Core Insights - The report from HSBC reveals that individuals in mainland China typically need to accumulate HKD 10 million in liquid assets by the age of 43, taking an average of 10 years to transition from HKD 1 million to HKD 10 million [3][7]. - The threshold for being considered "middle class" in mainland China is defined as having liquid assets of approximately RMB 6.93 million, reflecting a shift in understanding from ownership of fixed assets to the availability of disposable income [4][5]. Investment Trends - A significant change in wealth accumulation strategies is noted, with over 60% of respondents believing that holding cash is no longer effective against inflation, prompting 79% to diversify their investments [10][12]. - The preference for real estate as a primary income source is declining, with only 28% planning to invest in property over the next five years, compared to 80% who favor income from investments [15][16]. Asset Allocation Shifts - There is a notable increase in the intention to invest in various financial products, particularly stocks, which are expected to see a 23% increase in allocation. Gold and precious metals are also gaining attention as hedges against inflation [18][19]. - The focus on high-growth sectors such as hard technology, biomedical, renewable energy, semiconductors, and artificial intelligence is prevalent, with over 47% of respondents expressing confidence in these industries [18][19]. Comparative Analysis with Hong Kong - Hong Kong millionaires achieve their first HKD 10 million at an average age of 39, taking 8 years to reach this milestone, indicating a faster wealth accumulation compared to their mainland counterparts [21][22]. - The investment strategies of Hong Kong millionaires emphasize active management and leverage, with 88% indicating a willingness to use financing for higher returns, contrasting with the more conservative approach observed in mainland China [23][24]. Long-term Wealth Management - The report highlights the importance of long-term planning, with 80% of Hong Kong millionaires considering wealth transfer to future generations, showcasing a more comprehensive approach to wealth management [28][29]. - The evolution of wealth management is underscored by the need for a diversified and professional investment strategy, moving away from reliance on single asset classes towards a more systematic and global financial planning framework [31].

金吾财讯 | 汇丰控股(HSBC)盘前延续升势，暂升0.27%，报83.98美元。 香港保险业监管局公布的2025年第三季临时统计数字显示，汇丰保险于人寿保险市场新造业务保费及年 化新保费，首三季市场份额分别达16.8%及19.1%。 香港保险业监管局公布的2025年第三季临时统计数字显示，汇丰保险于人寿保险市场新造业务保费及年 化新保费，首三季市场份额分别达16.8%及19.1%。 金吾财讯 | 汇丰控股(HSBC)盘前延续升势，暂升0.27%，报83.98美元。 ...

高盛与汇丰的看涨信心建立在欧洲经济韧性和盈利增长、宽松的货币政策以及更快步伐的财政支出上。汇丰现在是欧洲股 市最强劲看涨势力，已将斯托克600指数的目标从640点上调至670点位，意味着在今年剩余时间大约11%的潜在上行空间。 在18位受访的华尔街策略师中，仅仅只有三位策略师预期约4%或更大幅度的潜在下行空间：TFS Derivatives、美国银行 (Bank of America)以及法国巴黎银行(Societe Generale)。 智通财经APP获悉，根据机构发起的一项调查，欧洲股市有望克服美欧贸易战威胁以及地缘政治紧张局势带来的重大挑 战，前提是欧洲经济前景能够为欧洲股市提供强劲支持以及更加庞大的美国资金涌向欧股市场。华尔街策略师们的共识中 位数预期显示，欧洲股市基准股指——斯托克600指数(Stoxx Europe 600 Index)到2026年年底之前将上涨约4%，意味着将从 周三的收盘点位上涨到626点。 华尔街金融巨头高盛集团以及汇丰(HSBC)自去年12月的最后一次面向分析师的Bloomberg Intelligence调查以来持续上调了 对于欧洲股市的目标点位，尽管经历2025年强劲涨 ...

