汇丰控股(00005)发布公告，于2025年8月1日斥资2291.99万英镑回购249.5万股;斥资2.32亿港元回购 242.48万股。 ...

智通财经APP讯，汇丰控股(00005)发布公告，于2025年8月1日斥资2291.99万英镑回购249.5万股;斥资 2.32亿港元回购242.48万股。 ...

FF305 | 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 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年7月29日 | | 17,420,706,187 | | 0 | | | 17,420,706,187 | | 1). 購回股份 (股份購回並註銷) | | | -561,200 | 0.003221 % | | H ...

智通财经8月4日电，摩根大通将汇丰银行目标价从830便士上调至870便士。 ...

汇丰 银行在一份报告中称，美国大量积压的铜库存可能会被消耗，从而削弱美国对铜的需求。由于买 家预计美国的铜关税会比实际更宽泛，纽约商品交易所的库存攀升至 21 年来的最高水平。汇丰预测， 2025 年铜价平均为每磅 4.24 美元，2026 年为每磅 4.15 美元。该银行表示："近期铜市场的动态非常清 楚地表明了贸易政策的不确定性如何影响经济、市场和价格。""美国和海外铜价之间的巨大价差也创造 了大量的交易机会，并显著提高了 大宗商品市场的交易利润。"伦敦金属交易所三个月期铜价上涨 0.3%，至每吨 9663 美元。 ...

Group 1 - The European banking sector is experiencing a significant turnaround, moving from being seen as a "market orphan" to a favored investment, driven by rising long-term interest rates and improved economic outlook [1][3] - Major European bank stocks have reached their highest levels since the 2008 global financial crisis, with HSBC, Barclays, Santander, and UniCredit hitting multi-year peaks [1][3] - The Stoxx 600 Banks Index has risen by 34% year-to-date, outperforming U.S. counterparts and poised for its best annual performance since 2009 [1] Group 2 - Analysts attribute the recovery to higher interest rates, a favorable macroeconomic environment, and banks' efficiency measures, which have significantly boosted net interest income [3][4] - The yield curve in Germany and the UK has created an excellent profit environment for banks, with the 30-year bond yields exceeding 2-year yields by 1.3 and 1.5 percentage points, respectively [4] Group 3 - Despite the stock price increases, many investors still view European bank stocks as undervalued, with a price-to-earnings ratio of around 10, lower than U.S. peers at over 13 [5] - Many European banks have recently returned to their book value, indicating potential for further valuation convergence compared to global counterparts [5][6] Group 4 - There are concerns about the sustainability of the current rally, with some market participants questioning whether the upward momentum can continue without further increases in long-term interest rates [6] - Political resistance has hindered potential industry consolidation, limiting growth prospects for the sector [6] - Despite these challenges, European banks still hold valuation discounts compared to global peers, suggesting potential for future appreciation [6]

Core Viewpoints - After excluding the significant impact of the impairment from the Bank of Communications, HSBC's Q2 revenue and profit significantly exceeded expectations, indicating a robust underlying trend [1][2][17] - The impairment is a one-time disturbance and will not affect dividend amounts or capital [1][4][17] Financial Performance - HSBC's Q2 2025 revenue, after excluding significant items, was $17.657 billion, a year-on-year increase of 5.7%, surpassing market expectations [1][3] - The net profit after tax for Q2 2025 was $7.707 billion, reflecting a year-on-year growth of 9.8%, also exceeding market consensus [1][3][4] - The non-performing loan ratio decreased by 5 basis points to 2.41% in Q2 2025 [1] Income Breakdown - Net interest income was $10.714 billion, a year-on-year decline of 2%, but the decline is narrowing and exceeded market expectations [3][9] - Non-interest income continued to grow strongly, with a year-on-year increase of 20%, surpassing market expectations by 12 percentage points [3][8] - Wealth management and transaction banking non-interest income grew by 23% and 6% respectively [3][8] Cost Management - Credit costs slightly increased but remain manageable, with a guidance adjustment to 40 basis points due to pressures in Hong Kong's commercial real estate [4][13] - Operating costs were controlled effectively, with a year-on-year increase of 1.9% after excluding significant items, which is lower than revenue growth [4][15] Future Outlook - HSBC maintains its guidance for 2025 net interest income at $42 billion, with expectations for stable loan growth and limited impact from Hibor fluctuations [5][9] - The bank's return on tangible equity (ROTE) is expected to remain around 15%, supported by strong non-interest income and effective cost management [6][17] - The bank plans to continue its strategy of divesting non-core businesses to enhance focus on global transaction banking and wealth management [15][17] Dividend and Share Buyback - HSBC declared a dividend of $0.10 per share for Q2 2025, with a total cash return of $0.22 per share [1][6] - The bank announced a $3 billion share buyback, maintaining its commitment to shareholder returns [6][16] Strategic Positioning - HSBC is positioned as a key beneficiary of the restructuring of international supply chains and the global allocation of wealth by affluent Asian residents [1][18] - The bank's strong ROTE and high dividend yield present significant investment value [1][18]

