Group 1 - HSBC Holdings has recently completed the privatization of Hang Seng Bank, estimating a pre-tax total synergy effect of approximately $800 to $900 million, which includes both cost and revenue synergies [1] - There is potential for revenue synergies, particularly in fee income from wealth management, wholesale, and trading banking businesses [1] - Hang Seng's current revenue structure is more focused on net interest income, but there are significant cross-selling opportunities due to strong customer relationships, which will become increasingly important as local business growth continues [1] Group 2 - HSBC Holdings is identified as a top pick for the year, with expectations of significant growth in Hong Kong deposit business and Asian wealth management, where HSBC already has substantial competitive advantages [1] - The management has committed to increasing investments in these areas, supporting the positive outlook [1] - A target price of HKD 149.6 and a "buy" rating have been assigned to HSBC Holdings [1]