Core Points - The Chuanghua Trading Service CSI Hong Kong-Shanghai-Shenzhen 300 Index (CES300) experienced a slight decline of 0.03%, closing at 4805.98 points with a trading volume of 316.49 billion [1] - Over the past month, the CES300 has increased by 2.04%, by 1.97% over the last three months, and has risen by 8.51% year-to-date [1] - The CES300 Index is designed to reflect the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" programs [1] Index Holdings - The top ten holdings of the CES300 Index include Tencent Holdings (7.95%), Alibaba-W (5.0%), HSBC Holdings (4.1%), Xiaomi Group-W (2.6%), China Construction Bank (2.42%), Kweichow Moutai (2.41%), AIA Group (1.9%), CATL (1.88%), Meituan-W (1.85%), and Ping An Insurance (1.62%) [2] - The market share of the CES300 Index holdings is composed of 51.42% from the Hong Kong Stock Exchange, 29.97% from the Shanghai Stock Exchange, and 18.61% from the Shenzhen Stock Exchange [2] - The industry composition of the CES300 Index holdings includes Financials (30.94%), Consumer Discretionary (15.48%), Communication Services (12.86%), Information Technology (9.27%), Industrials (8.87%), Consumer Staples (6.30%), Health Care (4.71%), Materials (3.61%), Utilities (2.96%), Energy (2.88%), and Real Estate (2.13%) [2] Fund Tracking - Public funds tracking the CES300 include Dachen Chuanghua Hong Kong-Shanghai-Shenzhen 300C and Dachen Chuanghua Hong Kong-Shanghai-Shenzhen 300A [3]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： HSBC Holdings plc 滙豐控股有限公司 呈交日期： 2025年7月3日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 1). | 在英國購回以作註銷但尚未註銷之股份 | 102,144 | 0.000584 % | GBP | 8.7047 | | --- | --- | --- | --- | --- | --- | | | 變動日期 2025年7月1日 | | | | | | 2). | 在英國購回以作註銷但尚未註銷之股份 | 3,219 | 0.000018 % | GBP | 8.8417 | | | 變動日期 2025年7月2日 | | | | | | 3). | 在香港購回以作註銷但尚未註銷之股份 | 3, ...

Core Viewpoint - BNP Paribas has reached an agreement to acquire HSBC's custody and depository bank business in Germany, which will enhance BNP Paribas's position as the largest domestic custodian bank in Europe and deepen its market presence [1][4]. Group 1: Transaction Details - The agreement involves the gradual migration of custody services currently provided by HSBC's German branch to BNP Paribas's securities services division in Germany [2]. - The transaction is expected to initiate a phased customer migration starting in early 2026 to ensure a smooth transition [3]. Group 2: Market Position and Strategy - BNP Paribas is currently the fifth-largest global custodian bank by assets under custody, with the top four being U.S.-based banks [5]. - The custody and depository banking business is a core backend service for institutional investors, providing essential functions such as asset safekeeping, transaction settlement, corporate action processing, reporting, and risk management [5]. - The European custody market exhibits a "dual-track competition" where U.S. giants like BNY Mellon and State Street dominate, while local institutions like Clearstream and BNP Paribas leverage regional regulatory advantages and customer loyalty [6]. Group 3: HSBC's Strategic Shift - For HSBC, the sale of its German custody business aligns with its global strategic adjustment, focusing on high-return markets in Asia and divesting non-core assets [7][8]. - The capital recovered from this transaction will be redirected to support high-growth businesses in Asia, optimizing the group's profit structure [8]. - HSBC's Asian operations have contributed over 100% of its pre-tax profits from 2015 to 2020, while European operations have mostly been in the red [10]. Group 4: Industry Trends and Challenges - The European custody market is facing transformation pressures, including fee rate pressures due to the dominance of passive investments, rising demand for alternative asset custody, and increasing compliance costs driven by regulatory requirements [15][16]. - The balance between localized service depth and global operational efficiency is crucial for international financial groups in the European custody market [17].

Chesnara agrees to buy HSBC’s life insurance business in the UK, creating an entity with a combined £18 billion of assets under administration https://t.co/mNK6ShI04v ...

智通财经7月3日电，汇丰银行将欧洲汽车制造集团STELLANTIS目标股价从9欧元上调至9.5欧元。 ...

Group 1 - HSBC Global Research indicates that the upcoming tariffs on products exported from Asia to the US may lead to a decline in shipment volumes in the coming months [1] - Companies are likely to suppress investments amid uncertainty due to the tariffs and geopolitical tensions in the Middle East, which could cause oil prices to surge [1] - Asian countries, except for Japan where policy normalization remains a goal, are expected to further cut interest rates with the help of a weakening US dollar [1] Group 2 - There is a focus on whether Asian consumers can support economic growth amidst external adverse factors [1] - There remains hope that household consumption can offset some of the economic weakness [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： HSBC Holdings plc 滙豐控股有限公司 呈交日期： 2025年7月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 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 ...

