智通财经网·2025-10-10 08:22Group 1 - The core viewpoint is that Citic Securities maintains a "Buy" rating for HSBC Holdings (00005) with a target price of HKD 120, expecting revenue growth rates of 0%, 1.4%, and 3.5% for 2025-2027, and net profit growth rates of 7.0%, 2.0%, and 3.0% respectively [1] - HSBC is positioned as a key beneficiary bank in the context of global industrial chain restructuring, with extensive layouts in key regions and benefiting from the trend of asset global allocation among Asia's affluent retail clientele [1] - HSBC's high Return on Tangible Equity (ROTE) and high dividend yield present significant investment value [1] Group 2 - HSBC's privatization of Hang Seng Bank is expected to enhance the overall profitability of the group and streamline organizational structure to improve business synergy in the competitive Hong Kong banking environment [2] - The 30% premium acquisition highlights HSBC's emphasis on its Hong Kong operations and confidence in the Hang Seng Bank brand value, ensuring the successful completion of the privatization proposal [2] - The financial impact of the privatization results in a one-time decrease of 125 basis points in HSBC's Common Equity Tier 1 (CET1) capital ratio, but ROTE, EPS, and DPS are expected to see slight increases due to improved profits and decreased net assets [2] - Despite pausing share buybacks for three quarters to restore CET1 to acceptable levels, HSBC anticipates a shareholder return rate of over 8% from dividends and buybacks in 2026, with a cash dividend yield of 5.8% [2]