智通财经网·2026-02-24 01:51Group 1 - The outlook for Hong Kong financial stocks is positive due to an active IPO market, structural cross-border capital flows, and a preliminary recovery in the residential property market [1] - The Federal Reserve's policies are expected to normalize HIBOR, with a forecast of a one-month HIBOR remaining at 2.5% in the first half of this year [1] - Credit costs are viewed conservatively, with a preference for banks with robust balance sheets and prudent risk profiles [1] Group 2 - The peak of non-performing loans in the industry is believed to have passed, with expectations that non-performing loans related to commercial real estate will stabilize this year, followed by a de-risking process over one to two years [1] - The most favored stock is Hong Kong Exchanges and Clearing (00388), which is seen as having greater leverage and currently undervalued, with an upgraded rating to "Buy" and a target price raised from HKD 373.94 to HKD 502 [1] - Local bank stocks are expected to yield positive returns this year, but may underperform international peers due to lower capital return levels; Bank of China Hong Kong (02388) and Bank of East Asia (00023) are rated "Hold," with a preference for the former due to its resilient fundamentals and higher return levels [1] - The target price for Bank of China is raised from HKD 31 to HKD 48, while Bank of East Asia's target price is increased from HKD 12 to HKD 16, with potential trading opportunities due to index inclusion and the recovery of the Hong Kong property market [1]