智通财经APP获悉，12月31日，香港金融管理局公布2025年11月份的住宅按揭统计调查结果。11月份新 申请贷款个案较十月份按月减少2.9%，至8019宗。11月份新取用按揭贷款额较十月份减少2.3%，至197 亿港元。 11月份新批出的按揭贷款额较十月份减少7%，至291亿港元。当中，涉及一手市场交易所批出的贷款减 少12.6%，至108亿港元;涉及二手市场交易所批出的贷款减少2.3%，至156亿港元。至于涉及转按交易所 批出的贷款，则减少9.6%，至27亿港元。 以香港银行同业拆息作为定价参考的新批按揭贷款所占比例，由十月份的91.9%下降至11月份的 90.7%。以最优惠贷款利率作为定价的新批按揭贷款所占比例，由十月份的1.3%下降至11月份的1.1%。 11月份未偿还按揭贷款总额按月增加0.3%，至19,135亿港元。按揭贷款拖欠比率为0.14%，仍维持于低 水平，经重组贷款比率维持于接近0%。 ...

未偿还商用物业贷款总额为1,410.1亿元，环比下跌0.5%，同比减少7.3%；其中，居民部分占91.5%。居 民及非居民部分的未偿还商用物业贷款环比分别下跌0.5%及0.4%。 澳门银行于2025年10月新批核的住宅按揭贷款环比上升4.0%至11.8亿元。其中，占新批核住宅按揭贷款 97.4%的居民部分增加6.2%至11.5亿元，非居民部分则下跌41.7%至3千1百万元。2025年8月至10月的新 批核住宅按揭贷款每月平均数为10.4亿元，较上期(2025年7月至9月)上升4.1%。 新批核的商用物业贷款从上月较低基数增加310.1%至8.5亿元。其中，占新批核商用物业贷款98.8%的居 民部分上升305.1%至8.4亿元，非居民部分为1千万元。2025年8月至10月的新批核商用物业贷款每月平 均数为7.3亿元，较上期(2025年7月至9月)上升34.4%。 智通财经APP获悉，澳门金融管理局今日(12月15日)发布《2025年10月物业按揭贷款统计》。数据显 示，澳门银行于2025年10月新批核的住宅按揭贷款环比上升4%至11.8亿元(澳门元，下同)。新批核的商 用物业贷款从上月较低基数增加310.1%至 ...

Core Insights - In September, new mortgage loan applications in Hong Kong decreased by 1.1% month-on-month to 8,316 cases [1] - The amount of new mortgage loans approved increased by 9.4% month-on-month to HKD 31.4 billion [1] - The total outstanding mortgage loans rose by 0.2% month-on-month to HKD 1,891.4 billion [2] Group 1: Mortgage Applications - New mortgage loan applications decreased by 1.1% to 8,316 cases in September compared to August [1] - The amount of new mortgage loans approved for first-hand market transactions increased by 17.5% to HKD 12.6 billion [1] - The amount of new mortgage loans approved for second-hand market transactions increased by 6.1% to HKD 15.5 billion [1] Group 2: Mortgage Loan Amounts - New mortgage loan amounts drawn increased by 9.7% month-on-month to HKD 20.9 billion [1] - The proportion of new mortgage loans priced based on the Hong Kong Interbank Offered Rate (HIBOR) decreased from 94.4% in August to 92.6% in September [1] - The proportion of new mortgage loans priced based on the best lending rate increased from 1.3% in August to 1.5% in September [1] Group 3: Loan Performance - The mortgage loan delinquency ratio remained low at 0.13% [2] - The restructured loan ratio remained close to 0% [2]