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公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告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。 本公告僅供參考，並不構成收購、購買或認購滙豐控股、滙豐亞太或恒生銀行證券的邀請 或要約或該等邀請或要約的一部分，亦不在任何司法管轄區構成任何投票或批准的招攬， 亦不構成於任何司法管轄區內任何收購、購買或認購滙豐控股、滙豐亞太或恒生銀行證券 的邀請、要約或招攬要約，亦不得在任何司法管轄區內違反適用法律進行銷售、發行或轉 讓滙豐控股、滙豐亞太或恒生銀行證券。若構成違反任何司法管轄區的適用法律或法規， 則本公告所載全部或部分資料不得於、向或從該司法管轄區發佈、刊發或分發。 滙豐控股有限公司 （香港股份代號：5） 恒生銀行有限公司 （股份代號：11（港幣櫃台）及 80011（人民幣櫃台）） 香港上海滙豐銀行有限公司 聯合公告 (1) 香港上海滙豐銀行有限公司根據《公司條例》第673條 以協議安排方式將恒生銀行有限公司私有化之建議 (2) 高等法院認許計劃 (3) 預期計劃生效日期 及 (4) 預期撤銷恒生銀行股 ...

另一方面，巴克莱预期渣打未来几年的有形股本回报率(RoTE)将持续改善料2028年可达15%，主要受经 营杠杆带动，但2026年或为过渡年份，盈利对比市场预期的上行风险较不明显，RoTE或降至13%。该 行重申对伦敦上市的渣打"与大市同步"评级，目标价由16英镑上调至19英镑。 巴克莱发表研报，预期汇丰控股的盈利表现将远超其指引及市场预期，主要因香港市场利好因素持续、 全面整合恒生银行，以及其战略举措能抵消美国政策波动。巴克莱假设美息将降至约3%，料汇控2026 及27年的净利息收入仍将较市场预期高4%至5%。即使美息降至较低的2%水平，汇控表现仍能达到市场 预期。该行重申对伦敦上市的汇丰控股的"增持"评级，目标价由12.3英镑上调至14英镑。 ...

Group 1 - Xiaomi reported two incidents of vehicle fires, emphasizing that the battery status was normal during both events [3][5] - In the first incident on January 19, a vehicle in Haikou experienced a fire shortly after being parked, but no injuries were reported [3] - The second incident involved a collision on a highway in Henan, where the vehicle caught fire after the accident, with no casualties [5] Group 2 - Gree Electric plans to mass-produce silicon carbide chips for automotive use, with expectations that half of the chips used by GAC Group will come from Gree [4] - The company is expanding its production capabilities to include chips for photovoltaic storage and logistics vehicles [4] Group 3 - OpenAI's CFO announced that the company's annual revenue for 2025 is projected to exceed $20 billion, a significant increase from $6 billion in 2024 [16] - The growth is attributed to the expansion of computing capabilities and the introduction of advertising in ChatGPT [16] Group 4 - Hikvision reported a net profit of 14.188 billion yuan for 2025, representing an 18.46% year-on-year increase [22] - The company's total revenue reached 92.518 billion yuan, with a slight growth of 0.02% [22] Group 5 - Zhaoyan New Drug expects a significant increase in net profit for 2025, projecting a rise of approximately 214% to 371% [23] - The company anticipates a decrease in revenue, estimating between 1.573 billion to 1.738 billion yuan, a decline of about 13.90% to 22.10% [23] Group 6 - Hongyuan Green Energy forecasts a turnaround in net profit for 2025, estimating between 180 million to 250 million yuan [24] - The improvement is attributed to a vertically integrated supply chain and the sale of equity in a subsidiary, contributing approximately 291 million yuan to profits [24] Group 7 - Bright Dairy expects a net loss of 120 million to 180 million yuan for 2025, a significant decline from a profit of 722 million yuan in the previous year [25] - The loss is primarily due to production issues at its overseas subsidiary, leading to increased costs and inventory write-offs [25]

