Core Viewpoint - HSBC Holdings is rated as a buy due to the economic and market recovery in Hong Kong, which is positively impacting areas such as wealth management and transaction banking [1]. Company Summary - HSBC is expected to emerge stronger as it benefits from the recovery in Hong Kong's economy [1]. - The company is focusing on wealth management and transaction banking as key growth areas [1]. Industry Summary - The broader trends in the Asia Pacific region, particularly outside of China, are often overlooked in investor portfolios, presenting potential investment opportunities [1]. - The financial sector, along with industrials and consumer discretionary sectors, is highlighted as a focus for investment analysis [1].

香港交易所信息显示，汇丰控股在名创优品的持股比例于06月11日从8.97%升至9.00%。 ...

Group 1 - HSBC Holdings increased its stake in Miniso from 8.97% to 9.00% as of June 11 [1]

Core Insights - HSBC's stock has increased by approximately 21% since the beginning of January, outperforming JP Morgan's 10% increase during the same period [1] - The bank's Q1 2025 earnings exceeded expectations despite a 15% year-over-year revenue decline to $17.65 billion and a 25% decrease in profits before tax to $9.48 billion [1] - Strong sequential growth was noted with profits before tax increasing by nearly 317% from the previous quarter, driven by robust performances in Wealth, Foreign Exchange, and Debt and Equity Markets [1] Financial Performance - HSBC's Wealth business revenue rose 21% year-over-year in Q1, supported by strong client acquisition in Asia, particularly in Hong Kong and India [2] - The Global Private Banking segment is performing well, bolstered by strong brokerage and trading activity in Asia, with new wealth products and promotional offers being introduced [3] - Asset management revenues have increased due to rising assets under management and favorable market trends [3] Future Outlook - HSBC warned of potential challenges in loan demand and credit quality due to U.S. tariffs, with a significant decline in transaction volumes along the U.S.-China corridor [4] - The bank anticipates a low single-digit revenue impact from an economic slowdown and up to $500 million in additional credit losses [4] - Recent developments in U.S.-China trade negotiations have sparked optimism for reducing tensions [4] Strategic Initiatives - HSBC's stock valuation is considered fair, trading at just over 1x tangible book value, with a focus on enhancing efficiency and reducing costs, targeting annualized savings of $1.5 billion [6] - The bank plans to scale back mergers and acquisitions in Europe and the Americas while refocusing on profitable markets in Asia [6] - HSBC has increased its share repurchase authorization to $3 billion, with the buyback expected to be completed before the 2025 interim results [6] Performance Goals - HSBC aims for a mid-teens return on average tangible equity between 2025 and 2027, which is above the industry average [7] - Core net interest income may face pressure due to declining interest rates, posing a challenge for overall revenue growth [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17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 ...

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16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 ...

Investment Rating - The report maintains a risk-on stance heading into H2, with a mild overweight (OW) on equities, high-yield (HY) credit, and emerging market debt (EMD), while underweighting developed market (DM) rates [6][11]. Core Insights - The first half of the year has been characterized by high levels of uncertainty, yet historical data suggests that risk assets tend to rebound following spikes in economic policy uncertainty [2][26]. - Potential catalysts for upside include subdued sentiment, positive activity surprises, renewed optimism around AI, and a weaker US dollar boosting earnings [3][11]. - Despite recent rallies, sentiment and positioning remain subdued, indicating room for further investment in equities, particularly in the US [4][81]. Summary by Sections Economic Outlook - High levels of uncertainty have affected companies and central banks, with the US labor market and UST yields entering a "Danger Zone" at 4.7% [5][19]. - The consensus GDP forecast diffusion index shows tentative signs of improvement, which could support cyclical asset classes [38]. Asset Allocation - The report suggests a tactical allocation favoring equities, particularly in the US, with a focus on emerging markets and eurozone equities [6][12]. - Gold is highlighted as a preferred hedge, while DM rates, especially USTs and JGBs, are underweighted [6][11]. Market Sentiment - Aggregate sentiment indicators are still signaling a buy, with systematic strategies remaining light in positioning, suggesting skepticism towards risk assets [81][83]. - Long-only investors have reduced equity exposure, particularly in HY credit, which is seen as a bullish signal for future performance [4][81]. Earnings Expectations - Q2 EPS growth expectations have been revised down by over 6% since January, but lower expectations may lead to positive surprises [58][60]. - The weaker dollar is expected to benefit US earnings, particularly for large-cap companies, while smaller companies may face challenges [63][64].

Core Viewpoint - The article discusses the performance of the CES300 index, highlighting its recent decline and overall year-to-date increase, while providing insights into its composition and sector allocations [1][2]. Group 1: Index Performance - The CES300 index decreased by 0.69%, closing at 4747.32 points, with a trading volume of 353.955 billion [1]. - Over the past month, the CES300 index has risen by 0.16%, declined by 0.47% over the last three months, and increased by 7.93% year-to-date [1]. Group 2: Index Composition - The top ten holdings of the CES300 index include Tencent Holdings (8.4%), Alibaba-W (5.43%), HSBC Holdings (4.21%), Kweichow Moutai (2.49%), and others [2]. - The market share of the CES300 index's holdings is distributed as follows: Hong Kong Stock Exchange (52.12%), Shanghai Stock Exchange (29.58%), and Shenzhen Stock Exchange (18.30%) [2]. Group 3: Sector Allocation - The sector allocation of the CES300 index is as follows: Financials (30.63%), Consumer Discretionary (15.87%), Communication Services (13.27%), Industrials (8.95%), Information Technology (8.34%), Consumer Staples (6.31%), Healthcare (4.94%), Materials (3.63%), Utilities (3.12%), Energy (3.07%), and Real Estate (1.87%) [2]. Group 4: Fund Tracking - Public funds tracking the CES300 index include Dachen CES300C and Dachen CES300A [3].

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13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's foreign exchange strategy head indicates that geopolitical risks are putting pressure on the British pound, which is seen as a risk-sensitive currency, dropping to around 1.3530 against the US dollar [1] - Danske Bank analysts report that the recent 30-year US Treasury auction showed strong demand, alleviating concerns about long-term US Treasury demand and pushing yields below the critical 5% level [1] - The Swedish Nordea Bank anticipates that the Swedish central bank will lower interest rates in June, reflecting expectations among fixed-income investors [2] Group 2 - Analysts from Mizuho Securities highlight that the current geopolitical tensions have not been fully reflected in market volatility, with risks of full-scale conflict increasing [2] - HSBC Global Research predicts that the Philippine central bank will lower its policy rate to 5.25%, differing from previous expectations of maintaining rates, due to low inflation and slow economic growth [2] - Economists from Wilmington Trust suggest that long-term impacts of US tariffs are more likely to lead to economic weakness rather than inflation, with consumers beginning to cut back on non-essential spending [2] Group 3 - RSM's chief economist notes that rising prices in the US appliance market reflect cost increases from previous import tariffs, emphasizing the importance of consumer behavior in determining inflation persistence [3] - Goldman Sachs analysts report that the US data center securitization market has surged from $5 billion to $30 billion, driven by increased capital expenditure in cloud computing and policy support [3] - The data center market is expected to peak in occupancy rates by mid-2026, with growth primarily fueled by large investments in facilities equipped with thousands of GPUs for large language models [3]