Core Insights - The Macau Monetary Authority reported a decline in new residential mortgage loans and an increase in new commercial property loans in August 2025 [1] Group 1: New Mortgage Approvals - New residential mortgage loans decreased by 22.2% month-on-month to MOP 820 million, with the residential portion dropping by 22.5% to MOP 810 million and the non-residential portion down by 3.1% to MOP 15 million [1] - New commercial property loans increased by 301.8% month-on-month to MOP 1.14 billion, with the residential portion rising by 125.5% to MOP 620 million and the non-residential portion increasing to MOP 520 million [1] - The average monthly new residential mortgage loans from June to August 2025 was MOP 980 million, a decrease of 4.1% compared to the previous period [1] Group 2: Outstanding Mortgage Loans - As of the end of August 2025, the total outstanding residential mortgage loans decreased by 0.6% month-on-month to MOP 209.86 billion, with a year-on-year decrease of 5.9% [2] - The outstanding commercial property loans totaled MOP 143.54 billion, down 1.3% month-on-month and 6.2% year-on-year [2] - The residential portion of outstanding residential mortgage loans accounted for 96.7%, while the residential portion of outstanding commercial property loans accounted for 91.4% [2] Group 3: Loan Default Ratios - The residential mortgage loan default ratio increased by 0.1 percentage points month-on-month to 3.8%, but decreased by 0.5 percentage points year-on-year [3] - The commercial property loan default ratio was 5.5%, with a month-on-month increase of 0.1 percentage points and a year-on-year increase of 1.6 percentage points [3]

Investment Rating - The report does not explicitly state an investment rating for the Hong Kong banking industry Core Insights - The Hong Kong banking industry demonstrated resilience in 2024, with total assets growing by 4.5% despite challenges such as weak loan demand and a slight decline in net interest margins [10][17] - The overall operating profit before impairment charges increased by 7.8% year-on-year, reaching HKD 318 billion, driven by strict cost control and operational efficiency [10][18] - The report highlights the importance of digital transformation and the integration of AI technologies in enhancing operational efficiency and compliance [13][71] Financial Performance Summary - In 2024, the total assets of licensed banks in Hong Kong reached HKD 24 trillion, with customer deposits increasing by 4.1% despite a 2.3% decline in loans and advances [17][18] - The average net interest margin for the top ten licensed banks decreased from 1.65% in 2023 to 1.59% in 2024, with total net interest income dropping by 5.9% to HKD 295 billion [25][26] - The cost-to-income ratio improved slightly from 42.6% in 2023 to 42.2% in 2024, reflecting effective cost management strategies [31][32] Non-Performing Loans - The overall non-performing loan ratio for the banking sector increased from 1.65% to 2.15% in 2024, influenced by the downturn in the real estate market [44][46] - Bank of China (Hong Kong) reported the lowest non-performing loan ratio at 0.33%, while Hang Seng Bank experienced the highest increase to 6.12% [43][44] Impact of US-China Tariffs - The report discusses the recent tariff agreements between the US and China, which temporarily reduced tariffs but left significant uncertainty in trade relations [61][62] - The banking sector is advised to closely monitor the evolving trade policies and assess risks associated with export-dependent borrowers [64][65] Digital Transformation and AI - The development of AI agents is highlighted as a key focus for the banking industry, with banks integrating AI into broader digital transformation strategies [13][79] - The report emphasizes the need for banks to enhance their governance and control frameworks alongside the deployment of new technologies [13][72] Future Outlook - The profitability of the Hong Kong banking sector in 2025 will depend on trade dynamics and the Federal Reserve's response to inflation driven by tariffs [27][66] - The report suggests that banks should diversify their portfolios and accelerate digital transformation to achieve long-term stability [56][66]

