兴业证券发布研报称，上调汇丰控股(00005)评级至"买入"，根据公司财报发布日预测，公司2026年银 行业务净利息收益预期至不少于450亿美元;2026-2028年平均有形股本回报率不低于17%。公司预计2026 年预期信贷损失准备占贷款总额平均值的百分比约为40个基点。公司拟继续将普通股东一级资本比率维 持在14%至14.5%的中期标范围，公司预计恒生银行私有化交易对2026年1月的普通股以及资本产生110 个基点净影响。公司以2026-2028收入按年增长为标;2026-2028年的标派息率仍维持50%。 3)ECL符合预期：2025年，公司拨备准备括须与中国香港商业地产(7亿美元)、中国内地商业地产(2亿美 元)两目相关提拨。预期信贷损失为39亿美元，较2024年增长4亿美元。预期信贷损失占平均贷款总额的 39个基点(计及分类为持作出售用途的贷款)。期内，营业支出为364亿美元，较2024年增加10%。 4)2025年公司普通股权一级资本比率为14.9%;若不计及予注意项目，2025年平均有形股本回报率为 17.2%，较2024年上升1.6个百分点。 兴业证券主要观点如下： 2025年全年：净利息收入 ...

Core Viewpoint - HSBC Holdings reported a decline in revenue and net profit for the first half of 2025, primarily due to the absence of gains from the sale of its Canadian and Argentine businesses in the previous year, alongside significant impairment losses related to its associate, Traffic Bank [1][2]. Financial Performance - The group achieved revenue of $34.1 billion, a decrease of 9% year-on-year, and a net profit of $12.4 billion, down 30% from the previous year [1]. - Excluding notable items, revenue increased by $1.9 billion to $35.4 billion, reflecting growth in wealth management, foreign exchange, and debt and equity markets [1]. - Net interest income decreased by $100 million, impacted by a $400 million adverse currency translation effect, but increased on a constant currency basis due to structural hedging benefits and lower funding costs [2]. Business Segments - The international wealth management and premier wealth management segments showed strong performance, with a 22% increase in revenue on a constant currency basis, contributing to a net new investment asset inflow of $44 billion, of which $27 billion came from Asia [2]. - Corporate and institutional banking fees and other income increased by 18% on a constant currency basis, with over 40% of the growth coming from wholesale trading [3]. Shareholder Returns - The strong performance allowed the company to declare a second interim dividend of $0.10 per share and initiate a share buyback of up to $3 billion, returning a total of $9.5 billion to shareholders through dividends and buybacks in the first half of 2025 [3].