该行维持对汇丰控股2026财年收入与盈利增长的乐观展望，主要基于三大因素：1）净利息收入的下行 风险将被结构性对冲及负债成本降低等利好因素抵销；2）非利息收入预期将维持强劲增长动能；预期 香港资本市场于2026财年将保持强劲；信贷成本应可控，因香港商业地产信贷风险未有显著恶化迹象。 星展对汇控2026财年及2027财年盈利预测分别上调2%和7%。将2025-2027财年净利息收入预测上调至逾 430亿美元。2026财年银行净利息收入面临的逆风较去年小，因美国减息幅度缩小，且香港银行同业拆 息自2025年第二季的历史低位回升。该行料汇控2025年至2027年股息回报各为5.2厘、5.6厘及6.3厘，料 2025年至2027年平均股东权益报酬率各为12.6%、15.3%及16.1%。 智通财经APP获悉，星展发布研报称，基于乐观盈利前景，假设汇丰控股(00005)2026-2027财年(不计特 殊项目)股本回报率约为16%，尽管较2025财年高基数有所回落。预期汇控将于今年稍后重启股份回购 计划，且2026财年股票总回报率将持续超过6%。该行重申汇控"买入"评级，目标价由113.7港元升至 139.2港元，相当于 ...

中金估计今年香港银行财富管理业务仍将保持增长态势，增速受境内外投资回报率预期以及全球经济影 响。新加坡、印度、中东也是财富业务增长较快的区域，中国香港银行在上述区域的网点布局也将推动 收入增长。 中金又预计今年市场仍处于降息周期，美联储12月点阵图显示2026年或降息1至2次，2027年降息0至1 次，此后来到3%的水平。基于此背景，预计香港银行净息差或继续收窄，但符合预期的降息幅度下， 叠加小幅的资产增长，净利息收入降幅或维持低单位数。 中金发布研报称，过去一年香港银行股价表现较优，主要由于有形净资产回报率ROTE的超预期抬升。 展望2026年，中金预计上市香港银行资本回报率或仍能维持10%至17%的较高水平，分红及回购回报率 仍有7%左右，存在配置价值。 中金续指，预计今年香港银行信用成本或有小幅上行，但仍可控制在30至50基点的范围。主要关注内地 房地产和中国香港房地产市场演化、海外中高利率环境下的散发式风险暴露，以及金融市场波动带来的 潜在风险。但预计香港银行成本收入比或继续下降。 ...

中金发表研究报告指，过去一年香港 银行股价表现较优，主要由于有形净资产回报率ROTE的超预期抬 升。展望2026年，中金预计上市香港银行资本回报率或仍能维持10%至17%的较高水平，分红及回购回 报率仍有7%左右，存在配置价值。中金又预计今年市场仍处于降息周期，美联储12月点阵图显示2026 年或降息1至2次，2027年降息0至1次，此后来到3%的水平。基于此背景，预计香港银行净息差或继续 收窄，但符合预期的降息幅度下，叠加小幅的资产增长，净利息收入降幅或维持低单位数。 ...

在美联储降息周期背景下，一个月期香港银行同业拆息(HIBOR)仍出现反弹，与有担保隔夜融资利率之 间的息差收窄。今年第四季度至今，一个月期HIBOR平均为3.19%，较第三季度高出113个基点，为银 行净利息收入提供了有力支撑。目前预计香港银行股第四季度净利息收入将超越第三季度水平，市场预 测也有望上调。 瑞银提醒，尽管香港银行股净利息收入表现有所改善，但下半年不良贷款风险亦同步上升。相应将中银 香港及东亚银行下半年的信贷成本预测上调。 瑞银发布研报称，展望2026年，对香港银行股保持谨慎看法，预期市场焦点将转向银行明年盈利前景， 其中净利息收入及信贷成本将是主要驱动因素。目前预测中银香港(02388)及东亚银行(00023)2026年净 利润增长大致持平，预计每股股息可增长2%至3%，重申对中银香港及东亚的"中性"评级，目标价则分 别由37港元及12.5港元，上调至40港元及13.5港元，以反映降息后股权成本下降。 ...

Core Viewpoint - UBS maintains a cautious outlook on Hong Kong bank stocks, projecting that the market focus will shift to banks' profit prospects for next year, with net interest income and credit costs being the main drivers [1] Group 1: Company Projections - UBS forecasts that the net profit growth for Bank of China Hong Kong (02388) and East Asia Bank (00023) will remain flat in 2026, with expected per-share dividend growth of 2% to 3% [1] - The target prices for Bank of China Hong Kong and East Asia Bank have been raised to HKD 40 and HKD 13.5, respectively, reflecting a decrease in the cost of equity following interest rate cuts [1] Group 2: Market Conditions - Despite the improvement in net interest income for Hong Kong banks, the risk of non-performing loans has increased in the second half of the year, leading to an upward adjustment in credit cost forecasts for Bank of China Hong Kong and East Asia Bank [1] - The average one-month Hong Kong Interbank Offered Rate (HIBOR) has risen to 3.19% in the fourth quarter, up 113 basis points from the third quarter, providing strong support for banks' net interest income [1] - It is anticipated that the net interest income for Hong Kong bank stocks in the fourth quarter will exceed that of the third quarter, with market forecasts likely to be revised upward [1]

