Core Viewpoint - The narrowing of net interest margin (NIM) poses significant challenges to the sustainable development of the banking industry, reflecting a downward trend that has persisted for five consecutive years, with the average NIM of 58 listed banks dropping to 1.52% in 2024 and further declining to 1.43% in the first quarter of this year [1][2]. Factors Influencing NIM - Multiple factors contribute to the decline in NIM, including global economic growth challenges, asymmetric interest rate policies during active monetary policy implementation, intensified competition among banks leading to "price wars," and the differentiated impacts of banks' business structures and strategies [2][3]. Implications of NIM Decline - The decline in NIM affects not only the banking sector but also the overall stability of the financial industry. It necessitates banks to enhance asset-liability management strategies focused on NIM and capital returns, while also increasing pressure on capital replenishment for smaller banks [3][4]. Recommendations for Banks - Banks should improve asset-liability and cost-revenue management capabilities by optimizing their asset-liability structure and enhancing non-interest income through wealth management and other light-capital businesses. They should also focus on risk management capabilities to better handle macroeconomic fluctuations and reduce exposure to high-risk areas [4][5]. International Experience and Strategies - Internationally, banks facing NIM challenges have adopted common strategies, such as expanding into international markets to gain competitive advantages and optimizing regulatory policies to provide banks with the necessary space for transformation and adjustment [5][6].

Core Viewpoint - The narrowing of net interest margin (NIM) poses significant challenges to the sustainable development of the banking industry, reflecting a downward trend that has persisted for five consecutive years, with the average NIM of 58 listed banks dropping to 1.52% in 2024 and further declining to 1.43% in the first quarter of this year [1][2]. Factors Influencing NIM - Multiple factors contribute to the decline in NIM, including global economic growth challenges, asymmetric interest rate policies during active monetary policy implementation, intensified competition among banks leading to "price wars," and the differentiated impacts of banks' business structures and strategies [2][3]. Implications for the Banking Sector - The decline in NIM affects not only the banking sector but also the overall stability of the financial industry. It necessitates banks to enhance asset-liability management strategies focused on NIM and capital returns, while also addressing the capital replenishment pressures faced by smaller banks [3][4]. Strategic Responses - Banks are encouraged to improve asset-liability and cost-revenue management capabilities by optimizing their asset-liability structures and enhancing non-interest income through the development of wealth management and investment banking services [4][5]. - Strengthening risk management capabilities is essential for banks to navigate macroeconomic fluctuations and reduce exposure to high-risk areas [4][5]. International Experience and Recommendations - Internationally, banks facing NIM challenges have adopted common strategies, such as enhancing asset-liability management, increasing non-interest income, and improving risk management capabilities [4][5]. - Banks should also consider international expansion to tap into high-yield credit markets and support enterprises going abroad, while regulatory adjustments may be necessary to provide banks with the flexibility needed for transformation [5].

2Q25业绩小幅高于该行预期 汇丰控股发布2Q25业绩，经调税前利润92亿美元，同比增长1%，超出市场预期，主要由于经调非息收 入增速较快且净利息收入韧性较强。报告口径税前利润同比下降29%至63亿美元，主要由于交行再融资 带来股权稀释及减值损失合计21亿美元，其中11亿美元的再融资稀释符合预期，10亿美元的减值计提未 有预期。 经调非息收入同比增长20%，是税前利润超预期的主要原因 其中，2Q25公司财富管理非息收入同比增长23.1%，基本延续1Q强势表现，主要由于中国香港本地、 中东、印度客户需求持续向好;交易银行与投行业务非息收入分别同比增长6.0%、18.3%，主要由于全球 市场波动背景下外汇对冲需求和股债市场业务需求维持高位。 经调净利息收入同比下降2%、季度环比上升1%，结构性对冲工具的受益以及负债成本下行对冲了资产 收益下行的影响，也受益于汇率计算。经调2Q25净息差1.96%，季度环比下降6bp，主要由于Hibor下 行。账面贷款和存款增长较快主要由于汇率波动，若按固定汇率基准计算，则存贷款规模环比基本持 平，贷款增长来自于英国市场，存款增长来自于中国香港市场。 资产减值损失同比大幅增加，主要 ...