Core Viewpoint - CICC has raised its revenue and net profit forecasts for HSBC Holdings for 2025E and 2026E due to strong non-interest income performance, with revenue estimates increased by 3.1% and 3.6% to $68.1 billion and $69.0 billion respectively, and net profit estimates raised by 1.9% and 8.7% to $21.9 billion and $24.4 billion respectively [1] Group 1 - HSBC's 2Q25 adjusted pre-tax profit was $9.2 billion, a 1% year-on-year increase, exceeding market expectations due to rapid growth in non-interest income and resilient net interest income [2] - The reported pre-tax profit decreased by 29% year-on-year to $6.3 billion, primarily due to dilution from the refinancing of a bank and impairment losses totaling $2.1 billion [2] Group 2 - Adjusted non-interest income grew by 20% year-on-year, which was the main reason for the profit exceeding expectations, with wealth management non-interest income increasing by 23.1% [3] - The adjusted net interest income decreased by 2% year-on-year but increased by 1% quarter-on-quarter, benefiting from structural hedging tools and lower funding costs [3] Group 3 - Asset impairment losses significantly increased, mainly due to exposure to commercial real estate in Hong Kong and a low base effect from the previous year [4] - The company increased impairment provisions for new defaults in Hong Kong commercial real estate and due to oversupply leading to rental and price declines [4] Group 4 - HSBC declared a dividend of $0.10 per share and announced a $3 billion share buyback, which is in line with market expectations [5] - The market is particularly focused on the $1 billion impairment loss related to the bank's stake in another bank, which was not anticipated and contributed to lower-than-expected profits [5]

Core Viewpoint - CICC has raised its revenue and net profit forecasts for HSBC Holdings for 2025E and 2026E due to strong non-interest income performance, with revenue estimates increased by 3.1% and 3.6% to $68.1 billion and $69.0 billion respectively, and net profit estimates raised by 1.9% and 8.7% to $21.9 billion and $24.4 billion respectively [1] Group 1 - HSBC's 2Q25 adjusted pre-tax profit was $9.2 billion, a 1% year-on-year increase, exceeding market expectations due to strong growth in non-interest income and resilient net interest income [2] - The reported pre-tax profit decreased by 29% year-on-year to $6.3 billion, primarily due to dilution from the refinancing of a bank and impairment losses totaling $2.1 billion [2] Group 2 - Adjusted non-interest income grew by 20% year-on-year, which was the main reason for the profit exceeding expectations, with wealth management non-interest income increasing by 23.1% [3] - The adjusted net interest income decreased by 2% year-on-year but increased by 1% quarter-on-quarter, benefiting from structural hedging tools and lower funding costs [3] Group 3 - Asset impairment losses significantly increased, mainly due to exposure to commercial real estate in Hong Kong and a low base effect from the previous year [4] - The company increased impairment provisions for new defaults in Hong Kong commercial real estate and due to oversupply leading to declining rents and prices [4] Group 4 - HSBC declared a dividend of $0.10 per share and announced a $3 billion share buyback, which is in line with market expectations [5] - The market is particularly focused on the $1 billion impairment loss related to the bank's stake in another bank, which was not anticipated and contributed to lower-than-expected profits [5]

Core Insights - Goldman Sachs reported that HSBC Holdings' core earnings for Q2 exceeded both the bank's and market's expectations by 9% and 10% respectively, driven by strong pre-provision profit (PPOP) and better-than-expected non-bank net interest income performance [1] Financial Performance - HSBC's management reaffirmed guidance for bank net interest income to reach approximately $42 billion by 2025, with cost growth around 3% and a return on tangible equity (ROTE) between 14% and 16% for the period from 2025 to 2027 [1] - The bank raised its full-year credit cost guidance to approximately 40 basis points [1] Market Expectations - Management anticipates that if the Hong Kong Interbank Offered Rate (HIBOR) remains at about 1%, it will negatively impact bank net interest income by approximately $10 million per month [1] - Goldman Sachs slightly raised its forecasts for bank net interest income for 2025 to 2027 to $41.9 billion, $43 billion, and $44.1 billion, exceeding market expectations by up to 4% [1] Earnings Projections - Earnings per share forecasts for 2025 to 2029 were increased by 6%, 5%, 4%, 3%, and 2% respectively [1] Target Price Adjustment - Based on the upward revision of earnings forecasts, Goldman Sachs raised HSBC's target price for its UK shares from 1,020 pence to 1,060 pence, and for its H-shares from 109 HKD to 110 HKD, maintaining a "Buy" rating [1]

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].

Group 1: Macroeconomic Dynamics - The Chinese government will provide childcare subsidies for infants born after January 1, 2022, until they reach three years old, starting from January 1, 2025 [1] - The subsidy aims to support families during the critical early years of child development, aligning with international practices [1] Group 2: Immigration and Travel - Chinese passport holders can now travel to over 90 countries and regions without a visa or with a visa on arrival, improving the passport's global ranking from 72nd to 60th [2] Group 3: Industry Competition - The China Metal Materials Circulation Association has called for an end to "involution-style" competition in the steel circulation industry, advocating for fair competition based on product quality and innovation [3] Group 4: Financial Institutions - HSBC's Swiss private banking division is under investigation by Swiss and French authorities for alleged money laundering activities, which may have significant implications for the company [7] Group 5: Market Data - As of July 30, the Shanghai Composite Index rose by 0.17%, while the ChiNext Index fell by 1.62%, with a total market turnover of approximately 1.844 trillion yuan [8] - The financing balance in the two markets increased by 15.271 billion yuan, reaching a total of 1.962 trillion yuan [9] Group 6: Company Dynamics - New Oriental's stock fell over 11% in pre-market trading due to revenue forecasts for the first fiscal quarter of 2026 being below market expectations [11][12] - Long River Power plans to invest approximately 26.6 billion yuan in the construction of the Gezhouba shipping capacity expansion project [18] - Digital Certification will change its controlling shareholder to Beijing Data Group, following a transfer of state-owned shares [19]