智通财经4月29日电，汇丰策略师将标普500指数年末目标从6700点下调至5600点，称关税和美国经济增 长低于预期将对企业盈利带来压力。包括Nicole Inui在内的策略师在给客户的一份报告中写道："我们预 计，在关税动荡平息、美联储开始放松政策，和/或通胀压力不再积聚之前，市场叙事将在衰退与滞胀 之间反复摇摆"。策略师将标普500指数成分股2025年盈利预期下调5%至每股255美元。预计美联储将在 6月降息，但对关税和通胀的担忧仍可能需要几个月才能缓解。 汇丰下调标普500指数目标位 称关税和经济将给企业盈利带来压力 ...

每经记者 蔡鼎 每经编辑 高涵 ④【AMD8亿美元减值损失拖累业绩预期，汇丰下调目标价至70美元】尽管AMD有望达成一季度财务 目标，但美国人工智能芯片出口管制引发的8亿美元减值损失，正持续冲击其未来业绩展望。汇丰银行 最新研报将AMD目标价从90美元大幅下调至70美元，并重申"减持"评级。 ⑤【大摩：美元疲软将支撑美股跑赢全球其他市场】摩根士丹利分析师Michael Wilson表示，美元走软 将支撑美国企业盈利，有助于美国股市跑赢全球其他市场。他指出，企业盈利成长波动性较小以及美国 企业被认为质量更高是支持这一观点的其他理由。 ⑥【特斯拉据称调整Semi量产计划，预计年底开始生产】据外媒，特斯拉Semi电动半挂卡车量产计划 有所调整，预计今年底开始生产，明年提速。报道称，其位于内华达州的新工厂已建成，正在部署生产 线。 ⑦【汇丰一季度税前利润下降25%，宣布30亿美元股票回购】汇丰控股周二公布，今年第一季度税前利 润下降25%至95亿美元，原因是计入了与加拿大和阿根廷的业务处置相关的一次性费用。该行还宣布了 一项30亿美元的股票回购计划。 ⑨【巴克莱下调2025年布油预测，因贸易紧张局势和OPEC+调整生 ...

Group 1 - HSBC has lowered the target price for Meituan (03690.HK) from HKD 195 to HKD 165 [1]

Group 1 - HSBC Holdings' Hong Kong stock price increased by 2.3% following the announcement of a share buyback plan [1]

Core Viewpoint - HSBC Holdings (00005.HK) experienced a midday surge, erasing earlier losses, with an intraday increase of over 1%. This movement followed the release of its financial report indicating a 25% decline in profits for the first quarter, alongside the announcement of a $3 billion stock buyback plan [1]. Summary by Relevant Sections - **Financial Performance** - HSBC reported a 25% decrease in profits for the first quarter [1]. - **Stock Buyback Plan** - The company has initiated a stock buyback program worth $3 billion [1]. - **Market Reaction** - Following the financial report, HSBC's stock rose over 1% during the day, recovering from earlier declines [1].

Core Viewpoint - HSBC Holdings reported a decline in Q1 2025 earnings, with total revenue of $17.649 billion, a year-on-year decrease of 14.95% [1]. Financial Performance - Net interest income was $8.302 billion, down 4.06% year-on-year, primarily due to the sale of Canadian and Argentine businesses [1][2]. - After-tax profit decreased to $7.57 billion, reflecting a 30.15% decline compared to the previous year [1]. - Basic earnings per share were $0.39, with a declared dividend of $0.10 per ordinary share [1]. Revenue Analysis - The revenue decline was attributed to business disposals, particularly in Canada and Argentina. However, excluding notable items, revenue increased due to growth in international wealth management and strong customer activity in Hong Kong [1]. - On a constant currency basis, revenue excluding notable items increased by 7% to $17.7 billion [1]. Net Interest Income Insights - Net interest income of $8.3 billion decreased by $400 million compared to Q1 2024, influenced by the sale of businesses and adverse currency translation effects [2]. - The net interest margin was 1.59%, down 4 basis points year-on-year, but up 5 basis points compared to Q4 2024 [2]. Credit Loss Provisions - Expected credit losses were $900 million, an increase of $200 million from Q1 2024, reflecting increased provisions due to geopolitical tensions and economic uncertainties [2]. Shareholder Returns - The board approved a dividend of $0.10 per share for Q1 2025 and completed a $2 billion share buyback announced during the 2024 full-year results [3]. - A new share buyback program of up to $3 billion is planned to commence shortly after the annual general meeting on May 2, 2025 [3]. Management Commentary - The Group CEO expressed confidence in the company's robust earnings capability and commitment to supporting customers amid uncertain economic conditions [3].

Core Viewpoint - HSBC Holdings plans to initiate a share buyback of up to $3 billion, expected to commence shortly after the conclusion of the annual general meeting on May 2, 2025, and to be completed before the announcement of the mid-year results for 2025 [1] Group 1 - HSBC Holdings has announced a share buyback program with a maximum value of $3 billion [1] - The buyback is anticipated to start soon after the shareholders' annual meeting on May 2, 2025 [1] - The completion of the buyback is expected before the release of the mid-year financial results in 2025 [1]

Core Insights - HSBC Holdings reported a pre-tax profit of $9.48 billion for the first quarter, exceeding the forecast of $7.83 billion [1] - The first quarter revenue reached $17.65 billion, surpassing the expected $16.67 billion [1] - The expected net credit loss provisions for the first quarter were $876 million [1] - The common equity tier 1 capital ratio for the first quarter was 14.7%, slightly below the forecast of 14.8% [1] - HSBC announced a share buyback of up to $3 billion [1]

Core Insights - HSBC Holdings reported first-quarter revenue of $17.65 billion, exceeding the forecast of $16.67 billion [1] - The first-quarter pre-tax profit was $9.48 billion, surpassing the expected $7.83 billion [1]

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