Group 1 - HSBC Holdings announced a share buyback program, spending £22.378 million to repurchase 2.155 million shares [1] - The company also allocated HK$159 million to buy back 1.4712 million shares [1]

同日，公司耗资2237.81万英镑回购215.48万股，每股回购价10.306-10.452英镑。 格隆汇9月24日丨汇丰控股(00005.HK)发布公告，2025年9月23日耗资1.59亿港元回购147.12万股，回购 价格每股107.7-108.5港元。 ...

·凯投宏观：受美国关税冲击，预计印度央行将开启降息周期至5.0% ·凯投宏观经济学家表示，受美国加征关税冲击经济增长影响，预计印度央行将在10月1日的货币政策会 议上下调回购利率25个基点至5.25%，并将在2025年底前进一步降息25个基点，使利率降至5.00%。美 国关税政策已对印度出口造成显著压力，迫使机构将印度2026年GDP增长预期从此前的7%大幅下调至 6.5%。尽管经济增长放缓，通胀预计将保持温和，到2026年下半年逐步回升至印度央行4%的中期目标 水平。 ·J Safra Sarasin银行经济学家表示，瑞士通胀正温和回升，瑞士央行没有理由急于行动。市场普遍认 为，瑞士央行将选择保留政策空间，待未来经济数据进一步恶化时再考虑启动负利率。 ·巴克莱银行经济学家指出，尽管泰国经济在2025年上半年录得3.0%的强劲增长，但预计在2025年下半 年及2026年将面临显著阻力。增长放缓归因于多重不利因素：出口增长前景疲软、国内政治不确定性上 升，以及旅游业复苏乏力。今年游客到访量持续疲软。泰国通胀水平保持温和，预计2025年和2026年整 体通胀及核心通胀均将低于泰国央行1%—3%的目标区间，反映出内 ...

导读：场长达十余年的法律拉锯战，最终以瑞银掏出8.35亿欧元画上句号，而这仅相当于该银行今年上 半年净利润的五分之一。 【文/羽扇观金工作室 王力】 瑞银集团（UBS Group）周二（9月23日）宣布，已就法国税务调查达成和解，同意支付8.35亿欧元（约 9.85亿美元）的罚款及赔偿金。 这笔款项包括7.3亿欧元的罚款和1.05亿欧元的民事赔偿，源于瑞银2004年至2012年间在法国帮助富裕客 户逃避税收的跨境业务活动。 经过多轮法律较量，瑞银最终以远低于原判罚金的8.35亿欧元达成了和解。 和解金额仅为上半年利润的五分之一 瑞银表示，该和解协议了结了一起长期困扰其的历史遗留问题，且相关资金已全额计提拨备，不会对当 前财务前景构成影响。 从45亿欧元到8.35亿欧元的法律拉锯战 9月23日，瑞银集团在官方网站发布公告称宣布，作为解决方案的一部分，瑞银集团同意向法国政府支 付7.3亿欧元罚款和1.05亿欧元民事损害赔偿金。 截图来自瑞银官网 该遗留案件的解决符合瑞银以所有利益相关者的最佳利益解决此类问题的意图。瑞银已为此做好充分准 备。 这起税务纠纷已持续十余年。法国法院最初于2019年裁定瑞银涉嫌非法招揽客 ...

美联储主席鲍威尔周二为进一步降息敞开了大门。闻声，美股科技股周二回落，拖累标普500指数结束 三连涨，纳指也下跌0.9%。"美股科技七巨头"周二全线下跌，周一这些公司股票推动美股三大股指再创 纪录新高，能源、公用事业和消费必需品类股等周期股则录得上涨。 投资机构Alexandria Capital的研究总监利贝拉托雷(Lou Liberatore)称："美股市场一直以来是一个两极分 化的市场。人工智能（AI）概念股在推动市场，而市场的其余部分则在原地踏步。美联储降息重启， 可能改善这一分化。" 对冲基金已开始布局银行、保险、消费金融类股 高盛上周五给客户的报告显示，旗下证券部门监测的全球对冲基金上周以三个月来最快的速度买入了全 球银行股、保险股和消费金融类股，因为预计美联储降息周期叠加监管放松，将使得这些机构和企业的 交易量增加将提高利润，推高股价。其中，北美和欧洲占据了上述对冲基金的大部分多头头寸，意味着 欧洲和美国银行股最被看好。今年至今，欧洲银行指数（.SX7P）上涨了40%以上，而标普500银行股指 数（.SPXBK）仅上涨了20%多一点。 报告还显示，金融股为对冲基金的第二大买入板块，科技股买入量则 ...

