Core Viewpoint - HSBC believes that the US dollar is likely to weaken again, with expectations of hitting a bottom in early next year [1] Group 1: Economic Indicators - HSBC's global foreign exchange research head states that the US dollar typically weakens when the Federal Reserve resumes a loose monetary policy and the US avoids recession [1]

Group 1 - The core viewpoint of the article is that JPMorgan expects HSBC's privatization of Hang Seng to have a positive impact on profitability [1] - JPMorgan calculates that the privatization will increase HSBC's net profit after tax (NPAT) by 3.7% by 2027, and earnings per share will rise by 0.1% [1] - The average return on tangible equity (ROTE) is projected to improve by 38 basis points due to the privatization [1] Group 2 - The privatization is expected to release approximately 40 basis points of HSBC's common equity tier 1 capital ratio (CET1) [1] - JPMorgan believes that the decline in HSBC's stock price has already reflected the downside risks associated with the transaction, predicting a sideways movement in the stock price in the short term [1] - Despite a lack of positive catalysts and no share buyback support, HSBC's long-term yield is still expected to reach 5%, with the risks from tariffs already considered [1] Group 3 - In light of the renewed tensions in US-China trade relations, JPMorgan anticipates that HSBC will outperform the Hang Seng Index, maintaining an "overweight" rating with a target price of HKD 122 [1]

Investment Rating - The report does not explicitly state an investment rating for the banking industry in 2025 [2] Core Insights - The Chinese banking industry is expected to achieve growth in performance and risk control in 2025, supported by favorable macroeconomic conditions and coordinated monetary and fiscal policies [9][14] - The banking sector is facing challenges such as narrowing net interest margins, rising non-performing loans, and increased competition from fintech companies [10][12] - The report emphasizes the importance of digital transformation and refined management in retail banking, as well as the need for banks to adapt to new consumer demands [11][14] Summary by Sections Macroeconomic and Financial Situation Review - In the first half of 2025, China's GDP grew by 5.3%, outperforming market expectations, driven by a recovery in consumption and investment [9][21] - The global economic recovery remains uneven, with geopolitical tensions and inflationary pressures posing challenges [8][19] - Domestic policies have focused on expanding domestic demand and stabilizing expectations, with a proactive fiscal policy and moderately loose monetary policy [9][10] Performance Analysis of Listed Banks - In the first half of 2025, the total assets of commercial banks reached 402.9 trillion yuan, a year-on-year increase of 8.9% [11] - The non-performing loan ratio improved to 1.49%, while the provision coverage ratio rose to 211.97%, indicating strengthened risk mitigation capabilities [11][12] - The net interest margin for commercial banks was 1.42%, a decrease of 0.12 percentage points year-on-year, marking a historical low [12][46] Business Observations of Listed Banks - Retail banking is entering a phase of "refined management dividends," with a focus on digital transformation to meet new wealth management needs [11][14] - The report highlights the ongoing transformation of bank wealth management and the challenges and opportunities in this area [11][14] - The banking sector is increasingly aligning its services with national strategic needs, focusing on technology, green finance, and inclusive finance [14][49]

（文章来源：新华财经） 汇丰全球外汇研究主管保罗·梅克尔在报告中指出："当美联储重启宽松周期，而美国经济又免于衰退 时，历史经验表明美元将会走弱，这一规律很难被打破。" 虽然关于美国经济重新加速的讨论，以及近期法国和日本的政治局势动荡，确实值得让人思考美元自7 月以来的横盘走势，但市场心态变幻莫测。相信美元走强的渴望固然诱人，但现在摒弃看跌观点为时尚 早。梅克尔预计美元将在明年初触底。 新华财经北京10月14日电关于美元是否已经触底，市场上争论激烈，但汇丰银行认为美元很可能还将再 度走弱。 ...

