Group 1 - The core view of the report is positive regarding the financial industry's outlook in Hong Kong, with improved visibility in revenue growth driven by stable deposit increases and a stable HIBOR, leading to net interest income growth [1] - Wealth management business is performing strongly and is a major driver of non-interest income growth [1] - The report indicates a slight decrease in commercial real estate risk due to improved sentiment in the residential market, although different banks have varying views on risks associated with retail and office commercial real estate [1] Group 2 - The report highlights that Hong Kong banks have diverse strategies regarding digital assets, with Standard Chartered (02888) having the most comprehensive layout in the stablecoin and cryptocurrency ecosystem [1] - Overall, the report maintains an optimistic outlook for Hong Kong banks, with Standard Chartered being the preferred stock in the industry [1] - For non-bank financial institutions, the report anticipates that Hong Kong Exchanges and Clearing (00388) will benefit from stable market sentiment and IPOs, driving earnings per share growth, although new derivative measures are unlikely to be significant revenue drivers in the short to medium term [1]
小摩：对香港金融行业前景看法正面 港银首选渣打集团