Core Insights - Investors are encouraged to diversify portfolios by adding international stocks alongside U.S. equities to enhance risk diversification as they approach 2026 [1] International Market Performance - The MSCI EAFE index has delivered a return of 30.48% year to date, outperforming the S&P 500, Nasdaq, and Dow Jones Industrial Average, which returned 17.2%, 21.5%, and 14.1% respectively [2] Earnings Growth and Valuation - A Charles Schwab report indicates that international stocks are expected to have a strong year in 2026, with double-digit earnings growth rates anticipated and these stocks currently attractively valued compared to the S&P 500 [3] Portfolio Recommendations - Adding overseas stocks can help investors tap into growth themes less correlated with U.S. markets, with Kinross Gold Corporation, Sony Group Corporation, and HSBC Holdings plc highlighted as strong additions for a resilient portfolio in 2026 [4] Kinross Gold Corporation (KGC) - Kinross Gold has diverse mining operations across several countries and reported third-quarter production of 504,000 ounces, with strong performance from high-quality assets [5][6] - The company has seen a 66% increase in free cash flow to $687 million and a net cash position of nearly $500 million, supporting development projects and shareholder returns [9] - KGC has an expected earnings growth of 147.1% for 2025, with shares up 211.5% year to date [10] Sony Group Corporation (SONY) - Sony has shifted towards an entertainment-focused strategy, with growth driven by PlayStation, which saw a 3% increase in monthly active users to 119 million [11][13] - The sales forecast for fiscal 2025 has been revised upward by 3%, supported by favorable forex movements and solid hardware sales [13] - SONY has a Zacks Rank of 2 (Buy) and shares have rallied 19.3% year to date [14] HSBC Holdings plc - HSBC is focusing on expanding operations in Asia and the Middle East, with net new invested assets in its Wealth business reaching $29 billion [15] - The bank's common equity tier 1 (CET1) ratio was 14.5% as of September 30, 2025, and it expects a dividend payout ratio of 50% for 2025 [17] - HSBC has an expected earnings growth of 14.92% for fiscal 2025, with shares surging 59.9% year to date [18]

Core Insights - HSBC and Barclays are restructuring to enhance operational efficiency and focus on core operations [1][2] HSBC Overview - HSBC is implementing a $1.5 billion cost-saving plan aimed at organizational simplification by 2026, with expected total severance and upfront charges of $1.8 billion [3] - The bank is divesting non-core operations in various regions, including the U.K., Europe, and the U.S., while concentrating on Asia and the Middle East [4] - HSBC is expanding its presence in Asia, proposing to privatize Hang Seng Bank and enhancing wealth operations in China and India [5] - Despite these initiatives, HSBC's revenue generation has been subdued due to a challenging macroeconomic environment and weak loan demand [6] Barclays Overview - Barclays is also simplifying operations, recently acquiring Best Egg for $800 million to strengthen its U.S. consumer finance capabilities [7] - The bank has divested its stake in Entercard Group for $273 million and its Germany-based consumer finance business, which is expected to improve profitability [8] - Barclays achieved gross savings of £1 billion in 2024 and anticipates total gross efficiency savings of £2 billion by the end of next year [9] Performance Comparison - Over the past six months, Barclays' shares increased by 43.9%, while HSBC's shares rose by 33.6%, outperforming the industry average of 26% [11] - In terms of valuation, HSBC has a price/tangible book (P/TB) ratio of 1.37X, while Barclays has a lower ratio of 0.96X, indicating that Barclays is relatively inexpensive [13] - Earnings estimates for HSBC suggest a 14.9% increase in 2025 and a 3.3% rise in 2026, while Barclays is projected to grow by 23.9% in 2025 and 21.3% in 2026 [15][17] Strategic Outlook - HSBC's strategic pivot towards high-growth Asian markets and comprehensive cost optimization positions it favorably for long-term gains despite near-term revenue pressures [19] - Barclays shows a stronger earnings outlook on paper, but its exposure to volatile capital markets raises concerns about consistent core income performance [20]

Core Viewpoint - The future performance of European and American bank stocks will increasingly depend on the sustainability of earnings rather than further valuation expansion [4]. Group 1: European Bank Stocks - European bank stocks have shown significant recovery in 2025, with the STOXX Europe 600 Banks index rising approximately 65% year-to-date, making it one of the best-performing sectors in Europe [1]. - Analysts suggest that the rise in European bank stocks is more of a structural recovery rather than a typical cyclical rebound, as their valuation levels were significantly lower than their U.S. counterparts prior to this increase [2]. - The negative impact of the prolonged low-interest-rate environment on European banks' profitability has been a key factor suppressing their valuations [2]. - Major European banks have seen substantial stock price increases, with Deutsche Bank up about 97%, HSBC up approximately 48%, BNP Paribas up around 35%, and UBS up about 30% year-to-date [2]. Group 2: American Bank Stocks - American bank stocks have demonstrated more stable performance in 2025, with notable increases such as Citigroup up about 68%, Goldman Sachs up approximately 57%, and JPMorgan Chase up around 35% [5]. - The core strength of the U.S. banking system lies in its profitability and diversified business structure, which helps mitigate traditional credit cycle fluctuations [5]. - The valuation recovery for U.S. banks began earlier than for European banks, with the market already pricing in expectations of an economic soft landing and interest rate cuts [5]. Group 3: Future Outlook - For 2026, the consensus is shifting from "valuation recovery" to "earnings verification," with European banks needing to see a substantial recovery in credit demand and a reduction in geopolitical risks to maintain their strong performance [6]. - In the U.S., the focus will be on the Federal Reserve's policy path, with large banks expected to maintain capital returns if interest rate cuts are gradual and the economy achieves a soft landing [6]. - The bank stock market in 2026 is expected to be more selective, requiring investors to pay closer attention to earnings quality, risk management, and structural differences between markets [6].

