating from 3.0% in 2024, but is expected to slow to 2.0% in 2026 due to various factors including reduced consumer spending in the U.S. [5] - Tariff uncertainties have decreased, yet trade policies and geopolitical risks continue to pose challenges [5] Asian Export Resilience - Despite fluctuations in tariff risks, Asia's overall export performance has exceeded expectations, remaining stronger than other regions [6] - The export growth rate in Asia is expected to slow in 2026 but will still outperform the global average [7] China's Economic Strategy - In 2026, China will focus on expanding domestic demand as a key policy priority, with structural reforms and increased openness to foreign investment [2][8] - The "15th Five-Year Plan" emphasizes improving the household consumption rate, which was 39.9% in 2024, as a critical goal for high-quality development [8] Investment and Fiscal Policies - Fixed asset investment is expected to recover, particularly in infrastructure, supported by new policy financial tools [9] - The fiscal deficit target for China in 2026 is likely to remain at 4%, with local government bonds issued to support consumption and major projects [9] Innovation and Competitiveness - Innovation capability is projected to become a core advantage for China, attracting foreign investment and enhancing service trade exports [12] - The government aims to regulate supply-side competition to ensure efficient resource allocation and promote fair competition [10][11]

Core Viewpoint - HSBC forecasts stable global economic growth by 2026, with a slowdown in trade export growth, while strong investments in artificial intelligence will support investment and trade growth in the next two years [1] Group 1: Economic Outlook - HSBC's Chief Economist for Greater China, Liu Jing, indicates that a series of easing policies implemented since Q4 2024 will support economic activity, allowing China to achieve a target economic growth of around 5% for the full year of 2025 [1] - The year 2026 marks the beginning of the "14th Five-Year Plan," during which China's economy is expected to continue structural transformation and maintain reasonable growth, with domestic demand, including consumption and investment, becoming the main driver of growth [1] Group 2: Fiscal Policy - The Central Economic Work Conference has proposed to maintain a necessary fiscal deficit, with HSBC estimating that China's fiscal deficit target for 2026 may remain at a relatively high level of 4% [1] - The issuance scale of local government special bonds and special treasury bonds is expected to be comparable to that of 2025 to support consumption and major project investments [1] - New policy financial tools are likely to continue playing a "quasi-fiscal" role [1] Group 3: Monetary Policy - There may still be room for a further interest rate cut of 20 basis points in 2026, along with a potential reserve requirement ratio cut of 50 basis points [1]

Core Viewpoint - HSBC forecasts global economic growth to be 2.8% in 2025 and slightly slow to 2.7% in 2026, influenced by geopolitical tensions and trade fragmentation, but supported by AI investments and fiscal expansions from major economies [1] Group 1: Global Economic Outlook - HSBC predicts global economic growth rates of 2.8% for 2025 and 2.7% for 2026, indicating a slight slowdown [1] - Factors such as geopolitical tensions, trade fragmentation, and slowing labor growth are expected to pressure growth potential [1] - Structural deployment in AI infrastructure and fiscal expansions from major countries may offset some negative factors [1] Group 2: Trade Projections - Global goods and services trade export growth is expected to accelerate to 3.8% in 2025 from 3.0% in 2024, but will slow to 2.0% in 2026 due to various factors including the effects of previous "export rush" [2] - Despite reduced tariff uncertainties, U.S. personal consumption expenditure growth is expected to moderate, impacting trade growth [2] Group 3: U.S. Economic Conditions - HSBC anticipates that U.S. core inflation will remain sticky in 2026 due to supply-side shocks from tariffs and resilient service demand driven by high-income consumers [2] - The U.S. economy is expected to maintain some resilience in the first half of 2026 due to strong AI-related capital expenditures and the end of government shutdowns [2] - HSBC believes the Federal Reserve will likely maintain the current federal funds rate target range in 2026 without further rate cuts [2] Group 4: Asian Economic Outlook - After strong growth in 2025, Asian export growth is expected to slow in 2026 but will still outperform the global average [3] - Lower inflation in some emerging economies in Asia may allow for continued implementation of accommodative monetary policies [3] - Countries like China are expected to adopt more proactive fiscal policies to boost domestic demand [3]

