智通财经APP获悉，汇丰表示，如果日本债券收益率进一步上升，导致日本投资者将资金撤回国内，那 么马来西亚和墨西哥的债券市场将面临最大风险。汇丰策略师Alastair Pinder和Pankaj Agarwala在一份报 告中写道，对日本投资者持有的新兴市场债券和股票的分析表明，马来西亚、智利和墨西哥"风险敞口 过大"。 上周日本国债价格暴跌，导致日本国债收益率飙升至历史新高，并引发全球市场波动，这使得交易员们 密切关注日本投资者是否正在将资金撤回国内。日本约有5万亿美元的资本投资于海外，这还不包括外 国基金为在全球金融资产投资而借入的日元。 汇丰银行策略师在1月26日的一份报告中写道，日本国债收益率走高也可能对全球债券收益率构成上行 压力，进而损害债券估值。他们补充说，在这方面，对10年期美国国债收益率变化相关的相对市场回报 进行分析表明，韩国等面临的风险最大。 他们补充说："日本国债大幅抛售也可能促使海外股权投资回流，从这个角度来看，印度和南非似乎容 易受到影响。" 策略师们写道，虽然潜在的套利交易平仓(即投资者出售高收益资产以平仓以日元融资的头寸)是"最大 的风险"，但这种事件在短期内发生的概率有限。 日 ...

Group 1 - Citigroup has raised the target price for HSBC Holdings from 1320 pence to 1370 pence [1]

Core Viewpoint - HSBC analyst Elizabeth Martins indicates that the Bank of England is likely to maintain interest rates at its February 5 decision and will adopt a cautious stance on potential rate cuts [1] Economic Data Summary - Recent UK economic data has shown mixed results, which has reduced the likelihood of a rate cut by the Bank of England in the February meeting [1] - Employment data has shown weakness, while the preliminary PMI data for January has exceeded expectations [1] Future Outlook - Martins expects the Bank of England to reaffirm its previous statement from December regarding a gradual approach to rate cuts [1]

Core Viewpoint - The article discusses recommendations made by Liao Yijian, the co-CEO of HSBC Asia and the Middle East, to enhance cross-border financing and improve communication between international investors and Beijing's government investment fund project database. Group 1: Cross-Border Financing - Liao Yijian suggests optimizing Beijing's cross-border financing facilitation pilot policy to promote corporate cross-border financing [1] - The current core admission criteria for the pilot program focus on high-tech enterprises and "specialized, refined, and innovative" SMEs, which are seen as too narrow [2] - Recommendations include removing restrictions on enterprise types, expanding eligibility to all compliant non-financial enterprises in Beijing, and implementing a "bank comprehensive assessment + macro-prudential management" approach [2][3] Group 2: Green Projects and Financing - A proposal is made to establish a green special channel for enterprises involved in carbon neutrality projects, with flexible quota management measures for different stages of enterprise development [3] - The suggestion includes dynamic management of external debt quotas based on the equity size of mature multinational enterprises [3] Group 3: International Investment and Communication - Liao emphasizes the need for improved communication between international investors and Beijing's government investment fund project database, which currently only accepts applications from enterprises [5] - Recommendations include creating a unified, regularly updated bilingual information platform for investment institutions to access project information [5] - The platform should feature tiered access, allowing general visitors to view fund overviews and certified institutions to access detailed project summaries [5] Group 4: Regular Communication Mechanisms - To enhance the frequency of exchanges between the project database and international capital, Liao suggests establishing regular seminars and online roadshows [6] - These events could be held alternately in Beijing and Hong Kong, inviting renowned international investment institutions to participate [7] - The proposed seminars would not only promote investment projects but also include policy updates and industry insights to deepen international investors' understanding of local trends [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購滙豐控股、滙豐亞太或恒生銀行證券的邀請 或要約或該等邀請或要約的一部分，亦不在任何司法管轄區構成任何投票或批准的招攬， 亦不構成於任何司法管轄區內任何收購、購買或認購滙豐控股、滙豐亞太或恒生銀行證券 的邀請、要約或招攬要約，亦不得在任何司法管轄區內違反適用法律進行銷售、發行或轉 讓滙豐控股、滙豐亞太或恒生銀行證券。若構成違反任何司法管轄區的適用法律或法規， 則本公告所載全部或部分資料不得於、向或從該司法管轄區發佈、刊發或分發。 香港上海滙豐銀行有限公司 聯合公告 (1) 香港上海滙豐銀行有限公司根據《公司條例》第673條 以協議安排方式將恒生銀行有限公司私有化之建議 滙豐控股有限公司 （香港股份代號：5） 恒生銀行有限公司 （股份代號：11（港幣櫃台）及 80011（人民幣櫃台）） (2) 計劃生效日期 (3) 撤銷恒生銀行股份上市地位的日期 及 (4) 支付計劃 ...

