资产质量方面，小摩认为香港商业房地产资产质量趋于稳定，第二阶段贷款按季减少，第三阶段贷款按季 持平。随着香港住宅市场改善，以及香港商业房地产第三阶段贷款的拨备及资本覆盖率达74%，相信对盈利的 拖累正逐步减轻。 至于吸纳恒生银行(154.3,0.00,0.00%)(HSNGY.US)方面，集团目标至2028年实现9亿美元效益，包括3亿美 元成本节省、2亿美元收入协同效应，以及4亿美元的额外收入及成本优化。小摩估算此举将为2028年ROTE增加 约40个基点。 摩根大通发布研报称，汇丰控股(145,2.30,1.61%)(00005)公布去年业绩，预期汇率将有正面反应，因集 团去年第四季收入及基本税前利润分别较市场预期高3%及9%，普通股权一级资本比率(CET1)为14.9%，亦较市 场预期高20个基点。小摩预期市场对汇控每股盈利预测上调中至高单位数，而股份回购或较先前指引的2026年 第二季提早至第一季恢复;维持对汇控"增持"评级，目标价165港元。 另外，集团更新未来三年有形股东权益回报率(ROTE)指引为17%或以上，高于原先指引的中双位数，并高 于市场预期。集团料至2028年收入增长达5%，亦高于小摩及 ...

摩根大通发表报告指，汇丰控股2025年第四季业绩及中期有形股本回报率(ROTE)指引超出预期。整体 而言，业绩简报会传递正面讯息，管理层更清晰阐述了2026-2028年收入增长轨迹、净利息收入增长驱 动因素，以及实现汇控业务协同效应的路线图。此外，汇控管理层对成本的说明有助缓解市场对科技与 人工智能等关键领域投资不足的忧虑。该行预期汇控股价将维持强势，下个催化剂为五月举行的投资者 日，维持对其"增持"评级及目标价165港元。 ...

Market Overview - Global funds have purchased nearly $2.1 billion of local shares in February, indicating the strongest inflows since June [1] - The rebound follows a record exodus last year, as investors shifted focus to AI-driven markets in the US, China, and South Korea [1] Economic Indicators - The inflow rebound suggests easing pressures on Indian equities, aided by a recent trade deal with the US that alleviated uncertainty for the $5.2 trillion market [2] - Projections indicate a nominal growth rate of about 10% for the economy in fiscal 2027, with corporate earnings expected to grow by approximately 15% [3] Performance Comparison - Despite a positive momentum, Indian equities have underperformed compared to the MSCI Asia Pacific Index, which surged by 25% in 2025 [6] - MSCI India members are trading about 4% below their five-year average price-to-earnings ratio, presenting a potential opportunity for investors [6] Earnings Growth - Sales for FTSE India Index companies increased by 10% year-on-year in the December quarter, while net income rose by 13% [7] - Consensus estimates suggest a 16% earnings growth for over 250 companies in fiscal 2027, supported by a recovery in nominal GDP growth, cyclical recovery in private capex, and sustained consumption momentum [8][7] Sector Preferences - Financial companies are favored by global investors, with recent additions in metals and capital goods sectors [9] - Some investors remain cautious about interpreting the inflows as the beginning of a structural bull run, especially following a significant selloff in India's software and tech sectors, which lost over $50 billion in market value due to AI concerns [9] Investment Sentiment - Foreign funds' buying is partly tactical, influenced by softer US yields and the relative appeal of emerging markets [10] - Global positioning towards India is described as tentative but clear, with a movement back toward neutral weight as valuations become more reasonable and earnings revisions stabilize [10]

据媒体报道，有知情人士透露，亚洲一些大行在为竞购汇丰控股(00005)印度尼西亚的零售业务资产做 准备，以期在东南亚最大经济体继续推进布局。知情人士称，这些银行包括新加坡的星展集团、华侨银 行和大华银行，以及马来西亚的CIMB Group Holdings Bhd.、日本的三井住友金融集团。 该知情人士透露，汇丰在与顾问商讨可能出售其在印度尼西亚的零售业务。该交易对相关资产的估值可 能超过2亿美元(约15.6亿港元)。知情人士表示，相关考虑仍在进行中，具有约束力的竞购方案将于3月 中旬提交。 汇丰曾表示，正对其在澳洲、印度尼西亚和埃及的零售业务进行有针对性的战略评估，但尚未做出任何 决定。 ...

汇丰曾表示，正对其在澳洲、印度尼西亚和埃及的零售业务进行有针对性的战略评估，但尚未做出任何 决定。 该知情人士透露，汇丰在与顾问商讨可能出售其在印度尼西亚的零售业务。该交易对相关资产的估值可 能超过2亿美元(约15.6亿港元)。知情人士表示，相关考虑仍在进行中，具有约束力的竞购方案将于3月 中旬提交。 智通财经APP获悉，据媒体报道，有知情人士透露，亚洲一些大行在为竞购汇丰控股(00005)印度尼西亚 的零售业务资产做准备，以期在东南亚最大经济体继续推进布局。知情人士称，这些银行包括新加坡的 星展集团、华侨银行和大华银行，以及马来西亚的CIMB Group Holdings Bhd.、日本的三井住友金融集 团。 ...

