Core Insights - HSBC UK, in partnership with Sage, is launching a digital tax reporting tool named My Business Finances to assist business owners in adapting to the Making Tax Digital for Income Tax (MTD) regulations starting in April [1][3] Group 1: Product Features - My Business Finances integrates Sage's technology within HSBC UK's business banking platform, allowing users to manage accounts and file tax returns online without needing separate accounting software [1][3] - The tool will also facilitate bookkeeping and invoicing directly from the HSBC UK business account, streamlining financial management for small businesses [2][3] - The service aims to simplify tax compliance, which can be time-consuming and costly, by consolidating invoicing, accounting, and tax compliance into one platform [3][5] Group 2: Target Audience - Initially, My Business Finances will be available to sole traders and landlords, who will be directly impacted by the upcoming MTD changes [4] - The collaboration is designed to support small companies and self-employed individuals in transitioning to a fully digital tax administration [3][4] Group 3: Strategic Intent - HSBC UK aims to help small businesses save time and focus on growth by reducing the administrative burden associated with tax compliance [2][3] - The integration of Sage's accounting capabilities into HSBC UK's platform is intended to make financial management more effortless and accessible for users [5]

Core Viewpoint - HSBC is making a concerted effort to rebuild its investment banking business in Hong Kong to increase its market share in the IPO sector after missing the 2025 listing boom [1] Group 1: Company Strategy - HSBC served as the lead sponsor for only one out of over a hundred listing projects on the Hong Kong Stock Exchange last year [1] - The head of HSBC's corporate and institutional banking division, Michael Roberts, emphasized the company's focus on expanding its presence in the Hong Kong IPO market [1] - HSBC plans to recruit bankers from China to enhance its equity capital markets team in the region, aiming to capitalize on the trend of Chinese companies listing in Hong Kong [1] Group 2: Market Context - Roberts noted that IPO activity in Hong Kong currently surpasses that of London, indicating a strategic shift towards markets with higher growth potential [1] - The company acknowledges that it may have been late in increasing resources in this area but has a proactive plan to enhance its capabilities in China [1]

#斯塔默说对中国视而不见不明智#【#斯塔默访华先把合作谈下来再说#】英国首相斯塔默正式访华，一 直停留到1月31日。斯塔默此行是明显以经济议题为核心的高规格访问。如果说过去几年中英关系呈现 出"政治先行、经济退位"的特征，那么这次更像是一次"经济先行、政治降噪"的重新排序。为什么这么 说？第一，时间点很不一般。这是英国首相时隔八年再访中国。八年前是特雷莎·梅，那还是"中英黄金 时代"的尾声。后来中英关系一路降温。现在斯塔默上台半年，就把访华提上日程，本身就是一个方向 性选择。第二，看随行名单，比看表态更真实。斯塔默此行将前往北京和上海，随行人员包括财政大臣 里夫斯、商业贸易大臣凯尔、国家安全事务顾问鲍威尔。企业这边，汇丰、渣打、阿斯利康、捷豹路 虎、施罗德和伦敦证券交易所集团等多名重量级企业高管，全是"压箱底"的牌。一言以蔽之，这是政府 在为资本和市场重建通往中国的通道。第三，英国真的很缺增长。脱欧之后，英国经济一直没缓过来。 财政有220亿英镑缺口，产业老化，新产业又没接上。而中国，是英国第五大贸易伙伴，双边贸易额近 千亿英镑。斯塔默自己说得很直白："中国是全球第二大经济体，视而不见是不明智的。"第四，这次 ...

