热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 汇丰控股（00005）盘中涨超3%，截至发稿，股价上涨2.38%，现报146.10港元，成交额16.99亿港元。 汇丰控股公布2025年全年业绩。报告期内，集团实现收入683亿美元，较2024年增加24亿美元，同比增 长4%；净利息收益达348亿美元，同比增加21亿美元；每股基本盈利1.21美元，拟派发第四次股息每股 0.45美元。 摩根大通发布研报称，预期汇控股价将有正面反应，因集团去年第四季收入及基本税前利润分别较市场 预期高3%及9%，普通股权一级资本比率（CET1）为14.9%，亦较市场预期高20个基点。另外，集团更 新未来三年有形股东权益回报率（ROTE）指引为17%或以上，高于原先指引的中双位数，并高于市场 预期。集团料至2028年收入增长达5%，亦高于摩通及市场预期。 展望未来，摩通预计，尽管银行业的管理层对资产质量仍持谨慎看法，但并不悲观，并对收入前景的态 度将渐趋积极。在香港大型银行中，摩通仍更偏好渣打及汇丰控股，而非中银香港。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 汇丰控股（00 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Standard Chartered Group [5][9]. Core Views - Standard Chartered Group is a globally positioned international bank with a strong focus on Asia, actively embracing emerging market opportunities, particularly in ASEAN and the Middle East. The bank's total assets reached approximately $914 billion as of Q3 2025, reflecting a year-on-year growth of 5% [5][22]. - The bank's return on tangible equity (ROTE) has shown a consistent upward trend, reaching 16.5% in 9M25, with expectations for continued improvement in profitability and shareholder returns [8][11]. - The report highlights the bank's strong non-interest income contribution, which stabilizes revenue amidst fluctuating interest rates, and its limited exposure to risks in the Chinese real estate sector [8][46]. Summary by Sections 1. Global Presence and Market Focus - Standard Chartered operates in 54 markets globally, with a significant emphasis on Asia, contributing over 64% of the group's revenue and 72% of pre-tax profit in 2024. The bank is strategically focusing on high-growth regions such as ASEAN and the Middle East [5][22][25]. 2. Financial Performance and Profitability - The bank's revenue is projected to grow from $17.38 billion in 2023 to $21.08 billion in 2025, with a compound annual growth rate (CAGR) of 10.25% for 2023 and 7.03% for 2025. Net profit attributable to shareholders is expected to increase from $3.47 billion in 2023 to $5.07 billion in 2025, reflecting a growth rate of 25.11% [6][9]. - The report anticipates a stable credit cost of around 0.2% in 2024, with a low non-performing loan ratio of 1.93% as of Q3 2025, indicating strong asset quality management [8][46]. 3. Business Segments - The bank's revenue is primarily driven by its Corporate and Investment Banking (CIB) segment, which contributes over 60% of total revenue, while Wealth Management and Retail Banking provide stable contributions of around 38% [5][31][35]. - Non-interest income has increased significantly, accounting for nearly 50% of total adjusted revenue, driven by strong performance in transaction banking, financial markets, and wealth management [8][46]. 4. Investment Analysis - The report projects a comprehensive return rate exceeding 7% for 2026, positioning Standard Chartered as a leader in the H-share banking sector. The anticipated growth in net profit and ROTE is expected to drive valuation recovery, with a target price-to-book (PB) ratio of 1.40 for 2026, indicating a potential upside of 23% [9][10][11].