Core Viewpoint - Japanese Prime Minister Fumio Kishida announced the dissolution of the House of Representatives on January 23, with early elections scheduled for February 8, emphasizing the need for bold investment in risk management and a departure from excessive tightening [1] Group 1: Economic Policies and Market Reactions - Kishida's administration is characterized by expansionary fiscal and monetary policies, raising concerns about rapid government spending and the resurgence of inflation [1] - The traditional correlation between the yen and U.S. Treasury yields is breaking down, prompting HSBC strategists to revise their forecasts for the yen's performance in the coming months [1] - Since early October, the yen has depreciated approximately 7% against the dollar, despite a narrowing yield gap of nearly 60 basis points between Japanese and U.S. 10-year bonds [1] Group 2: Currency Dynamics and Predictions - HSBC strategists noted a "wedge difference" reflecting an expanded "risk premium" for the yen, driven by concerns over debt monetization, declining purchasing power, and persistent inflation with negative real interest rates [1] - The recent sell-off in Japanese government bonds has led to a spike in yields, prompting calls for market participants to remain calm from Japan's Finance Minister [4] - HSBC now predicts the yen will depreciate to around 160 yen per dollar by mid-year, a shift from previous expectations of strengthening to 150 yen per dollar [4] Group 3: Potential Factors Influencing the Yen - Factors that could potentially prevent further short-term depreciation of the yen include a slowdown in the U.S. economy, positive real yields on Japanese bonds, credible fiscal consolidation plans, and checks on aggressive fiscal expansion within the parliament [5][6] - The Bank of Japan's upcoming interest rate decision is expected to maintain the current benchmark rate, which may not provide direct support for the yen [6] Group 4: Government Intervention and Market Sentiment - Traders are on high alert for potential intervention by Japanese authorities if the yen continues to weaken, especially as it approaches critical levels [7] - Japan's Finance Minister indicated that all options, including direct market intervention, are on the table to address excessive volatility [7] - The upcoming press conference by Bank of Japan Governor Kazuo Ueda is anticipated to provide insights into the central bank's stance amid the yen's depreciation [8]

Core Viewpoint - The market's concerns over Japan's significant increase in government spending and the resurgence of inflation are leading to a breakdown in the traditional correlation between the yen and the dollar, prompting HSBC strategists to revise their forecasts for the yen's trajectory in the coming months [1] Group 1: Economic Factors - Two catalysts for the "sudden revaluation" of the yen are identified: the substantial rise in Japanese inflation that began in 2022 and the ascension of Prime Minister Kishi Matsumoto in October [1] - HSBC now predicts that the yen will fall to 160 yen per dollar by mid-year, contrary to previous expectations of strengthening to 150 yen [1] Group 2: Market Dynamics - The complexity of the situation is highlighted by the potential for Japanese authorities to intervene in the foreign exchange market if the yen falls below 160 [1] - Several potential factors that could halt the yen's recent decline are noted, with the most feasible being an economic slowdown in the United States, which is beyond the control of Japanese policymakers [1]

Group 1 - President Trump is expected to meet with global business leaders, including CEOs from financial services, cryptocurrency, and consulting industries, at the World Economic Forum in Davos [1] - OpenAI's policy head, Chris Leonne, announced plans to release the company's first hardware device in the second half of 2026, although no commitment was made for a formal launch this year [3] - HSBC's corporate and investment banking head stated that the company's market value is now aiming to exceed £300 billion (approximately $402 billion) after recently surpassing £200 billion (approximately $268 billion) [8] Group 2 - JPMorgan's strategists downgraded their outlook on emerging market currencies from "overweight" to "neutral," citing that short-term positions have become "overbought" after a year of strong gains [9]

智通财经APP获悉，汇丰银行(HSBC.US)企业及投资银行部门负责人迈克尔·罗伯茨称，继其市值历史性 地首次突破2000亿英镑(2680亿美元)数周后，该行目前的市值有望突破3000亿英镑。 尽管地缘政治危机正在酝酿，罗伯茨在接受采访时表示，这家欧洲最大的银行可能会变得更加庞大，并 展望了公司股价在目前接近历史高位的基础上再上涨超过50%的前景。 汇丰企业及机构银行CEO罗伯茨表示，"从2000亿英镑到我们今天的位置……达到3000亿无疑是触手可 及的，""在我们看来，鉴于我们认为能够产生利润的领域，确实值得更高的估值。" 汇丰银行的股价——最新交易价格约为1223便士——持续走高，使其目前的估值达到约2100亿英镑，这 也使其稳居欧洲最大金融机构的宝座，领先于西班牙桑坦德银行、瑞士瑞银集团和法国巴黎银行等同 行。 汇丰在过去一年里对其全球业务进行了大规模重组，作为首席执行官乔治·埃尔赫德里简化银行架构和 削减成本行动的一部分，该行裁减了数千个工作岗位，合并并关闭了一些业务线，同时出售了其他业 务。罗伯茨表示，重组阶段现已基本完成，银行正在寻找推动增长的方法。 他说，"我们真的在展望未来，"同时他也警告称， ...