展望2026年，瑞银对香港银行股保持审慎看法，预期市场焦点将转向银行明年盈利前景，当中净利息收 入及信贷成本将是主要驱动因素，目前预测中银香港及东亚银行2026年净利润增长大致持平，预计每股 股息可增长2%至3%，重申对中银香港及东亚的"中性"评级，目标价则分别由37港元及12.5港元，升至 40港元及13.5港元，以反映减息后股权成本下降。 瑞银发表研究报告指，美联储减息周期下，一个月香港银行同业拆息(HIBOR)仍反弹，与美国担保隔夜 融资利率差距收窄，第四季至今一个月HIBOR平均为3.19%，较第三季高出113个基点，为银行净利息 收入提供有力支持，目前预计香港银行股第四季净利息收入将超越第三季水平，市场预测亦有望上调。 然而瑞银提醒，虽然香港银行股净利息收入表现有所改善，但下半年不良贷款风险亦同步上升。 ...

Summary of Conference Call Company and Industry - The conference call pertains to **Nordea**, a financial services group operating in the Nordic region, focusing on macroeconomic trends, interest rates, and financial performance metrics. Core Points and Arguments 1. **Macro Trends**: - Interest rates are expected to decrease by approximately **12 basis points** quarter on quarter in Q4, following rate cuts in Q3. The average decrease in three-month interbank offered rates was **19 basis points** in Sweden and **8 basis points** in Norway, while Denmark and Finland saw increases of **2 to 3 basis points** [2][3] - The USD-denominated MSCI World Index increased by **4.9%** quarter on quarter, and the OMX40 Nordic Index rose by **3.8%** [2] 2. **Net Interest Income (NII)**: - NII for Q3 was reported at **EUR 1.775 billion**, with expectations for Q4 to be lower due to a decrease in average Nordic policy rates [3][4] - The margin-driven NII saw a reduction of nearly **EUR 90 million** in Q3, with a projected contribution of around **EUR 10 million** from deposit hedges in Q4 [4][5] 3. **Net Fee and Commission Income (NCI)**: - NCI for Q3 was **EUR 811 million**, with non-recurring gains of **EUR 10 million** not expected to repeat, leading to a relevant starting point of **EUR 800 million** for Q4 [6] - The average quarterly run rate for brokerage and advisory services was around **EUR 50 million** [7] 4. **Net Insurance Results**: - Q3 net insurance results were **EUR 66 million**, benefiting from movements in medium to long-term interest rates [9] 5. **Loan Losses**: - Historically, loan losses in Q4 tend to be higher, with expectations around **10 basis points** based on long-term averages. Significant portions of management judgment buffers have already been released earlier in the year [10][11] 6. **Capital and Dividends**: - The CET1 ratio was **15.9%** at the end of Q3, with a requirement of **13.6%**. A new buyback program of **EUR 500 million** was launched, expected to reduce the CET1 ratio by **30 basis points** [12][15] - The dividend policy aims for a payout of **60%-70%** of annual profits, with a stable to growing dividend per share ambition [12][13] Other Important Content - The impact of foreign exchange (FX) movements was noted, with SEK and NOK showing minor tailwinds for euro-denominated income in Q4 [3] - The conference call emphasized the importance of tracking FX movements, particularly for the P&L statement [3] - The company plans to book a fee for interest-free deposits under regulatory fees starting Q4, with a limited impact of mid-single-digit million euros [10] - The silent period for further inquiries begins on **7 January**, with the Q4 report scheduled for release on **29 January** [1][16]

Core Viewpoint - Morgan Stanley reports that China Construction Bank (00939) management indicates that the yields on consumer loans, mortgages, and large corporate loans are stabilizing, with expectations for stable yields if the Loan Prime Rate (LPR) does not significantly decrease by 2026 [1] Group 1: Loan Performance and Projections - The bank anticipates that the narrowing of net interest margin will slow down by 2026, with pressure mainly during the first quarter loan repricing period [1] - Approximately 60% of mortgage loans will be repriced on January 1, 2026, and management believes that net interest income is likely to turn positive, supporting revenue growth [1] - After regular property price reassessments, the loan-to-value ratio for mortgages exceeds 40%, and management is satisfied with the current credit quality of mortgage loans [1] Group 2: Non-Performing Loans and Provisions - Management expresses satisfaction with the current non-performing loan coverage ratio and is willing to gradually release provisions to support profits as income stabilizes [1]

