汇丰控股：维持“增持”评级，目标价165港元-20260303

Investment Rating - The report maintains an "Overweight" rating for HSBC Holdings with a target price of HKD 165 [1] Core Insights - HSBC's Q4 2025 performance and mid-term tangible return on equity (ROTE) guidance exceeded expectations [1] - The earnings briefing conveyed positive messages, with management clearly outlining revenue growth trajectories from 2026 to 2028, drivers of net interest income growth, and a roadmap for achieving business synergies [1] - Management's explanation regarding costs alleviates market concerns about insufficient investments in key areas such as technology and artificial intelligence [1] - A strong currency is anticipated to persist, with the next catalyst being the investor day scheduled for May [1]