Core Viewpoint - Major foreign institutions are optimistic about the Chinese stock market for 2026, shifting their focus from "valuation repair" in 2025 to "profit growth" in 2026, driven by accelerating corporate earnings, macro policy support, and RMB appreciation [1][3][6]. Group 1: Market Outlook - Goldman Sachs predicts a 38% increase in the Chinese stock market by the end of 2027, with corporate earnings expected to grow by 14% in 2026 and 12% in 2027 [4]. - UBS sets the target for the Hang Seng Tech Index at 7100 points and the MSCI China Index at 100 points by the end of 2026, indicating significant upside potential [4]. - HSBC forecasts the Shanghai Composite Index to reach 4500 points, the CSI 300 Index to 5400 points, and the Shenzhen Component Index to 16000 points by the end of 2026, driven primarily by corporate earnings growth rather than valuation increases [4]. Group 2: Investment Opportunities - Foreign institutions highlight structured investment opportunities, particularly in technology innovation, with a focus on artificial intelligence, semiconductors, and high-end manufacturing [8]. - Traditional industries are also attracting foreign investment, with expectations of valuation recovery and improved profitability in state-owned enterprises [8]. - The influx of foreign capital is primarily directed towards high-quality assets, including technology leaders and high-dividend stocks, emphasizing value investment [8][10]. Group 3: Foreign Capital Inflow - Since the beginning of 2025, global investments in Chinese assets have seen a net inflow of $83.1 billion, with the technology sector receiving the most significant inflow of $9.5 billion [10]. - Active foreign capital is expected to return to the Chinese market, with institutions like Citigroup maintaining an "overweight" rating on China while reducing exposure to other Asian emerging markets [10][12]. - The anticipated return of active funds is supported by improving corporate fundamentals, a weaker dollar, and the attractiveness of RMB assets [11][12].

Core Viewpoint - Foreign institutions are optimistic about the Chinese stock market for 2026, shifting their focus from "valuation repair" in 2025 to "profit growth" in 2026, driven by accelerating corporate earnings, macro policy support, and RMB appreciation [1][2][5]. Investment Trends - As of December 20, 2025, global investment in Chinese assets through ETFs has seen a net inflow of $83.1 billion, with the technology sector receiving the most inflow at $9.5 billion [1][9]. - Active foreign capital is expected to return to the Chinese stock market, with some institutions already increasing their positions in preparation for 2026 [10][12]. Earnings Forecasts - Goldman Sachs predicts a 38% increase in the Chinese stock market by the end of 2027, with corporate earnings expected to grow by 14% in 2026 and 12% in 2027 [3]. - UBS forecasts an increase in the Hang Seng Tech Index target to 7,100 points and the MSCI China Index target to 100 points by the end of 2026, indicating significant upside potential [3]. Valuation Insights - Morgan Stanley and Goldman Sachs believe there is still about a 10% potential for valuation repair in the Chinese stock market, which will support market growth [4][5]. - JPMorgan has upgraded its rating on the Chinese market to "overweight," citing reasonable valuations and light positions among international investors [4]. Sector-Specific Opportunities - The technology sector is highlighted as a core focus for profit growth, with opportunities in artificial intelligence, semiconductors, and high-end manufacturing [6]. - Traditional industries are also attracting foreign investment, with improvements in state-owned enterprise profitability and dividend increases acting as a dual engine for market growth [7][8]. Market Dynamics - The report indicates that the Chinese stock market will enter a new phase dominated by fundamentals, with a focus on structural investment opportunities [2][5]. - The anticipated return of active foreign capital is expected to be driven by improving corporate fundamentals, a weaker dollar, and the attractiveness of RMB assets [12].