Core Viewpoint - CICC has downgraded HSBC Holdings' 2025 and 2026 net profit estimates by 5% and 8% respectively due to macroeconomic uncertainties such as tariffs, while maintaining a "outperform" rating and target price, indicating a 16% upside potential from the current stock price [1] Group 1: Financial Performance - HSBC reported a 1Q25 pre-tax profit of $9.8 billion, exceeding market expectations, driven by strong non-interest income from wealth management and capital markets [1] - The core Tier 1 capital ratio at the end of 1Q25 was 14.7%, indicating a strong capital position [2] - The bank's net interest income (NII) decreased by 6% year-on-year to $10.6 billion, but showed a 4% increase when excluding the impact of sold businesses [3] Group 2: Non-Interest Income - Non-interest income grew by 24% year-on-year to $7.1 billion, with strong performance in transaction banking and wealth management [4] - Transaction banking fees increased by 13% year-on-year to $2.9 billion, primarily due to a 22% rise in foreign exchange-related business [4] - Wealth management income rose by 23% year-on-year to $2.3 billion, supported by strong growth in Asia, particularly in Hong Kong [4] Group 3: Shareholder Returns - The company declared a 1Q25 dividend of $0.1 per share, unchanged from the previous year [2] - HSBC completed a $2 billion share buyback and plans an additional $3 billion buyback, maintaining a total return rate of 10.2% from dividends and buybacks [2]

Core Viewpoint - HSBC Holdings plc has experienced significant volatility in the two months following its first quarter results, reflecting broader trends in the banking sector [1]. Group 1: Company Performance - HSBC's first quarter results indicate a focus on long-term, buy-and-hold investment strategies, particularly in high-quality earnings stocks [1]. Group 2: Investment Strategy - The investment approach emphasizes dividend and income stocks, suggesting a preference for stable returns over speculative investments [1].

Core Viewpoint - HSBC Holdings reported a significant decline in pre-tax profit for Q1 2025, primarily due to falling revenues and increased expected credit losses [1][2]. Financial Performance - Pre-tax profit for Q1 2025 was $9.48 billion, a decrease of 25% from the same quarter last year [1]. - Total revenues fell to $17.65 billion, down 15% year over year, mainly due to lower net interest income and other operating income [2]. - Operating expenses slightly decreased to $8.1 billion [2]. - Expected credit losses (ECL) amounted to $876 million, reflecting a year-over-year increase of 21.7% [2]. Capital Ratios - The common equity tier 1 (CET1) ratio as of March 31, 2025, was 14.7%, down from 15.2% a year earlier [2]. - The leverage ratio decreased to 5.4% from 5.7% in the prior-year quarter [2]. Business Line Performance - The Hong Kong Business segment reported a pre-tax profit of $2.54 billion, up 9.8% year over year, driven by increased total revenues [3]. - The UK Business segment's pre-tax profit was $1.55 billion, down 6.3% from the previous year, impacted by higher ECL charges and increased expenses [3]. - Corporate and Institutional Banking saw a pre-tax profit of $3.52 billion, an increase of 10.9% year over year, attributed to higher total revenues and lower ECL charges [4]. - International Wealth and Premier Banking reported a pre-tax profit of $1.19 billion, which declined marginally due to higher ECL charges [4]. - The Corporate Centre segment's pre-tax profit fell to $682 million from $4.2 billion in the year-ago quarter [4]. Outlook - HSBC's strong capital position, higher interest rates, global network, and business simplification initiatives are expected to support its financials, despite concerns over higher expenses and subdued revenues due to weak loan demand [5].

华尔街又一机构"认栽"，这次是汇丰银行。 在这种环境下，汇丰建议投资者保持防御性持仓，偏好经济下行中抗压能力较强的行业，例如消费必需 品(如食品、日用品)与医疗保健。在滞涨时期，大宗商品与医疗行业的表现也通常优于大盘；相反，公 用事业和可选消费品公司往往表现不佳。 智通财经APP获悉，由于对美国经济增长放缓、通胀持续粘性以及债券收益率下滑的预期，汇丰周二宣 布将标普500指数的年底目标点位从6700点大幅下调至5600点。 这一决定与今年以来多家大银行因关税担忧而调低美股预期的动作一致。汇丰表示，在全球经济前景依 旧不明、关税政策仍具不确定性的情况下，建议客户采取防御性策略应对市场动荡。 汇丰美洲区股票策略主管Nicole Inui与分析师Preethkar Rajamani在报告中指出："市场将在衰退和滞涨的 担忧之间来回震荡，直到贸易不确定性缓解、美联储降息、或通胀压力不再加剧。" 他们预计美联储将在6月启动降息周期，但指出通胀与关税方面的忧虑仍需数月时间才能消散。因此， 即使利率政策出现转向，市场仍会高度关注关键经济数据，并据此进行敏感反应。 他们表示："如果硬数据转弱，市场将迅速进入'衰退交易'模式； ...

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].