Core Viewpoint - HSBC analysts indicate that uncertainty surrounding U.S. policies continues to weigh on the dollar, suggesting potential for moderate depreciation [1] Group 1: U.S. Policy Uncertainty - The ongoing uncertainty in U.S. policies is seen as a burden on the dollar, with analysts expressing skepticism about future stability due to numerous ongoing trade negotiations lacking detail [1] - U.S. fiscal policy is highlighted as another significant source of uncertainty, particularly regarding potential taxation on global investors [1] Group 2: De-dollarization Trends - Structural de-dollarization is showing signs of increasing importance, although the trend may be difficult to realize due to weaknesses and low yields in other currencies [1] Group 3: Currency Forecast - HSBC forecasts that the euro will rise against the dollar, predicting an increase from the current rate of 1.1524 to 1.20 by the fourth quarter [1]

汇丰控股(00005.HK)于6月19日回购了320万股股份，耗资2.923亿港元；在其他交易所回购了共计500万 股股份，耗资4330万英镑。 ...

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6月20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 3 頁 共 10 頁 v 1.3.0 | 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 | | | | | | | | | ...

Core Insights - HSBC has promoted 16 new Managing Directors (MDs) in its global investment banking team this year, highlighting a distinctive "senior culture" within the bank as some of the new MDs have been with HSBC for nearly 20 years [2][3] Group 1: Promotions and Tenure - The new MDs include Ajay D'Souza (Infrastructure Investment Banking, London, over 16 years at HSBC), Anand Somaiya (FIG DCM, London, 12 years), and Anaud Burkhalter (Strategic Equity and Financing, Paris, joined in 2021 from Deutsche Bank) [2] - Other notable promotions include Antoine da Courton (DCM), Ayush Jain (Renewable Energy and Infrastructure Coverage, India, 7 years), and David C Shultz (DCM, New York, 12 years) [2][3] - The list also features Ho Tin Wang (Leveraged and Acquisition Financing), Ido Givon (Private Capital Group, London, joined in 2018 from Nomura), and several others with significant tenure at HSBC [2][3] Group 2: Regional Representation - The promotions reflect a diverse geographical representation, with new MDs based in London, Paris, Dubai, Mexico, and Hong Kong, indicating HSBC's global reach in investment banking [2][3] - Notable regional leaders include Nour Safa (DCM, Dubai, 8 years) and Rita Korkmaz (Middle East and North Africa Leveraged and Acquisition Financing, nearly 15 years) [2][3] - Saurabh Gupta (Asian Transportation and Infrastructure Banker, Hong Kong, nearly 18 years) and Yamur Munoz (Debt and Equity Issuance, Mexico, 19 years) further emphasize the bank's commitment to regional expertise [2][3]

Group 1 - The core viewpoint emphasizes the importance of financial innovation in supporting urban industrial upgrades and enhancing competitiveness in Guangzhou [2][3] - Guangzhou is implementing comprehensive reforms and expanding high-level openness, aiming to build a modern industrial system and enhance its urban capabilities [2] - HSBC's global training center in Nansha is seen as a pivotal opportunity for financial support in the transformation and upgrading of local industries [2][3] Group 2 - HSBC expresses gratitude for Guangzhou's support and plans to leverage the global training center to enhance investment and cooperation in cross-border financial services [3] - The global training center, located in Nansha, is set to be the largest training base for HSBC globally, capable of training thousands of management personnel annually [3]

Core Insights - HSBC is reportedly forming a new team specifically to handle complex infrastructure transactions [1] Group 1 - The new team aims to address the increasing demand for sophisticated infrastructure deals in the market [1] - This strategic move reflects HSBC's commitment to enhancing its capabilities in the infrastructure sector [1]

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) FF305 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6月19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（不包括庫存股份）變動 | | 庫存股 ...

Core Viewpoint - HSBC Holdings plc has seen an 18.3% increase in shares this year, outperforming the S&P 500 Index's 1.2% rise, but underperforming its industry's growth of 22.2% [1] Group 1: Performance Overview - HSBC's stock has outperformed peers like UBS Group AG (4.2% gain) and Mitsubishi UFJ Financial Group, Inc. (14.2% gain) [1] - The company's focus on Asia has been a significant driver of its performance, with over half of its business now centered in the region [4] Group 2: Strategic Initiatives - HSBC has re-launched its private banking business in India and received approval to open branches in 20 new cities, alongside a partnership with Bajaj Allianz General Insurance [5] - In mainland China, HSBC is expanding its wealth business through lifestyle-focused centers and acquisitions, including Citigroup's retail wealth arm [5] - The acquisition of AXA Insurance in Singapore and L&T Investment Management Limited is expected to strengthen HSBC's position in Asia [6] Group 3: Restructuring and Cost Management - HSBC is engaged in restructuring efforts aimed at enhancing operational efficiency, targeting $1.5 billion in annualized savings by the end of 2026 [9] - The company plans to incur $1.8 billion in severance and upfront charges to execute its business simplification efforts [10] - HSBC is winding down its operations in the U.K., Europe, and the U.S., while focusing on Asia and the Middle East [11] Group 4: Financial Position - As of March 31, 2025, HSBC's capital ratios remain strong, supported by steady capital generation [12] - The company returned $26.9 billion to shareholders in 2024 and expects a 50% dividend payout ratio for 2025, along with a share repurchase program of up to $3 billion [13] Group 5: Challenges - HSBC has faced rising operating expenses, with a projected increase of 3% in 2025 due to market share growth initiatives [15] - Revenue growth has been muted, with a negative compound annual growth rate of 2.7% over the three years ending in 2022, impacted by subdued loan demand and a challenging macroeconomic environment [16][17]

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) FF305 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6月18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（不包括庫存股份）變動 | | 庫存股 ...

I rate HSBC Holdings (NYSE: HSBC ) as a buy. Hong Kong's economic and market recovery is giving HSBC a boost, notably in areas like wealth management and transaction banking. I see HSBC emerging stronger than before as we cycle throughFormer buy-side equity analyst covering Asia Pacific equities with a decade of experience under my belt. I employ a fundamental bottom-up approach with a macroeconomic overlay to identify stocks that are set to benefit from broader trends globally. I focus mainly on Financials ...