Group 1: Consumer Sector Opportunities - The focus on expanding domestic demand will be a key policy priority in 2026, with consumption being reinforced as the main engine for economic growth [4] - Short-term measures like trade-in policies are expected, but long-term growth is anticipated to come from service consumption, which is seen as a critical growth source [4] - The government emphasizes new solutions to support the expansion of new consumption and service consumption, indicating a long-term trend [4] - Investors are advised to pay attention to segments with long-term growth potential, particularly in the context of low expectations and valuations in the consumer sector [4][5] Group 2: AI and Technological Integration - Artificial Intelligence (AI) is becoming a significant theme in the global market, with its applications expanding across various industries, particularly in finance, manufacturing, healthcare, and consumer sectors [6] - China's advantages in hardware manufacturing and a rapidly evolving AI ecosystem are driving the integration of AI into various sectors, enhancing economic resilience [6] - Despite some overheating in certain segments, industries like gaming, consumer electronics, and robotics are expected to maintain growth potential due to their alignment with existing market demands [6] Group 3: Investment Outlook for the Greater Bay Area - The Hong Kong stock market is viewed positively due to strong capital inflows and active IPO activities, with policy support for AI expected to attract further investments [7] - A barbell strategy is recommended for onshore and offshore Chinese stocks, balancing technology stocks with high-dividend quality state-owned enterprises for downside protection [7] Group 4: Global Economic Trends and Risks - Key macro factors influencing asset risks in 2026 include the monetary policy paths of the Federal Reserve and other major central banks, which could affect interest-sensitive assets [8] - Geopolitical events may cause market volatility, particularly impacting oil prices, but current oversupply in the oil market mitigates some risks [9] - The divergence in global growth, with strong performance in the US versus challenges in Europe, affects capital flows and asset performance across regions [9] - Increased correlation among asset classes necessitates diversified cross-asset, cross-industry, and cross-regional strategies to manage risks effectively [9]

Core Viewpoint - HSBC Holdings is closing a significant retail outlet in Singapore's financial district and opening a wealth center in the same building to enhance services for affluent clients in one of Asia's major financial hubs [1] Group 1: Company Strategy - The Raffles Place outlet will close on February 28, marking it as one of the six branches HSBC operates in Singapore [1] - A spokesperson for HSBC stated that Singapore remains a key market, and the distribution layout in the country will remain unchanged [1] - The opening of the new Raffles Place center aligns with the bank's strategy to transform branches into wealth centers [1]

Group 1: Importance of China to the UK - China is recognized as the world's second-largest economy and the UK's third-largest trading partner, playing an irreplaceable role in the UK's economic development and livelihood security [1] - The visit by UK Prime Minister Starmer marks the first official visit to China by a UK Prime Minister in eight years, reflecting a desire for a coherent and strategic UK-China relationship [1] - Starmer emphasized that past indecisiveness in UK-China policy led to missed opportunities, and China's influence is now crucial to the lives of the British people [1] Group 2: Economic and Trade Cooperation - The UK government aims to deepen bilateral economic and trade relations, with a focus on sectors such as financial services, advanced manufacturing, and energy transition, which align well with China's economic needs [2] - The UK Treasury highlighted that cooperation with China in the financial sector could directly benefit UK employment and business development, especially as the FTSE index reaches new highs [2] - Major UK companies, including AstraZeneca, Jaguar Land Rover, and HSBC, are participating in the delegation to China, indicating the importance of the Chinese market for their growth and innovation [2] Group 3: Cultural and Scientific Collaboration - The UK Natural History Museum has been collaborating with Chinese partners for fifteen years, showcasing the importance of cultural exchange and the potential for further cooperation in research and knowledge sharing [3] - Representatives from cultural institutions, such as the National Theatre, expressed that cultural exchanges enhance emotional resonance between the two nations, providing lasting motivation for UK-China relations [4] - The consensus among UK political, business, and cultural sectors is that deepening practical cooperation with China is in the mutual interest of both countries [4]

