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汇丰控股发展历程
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所属报告:
汇丰控股(0005.HK)-港股公司研究报告:锚定亚洲变中求进-250928(34页).pdf
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香港金融龙头受益于港股东升 我们认为汇丰作为香港金融龙头,有望受益于港股市场复苏,体现在战略定位(从全球扩张转向聚焦亚洲)+市场地位(香港存贷款市占率第一大银行)+展业模式(业务范畴广且战略定位方面,汇丰聚焦亚洲,深耕香港,直接受益于香港金融中心地位强化。近年来汇丰战略定位由“全球扩张”转向“亚洲优先”。次贷危机前,汇丰通过全球并购实现快速扩张,加速布局欧美市场,资产规模实现跨越式增长,但也埋下风险隐患。次贷危机期间,汇丰由于在北美次贷领域的过度渗透导致经营受挫。于是在次贷危机后,汇丰调整经营战略,收缩全球经营网络,出售边缘业务,将经营重心转向亚洲市场(以中国香港为主)。2025年组织架构调整中,香港业务被单独列示并赋予全业务权限,进一步凸现香港地区在其经 营战略中 的重要意义。25H1汇丰香港地区贡献约六成税 前利润,香港板块 ROTE高达 34.9%,盈利能力远超全行整体水平(14.7%)。
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汇丰控股(0005.HK)-港股公司研究报告:锚定亚洲变中求进-250928(34页).pdf
表业绩指标
2015年以来香港地区及全球主要银行指数PB对比(截至25/09/24)
中信分类港股30个行业股息率TTM(2025/09/24)
港交所分类港股32个行业PB(2025/09/24)
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