Core Viewpoint - The PNC Financial Services Group reported strong third-quarter earnings, with adjusted EPS surpassing estimates, driven by increases in net interest income (NII) and fee income, despite rising expenses [2][4]. Financial Performance - Adjusted EPS for Q3 2025 was $4.35, exceeding the Zacks Consensus Estimate of $4.05, and up from $3.49 in the prior-year quarter [2]. - Net income on a GAAP basis was $1.82 billion, reflecting a 21.1% increase year over year [3]. - Total revenues reached $5.91 billion, an 8.9% year-over-year increase, surpassing estimates by 1.4% [4]. Income and Expenses - NII was reported at $3.65 billion, a 6.9% increase from the previous year, with a net interest margin of 2.79%, up 15 basis points [4]. - Non-interest income rose 12.1% year over year to $2.3 billion, driven by increases in most fee income components [5]. - Non-interest expenses totaled $3.46 billion, a 4% increase from the prior year, with an efficiency ratio improving to 59% from 61% [5]. Loan and Deposit Growth - Total loans as of September 30, 2025, were $326.6 billion, showing slight sequential growth, while total deposits increased by 1.4% to $432.7 billion [6]. Credit Quality - Non-performing loans decreased by 17.1% year over year to $2.1 billion, and net loan charge-offs fell 37.4% to $179 million [7]. - The provision for credit losses was $167 million, down 31.2% from the previous year [7]. Capital Position - The Basel III common equity tier 1 capital ratio improved to 10.6% from 10.3% year over year [9]. - Return on average assets and average common shareholders' equity were 1.27% and 13.24%, respectively, compared to 1.05% and 11.72% in the prior-year quarter [9]. Capital Distribution - In Q3 2025, PNC returned $1 billion to shareholders, including $0.7 billion in dividends and $0.3 billion in share repurchases [10]. Future Outlook - For Q4 2025, PNC expects average loans to remain stable to up 1%, with NII anticipated to increase by approximately 1.5% [11]. - Fee income is projected to decline around 3%, while total revenues are expected to remain stable to down 1% [12]. - Non-interest expenses are anticipated to rise by 1%–2% [12]. Industry Context - PNC operates within the Zacks Financial - Investment Bank industry, where Citigroup reported an 8.7% year-over-year revenue increase and a 32.8% expected earnings growth for the current quarter [19][20].

Core Viewpoint - Beijing Bank reported a slight decline in revenue and a modest increase in net profit for Q3 2025, indicating mixed performance amid market fluctuations and changing interest rates [1][2]. Revenue Summary - Revenue for Q3 2025 decreased by 0.3% year-on-year, a decline of 2.2 percentage points compared to the first half of 2025 [1]. - Net interest income increased by 1.8% year-on-year, with a quarterly growth of 1.1%, driven by an expansion in the asset base [1][2]. - Fee income grew by 16.9%, although this was a slowdown from 20.4% in the first half of 2025 [1][2]. - Other non-interest income saw a significant decline of 12.8% year-on-year, worsening from a decline of 0.8% in the first half of 2025 [1][2]. Profit Summary - Net profit for the first three quarters of 2025 increased by 2.2% year-on-year, down from 3.3% in the first half of 2025 [1][2]. - The contribution from scale, interest margin, costs, provisions, and taxes improved marginally, while the contributions from fees and other non-interest income declined [1][2]. Asset and Liability Management - The bank's interest-earning assets increased by 3.2% quarter-on-quarter, but there was a contraction in credit issuance during Q3 2025, with a reduction of 17.81 billion [2]. - Total loans as a percentage of interest-earning assets decreased by 1.9 percentage points to 49% [2]. - Deposits decreased by 19.515 billion in Q3 2025, with a year-on-year reduction of 76.022 billion [2]. Asset Quality - The non-performing loan (NPL) ratio improved to 1.29%, with a quarterly decrease of 1 basis point [2]. - The cumulative NPL generation rate for the first three quarters was 0.90%, down 10 basis points from the first half of 2025 [2]. - The provision coverage ratio increased to 195.79%, up 5 basis points quarter-on-quarter [2]. Profit Forecast and Valuation - Revenue forecasts for 2025, 2026, and 2027 are projected at 70.304 billion, 72.539 billion, and 76.075 billion respectively, with year-on-year growth rates of 0.6%, 3.2%, and 4.9% [3]. - Net profit forecasts for the same years are 26.423 billion, 27.575 billion, and 28.535 billion, with year-on-year growth rates of 2.3%, 4.4%, and 3.5% [3]. - The bank's price-to-book (PB) ratio is estimated at 0.43X, 0.39X, and 0.36X for 2025, 2026, and 2027, indicating a favorable valuation compared to peers [4]. Investment Recommendations - The bank's competitive advantages include a leading asset scale among listed city commercial banks, a strong regional presence, and a focus on technology-driven financial services [4]. - The low cost of liabilities positions the bank well to maintain its expansion capabilities in a low-interest-rate environment [4]. - The bank is recommended for an "overweight" rating based on its solid fundamentals and growth prospects [4].