Core Insights - The Hong Kong Monetary Authority released the residential mortgage statistics for August 2025, indicating a decrease in new loan applications and a mixed performance in mortgage loan amounts [1] Group 1: Loan Applications and Amounts - In August, there were 8,405 new loan applications, a decrease of 6.7% compared to July [1] - The amount of new mortgage loans drawn in August increased by 4.5% from July, reaching HKD 19 billion [1] - The total amount of new mortgage loans approved in August was HKD 28.7 billion, a decrease of 6.3% from July [1] Group 2: Market Segmentation - Loans related to the primary market transactions decreased by 0.7% to HKD 10.7 billion, while loans related to the secondary market transactions saw a larger decrease of 11.9% to HKD 14.6 billion [1] - Conversely, loans related to refinancing transactions increased by 4.1% to HKD 3.3 billion [1] Group 3: Interest Rate Trends - The proportion of new mortgage loans priced based on the Hong Kong Interbank Offered Rate (HIBOR) fell from 95.7% in July to 94.4% in August [1] - The share of new mortgage loans priced based on the best lending rate rose slightly from 1.2% in July to 1.3% in August [1] Group 4: Outstanding Loans and Delinquency Rates - The total outstanding mortgage loans increased by 0.1% month-on-month to HKD 1,888.3 billion [1] - The mortgage delinquency ratio remained low at 0.13%, with the restructured loan ratio close to 0% [1]

Core Insights - The Hong Kong banking sector remains robust, with retail banks' pre-tax operating profit increasing by 13.4% in the first half of 2025 compared to the same period in 2024, driven by income from foreign exchange and derivatives, as well as increased fees and commissions [1][2] - The overall return on assets for banks rose to 1.27% in the first half of 2025, up from 1.19% in the same period of 2024 [1] Banking Sector Performance - The net interest margin for retail banks narrowed from 1.51% in 2024 to 1.47% in the first half of 2025 due to a decline in Hong Kong dollar interest rates [2] - The three-month Hong Kong Interbank Offered Rate (HIBOR) dropped by 269 basis points to 1.68% by the end of June 2025, influenced by an expansion in the banking system's surplus liquidity [2] - The total capital ratio for locally registered authorized institutions stood at a high of 24.4% at the end of the first half of 2025, significantly above the international minimum standard of 8% [2] Asset Quality and Loan Performance - The total classified loan ratio slightly increased from 1.96% at the end of December 2024 to 1.97% by the end of June 2025, indicating manageable asset quality risks [2] - The overdue and restructured loan ratio rose from 1.55% to 1.58% during the same period, but overall asset quality remains under control [2] Household Debt and Personal Loans - Household debt grew by 1.8% in the first half of 2025, surpassing the 0.6% increase in the second half of 2024, with residential mortgage loans increasing by 1.2% due to higher property transactions [3] - The Hong Kong Monetary Authority (HKMA) monitors household debt closely, with most being regulated under a macroprudential framework [3] SME Loan Situation - Local corporate loans increased by 2.4% in the first half of 2025, marking the first positive growth since the first half of 2023, with notable growth in loans to the electricity, gas, and information technology sectors [4] - The HKMA and the banking sector continue to support SMEs, with special funding for SMEs exceeding HKD 390 billion [4] - The total amount of loans related to mainland China increased from HKD 387.3 billion at the end of 2024 to HKD 402.3 billion by the end of June 2025, with a decrease in the classified loan ratio from 2.37% to 2.16% [4]

Core Insights - The new residential mortgage loans and commercial property loans in Macau decreased month-on-month in July 2025, indicating a potential slowdown in the lending market [1] - The total outstanding residential mortgage loans decreased by 0.6% month-on-month and 5.5% year-on-year, while the outstanding commercial property loans remained stable month-on-month but decreased by 5.3% year-on-year [2] - The delinquency rate for residential mortgage loans increased by 0.1 percentage points month-on-month, while the delinquency rate for commercial property loans remained stable month-on-month but increased year-on-year [3] Group 1: New Loans - New residential mortgage loans approved in July 2025 decreased by 0.3% to 1.05 billion MOP, with the residential portion increasing by 1.6% to 1.04 billion MOP and the non-residential portion dropping by 55.4% to 15 million MOP [1] - New commercial property loans decreased significantly by 84.9% to 280 million MOP, with the residential portion declining by 85.2% to 270 million MOP and the non-residential portion decreasing by 67.9% to 10 million MOP [1] Group 2: Outstanding Loans - As of the end of July 2025, the total outstanding residential mortgage loans decreased by 0.6% month-on-month to 211.21 billion MOP, with a year-on-year decrease of 5.5% [2] - The total outstanding commercial property loans were approximately 145.48 billion MOP, remaining stable month-on-month but showing a year-on-year decrease of 5.3% [2] Group 3: Delinquency Rates - The delinquency rate for residential mortgage loans rose to 3.7% at the end of July 2025, an increase of 0.1 percentage points month-on-month, but a decrease of 0.5 percentage points year-on-year [3] - The delinquency rate for commercial property loans was stable at 5.4% month-on-month, with a year-on-year increase of 1.5 percentage points [3]