Group 1: Market Overview - The Hang Seng Index opened high but closed down 384 points, or 1.44%, at 26,381 points, with significant selling pressure observed throughout the day [3][4] - The market saw a total turnover of 25.93 billion HKD, with net outflow from northbound trading amounting to 736.6 million HKD [3] Group 2: Company Performance - NIO's subsidiary GeniTech secured over 2.257 billion RMB in investment from Chinese investors, maintaining a 62.7% controlling stake post-transaction [12] - New World Department Store China reported a 3.93 times increase in interim profit to 15.327 million HKD, despite a 12.44% decrease in revenue to 536 million HKD [13] - Chow Tai Fook Jewelry Group announced a 15.26% increase in interim profit to 1.334 billion HKD, with revenue rising 5.9% to 12.827 billion HKD [14] - Baidu reported a 65.68% decrease in net profit to 1.782 billion RMB for the fourth quarter, with total revenue declining 4.06% to 32.74 billion RMB [15] Group 3: Industry Developments - Hong Kong Exchanges and Clearing is exploring the development of a multi-asset tokenization platform, contingent on technological capabilities and market demand [7] - The People's Bank of China issued a notice to enhance the management of RMB cross-border interbank financing, aiming to improve transparency and stability in offshore RMB liquidity [10] - The Hong Kong government plans to inject 10 billion HKD into the Hong Kong-Shenzhen Innovation and Technology Park and the New Territories Science Park to bolster public-private partnerships [9]

来源：市场资讯 （来源：汇丰前海证券） 汇丰控股近日公布2025年全年业绩，受主要业务板块的良好表现推动，集团收入较2024年增加24亿美元 ⾄683亿美元（如不含须注意项目则为710亿美元），除税前利润增加24亿美元⾄366亿美元（不含须注 意项⽬）。 2025年的强劲业绩是集团果断执行既定战略的成果体现。四⼤业务板块表现良好，保持增长势头。我们 的组织架构日益精简，并能够迅速响应客户需求，协助他们应对变化的外部环境。我们也有信心继续为 股东创造价值。 请特别注意，本文所载观点和信息仅供一般传阅和信息参考目的，并不旨在提供任何专业意见或产品购 买/投资建议，也不构成对任何产品和服务的推荐或要约，请勿将其作为任何产品购买/投资或其他决定 的依据。汇丰前海不对本文所载源自第三方的信息的准确性、及时性或完整性作出任何担保、陈述或保 证。本公众号内提供的产品及信息供位于中国大陆地区的客户访问。未经汇丰前海事先书面许可，不得 以任何形式或任何方式（无论是电子、机械、影印、摄录或其他方式）复制或传送本文的任何部分。 本文由汇丰前海证券有限责任公司（简称"汇丰前海"）编制。本公众号菜单栏下的"重要提示及声明"将 适用于本 ...

Group 1 - Foreign investors are returning to Indian stocks at the fastest pace in eight months, with nearly $2.1 billion of local shares purchased in February, indicating strong inflows since June [1][2] - The recent US trade deal has removed uncertainty for the $5.2 trillion Indian market, contributing to the positive momentum in corporate earnings and stock performance [2][3] - The MSCI India Index gained 8.1% last year, supported by local investors, despite foreign investors cutting exposure in 2025 [3] Group 2 - Indian equities have underperformed compared to the MSCI Asia Pacific Index, which surged 25% in 2025, leaving Indian valuations relatively low, trading about 4% below their five-year average price-to-earnings ratio [4] - Earnings for FTSE India Index companies rose 10% year-on-year in the December quarter, with net income climbing 13%, indicating a recovery in corporate earnings [5] - Consensus estimates suggest fiscal 2027 earnings growth of 16% for over 250 companies, supported by recovery in nominal GDP growth, private capex, and consumption [5][6] Group 3 - Financial companies are among the top picks for global investors, with increased interest in metals and capital goods sectors [6] - Some investors caution against viewing the latest inflows as the beginning of a structural bull run, as concerns over AI's impact on software and tech firms have led to significant market value losses [6] - Foreign funds' buying is partly tactical, influenced by softer US yields and emerging-market appeal, with a cautious but clear global positioning toward India [7]

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 ...

智通财经APP获悉，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%。 2)净利息收入增长，净利息收益率同比上升：2025年，公司净利息收入为348亿美元，较2024年增加21 亿美元。受益于结构性对冲进行收益率较高的再投资的正面影响，期内公司净利息收益率为1.59%，同 比上升3个基点。 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 ...