大行评级丨小摩：汇丰控股业绩简报会传递正面讯息，维持“增持”评级

Group 1 - The core viewpoint of the report indicates that HSBC Holdings' Q4 2025 performance and mid-term Return on Tangible Equity (ROTE) guidance exceeded expectations [1] - Overall, the earnings briefing conveyed positive messages, with management providing clearer insights into the revenue growth trajectory for 2026-2028 and the drivers of net interest income growth [1] - The management's explanation regarding costs alleviated market concerns about insufficient investments in key areas such as technology and artificial intelligence [1] Group 2 - The expectation is that HSBC's stock price will remain strong, with the next catalyst being the investor day scheduled for May [1] - The report maintains a "buy" rating for HSBC with a target price of HKD 165 [1]