14 April 2025 Equity Research Report China Equity Strategy Equity Strategy 2Q25: Resilient, but tariffs will take a toll on earnings More earnings pain. A lot has changed since our last report on 7 April. Given the ratcheting up of US-China tariffs and trade tensions, in an updated sensitivity analysis we now estimate the escalation of tariffs on China imports will drag down CSI300 earnings by 5-7%, vs our previous forecast of 3-4%. However, the situation remains fluid and could change rapidly. As a result ...

Asia Memory Equities HSBC Global Investment Summit 2025 takeaways and marketing feedback During the GIS conference, we met several investors and hosted Samsung Electronics. Strong concerns about demand. Key issues were: 1) demand outlook for AI in smartphones and PCs along with memory content growth, 2) memory supply and demand outlook along with price forecast, 3) capex outlook for China and US CSP as well as oversupply concerns on high bandwidth memory (HBM) and data centre investment. For Samsung: 1) sal ...

Bilibili Inc (BILI US) Hold: HSBC Global Investment Summit 2025 key takeaways 更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha We hosted Bilibili's IR Director, Ms Juliet Yang, at HSBC's Global Investment Summit 2025 on 25 March. Disclosures & Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. MDDI (P) 005/01/2025 MDDI (P) 006/09/2024 MDDI (P) 004/10/2024 MDDI (P) 020/10/2024 MAINTAIN HOLD TARGET PRICE (USD) PRE ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Trip.com Group (TCOM US) Buy: HSBC Global Investment Summit 2025 key takeaways ◆ Domestic hotel ADR softened but volume remains healthy; conservative outbound and overseas guidance leave upsides We hosted Trip.com's IR team during the HSBC Global Investment Summit (25-27 March) and share the key takeaways below. Please RSVP for detailed takeaways. What are investors most concerned about at meetings: Investors are keen to understand: (1) the growth potential, competitive lands ...

Both cash levels and risk appetite are up as EM investors balance risk of trade tensions with hopes of a rebound in China and Europe Mixed regional preferences; net FX sentiment improves significantly on softer USD; some appetite for hard currency debt; EM equities receive a shot in the arm Play video with Dr. Murat Ulgen By: Dr. Murat Ulgen and the EM Research Team Multi-Asset Emerging Markets www.research.hsbc.com March 2025 HSBC EM Sentiment Survey From 'neutral-land' with love Investors are understandab ...

Disruptive Technology Data Science & Equities Global Thematic research www.research.hsbc.com March 2025 By: Shiva Joon and the Data Science & Equities team Funding the Future Survey Tariffs dampen sentiment Near-term sentiment has deteriorated for both private and public investors Geopolitical risk and tariff uncertainty are key headwinds, but investors still feel positive about the longer term Public investors feel strongly bullish on healthcare, while private investors are optimistic on IPO outlook Disclo ...

HSBC MENAT Future Forum takeaways In this report, we look across equity sectors for the key themes discussed and debated at our MENAT Future Forum and the Saudi Capital Markets Forum, hosted a week prior (also see HSBC MENAT Handbook, 13 February 2025). For financial companies, the key factors varied broadly with each country's unique macro environment playing a pivotal role, ranging from Saudi banks' positive loan growth and asset quality outlook to surplus liquidity in the UAE banking sector. Regardless o ...

汇丰晋信春季策略会 20250228 摘要 • 央行货币政策收紧与市场降息预期背离，导致债市波动性增加。尽管经济 出现初步好转迹象，但整体尚未触底反弹，债券收益率未见趋势性上行。 • 当前低利率环境要求调整交易策略，不宜过度拉长久期。短端利率上升提 供交易空间，中长端债券需关注资金成本与 OMO 利差，适时降低久期。 • 年初市场看多情绪强烈，但央行资金成本偏紧，需调整交易结构，量化资 金成本指标，如连续高于 OMO 一定比例并持续一周，则应降久期。 • 7 日回购利率与短债、长债倒挂意味着借贷成本高昂，需对未来资本增值 有积极预期才能覆盖成本，因此需精准把握交易节奏，动态调整投资组合。 • 当前借钱加杠杆策略不可取，因资金成本倒挂。关注资金成本变化，如 IDIS 连续三天下行，可尝试加杠杆，赚取确定性收益，否则应保持谨慎。 • 经济复苏关键在于政府如何加杠杆，观察政府基金支出是否转为正增长， 关注 PPI 转正，打通宽货币到宽信用的传导链条，解决中长期贷款同比负 增长问题。 • 判断经济复苏需政府性资金支出持续上升至少三个月，短期债券配置保持 积极，受资金成本和边际变化影响。中长期看，整体经济形势和债券市场 ...

26 February 2025 Equity Research Report China Equity Strategy Equity Strategy Sizing up the 'America First Investment Policy' On 21 February 2025, the US administration released an 'America First Investment Policy' memorandum that included restricting US investments (mainly via pension funds and university endowments) in China's strategic areas, including chips and AI. In this note, we try to quantify what the possible impact on China equities could be. We acknowledge the environment is evolving fast and im ...