Core Insights - HSBC Holdings (0005.HK) has been selected as one of the "Top Ten Core Assets with Global Vision" for 2026 by Gelonghui, leading to a nearly 1% increase in its stock price to 131 HKD, marking a historical high for the company [1] - The market capitalization of HSBC has reached 2.25 trillion HKD, reflecting strong investor confidence and interest in the company's future prospects [1]

Core Viewpoint - HSBC analysts predict that the Hong Kong stock market will maintain strong momentum through 2026, marking the best performance since 2017, driven by improving earnings and consumer confidence [1] Group 1: Market Performance - The Hong Kong stock market has recorded its best gains since 2017, indicating a robust upward trend [1] - Analysts express increased confidence in the market's momentum due to strong supporting factors [1] Group 2: Real Estate Market - A new emerging trend is the recovery of the real estate market, with property prices expected to rise by 5% in 2025 [1] - The residential market's stabilization is seen as a positive factor for profit growth, as it helps restore consumer confidence and boost consumer spending [1] Group 3: Consumer Spending - Consumer spending has shown signs of recovery over the past three months, contributing to the overall positive outlook for the market [1]

Core Insights - The report from HSBC reveals that individuals in mainland China typically need to accumulate HKD 10 million in liquid assets by the age of 43, taking an average of 10 years to transition from HKD 1 million to HKD 10 million [3][7]. - The threshold for being considered "middle class" in mainland China is defined as having liquid assets of approximately RMB 6.93 million, reflecting a shift in understanding from ownership of fixed assets to the availability of disposable income [4][5]. Investment Trends - A significant change in wealth accumulation strategies is noted, with over 60% of respondents believing that holding cash is no longer effective against inflation, prompting 79% to diversify their investments [10][12]. - The preference for real estate as a primary income source is declining, with only 28% planning to invest in property over the next five years, compared to 80% who favor income from investments [15][16]. Asset Allocation Shifts - There is a notable increase in the intention to invest in various financial products, particularly stocks, which are expected to see a 23% increase in allocation. Gold and precious metals are also gaining attention as hedges against inflation [18][19]. - The focus on high-growth sectors such as hard technology, biomedical, renewable energy, semiconductors, and artificial intelligence is prevalent, with over 47% of respondents expressing confidence in these industries [18][19]. Comparative Analysis with Hong Kong - Hong Kong millionaires achieve their first HKD 10 million at an average age of 39, taking 8 years to reach this milestone, indicating a faster wealth accumulation compared to their mainland counterparts [21][22]. - The investment strategies of Hong Kong millionaires emphasize active management and leverage, with 88% indicating a willingness to use financing for higher returns, contrasting with the more conservative approach observed in mainland China [23][24]. Long-term Wealth Management - The report highlights the importance of long-term planning, with 80% of Hong Kong millionaires considering wealth transfer to future generations, showcasing a more comprehensive approach to wealth management [28][29]. - The evolution of wealth management is underscored by the need for a diversified and professional investment strategy, moving away from reliance on single asset classes towards a more systematic and global financial planning framework [31].

Group 1 - HSBC Holdings (HSBC) shows a pre-market increase of 0.27%, trading at $83.98 [1] - The Hong Kong Insurance Authority released preliminary statistics for Q3 2025, indicating HSBC Insurance's market share in new business premiums and annualized new premiums reached 16.8% and 19.1% respectively in the first three quarters [1]

Core Viewpoint - European stock markets are expected to overcome challenges posed by the US-EU trade war and geopolitical tensions, provided that the economic outlook supports strong performance and increased US capital flows into European equities [1][2]. Group 1: Market Predictions - Wall Street strategists predict that the Stoxx Europe 600 Index will rise approximately 4% by the end of 2026, reaching around 626 points from its recent closing level [1]. - HSBC has raised its target for the Stoxx 600 Index from 640 to 670 points, indicating a potential upside of about 11% for the remainder of the year [2]. - UBS anticipates that the Stoxx 600 Index could reach 650 points, driven by profit growth and strong economic performance in Europe [6]. Group 2: Economic and Policy Factors - The bullish outlook from Goldman Sachs and HSBC is based on European economic resilience, profit growth, loose monetary policy, and accelerated fiscal spending [2]. - Significant fiscal support is expected, including over €2 trillion (approximately $2.3 trillion) for AI and clean energy investments, along with a €500 billion infrastructure fund from the German government [9]. - The European stock market is currently trading at a forward P/E ratio of around 15, suggesting double-digit earnings growth for the year [10]. Group 3: Sector Performance and Investor Sentiment - The Stoxx 600 Index has risen nearly 3% this year, following a 17% increase in 2025, with semiconductor, defense, and mining stocks leading the gains [9]. - A survey indicates that 95% of European fund managers expect the stock market to rise in the next 12 months, marking a record high [14]. - Investors are increasingly interested in diversifying their portfolios away from the US market, particularly favoring European value stocks [15].