Core Insights - The trade tensions between the United States and China have escalated, leading to significant market volatility and a potential shift in investor focus towards UK ETFs as a safer investment option [1][3][10] Trade Tensions and Market Impact - President Trump's threat to impose a 100% tariff on Chinese goods has reignited fears of a trade war, resulting in a $2 trillion loss in equity values in a single trading day [4][5] - The S&P 500 and Nasdaq Composite experienced significant declines, with the S&P 500 dropping over 2.7% and Nasdaq falling 3.6% [5] - The CBOE Volatility Index (VIX) spiked to 21.66, reflecting heightened investor anxiety, although it later decreased to 19.37, remaining elevated compared to earlier levels [8] Economic Landscape and ETF Opportunities - The U.S. economic environment is further complicated by a government shutdown, recession fears, and concerns over a potential AI bubble burst, making U.S.-heavy ETFs vulnerable [9] - UK ETFs are currently seen as more stable, with attractive valuations compared to U.S. counterparts, such as the iShares MSCI United Kingdom ETF (EWU) trading at a price-to-earnings ratio of 18.84 versus the iShares Core S&P 500 ETF (IVV) at 30.01 [10] - The EWU also offers a higher dividend yield of 3.68% compared to IVV's 1.18%, presenting a potential value opportunity for investors [10] UK ETFs to Consider - **iShares MSCI United Kingdom ETF (EWU)**: Offers exposure to large and mid-sized UK companies, with top holdings including AstraZeneca (9.14%), HSBC (8.00%), and Shell (7.33%). It has gained 13.4% over the past year with fees of 50 basis points [13] - **Franklin FTSE United Kingdom ETF (FLGB)**: Focuses on UK large and mid-cap companies, with top holdings also including AstraZeneca (8.48%), HSBC (7.67%), and Shell (7.14%). It has gained 13.4% over the past year with fees of 9 basis points [14] - **First Trust United Kingdom AlphaDEX Fund (FKU)**: Provides exposure to select stocks from the Nasdaq United Kingdom Index, with top holdings including International Consolidated Airlines Group (2.52%) and Rio Tinto (2.45%). It has gained 17% over the past year with fees of 80 basis points [15]

数据显示，恒生银行总股本约18.76亿股，由于汇丰亚太及其一致行动人已持有约11.88亿恒生银行股 票，此次汇丰银行私有化收购恒生银行，只需向恒生银行少数股东支付1062亿港元，完成剩余约6.88亿 股的收购。 汇丰表示，拟以内部财务资源支付这项私有化收购的全部金额，预计这项私有化收购令汇丰控股普通股 权一级资本充足率（CET1）下降约125个基点。截至6月底，汇丰的CET1比率为14.6%。 香港银行业整合"再现波澜"。 10月9日，汇丰控股及恒生银行联合发布公告称，汇丰亚太作为要约人，已要求恒生银行董事会向计划 股东提呈建议，根据公司条例第673条，以协议安排方式将恒生银行私有化。若这项建议获得批准，汇 丰亚太将收购由恒生银行少数股东持有的剩余股份，到时恒生银行将成为汇丰控股的全资附属公司 关于私有化收购恒生银行的原因，汇丰控股在10月13日向记者回复称，这项操作符合汇丰控股在香港拓 展业务、实现架构精简灵活的策略重点。与此同时，这项操作还将释放更多投资机会，并提升运营效 益。 为了顺利完成私有化收购，汇丰亚太给出恒生银行每股155港元的收购报价，较恒生银行包括最后交易 日前的30个交易日平均收盘价——1 ...

汇丰控股(00005)发布公告，于2025年10月10日斥资2322.2万英镑回购231.45万股;斥资1.58亿港元回购 153.4万股。 ...

智通财经APP讯，汇丰控股(00005)发布公告，于2025年10月10日斥资2322.2万英镑回购231.45万股;斥资 1.58亿港元回购153.4万股。 ...

格隆汇10月13日丨汇丰控股(00005.HK)发布公告，2025年10月10日耗资1.58亿港元回购153.4万股，回购 价格每股102.2-103.77港元。 ...

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 。 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10月13日 | 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 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | ...