汇丰：多资产数据科学研究：积极情绪、关税应对与智能体AI-250818（英文版）（21页）.pdf

1、 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.Issuer of report:HSBC Bank plc View HSBC Global Investment Research at:https:/ Click to viewHSBC Funding the Future SurveyCon

2、fidence Crunch Strong US earnings season led by Tech and Financials Tariffs remain in focus,with mitigation strategies being a major theme in Q2 transcripts Agentic AI is the new corporate buzzword,but we discern early signs of real adoption from some companies Strong earnings and positive sentiment

3、 The US Q2 2025 earnings season delivered one of the strongest performances in recent years,with Tech and Financials leading the gains.Europes results were more muted,reflecting softer earnings momentum,but guidance sentiment still improved.Our AI-powered sentiment indicators show companies in both

4、regions sounding increasingly confident about the future.This resilience in earnings and tone has helped offset concern sparked by mixed macro data.Tariff mitigation Tariffs remained a central theme in corporate discussions,but the narrative has shifted.Earlier fears of a destabilising shock have gi

5、ven way to a more pragmatic stance:firms are adapting supply chains,reshoring production,and adjusting pricing.Some costs are being passed on to consumers,feeding inflation.Even so,the broader message is that tariffs are now being managed rather than feared.Agentic AI:hype vs impact“Agentic AI”has e

6、merged as the AI buzzword of the quarter,particularly in US calls.We distinguish between hype mentions and concrete implementations:some companies are already embedding AI into customer service,design and operations.Companies that are practically implementing AI into their operations Have outperform