Core Insights - Goldman Sachs released a research report indicating that HSBC Holdings' core earnings for Q2 exceeded expectations, primarily driven by strong pre-provision profit (PPOP) and non-banking net interest income [1] Financial Performance - HSBC's management reiterated guidance for net interest income, cost growth, and return on tangible equity (ROTE) for 2025, but raised the full-year credit cost guidance to approximately 40 basis points [1] - Management anticipates that if HIBOR remains at 1%, it will negatively impact the bank's net interest income by about $100 million per month [1] Earnings Forecast Adjustments - Goldman Sachs adjusted its net interest income forecasts for HSBC for the years 2025 to 2027 and raised its earnings per share forecasts for 2025 to 2029 [1] - Based on these adjustments, Goldman Sachs increased HSBC's target price for UK shares to 1060 pence and slightly raised the target price for H shares to 110 Hong Kong dollars, maintaining a "Buy" rating [1]

其中，2Q25公司财富管理非息收入同比增长23.1%，基本延续1Q强势表现，主要由于中国香港本地、 中东、印度客户需求持续向好;交易银行与投行业务非息收入分别同比增长6.0%、18.3%，主要由于全球 市场波动背景下外汇对冲需求和股债市场业务需求维持高位。 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，主要由于当时部分英国资产减值准备拨回、某CIB客户坏账收 回。 智通财经APP获悉，中金发布研报称，考虑汇丰控股(00005)非息业务表现强劲，上调公司2025E/2026E 营业收入预测3.1%、3.6%至681、690亿美 ...

2Q25业绩小幅高于该行预期 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。 经调非息收入同比增长20%，是税前利润超预期的主要原因 其中，2Q25公司财富管理非息收入同比增长23.1%，基本延续1Q强势表现，主要由于中国香港本地、 中东、印度客户需求持续向好;交易银行与投行业务非息收入分别同比增长6.0%、18.3%，主要由于全球 市场波动背景下外汇对冲需求和股债市场业务需求维持高位。 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 ...

高盛发表研究报告指，汇丰控股第二季核心盈利较该行及市场预期高出9%及10%，主要受拨备前利润 (PPOP)强劲推动，收入亦超出预期，得益于非银行净利息收入表现优异。管理层重申2025年银行净利 息收入达到约420亿美元、成本增长约3%及2025至27年基本股本回报率(ROTE)介乎14%至16%等指引， 但将全年信贷成本指引上调至约40基点。 汇控管理层目前预期，若HIBOR维持现时的约1%水平，每月将对银行净利息收入产生约1亿美元负面影 响。高盛将2025至27年各年银行净利息收入预测轻微上调至419亿、430亿及441亿美元，较市场预期高 出最多4%；2025至2029年每股盈利预测分别上调6%、5%、4%、3%及2%。基于盈利预测上调，高盛将 汇控英股目标价由1020便士上调至1060便士，H股目标价由原先109港元微升至110港元，维持"买入"评 级。 ...

智通财经APP获悉，摩根士丹利发布研报称，汇丰控股(00005)今日(30日)公布季度业绩，轻微上调汇控 2025-2027年度盈利预测，并将目标价由90港元调高19%至107.1港元，维持"增持"的投资评级。 大摩表示，汇控第二财季经调整税前盈利92亿美元，高于该行预测，主要由于银行业务的净利息收入高 预期，以及其他收入亦高于该行预期。假设香港银行同业拆息(HIBOR)回升，汇控今年净利息收入420 亿美元的指引将可实现。大摩轻微上调汇控2025-2027年度盈利预测1.6-3%，主要由于调高费用收入预 测，以及股票回购高于预期。 ...

大摩表示，汇控第二财季经调整税前盈利92亿美元，高于该行预测，主要由于银行业务的净利息收入高 预期，以及其他收入亦高于该行预期。假设香港银行同业拆息(HIBOR)回升，汇控今年净利息收入420 亿美元的指引将可实现。大摩轻微上调汇控2025-2027年度盈利预测1.6-3%，主要由于调高费用收入预 测，以及股票回购高于预期。 摩根士丹利发布研报称，汇丰控股(00005)今日(30日)公布季度业绩，轻微上调汇控2025-2027年度盈利 预测，并将目标价由90港元调高19%至107.1港元，维持"增持"的投资评级。 ...