Market Overview - U.S. stock markets are experiencing a pivotal moment with anticipation surrounding the Federal Reserve's interest rate decision and earnings reports from major technology companies [1] - Premarket trading shows a mixed but generally upward trend, with S&P 500 Futures up 0.3% to 7,028.75 points and Nasdaq 100 Futures up 0.6% to 26,228.75 points, while Dow Jones Futures remain flat at 49,159.0 points [2] Semiconductor Industry - U.S. chip stocks are seeing notable gains, with Nvidia increasing by 1.7%, AMD rising by 1.4%, and Intel climbing 4.6%, reflecting strong investor confidence in AI and advanced computing [3] Major Market Indexes - The S&P 500 Index closed at a record high of 6,978.60 points, a 0.41% increase, driven by strength in chipmakers and AI infrastructure stocks, particularly Micron Technology, which announced a $24 billion investment in Singapore [4] - The Dow Jones Industrial Average closed at 49,003.41 points, down 0.83%, primarily due to weakness in the healthcare sector, with UnitedHealth Group forecasting a revenue decline for 2026 [5] - The Nasdaq Composite Index closed up 0.91% at 23,817.10 points, reaching a 2.75-month high, with nearly 30% year-over-year growth attributed to AI advancements [6] Upcoming Market Events - The Federal Reserve is expected to hold its key interest rate steady within the 3.5%-3.75% target range, following three consecutive rate cuts in late 2025, with a focus on the labor market and consumer spending [7] - Major earnings reports are anticipated from tech giants Meta Platforms and Microsoft, which will provide insights into the technology sector's health and AI investments [13] Company News - Infosys announced a strategic AI-focused collaboration, indicating ongoing investment in AI solutions [14] - Boeing's CEO outlined a turnaround plan after six consecutive annual losses, addressing operational challenges [14] - HSBC is scaling back its M&A and equities businesses in Europe, the UK, and the Americas to focus on Asian operations [14] - JetBlue Airways reported a significant Q4 loss and provided weaker-than-expected revenue guidance, raising concerns about profitability [14] - RTX Corporation delivered higher-than-expected Q4 results, showcasing strong growth across its business segments [14]

Core Viewpoint - HSBC's share price has reached an all-time high, with its market capitalization now at $300 billion, making it the sixth largest bank globally after JPMorgan [1] Group 1 - HSBC's strong rally in share price indicates robust investor confidence and market performance [1] - The bank's market capitalization of $300 billion signifies significant growth and positioning within the global banking sector [1] - HSBC's ranking as the sixth largest bank in the world highlights its competitive stature among major financial institutions [1]

基于上述判断，汇丰已在当前全球发达市场主权债券资产配置框架中，将日本国债的持仓比例调降至最 低水平。报告未披露具体配置数值及收益率预测区间，亦未说明"吸引力下降"的量化依据，相关细节暂 未披露。 分析人士指出，日本国债作为传统避险资产，其估值逻辑正面临货币政策路径不明、财政可持续性压力 以及政治不确定性上升等多重挑战。即将到来的众议院选举可能对日本财政与货币政策走向产生重要影 响，进而波及全球主权债市场定价。（新华财经） 汇丰银行策略团队近日发布研究报告指出，与其他发达经济体的政府债券相比，日本国债的相对吸引力 正在减弱。该行预计，在2026年2月8日举行的日本众议院选举前，长期日本国债收益率将进一步上行。 ...

Core Viewpoint - HSBC's strategy team indicates that the relative attractiveness of Japanese government bonds is diminishing compared to other developed economies' government bonds, predicting an increase in long-term Japanese government bond yields before the upcoming House of Representatives election on February 8, 2026 [1] Group 1: Investment Strategy - HSBC has reduced its allocation to Japanese government bonds to the lowest level within its global developed market sovereign bond asset allocation framework [1] - The report does not disclose specific allocation values or yield forecast ranges, nor does it provide quantitative evidence for the "decreasing attractiveness" [1] Group 2: Market Analysis - Analysts note that Japanese government bonds, traditionally viewed as safe-haven assets, are facing multiple challenges including unclear monetary policy paths, pressures on fiscal sustainability, and rising political uncertainties [1] - The upcoming House of Representatives election is expected to significantly influence Japan's fiscal and monetary policy direction, which may impact global sovereign debt market pricing [1]