Core Viewpoint - HSBC Holdings announced that Ann Godbehere, the senior independent director and board member, will retire at the bank's 2026 annual general meeting due to personal and lifestyle reasons [1] Company Summary - Ann Godbehere led the search for a new chair prior to her retirement announcement [1]

格隆汇12月23日｜汇丰控股公告称，高级独立董事高安贤(Ann Godbehere)将于2026年股东周年大会结 束时退任。汇丰表示，董事会主席遴选已经完成，完全尊重她以个人和生活理由退任的决定。 ...

智通财经APP讯，汇丰控股(00005)发布公告，高级独立董事高安贤将会离职，于2026年公司股东周年大 会结束时自董事会退任。 ...

汇丰控股(00005)发布公告，高级独立董事高安贤将会离职，于2026年公司股东周年大会结束时自董事 会退任。 ...

Core Viewpoint - HSBC Holdings (00005.HK) announced that senior independent director, Gao Anxian, will resign from the board at the end of the company's 2026 annual general meeting [1] Group 1 - The chairman of the group,聂智恒, expressed gratitude for Gao Anxian's significant contributions to the HSBC board [1] - The chairman confirmed that the selection process for a new chairman has been successfully completed and respects Gao Anxian's decision to resign for personal and lifestyle reasons [1] - Gao Anxian stated that serving on the HSBC board was an honor and expressed her best wishes for the board and management in executing their strategies [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 2025 年 12 月 23 日 (香港股份代號 : 5) HSBC Holdings plc 滙豐控股有限公司 董事會變動 隨附之公告現正於 HSBC Holdings plc 滙豐控股有限公司上市之證券交易所發布。 代表 滙豐控股有限公司 公司秘書長 戴愛蘭 於本公告發表之日，滙豐控股有限公司董事會成員包括：聶智恆*、艾橋智、鮑哲鈺†、段小纓†、 范貝恩女爵士†、傅偉思†、高安賢†、古肇華†、郭珮瑛、麥浩智博士†、莫佩娜†、梅愛苓†及張瑞蓮†。 * 獨立非執行主席 † 獨立非執行董事 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 集團主席聶智恆表示：「我謹此多謝高安賢對滙豐董事會作出的重 ...

Core Viewpoint - The article discusses the historical significance and urban layout of Fuzhou, particularly focusing on the "central axis" that runs from the North Gate to the South Gate, highlighting the influence of foreign trade and the establishment of foreign consulates in the area [2][6][9]. Urban Layout and Historical Context - Fuzhou's urban structure is characterized by the phrase "three mountains and two towers," with a central axis that extends from the North Gate to the South Gate, reflecting the city's traditional layout [2][3]. - The "central axis" includes six city gates and is flanked by significant landmarks such as the Seven-story White Pagoda and the Seven-story Stone Pagoda, indicating the core area of Fuzhou [3][4]. - The map from the U.S. Library of Congress illustrates the geographical distribution of Fuzhou and its surroundings, emphasizing the city's development during the foreign trade era [2][5]. Foreign Influence and Economic Development - The article notes that after the opening of Fuzhou to trade, foreign financial capital, enterprises, and diplomatic institutions increased, leading to the rise of South Taiwan as a commercial area [6][9]. - The presence of foreign trading houses and consulates in Fuzhou, particularly in the South Taiwan area, indicates a mixed residential and commercial environment that emerged during the late Qing Dynasty [9][11]. - The establishment of various foreign consulates and trading houses, such as Jardine Matheson and others, played a crucial role in the development of Fuzhou's economy and urban landscape [7][8][11]. Mapping and Urban Expansion - The maps created during this period, including the "Fuzhou South Taiwan Map," provide detailed insights into the urban layout and the growing influence of foreign entities in Fuzhou [6][7]. - The 1936 map by the National Government reflects the expansion of Fuzhou's urban areas, indicating a clear distinction between the "inner city" and the "outer city" [10][11]. - The administrative divisions of Fuzhou have evolved, with the central axis now encompassing multiple districts, showcasing the city's development and integration of foreign influences [11].