Group 1 - HSBC Holdings repurchased approximately 3.48 million shares on the Hong Kong Stock Exchange and other exchanges [1] - On August 20, HSBC spent about HKD 132 million to repurchase around 1.33 million shares at a price range of HKD 98.6 to 99.55 per share [1] - On the same day, HSBC repurchased approximately 2.15 million shares on the London Stock Exchange at a price range of GBP 9.43 to 9.644 per share, totaling approximately GBP 20.52 million [1]

智通财经APP讯，汇丰控股(00005)发布公告，于2025年8月20日斥资2052.09万英镑回购214.6万股;斥资 1.32亿港元回购133.28万股。 ...

格隆汇8月21日丨汇丰控股(00005.HK)公告，8月20日耗资1.32亿港元回购133.28万股，每股回购价98.6- 99.55港元。 ...

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8月21日 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 。 | 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 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 ...

Core Viewpoint - The Federal Reserve's monetary policy adjustments significantly impact HSBC Holdings' stock performance, with 2025's interest rate stability and hints of future rate cuts leading to notable stock price volatility due to geopolitical risks and fiscal expansion pressures [1] Group 1: Interest Rate Transmission Mechanism - The Federal Reserve maintains the federal funds rate in the range of 4.25%-4.5%, with only two rate cuts planned for 2025, totaling 50 basis points, which is below market expectations of four cuts [1] - Market expectations regarding the Fed's rate cut timing have fluctuated, causing stock price volatility; for instance, after the July 30 Fed meeting, the probability of a September rate cut dropped from 65% to 30%, resulting in a 2.3% drop in HSBC's Hong Kong stock [1] Group 2: Currency Fluctuations - The Fed's policies influence HSBC's cross-border business through the dollar exchange rate, impacting the company's operations and profitability [1] Group 3: Capital Flows - Adjustments in Fed policy lead to a global reallocation of capital, affecting HSBC's funding and investment strategies [1] Group 4: Credit Risk - The Fed's policies contribute to a slowdown in the U.S. economy, which in turn affects the credit quality of HSBC's loan assets [1] Group 5: Market Expectations - Uncertainty in the Fed's policy path amplifies valuation volatility for HSBC, with analysts revising profit expectations downwards; for example, the 2025 net profit forecast was reduced from $14.5 billion to $12.4 billion, a decline of 14.5% [1] Group 6: Asset and Liability Management - In HSBC's Americas business, loan pricing is linked to Fed rates, limiting the upside for new loan yields while only 35% of existing loans are floating rate, restricting benefits from rising rates [2] - The cost of deposits in the U.S. has risen to 2.1%, a 40 basis point increase from 2024, significantly higher than the 1.3% in Asia, further compressing net interest margins [2] - By Q2 2025, the net interest margin for HSBC's North American business narrowed to 2.8%, a year-on-year decline of 15 basis points [2] Group 7: Foreign Exchange Losses - In Q2 2025, the strong dollar led to exchange losses of $1.2 billion in HSBC's cross-border trade financing, accounting for 19% of the quarter's pre-tax profit [3] - To mitigate currency risk, HSBC increased its dollar hedging positions, resulting in a 25% year-on-year increase in derivative trading volume and an additional $300 million in trading costs [3] Group 8: Emerging Market Dynamics - The issuance of $1 trillion in U.S. debt under the "Big and Beautiful" act has raised U.S. Treasury yields, exacerbating capital outflow pressures from emerging markets, with HSBC's loan growth in Latin America slowing from 12% in 2024 to 5% in the first half of 2025 [3] - Conversely, the Fed's rate cut expectations have driven global capital back to Asia, with HSBC's wealth management business in Asia seeing net inflows of $23 billion, an 18% year-on-year increase, partially offsetting declines in the Americas [3] Group 9: Credit Quality Concerns - HSBC has increased provisions for U.S. commercial real estate loans by $1.9 billion in Q2 2025, a 90% year-on-year increase, reflecting rising default rates [3] - Despite low unemployment, the credit card loan default rate rose from 2.1% in 2024 to 2.7% in Q2 2025, with HSBC's U.S. credit card business non-performing loan rate increasing to 3.2% [3] Group 10: Valuation Compression - HSBC's price-to-earnings ratio (TTM) decreased from 12.8 times at the beginning of 2025 to 9.3 times by the end of July, below the average of 10.5 times for Asian peers, indicating market concerns over its U.S. business profitability [4] Conclusion - The dynamic interplay between the Federal Reserve's policies and HSBC's stock price is influenced by multiple channels, including interest rates, currency fluctuations, capital flows, and credit risks, leading to increased stock price volatility amid geopolitical risks and fiscal pressures [4]

每经AI快讯，8月20日，汇丰控股(00005.HK)在港交所发布公告称，8月19日于香港斥资约1.43亿港元回 购约145万股，每股回购价在98.5至99.35港元；同日在伦交所回购约233万股，每股回购价在9.416至 9.484英镑，斥资约2199.3万英镑。 ...

智通财经APP讯，汇丰控股(00005)公布，2025年8月19日耗资约2199.27万英镑回购约232.58万股股份， 耗资约1.43亿港元回购145.16万股股份。 ...

格隆汇8月20日丨汇丰控股(00005.HK)公告，8月19日耗资1.4亿港元回购145.2万股。 ...

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8月20日 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 。 | 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 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股 ...

Core Viewpoint - European banks have reported lower-than-expected provisions for bad loans despite sluggish economic growth, primarily due to resilient labor market conditions offsetting pressures from economic weakness [1][4]. Group 1: Loan Provisions and Economic Impact - Analysts had anticipated that banks would signal deteriorating credit quality due to slowing economic growth, but strong employment data mitigated these expectations [4]. - In early 2023, banks like Barclays and Deutsche Bank had higher-than-expected provisions for bad loans, but they quickly adjusted their strategies [1]. - Overall loan loss provisions in the second quarter were 10% lower than expected, according to Keefe, Bruyette & Woods (KBW) [1]. Group 2: Asset Quality and Resilience - European banks have retained some of the provisions accumulated post-COVID, estimated at around €10 billion, to cushion against potential increases in bad loans [4]. - The European Central Bank's decision to lower deposit rates to 2% has also supported credit quality [4]. - Credit quality is expected to remain resilient unless there is significant economic turmoil and rising unemployment [4]. Group 3: Financial Performance - The MSCI Europe Financials sub-index saw a profit growth of 15% in the second quarter, significantly exceeding the expected 1.8%, marking the largest positive surprise among all sectors [7]. - The stability in credit quality, resilient net interest income, and steady growth in trading income have contributed to European banks outperforming other sectors during this earnings season [7]. Group 4: Loan Growth as a Catalyst - Loan growth is emerging as a new driver for European banks, with signs of recovery in loan demand being crucial for the banking sector and the overall economy [8]. - Despite uncertain economic prospects, European banks experienced a 2% increase in deposits and a 3% rise in loan growth in the second quarter, driven by improved loan demand [8]. - The growth in loan volumes is seen as a key factor not yet reflected in stock prices and valuation multiples [9].