机构：中信建投证券 研究员：马鲲鹏/李晨 核心观点 渣打企业及机构业务（CIB）中长期目标积极：部门营收增长CAGR 达到5%-7%，RoRWA 继续提升。 客户上进一步聚焦跨境大客户和金融机构，客户经营的市场越多、使用的产品越多，收入会翻倍增长。 当前关税造成的不确定性状态最终结果可能是一个更加复杂、更加碎片化的世界，但不可能是一个全球 所有国家都脱钩的世界。国际产业链再平衡、再布局、"中国+1"的供应链新格局是长周期大趋势，而渣 打是国际产业链重构大环境中的核心受益银行。全球贸易和金融市场业务量的稳定持续增长能够支持企 业及机构业务收入保持当前较好趋势。叠加财富管理双位数增长，渣打能够游刃有余的达成自身业绩指 引，且仍有进一步超预期空间。 事件 5 月15 日，渣打集团开展企业及机构业务（CIB）投资者活动日；介绍集团企业及机构业务目标和各条 线具体情况及竞争优势。 简评 1、渣打企业及机构业务中长期目标积极：进一步聚焦跨境大客户和金融机构，部门营收增长CAGR 达 到5%-7%，RoRWA 继续提升。 公司在本次开放日中对未来企业及机构业务的中长期发展提出了明确的目标：1）企业及机构业务 （CIB）营收 ...

Core Viewpoint - Standard Chartered Group reported strong first-quarter performance driven by robust growth in wealth management, exceeding expectations [1][4] Financial Performance - The operating income for Q1 was $5.39 billion, a 5% year-on-year increase, surpassing the forecast of $5.32 billion [4] - Adjusted pre-tax profit reached $2.277 billion, up 7% year-on-year, exceeding the expected $2.15 billion [4] - Basic earnings per share increased by 9.8% to 62.7 cents, while reported earnings per share grew by 10.1% to 56.6 cents [4] - The wealth solutions business saw a significant growth of 28%, with both investment products and bank insurance recording double-digit growth [5] Market Reaction - Following the earnings report, Standard Chartered's stock price surged over 4% before settling at a 1.51% increase, priced at HKD 114.5 per share, with a total market capitalization of HKD 271.36 billion [1] - The stock has rebounded nearly 28% over the last 15 trading days and has increased over 116% since the beginning of 2023 [2] Business Segments - Global banking business grew by 17%, driven by increased lending and capital market activities [6] - Global markets business experienced a 14% growth, with both recurring and non-recurring income showing strong performance [6][7] Future Outlook - The company maintains its performance guidance for 2025 and 2026, expecting a compound annual growth rate of 5-7% in operating income from 2023 to 2026 [9] - The CEO expressed confidence in the bank's ability to create long-term sustainable value despite global economic uncertainties and trade tensions [9]