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 ...

Group 1 - AI has been a key driver of market performance, corporate earnings, and individual stock performance, with expectations for this trend to continue until 2026 [1] - In the Chinese market, there has been an improvement in shareholder equity returns, with AI model performance steadily increasing and R&D investment being a fraction of that in the U.S., suggesting better products and services at lower prices for consumers and businesses [1] - After years of volatility, the Chinese stock market is beginning to show positive earnings growth, with a strong correlation between stock market trends and earnings performance in the long term [1] Group 2 - Globalization is shifting towards regional influences, leading to more differentiated trends in key areas such as inflation [2] - By 2026, it is expected that central banks will likely adopt supportive policies, with a relatively loose fiscal environment in the U.S. and other regions, contributing to a more optimistic market outlook despite some high valuations [2] - Corporate earnings are anticipated to be strong in 2026, supported by policy measures and expectations of Federal Reserve interest rate cuts, which may lead to relatively positive returns [2]