汇丰控股(00005.HK)在港交所发布公告称，8月1日于香港斥资约2.32亿港元回购约242.48万股，每股回 购价在95.05至95.95港元；同日在伦交所等交易所回购约249.5万股，每股回购价在9.088至9.28英镑，斥 资约2292万英镑。 本文源自：金融界AI电报 ...

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 ...

Group 1 - Morgan Stanley raised HSBC's target price from 830 pence to 870 pence [1]

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]