Core Viewpoint - The Chuanghua Trading Service CSI Hong Kong-Shanghai-Shenzhen 300 Index (CES300) has shown a positive performance with a 0.79% increase, reaching 4709.68 points, and a trading volume of 265.51 billion yuan [1] Group 1: Index Performance - The CES300 index has increased by 2.37% over the past month, decreased by 0.78% over the last three months, and has risen by 5.77% year-to-date [1] - The index is designed to reflect the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" [1] Group 2: Index Composition - The top ten holdings of the CES300 index include Tencent Holdings (8.4%), Alibaba-W (5.57%), HSBC Holdings (4.25%), Kweichow Moutai (2.65%), Xiaomi Group-W (2.39%), China Construction Bank (2.21%), Meituan-W (2.13%), AIA Group (1.86%), CATL (1.86%), and Ping An Insurance (1.62%) [2] - The market share of the CES300 index holdings is composed of 51.79% from the Hong Kong Stock Exchange, 29.81% from the Shanghai Stock Exchange, and 18.40% from the Shenzhen Stock Exchange [2] - The industry composition of the CES300 index includes Financials (30.21%), Consumer Discretionary (16.28%), Communication Services (13.19%), Industrials (9.04%), Information Technology (8.39%), Consumer Staples (6.63%), Health Care (4.77%), Materials (3.51%), Utilities (3.15%), Energy (2.99%), and Real Estate (1.84%) [2] Group 3: Fund Tracking - Public funds tracking the CES300 index include Da Cheng Chuanghua Hong Kong-Shanghai-Shenzhen 300C and Da Cheng Chuanghua Hong Kong-Shanghai-Shenzhen 300A [3]

最近外围对中国的看法大幅转向！ 汇丰最新调查报告访问逾5700家国际企业，当中74%的香港企业对未来两年继续拓展国际贸易仍抱有信心，最 根据晨间咨询公司（Morning Consult）独家提供给Axios的支持率数据，截至5月底，中国的净支持率为8.8， 而美国为-1.5。2024年1月，美国评级超过20，中国评级为负值。 与此同时，"世界大型企业联合会"日前发布数据显示，美国2025年第二季度首席执行官信心指数从此前的60点 跌至34点，为2022年第四季度以来的最低水平，这也是该调查自1976年启动以来的最大环比降幅。外界普遍认 为，该指数低于50表明首席执行官对经济前景持悲观态度。 超预期的信心 汇丰最新调查报告访问逾5700家国际企业，当中74%的香港企业对未来两年继续拓展国际贸易仍抱有信心，最 多受访企业准备与中国内地、南亚和欧洲三大市场深化贸易关系。同时，逾七成企业正采取行动或计划将供应 链和生产迁移至靠近主要客户的地区，首选地点同样为中国内地、南亚和欧洲。 面对环球贸易受阻，76%的香港受访企业已经或计划调整定价策略，以应对成本上升和市场变化。此外，73% 的企业选择拓展至受影响较轻微的新市场 ...

Key Takeaways HSBC plans to inject $4B into HSBC AM's private credit funds to boost profitability. The move targets building a $50B credit fund by attracting more external capital. This aligns with HSBC's broader restructuring strategy to boost profitability through high-growth markets.HSBC Holdings PLC (HSBC) is set to deploy $4 billion into its private credit funds to drive profits higher. Nicolas Moreau, CEO of HSBC Asset Management (HSBC AM), revealed it in an interview with Reuters.Rationale Behind H ...

Key Takeaways HSBC will exit its US Business Banking portfolio, affecting around 4,500 clients. The move aligns with a broader shift toward Asia and streamlining of global operations. HSBC is merging divisions, cutting staff, and scaling back Western operations under CEO Georges Elhedery.After shutting its retail banking business in the United States in 2021, HSBC Holdings PLC (HSBC) is now set to close its business banking division in the country. This announcement comes amid the company’s ongoing busine ...

Group 1 - HSBC is winding down its business banking unit in the U.S., laying off 40 employees and notifying 4,400 clients as it shifts focus to other markets [1] - The bank has been withdrawing from international markets, concentrating on Hong Kong, the U.K., and Asia since CEO Georges Elhedery took over [2] - HSBC previously sold its U.S. retail banking business in 2021 and Canadian operations in 2022, while maintaining a wealth division and a wholesale bank in the U.S. [3] Group 2 - CEO Georges Elhedery has a history of leading through change and driving growth, having been with HSBC since 2005 [4] - Elhedery expressed a commitment to delivering exceptional value to clients and investors through sustainable growth [5] - The restructuring announced in October aims to streamline decision-making and eliminate redundancies, allowing HSBC to focus on businesses with competitive advantages [6]