Core Insights - The Hong Kong Monetary Authority released the residential mortgage statistics for June 2025, indicating a month-on-month increase in new mortgage applications and approvals [1] Group 1: Mortgage Applications - New mortgage applications in June increased by 4.8% compared to May, reaching 8,581 cases [1] - The total amount of new mortgage loans approved in June rose by 3.3% from May, amounting to HKD 27.5 billion [1] Group 2: Market Segmentation - Loans related to primary market transactions increased by 4.2% to HKD 9.3 billion [1] - Loans related to secondary market transactions saw a 2.4% increase, totaling HKD 15 billion [1] - Loans for refinancing transactions increased by 5.2%, reaching HKD 3.2 billion [1] Group 3: Utilization and Pricing - The amount of new mortgage loans drawn down in June increased by 8.9% from May, totaling HKD 17.7 billion [1] - The proportion of new mortgage loans priced based on the Hong Kong Interbank Offered Rate (HIBOR) rose from 93.4% in May to 94.7% in June [1] - The proportion of new mortgage loans priced based on the best lending rate decreased from 1.9% in May to 1.7% in June [1] Group 4: Outstanding Loans and Delinquency - The total outstanding mortgage loans increased by 0.1% month-on-month, reaching HKD 1,885.6 billion [1] - The mortgage delinquency ratio remained low at 0.13%, with the restructured loan ratio close to 0% [1]

Core Insights - The new residential mortgage loans approved in Macau increased by 7.2% month-on-month to 950 million MOP in May 2025, while new commercial property loans saw a significant decline of 62.1% to 570 million MOP [1] - The total outstanding residential mortgage loans amounted to 213.58 billion MOP, reflecting a month-on-month decrease of 0.4% and a year-on-year decrease of 5.4% [2] - The delinquency rate for residential mortgage loans remained stable at 3.6% month-on-month, while the delinquency rate for commercial property loans decreased by 0.1 percentage points to 5.4% [3] Group 1: New Loan Approvals - New residential mortgage loans approved in May 2025 increased by 7.2% to 950 million MOP, with the residential portion rising by 13.1% to 930 million MOP, while the non-residential portion fell to 21 million MOP [1] - New commercial property loans approved in May 2025 decreased by 62.1% to 570 million MOP, all of which were residential loans [1] - The average monthly new residential mortgage loans from March to May 2025 was 870 million MOP, up 9.3% from the previous period [1] Group 2: Outstanding Loans - As of the end of May 2025, the total outstanding residential mortgage loans was 213.58 billion MOP, down 0.4% month-on-month and down 5.4% year-on-year, with the residential portion accounting for 96.7% [2] - The total outstanding commercial property loans decreased by 1.0% month-on-month to 146.64 billion MOP, with a year-on-year decrease of 5.9% [2] - The outstanding residential and non-residential portions of residential mortgage loans decreased by 0.4% and 1.1% month-on-month, respectively [2] Group 3: Delinquency Rates - The delinquency rate for residential mortgage loans was stable at 3.6% month-on-month, with a year-on-year increase of 0.1 percentage points [3] - The delinquency rate for commercial property loans decreased by 0.1 percentage points to 5.4% month-on-month, but increased by 0.8 percentage points year-on-year [3]