Ge Long Hui·2025-08-19 06:17Group 1 - The core viewpoint of the report indicates that the Hong Kong 1-month HIBOR has reached 2% for the first time since May, with an average of approximately 1.1% from August to date, and averages of 0.7% and 1% in June and July respectively [1] - Goldman Sachs forecasts that the average HIBOR will reach 1.3% and 1.6% in August and September, with averages of 1.3% and 2.3% in the third and fourth quarters, compared to 3.9% and 2% in the first and second quarters [1] - Despite the downward trend in HIBOR since May affecting banks' net interest margins, Hong Kong bank stock prices remain resilient as the market appears to have absorbed the positive factors of lower HIBOR, including increased fee income, reduced credit costs, and a recovery in loan demand [1] Group 2 - Goldman Sachs maintains a selective strategy, assigning a "Buy" rating to HSBC Holdings with a target price of HKD 110, while giving a "Sell" rating to Bank of East Asia with a target price of HKD 10.5 [1]