Core Viewpoint - HSBC Global Investment Research indicates that the global economy may face increased downward pressure, with expected growth rates for global goods and services trade exports declining to 1.8% year-on-year by 2025, and global economic growth slowing to 2.5% during the same period [1][2]. Group 1: Global Economic Outlook - The "export rush" effect supported economic growth in non-U.S. major economies, including the EU and China, in the first quarter of the year, exceeding initial market expectations [2]. - Uncertainty surrounding tariff policies and macroeconomic policies, including the Federal Reserve's interest rate decisions, may lead to more downward pressure on the global economy [2]. - HSBC forecasts that global goods and services trade export growth rates will decline to 1.8% in 2025 and 0.6% in 2026, with global economic growth slowing to 2.5% in 2025 and 2.3% in 2026 [2]. Group 2: Inflation and Monetary Policy - U.S. inflation is expected to remain sticky, with projections indicating it will stay significantly above the Federal Reserve's 2% target until the end of 2026 [2]. - As a result, the Federal Reserve may only reduce policy interest rates by a cumulative 75 basis points by the end of 2026 [2]. - The uncertainty in tariff outlooks is causing businesses to delay investment decisions, potentially leading to a series of chain reactions that could further drag down economic growth [2]. Group 3: China's Economic Resilience - Despite the changing international landscape, China's economy remains resilient, with a focus on long-term stability through structural reforms [5]. - Recent structural reforms, such as the removal of household registration restrictions for social insurance and the implementation of the Private Economy Promotion Law, are aimed at long-term policy directions [5]. - The increase in tariffs is expected to have a negative short-term impact on trade, but long-term effects may lead to a new round of industrial chain restructuring and changes in trade and investment flows [5]. Group 4: Global Trade Dynamics - A survey conducted by HSBC revealed that 44% of global enterprises plan to increase trade with China, the highest among targeted markets, followed by Europe (43%) and the U.S. (39%) [7]. - In manufacturing, 40% of surveyed companies are currently or plan to increase production in China over the next two years, second only to Europe (45%) [7]. - Asian enterprises show a higher inclination to increase trade and manufacturing in China, with 54% and 52% respectively, indicating deepening economic ties within the region [7].

Core Viewpoint - The global economy is expected to face increased downward pressure, with HSBC projecting a slowdown in global trade growth and economic growth in the coming years [2][4]. Economic Outlook - HSBC forecasts that global goods and services trade export growth may decline to 1.8% year-on-year by 2025, with global economic growth slowing to 2.5% during the same period [2][4]. - The uncertainty surrounding tariff policies is likely to pressure exports and investments in Asia, although many economies in the region can adopt expansionary macroeconomic policies to mitigate some impacts [3][6]. China’s Economic Resilience - Despite global uncertainties, China's economy remains resilient, with a focus on long-term stability and structural reforms [9][12]. - Recent structural reforms, such as the removal of household registration restrictions for social insurance and the implementation of the Private Economy Promotion Law, indicate a long-term policy direction [9]. - The shift in trade dynamics is evident, with ASEAN becoming China's largest export destination, and Mexico surpassing China as the largest source of U.S. imports [10][11]. Trade and Investment Trends - A survey conducted by HSBC revealed that 44% of global enterprises plan to increase trade with China, making it the most favored market for trade growth [14]. - In manufacturing, 40% of surveyed companies are currently or plan to increase production in China, second only to Europe [15]. - Asian enterprises show a higher inclination to increase trade and manufacturing in China compared to the global average, with 54% and 52% respectively [16]. Conclusion - The evolving global trade landscape highlights China's central role, with deepening economic ties within Asia and increasing trade corridors with the Middle East [17].

Group 1 - The article discusses the recent fluctuations in gold prices, indicating a potential false breakout and the importance of moving averages in determining market trends [4][6] - HSBC's report analyzes the driving forces behind gold's price movements, suggesting that while geopolitical risks and central bank demand support high prices, weakening physical demand and increasing supply may pressure prices in the future [8][10] - The report forecasts a trading range for gold prices in 2023 between $3,100 and $3,600 per ounce, with expectations of challenges in maintaining upward momentum due to various economic factors [8][10] Group 2 - The article highlights that gold's price failed to break the April high of $3,500 per ounce, indicating that the market may have fully priced in geopolitical risks [10] - The commentary suggests that the market's reaction to geopolitical events may have reached a saturation point, requiring more significant events to drive prices higher [10] - Upcoming events, such as the U.S. non-farm payroll data release, are expected to influence market sentiment and gold price movements, with a focus on the timing of potential Federal Reserve interest rate cuts [11]