近日，宁波银行股份有限公司开展了特定对象调研活动，吸引了包括富国基金、平安资管、泉果基金在 内的3家机构参与。以下为本次调研的详细情况。 调研基本信息投资者活动关系类别：特定对象调研时间：2025年9月24日上午地点：公司总部大厦参与 单位名称：富国基金、平安资管、泉果基金上市公司接待人员姓名：公司投关团队 调研精彩要点贷款增速能否持续：近年来，宁波银行积极响应政策，重点支持民营小微企业、制造业企 业等领域，实现贷款规模稳步增长。未来，随着扩内需、促消费政策红利释放以及新质生产力培育，该 行将扩大金融服务覆盖面，保持信贷合理增长，支持实体经济发展。资本计量高级法推进：2024年11月 国家金融监督管理总局发布相关规定后，宁波银行正在积极研究跟进，同时关注监管动态与同业进展， 稳妥推进资本计量高级法相关工作。资产质量展望：面对经济周期与局势变化带来的挑战，宁波银行将 依托"四化五帮"服务体系助力重点领域，严格授信准入。同时完善全流程信用风险管理，预计资产质量 将保持在行业较好水平。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图 ...

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Group 1: Research Overview - The report is a compilation of 22 in-depth studies on the banking sector by the招商证券 team, led by Wang Xianshuang[1] - The focus is on valuable research contributions to the development of China's banking industry and financial markets[1] Group 2: Key Themes - The analysis introduces a framework for calculating banks' free cash flow, challenging traditional views that banks lack free cash flow[3] - It explores the reasons behind insurance capital's increasing investment in Hong Kong banks, highlighting benefits like dividend yield and systemic importance[4] - The concept of "asset scarcity" is defined and quantified, providing insights into recent trends in the interest rate market[5] Group 3: Investment Insights - The report indicates that insurance capital has become a major source of incremental funding for banks, with a focus on deepening cooperation between the two sectors[8] - Historical analysis shows that the banking sector has significantly outperformed the market, with a high annualized return rate exceeding 20% since 2008[9] - A new method for calculating banks' asset quality is introduced, enhancing the understanding of performance predictions and investment strategies[11] Group 4: Market Dynamics - The impact of large bank capital injections on market liquidity is analyzed, providing a macro-accounting perspective on credit and money creation[7] - The report discusses the implications of deposit and loan maturity schedules on banks' interest margins, offering a novel approach to estimating these figures[12][14]

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.83% to close at 3853.64 points, while the Shenzhen Component rose by 1.80% to 13356.14 points. The Sci-Tech 50 surged by 3.49% to 1456.47 points, and the ChiNext Index gained 2.28% to 3185.57 points. Overall, 4457 stocks rose, 852 fell, and 120 remained unchanged, with total trading volume in the Shanghai and Shenzhen markets amounting to 23268 billion yuan, a decrease of 1675.98 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, all sectors except for banking, coal, and telecommunications experienced gains today. The leading sectors in terms of growth included power equipment, electronics, media, computers, real estate, and machinery equipment [1]. - The top-performing concept sectors included semiconductor silicon wafers, semiconductor equipment, wafer industry, semiconductor materials, the SMIC industry chain, BC batteries, semiconductor selections, advanced packaging, semiconductor industry, national big fund, memory, HBM, industrial gases, lithium battery electrolytes, and TOPcon batteries [2].

Group 1 - The report highlights that from late June to August, while major indices accelerated upward, the banking sector experienced a decline, with an absolute return decrease of 0.39%, underperforming the Shanghai Composite Index by approximately 16 percentage points, ranking last among all primary industries [2][8][10] - Historical cases, such as the electronics industry in Q4 2014, show that sectors can underperform during bull market acceleration phases due to style shifts, yet still strengthen in the later stages of the bull market [2][13][15] - The report identifies that if a leading sector in a bull market becomes the weakest performer during an acceleration phase, it is often due to changes in market style rather than weak earnings, suggesting potential for recovery in the later stages of the bull market [2][27][28] Group 2 - The banking sector from March to May 2007 was noted as one of the weakest performers during the latter half of the bull market's main upward wave, despite strong overall performance in the financial cycle bull market from 2005 to 2007 [28][34][41] - The communication sector also underperformed during the same period, with a 28% increase compared to the Shanghai Composite Index's 53% rise, indicating a mismatch with market style and weak earnings expectations [43][44][48] - The banking sector from May to July 2020 showed weak performance during a bull market, with a 7.8% increase while the Shanghai Composite Index rose by 21.4%, attributed to a shift towards small-cap growth stocks [50][55][61]