Core Viewpoint - HSBC Holdings demonstrates clear advantages in high ROTE and high dividend yield, indicating significant investment value [1] Financial Performance - HSBC's revenue and profit for Q3 2025 continue to exceed expectations, with an upgraded ROTE guidance to mid-double digits and a forecasted ROTE above 15% for 2025 [2] - The bank's net interest income guidance for the year has been raised to $43 billion, supported by stable net interest margins and strong non-interest income growth, particularly in wealth management, which saw a 30% year-on-year increase [2] - Credit costs remain stable at 40 basis points, indicating effective cost management and a resilient financial position [2] Long-term Outlook - The bank is positioned favorably in a robust operating environment, benefiting from a 3% terminal policy interest rate, strong credit demand, and improved asset quality [3] - HSBC is expected to be a key beneficiary of the ongoing restructuring of global supply chains and the trend of Chinese enterprises expanding overseas, despite challenges posed by U.S. tariff policies [3] - The bank's extensive presence in key regions positions it well to capitalize on the global asset allocation trends among affluent retail clients in Asia [3]