滙富快訊 香港及中國市場日報 今日焦點: ►永旺信貸（900 HK，股價7.23港元，市值30億港元，公允 價值12.00港元）3Q26業績穩健，貸款規模創新高，資產質 量持續改善 3Q26業績符合預期。永旺信貸（ACSA）在香港提供各類消費信貸融資服 務，包括簽發信用卡，提供私人貸款，租賃融資等。3Q26業績穩健，收 入按年增長3.8%至4.61億港元，符合我們預期。公司在精準營銷與品牌 力提升的雙重推動下，有效控制銷售費用，營業費用率按年收窄1個百分 點至45%。減值前營業利潤按年增長6.7%至2.37億港元。淨利潤達1.19億 港元，按年增長13.5%，符合我們預期，連續第五個季度利潤增速高於收 入增長。 | 香港及中國市場指數 | | 收 市 每日升跌 今年累升 | | | --- | --- | --- | --- | | 恒生指數 | 25,774 | -0.1% | 28.5% | | 中資企業指數 | 8,913 | -0.3% | 22.3% | | 紅籌指數 | 4,067 | -0.2% | 7.6% | | 滬深300指數 | 4,620 | 0.2% | 17.4% | | 上海A股 ...

Core Viewpoint - Following the fire incident at Hong Kong's Tai Po Wang Fuk Court, multiple banks have swiftly mobilized to support disaster relief and post-disaster reconstruction through donations, emergency financial services, loan extensions, and fee waivers [1][2][3]. Group 1: Donations and Financial Support - Shanghai Bank initiated an emergency donation mechanism, contributing 10 million HKD to the Hong Kong White Magnolia Charity Foundation to support rescue operations, medical treatment, and post-disaster recovery [1]. - Major banks including ICBC Asia, Bank of China Hong Kong, and others have also announced donations to aid emergency relief and reconstruction efforts [1][2]. Group 2: Emergency Services - ICBC Asia has set up dedicated service windows for affected customers, offering cardless cash withdrawals and expedited card replacements [2]. - SPD Bank established a green channel for emergency services, prioritizing the transfer of disaster relief funds and ensuring uninterrupted financial services [3]. - Several banks have increased staffing and extended operating hours at branches in the affected area to assist customers [3]. Group 3: Loan Management - Banks such as Bank of Communications (Hong Kong) and Bank of China Hong Kong are considering individual cases of affected customers for loan management, including loan extensions and fee waivers [4]. - ICBC Asia is also implementing a comprehensive plan for loan extensions, interest reductions, and fee waivers for early withdrawals from fixed deposits to meet the financial needs of disaster-affected individuals [4]. Group 4: Insurance Claims - Several banks have announced the establishment of emergency claims channels for affected customers, simplifying the claims process and providing prompt responses to inquiries [5]. - Agricultural Bank of China Insurance has initiated customer risk assessments and launched a service green channel to ensure the rights of disaster-affected individuals are protected [5].

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 Viewpoint - Hong Kong Credit (01273.HK) has entered into a loan agreement to provide a loan of HKD 40 million to Borrower E, effective September 22, 2025 [1] Group 1 - The loan agreement involves Hong Kong Credit (Private Lending) as the lender and Borrower E as the borrower [1] - The principal amount of the loan is set at HKD 40 million [1]

Core Viewpoint - Global Credit Group (01669.HK) announced the establishment of twelve renewal loan agreements with a total amount of HKD 30,582,947, replacing fourteen previous loan agreements with an outstanding principal of the same amount [1] Group 1: Loan Agreements - The new loan agreements will be effective from August 1, 2025, involving borrowers A, B, or C [1] - Prior to the new agreements, Global Credit had established twenty-one original loan agreements with a total principal amount of HKD 39,787,893 [1] - The outstanding principal amount of the fourteen previous loan agreements being replaced is HKD 30,582,947 [1] Group 2: Business Operations - The company primarily engages in providing property mortgage loans and personal loans in Hong Kong under the Money Lenders Ordinance [1] - Global Credit acts as the lender for both the new and previous loans, being an indirect wholly-owned subsidiary of the company [1]

Core Insights - The majority of Hong Kong consumers (over 80%) rely solely on credit cards as their only credit product, with the fastest growth rate of 8.8% from the end of 2018 to the end of 2024 [1] - The credit wallet of Hong Kong consumers can be categorized into three types: Basic Credit Wallet (83% only hold credit cards), Flexible Credit Wallet (11% hold at least one credit card and one personal or revolving loan), and Diverse Credit Wallet (2% hold at least one credit card and multiple personal or revolving loans) [1][2] - The growth rate of consumers with a Basic Credit Wallet is the highest at 8.8%, compared to 5.4% for Flexible Wallet and 6.8% for Diverse Wallet [1] Consumer Behavior - The research indicates that the credit market in Hong Kong is not as mature as commonly perceived, with consumers primarily depending on credit cards and less on a broader range of credit products [2] - Consumers with a more diversified credit product portfolio, especially those in the Flexible Wallet category, show a significant demand for additional credit, with 4.4% interested in new personal loans, followed by 2.5% for credit cards and 2.0% for revolving loans [2] - When applying for new credit products, 84% of Flexible Wallet consumers choose banks for additional credit cards, while 89% opt for finance companies for personal loans, and 55% use finance companies for revolving loans [2] Loyalty and Repayment Behavior - Flexible Wallet consumers exhibit relatively low loyalty to their existing financial institutions when applying for new credit cards or revolving loans, with only 11% and 14% respectively choosing their original institutions [3] - In contrast, these consumers show higher loyalty for new personal loans, with 58% opting for their existing financial institutions, split between traditional banks (54%) and finance companies (46%) [3] - The repayment performance for new credit products shows that consumers with a Flexible Wallet and lower credit ratings prioritize repaying bank-issued loans, with overdue rates for bank products generally lower than those from finance companies [3]