渣打集团行政总裁温拓思（Bill Winters）表示，2026年开局良好。该行持续受益于有利的商业环境，该 行在主要市场正在稳健增长。他认为全球贸易及投资的结构性调整，契合了渣打服务跨境及富裕客户银 行业务需求的独特优势。 渣打集团也宣布，启动15亿美元的新一轮股份回购计划。南都N视频记者从渣打获悉，相关回购计划预 期会令渣打的普通股权一级资本比率下降约58个基点。 位于香港中环交易广场附近的渣打分行。 回顾期内，该行的净利息收入上升1%，达到112亿美元；非净利息收入上升13%，达到97亿美元，主要 由财富方案业务、环球银行业务及环球市场业务所带动。南都N视频记者从渣打获悉，该行的财富方案 业务上升24%，其中投资产品及银行保险业务均录得双位数增长。而环球银行业务上升15%，得益于放 贷及分销量增加，以及资本市场活动增多。至于环球市场业务则上升12%，主要由经常性收入所带动。 渣打的经营支出上升4%，达到123亿美元。该行解释称，经营支出上升是因为开展了有针对性的投资， 相关投资可以促进业务增长。税前基本利润增加了18%，达到79亿美元；有形股东权益回报为14.7%， 上升300个基点。至于资产负债表方面 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Standard Chartered Group [5][9]. Core Views - Standard Chartered Group is a globally positioned international bank with a strong focus on Asia, actively embracing emerging market opportunities, particularly in ASEAN and the Middle East. The bank's total assets reached approximately $914 billion as of Q3 2025, reflecting a year-on-year growth of 5% [5][22]. - The bank's return on tangible equity (ROTE) has shown a consistent upward trend, reaching 16.5% in 9M25, with expectations for continued improvement in profitability and shareholder returns [8][11]. - The report highlights the bank's strong non-interest income contribution, which stabilizes revenue amidst fluctuating interest rates, and its limited exposure to risks in the Chinese real estate sector [8][46]. Summary by Sections 1. Global Presence and Market Focus - Standard Chartered operates in 54 markets globally, with a significant emphasis on Asia, contributing over 64% of the group's revenue and 72% of pre-tax profit in 2024. The bank is strategically focusing on high-growth regions such as ASEAN and the Middle East [5][22][25]. 2. Financial Performance and Profitability - The bank's revenue is projected to grow from $17.38 billion in 2023 to $21.08 billion in 2025, with a compound annual growth rate (CAGR) of 10.25% for 2023 and 7.03% for 2025. Net profit attributable to shareholders is expected to increase from $3.47 billion in 2023 to $5.07 billion in 2025, reflecting a growth rate of 25.11% [6][9]. - The report anticipates a stable credit cost of around 0.2% in 2024, with a low non-performing loan ratio of 1.93% as of Q3 2025, indicating strong asset quality management [8][46]. 3. Business Segments - The bank's revenue is primarily driven by its Corporate and Investment Banking (CIB) segment, which contributes over 60% of total revenue, while Wealth Management and Retail Banking provide stable contributions of around 38% [5][31][35]. - Non-interest income has increased significantly, accounting for nearly 50% of total adjusted revenue, driven by strong performance in transaction banking, financial markets, and wealth management [8][46]. 4. Investment Analysis - The report projects a comprehensive return rate exceeding 7% for 2026, positioning Standard Chartered as a leader in the H-share banking sector. The anticipated growth in net profit and ROTE is expected to drive valuation recovery, with a target price-to-book (PB) ratio of 1.40 for 2026, indicating a potential upside of 23% [9][10][11].