Ge Long Hui·2026-01-21 03:14Core Viewpoint - Barclays expects HSBC Holdings' earnings performance to significantly exceed its guidance and market expectations, driven by favorable factors in the Hong Kong market, the full integration of Hang Seng Bank, and strategic initiatives that can offset fluctuations in U.S. policies [1] Group 1: HSBC Holdings - Barclays assumes that U.S. interest rates will decline to around 3%, predicting that HSBC's net interest income for 2026 and 2027 will still be 4% to 5% higher than market expectations [1] - Even if U.S. interest rates drop to a lower level of 2%, HSBC's performance is still expected to meet market expectations [1] - Barclays maintains an "Overweight" rating on HSBC Holdings listed in London, raising the target price from £12.3 to £14 [1] Group 2: Standard Chartered - Barclays anticipates that Standard Chartered's tangible return on equity (RoTE) will continue to improve in the coming years, potentially reaching 15% by 2028, primarily driven by operational leverage [1] - However, 2026 may be a transitional year, with less pronounced upside risk to earnings compared to market expectations, and RoTE may decline to 13% [1] - Barclays reiterates a "Market Perform" rating for Standard Chartered listed in London, increasing the target price from £16 to £19 [1]