Group 1 - The core viewpoint of the report is that the escalation of military tensions in the Middle East is expected to trigger a market-wide risk aversion correction [1] - Standard Chartered (02888) is likely to experience a noticeable pullback due to its high exposure to the Middle East, with projected contributions from the UAE accounting for 2.5% of loans and 5.6% of revenue by 2025 [1] - As of the second quarter of 2025, approximately 73% of Standard Chartered's loans in the UAE are attributed to government, public institutions, or the banking sector, indicating that overall credit risk is manageable [1] Group 2 - HSBC's disclosed loan and revenue exposure to the Middle East is 2.3% and 3.8%, respectively [1] - According to "China Securities," the total loan amount in the Middle East is approximately $15.7 billion, representing only 0.09% of the total loans of the five major banks [1] - Given the current low valuation of domestic banks and their significant flexibility in responding to macroeconomic shocks, domestic bank stock prices are expected to show greater resilience compared to regional peers [1]
小摩：渣打集团在中东敞口较高 料出现明显回调