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文件的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本文件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。 HSBC Holdings plc 滙豐控股有限公司 海外監管公告 所附的公告已經在HSBC Holdings plc滙豐控股有限公司上市的其他證券交易所發布。 於本公告發表之日，滙豐控股有限公司董事會成員包括：杜嘉祺爵士*、艾橋智、鮑哲鈺†、段小纓†、 范貝恩女爵士†、傅偉思†、高安賢†、古肇華†、郭珮瑛、麥浩智博士†、莫佩娜†、梅愛苓†、利伯特†及 張瑞蓮†。 * 集團非執行主席 † 獨立非執行董事 香港股份代號 : 5 HSBC Holdings plc 滙豐控股有限公司 註冊辦事處及集團總管理處： 8 Canada Square, London E14 5HQ, United Kingdom 網站：www.hsbc.com 英格蘭及威爾斯註冊有限公司。註冊編號 617987 本身股份之交易及回購完成 滙豐控股有限公司（「滙豐」或「本公司」）宣布，已向 Morgan Stanley & Co. I ...

Group 1 - The eighth China International Import Expo (CIIE) will be held from November 5 to 10 in Shanghai, continuing the theme "New Era, Shared Future" [1] - Over 50 countries and international organizations have confirmed participation, with Sweden and the UAE serving as guest countries, and Kyrgyzstan participating for the first time [1] - The signed exhibition area exceeds 330,000 square meters, with 170 companies and 27 institutions confirmed as "full attendance" participants, and 60 overseas exhibition groups from 40 countries and regions [1] Group 2 - This year's business exhibition will feature four innovations, including a dedicated area for products from least developed countries, expanding the existing African product area [1] - Collaboration with foreign provinces and cities has been expanded, with Saskatchewan in Canada and Almaty in Kazakhstan participating for the first time [1] - The expo aims to strengthen its positioning as a global launch site for new products and cutting-edge technologies, with initiatives like a special line for new product launches and a cross-border e-commerce selection platform [1] Group 3 - The Hongqiao Forum will focus on "Open Cooperation for New Opportunities and Shared Future," and will continue to release the "World Open Report" and the latest "World Open Index" [2] - The recruitment for the ninth CIIE in 2026 has officially started, with over 40 companies signing on-site, covering an exhibition area of 30,000 square meters [2] - Notable companies like GE Healthcare, Novartis, Honeywell, Mitsubishi Electric, Jaguar Land Rover, L'Oréal, and HSBC have signed up as the first batch of exhibitors for the ninth CIIE [2]

汇丰据悉计划裁撤德国股票团队员工 继续重组投行业务 智通财经7月26日电，汇丰控股计划裁撤数位德国股票团队的员工，继续精简亚洲和中东以外的投行部 门。据知情人士透露，总部位于伦敦的汇丰正在准备裁撤杜塞尔多夫办事处的股票销售和交易岗位。此 举是行政总裁艾桥智重组投行部门的行动之一。过去数月，作为欧洲最大金融机构的汇丰已经裁撤了数 十位投行分析师，并关闭了美国、英国和欧洲股票资本市场和并购部门。 ...

金十数据7月25日讯，据知情人士透露，汇丰计划裁撤位于德国的股票销售与交易岗位，这是该行持续 削减亚洲与中东以外投行业务的一部分。知情人士称，该举措是首席执行官Georges Elhedery为重组投 行业务所推进改革的一部分。作为欧洲最大的金融机构，汇丰过去几个月已在其投行业务中裁减数十位 分析师，并关闭了其在美国、英国及欧洲的股票资本市场和并购业务部门。自去年9月上任以来， Elhedery实施了一项全面改革计划，提出"简化"战略架构，重组组织架构为四大业务板块，还将汇丰的 商业银行与投行部门合并，并将英国和香港的业务分别独立运作。 汇丰拟裁员德国股票团队，持续收缩亚洲与中东以外投行业务 ...

汇丰控股有限公司正计划裁减其驻德国股票团队的部分员工，该公司仍在继续缩减亚洲和中东以外地区 的投资银行部门。据知情人士透露，汇丰正准备裁减杜塞尔多夫办公室的股票销售和交易岗位。这些不 愿因讨论私人信息而具名的人士表示，此举是首席执行官Georges Elhedery重组投资银行计划的一部 分。 ...

据知情人士透露，汇丰计划在德国证券部门裁员，预计将有多名雇员离开。 这一动态意味着，汇丰继续在亚洲和中东之外的市场压缩投行部门的规模。 5月27日消息，该公司裁掉数十名分析师，包括债券专家Steven Major。（彭博） ...