Group 1 - Morgan Stanley's research report indicates that HSBC Holdings' adjusted pre-tax profit for the second quarter exceeded the bank's expectations and market consensus by 10% and 12% respectively, primarily driven by non-interest income [1] - Net interest income also surpassed expectations by 2%, and HSBC reaffirmed its full-year net interest income guidance, which Morgan Stanley believes can offset the impact of higher provisions for Hong Kong commercial real estate, alleviating concerns for the quarter [1] - Morgan Stanley raised its earnings per share forecast for HSBC by 1.6% to 3%, aligning closely with consensus [1] Group 2 - HSBC is rated "in line with the market" for its London listing and "overweight" for its H-shares, with the target price increased from HKD 90 to HKD 107.1 [1]

格隆汇7月30日｜汇丰控股发声明称，集团的瑞士私人银行因涉嫌洗黑钱活动正受到瑞士及法国执法机 构的调查，目前调查尚处于初期阶段，警告事件可能对集团造成重大影响，但目前无法预测具体影响的 情况。去年瑞士金融监理机构(Finma)宣布，发现汇丰私人银行未能对政治敏感人士持有的高风险账户 进行充分检查，以防止洗钱行为。在2002年至2015年期间，发现共超过3亿美元的交易存在严重违规行 为。 ...

Core Viewpoint - HSBC Holdings reported a significant decline in pre-tax profit for Q2 2025, primarily due to increased credit losses and rising expenses, leading to a disappointing performance for investors [1][8]. Financial Performance - The pre-tax profit for Q2 2025 was $6.33 billion, a 29% decrease from the same quarter last year [1][8]. - Total revenues amounted to $16.47 billion, showing a slight year-over-year decline, mainly attributed to lower other operating income [2]. - Operating expenses rose by 10% to $8.92 billion [2]. - Expected credit losses (ECL) surged to $1.07 billion, up from $346 million in the prior-year quarter, largely due to issues in the Hong Kong real estate sector [2][8]. Business Segment Performance - The Hong Kong Business segment reported a pre-tax profit of $2.13 billion, down 13% year-over-year due to increased ECL charges [4]. - The UK Business segment's pre-tax profit was $1.73 billion, a 2% decline from the previous year, impacted by higher ECL charges and rising expenses [4]. - Corporate and Institutional Banking saw a pre-tax profit of $2.84 billion, down 4% year-over-year due to higher ECL charges and operating expenses [5]. - International Wealth and Premier Banking reported a pre-tax profit of $904 million, a 16% decline year-over-year, primarily due to increased operating expenses [5]. - The Corporate Centre experienced a pre-tax loss of $1.28 billion, contrasting with a pre-tax income of $658 million in the same quarter last year [5]. Capital Distribution - HSBC returned $9.5 billion to shareholders through dividends and share buybacks in the first half of 2025 [6][8]. - A second interim dividend of 10 cents per share was announced, along with a new share buyback authorization of up to $3 billion, expected to be completed before the Q3 results announcement [6]. Management Outlook - For 2025, HSBC anticipates banking net interest income (NII) of $42 billion and expects double-digit percentage growth in fees and other income in the wealth business over the medium term [9]. - Operating expenses are projected to rise by 3% in 2025, with an expected $1.8 billion in expenses related to business overhaul by the end of 2026, aiming for annualized cost savings of $1.5 billion by the end of 2027 [9]. - ECL charges are now expected to be 40 basis points of average gross loans, reflecting challenging market conditions in the Hong Kong real estate sector [10]. - Loan demand is anticipated to be subdued, with mid-single-digit CAGR growth expected in the medium term [10]. - The company aims to maintain its CET1 ratio within a target range of 14-14.5% [11].

Core Viewpoint - HSBC Continental Europe reported strong revenue growth in Corporate and Institutional Banking for the first half of 2025, driven by increased client activity, although this was partially offset by technology investments and restructuring costs [2][4]. Financial Performance - Profit after tax for the first half of 2025 was €373 million, stable compared to €370 million in the same period of 2024 [5]. - Net operating income before expected credit losses and other credit impairment charges was €1,912 million, up from €1,699 million in the first half of 2024, primarily due to higher revenues in Corporate and Institutional Banking [5]. - Profit before tax was €490 million, down from €549 million in the first half of 2024 [7]. Credit Losses and Expenses - The change in expected credit losses and other credit impairment charges was a charge of €70 million, compared to €13 million in the first half of 2024, with a cost of risk of 30 basis points [6]. - Operating expenses increased to €1,352 million from €1,137 million in the first half of 2024, attributed to restructuring costs and technology investments [6]. Balance Sheet and Ratios - Total assets as of June 30, 2025, were €280 billion, up from €265 billion at the end of 2024 [7]. - The average liquidity coverage ratio (LCR) was 144%, and the net stable funding ratio (NSFR) was 145% [8]. - The fully loaded common equity tier 1 (CET1) ratio was 15.5%, and the total capital ratio was 19.8% [8]. Business Strategy and Disposals - HSBC Continental Europe is executing a simplification strategy, focusing on areas with competitive advantages and growth opportunities [4]. - The company has signed agreements to sell its custody and fund administration businesses in Germany and a portfolio of home and certain other loans in France [3][19]. - The sale of its private banking business in Germany and life insurance business in France is expected to complete in the second half of 2025 [13][14].