机构：中金公司 研究员：严佳卉/吕松涛/张帅帅 2Q25 业绩小幅高于我们预期 汇丰控股发布2Q25 业绩，经调税前利润92 亿美元，同比增长1%，超出市场预期，主要由于经调非息 收入增速较快且净利息收入韧性较强。报告口径税前利润同比下降29%至63 亿美元，主要由于交行再 融资带来股权稀释及减值损失合计21 亿美元，其中11 亿美元的再融资稀释符合预期，10 亿美元的减值 计提未有预期。 HIBOR 低位维持时间超预期，香港本土地产资产质量下行，美国关税政策压力超预期。 经调净利息收入同比下降2%、季度环比上升1%，结构性对冲工具的受益以及负债成本下行对冲了资产 收益下行的影响，也受益于汇率计算。经调2Q25 净息差1.96%，季度环比下降6bp，主要由于Hibor 下 行。账面贷款和存款增长较快主要由于汇率波动，若按固定汇率基准计算，则存贷款规模环比基本持 平，贷款增长来自于英国市场，存款增长来自于中国香港市场。 资产减值损失同比大幅增加，主要来自香港商业地产和低基数。1）2Q25公司针对新增香港商业地产违 约敞口增加减值准备，也针对商业地产供给过剩导致租金及价格下行而增加减值准备。2）2Q24 低基 数 ...

Core Viewpoint - The Hong Kong High Court has approved a request for asset preservation in the inheritance case of Zong Qinghou, restricting access to approximately $1.8 billion in HSBC accounts until a final ruling is made by the Hangzhou Intermediate People's Court and the Zhejiang High People's Court [1] Group 1 - The court's order prevents Zong Fuli from utilizing the $1.8 billion in HSBC accounts [1] - The asset preservation order will remain in effect until the conclusion of the ongoing litigation in mainland China [1] - This ruling marks an initial setback for Zong Fuli in the inheritance dispute over Zong Qinghou's estate [1]

Core Points - The Shanghai Composite Index decreased by 0.37%, while the CES100 index fell by 0.94%, closing at 5353.14 points with a trading volume of 86.446 billion yuan [1] - The CES100 index has shown a monthly increase of 3.15%, a quarterly increase of 11.48%, and a year-to-date increase of 26.14% [1] Index Composition - The top ten holdings of the CES100 index include Tencent Holdings (10.09%), HSBC Holdings (9.91%), Alibaba-W (9.73%), Xiaomi Group-W (7.38%), AIA Group (5.77%), Meituan-W (5.68%), Hong Kong Exchanges and Clearing (4.02%), Standard Chartered Group (2.52%), Prudential (1.94%), and Kuaishou-W (1.7%) [2] - The CES100 index is fully composed of stocks from the Hong Kong Stock Exchange [2] - Sector allocations within the CES100 index include Financials (27.57%), Consumer Discretionary (26.61%), Communication Services (14.04%), Information Technology (9.72%), Real Estate (5.45%), Health Care (5.39%), Utilities (3.97%), Industrials (3.49%), Consumer Staples (3.19%), and Materials (0.57%) [2] Fund Tracking - Public funds tracking the CES100 index include Huaan CES Hong Kong Stock Connect Selected 100 ETF Link A, Huaan CES Hong Kong Stock Connect Selected 100 ETF Link C, and Huaan CES Hong Kong Stock Connect Selected 100 ETF [2]