HSBC is planning to let go of several staff in its Germany-based equities team as it continues to pare the investment banking division outside Asia and the Middle East https://t.co/k4h5Y6hhXK ...

| | 於下列日期結束時的結存 (註5及6) 2025年7月24日 | 17,427,139,067 | | 0 | | 17,427,139,067 | | --- | --- | --- | --- | --- | --- | --- | | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | | 1). | 在英國購回以作註銷但尚未註銷之股份 | 3,200,000 | 0.018362 % | GBP | 9.4584 | | | | 變動日期 2025年7月23日 | | | | | | | 2). | 在英國購回以作註銷但尚未註銷之股份 | 3,200,000 | 0.018362 % | GBP | 9.626 | | | | 變動日期 2025年7月24日 | | | | | | | 3). | 在香港購回以作註銷但尚未註銷之股份 | 561,200 | 0.00322 % | HKD | 96.8409 | | | | 變動日期 2025年7月10日 | | | | | | | 4). | 在香港購回以作註銷但尚未註銷之股份 | 925,60 ...

Core Viewpoint - HSBC economists predict that the Federal Reserve is likely to keep the policy interest rate unchanged in the upcoming meeting, marking the fifth consecutive pause in rate hikes [1] Group 1 - HSBC's Ryan Wang notes that there are differing views among policymakers regarding the recent policy path ahead of the meeting [1] - Federal Reserve Governor Waller has expressed support for a rate cut in July, indicating potential dissent among officials in the upcoming decision [1] - Chairman Powell may face questions regarding the independence of the Federal Reserve during the meeting [1]

Summary of Key Points from the Conference Call Industry Overview - The report discusses the global macroeconomic environment and investment strategies across various asset classes, focusing on trends in equities, fixed income, and emerging markets [2][8][6]. Core Insights and Arguments 1. **Risk-On Environment**: - The current market sentiment is risk-on due to no major escalation in trade disputes, stable global growth, and ongoing monetary easing. This environment supports equities, particularly in the US and China [2][7]. - Rationale: Large-cap stocks are benefiting from a weak USD year-to-date, conservative earnings forecasts, and improving return on equity (ROE) in China. Risks include a weak US labor market and disappointing consumption growth in China [2][7]. 2. **Fiscal Risk Premium**: - Preference for fiscally sound investments as structural steepening pressure persists due to large budget deficits and high public debt. Recommended trades include buying 10Y Australian government bonds (ACGBs) versus French OATs and favoring subordinated debt [2][7]. - Rationale: Australia and Spain exhibit better fiscal dynamics compared to France, which faces political uncertainty. Risks include potential fiscal austerity and lower long-end supply [2][7]. 3. **Rotation Trade & Global Easing**: - A rotation of funds from the US to emerging markets (EM) is ongoing, driven by a soft USD and global rate cuts. Recommended trades include overweighting EM equities and favoring Latin American currencies [2][7]. - Rationale: Low financial stress and ongoing rate cuts support this rotation. Risks include a potential return of US exceptionalism and heightened inflation [2][7]. 4. **US Dollar Dynamics**: - The USD is experiencing a tug-of-war, with recent resilient economic data supporting a potential rebound, while ongoing debates about Fed policy weigh on the currency [2][25]. - A sideways USD could benefit risk assets, especially in light of the ongoing easing cycle [2][26]. 5. **Emerging Markets Outlook**: - Emerging markets are expected to benefit from a weak USD and ongoing global easing, with a preference for high-yielding currencies in Latin America and CEEMEA [2][7]. - Risks include heightened risk aversion and a potential reconnection of the USD with yields [2][7]. Additional Important Insights - **Financial Stress and Market Volatility**: Financial stress has decreased, and market volatility has moderated following trade negotiations and geopolitical developments [9][11]. - **Global Growth Momentum**: Recent data indicates a recovery in global growth momentum, with the probability of a slowdown significantly reduced from 78% to around 30% [13][16]. - **Fiscal-Monetary Policy Concerns**: Investors are increasingly worried about fiscal challenges in various economies, leading to elevated risk premiums in the bond market [20][21]. - **Investment Recommendations**: - Overweight US and China equities due to attractive valuations and improving fundamentals [2][7]. - Favor BBs and subordinated debt in credit markets for uncorrelated returns [2][7]. - Buy 10Y MGS in Malaysia, anticipating strong reinvestment demand [2][7]. Conclusion The report outlines a cautiously optimistic outlook for equities, particularly in the US and China, while highlighting the importance of fiscal health in investment decisions. Emerging markets are positioned to benefit from global easing and a weak USD, although risks remain from potential economic slowdowns and geopolitical tensions.