Core Viewpoint - HSBC is focusing on an Asia-centric growth strategy while Santander is reinforcing its presence in Europe and the Americas, leading to a comparison of their investment opportunities [2][22]. HSBC Overview - HSBC is intensifying its Asia-focused strategy, aiming to become a leading wealth manager for high-net-worth clients in Asia, which constitutes over half of its operations [3]. - The bank is expanding its wealth business in mainland China by launching lifestyle-based wealth centers, acquiring Citigroup's retail wealth portfolio, and enhancing digital capabilities [3]. - In India, HSBC plans to open 20 new branches, expanding from 26 branches in 14 cities, to capture the projected 50% growth in the ultra-high-net-worth population by 2028 [4]. - HSBC announced a $1.5 billion cost-saving plan tied to organizational simplification, with upfront charges estimated at $1.8 billion by 2026 [5]. - The bank is divesting operations in several countries, including the U.S., Canada, and Argentina, to sharpen focus and improve returns [6]. - Revenue generation has been subdued due to a challenging macroeconomic environment, with weak loan demand impacting top-line growth [7]. Santander Overview - Santander is streamlining operations and reallocating resources to strengthen its presence in high-growth markets across Europe and the Americas [8]. - The bank sold a 49% stake in its Polish banking unit, expecting to temporarily exceed its CET1 capital ratio target of 12-13% and plans to reinvest strategically [8]. - Approximately €3.2 billion in capital released from the sale will be returned to shareholders through buybacks, supporting a €10 billion buyback target for 2025-2026 [9]. - Santander plans to close around 20 retail branches in the U.S. to align with the shift to digital banking, supporting the expansion of its digital platform, Openbank [10]. - The One Transformation program aims to drive digitalization and operational efficiency, keeping Santander on track to meet its 2025 targets of €62 billion in revenues [11]. Earnings Estimates Comparison - HSBC's earnings estimates for 2025 and 2026 indicate growth of 5.1% and 3%, respectively, with recent revisions showing mixed trends [12]. - In contrast, Santander's earnings estimates suggest increases of 15.7% for 2025 and 7% for 2026, with upward revisions over the past month [14]. Price Performance and Valuation - Year-to-date, Santander's shares have increased by 76.6% on the NYSE, while HSBC's shares have gained 19.6% [16]. - HSBC is trading at a price/tangible book (P/TB) of 1.06X, higher than its five-year median of 0.75X, while Santander is at 1.36X, above its five-year median of 0.71X [18]. - HSBC's return on equity (ROE) stands at 12.55%, slightly above Santander's 12.26%, indicating efficient use of shareholder funds [20]. Investment Outlook - Santander is viewed as the better investment opportunity due to its stronger near-term earnings outlook and superior stock performance [22]. - HSBC's pivot to Asia and wealth management could yield significant long-term returns, but current revenue growth and earnings performance raise concerns [26].

沙特阿美授权5年期/10年期/30年期基准美元债券发行，已指定花旗、高盛、汇丰和摩根大通担任该债 券发行的主要账簿管理人。 ...

知情人士透露，欧洲最大银行汇丰控股(HSBC.US)近日裁减了二十多名分析师，标志着该行正加速推进 投资银行业务的重组进程。 消息人士称，受此次裁员影响的人员包括常驻迪拜的汇丰固定收益研究全球主管史蒂文 梅杰(Steven Major)。据知情者透露，此次裁员主要集中在欧洲地区。 其中一名消息人士表示，作为大规模业务调整的一部分，这家总部位于伦敦的银行正整合外汇、固定收 益等多类资产的宏观策略研究业务。 汇丰银行发言人在一份电子邮件声明中表示："全球研究、股票销售及交易业务是我行企业与机构银行 业务的核心支柱。" 预计在未来两年内，埃尔赫德里主导的大规模重组将使汇丰产生 18 亿美元的费用支出。此外，该行还 将投入数十亿美元，将资源从低回报业务领域重新调配至更具创收潜力的板块。 近期，汇丰对资本市场和企业咨询部门进行整合，成立新业务部门，旨在抢占蓬勃发展的私人信贷市场 更大份额。 今年以来，汇丰银行在伦敦的股价累计涨幅已超 10%。然而，作为全球最大的贸易融资机构之一，且 大部分营收来自亚洲市场，汇丰仍高度暴露于全球关税争端以及中美紧张关系加剧的风险之下。 此次业务重组，正值首席执行官乔治斯 埃尔赫德里(Ge ...

Core Viewpoint - In the absence of support from the Bank of Japan, the yield curve of Japanese government bonds may continue to steepen, influenced by recent adverse factors and upcoming fiscal measures [1] Group 1: Economic Factors - The ruling coalition in Japan may announce fiscal measures, such as cost-of-living subsidies, before the July Senate elections, potentially worsening Japan's fiscal situation [1] - Recent statements from Japanese life insurance companies indicate plans to reduce their holdings of Japanese government bonds, contributing to the steepening yield curve [1] Group 2: Future Outlook - The clarity of Japan's fiscal policy trajectory and the Bank of Japan's bond purchasing plans will be crucial for stabilizing the long-term yield curve in the coming weeks [1]

金十数据5月23日讯，汇丰的一项调查显示，由于关税和贸易的不确定性，接受调查的企业中有三分之 二已经经历了成本上升。企业预计，短期和长期成本都将进一步上升，并预计供应链延误将对收入造成 冲击。这促使超过四分之三的企业重新思考它们的长期商业模式。汇丰全球贸易解决方案的策略师 Vivek Ramachandran表示："战略适应的必要性是明确的。驾驭这种情况不仅需要灵活性，还需要强有 力的合作伙伴关系，以确保在不断变化的全球经济中持续增长。" 高盛：调查显示，企业已开始经历关税带来的成本上升 ...