汇丰控股和渣打集团预计将在较高利率和亚洲财富管理费用的支撑下维持强劲回报，尽管中国收紧资本流动规则和成本压力给前景蒙上阴影。
HSBC Holdings Plc and Standard Chartered Plc are expected to sustain strong returns on higher rates and Asian wealth fees, though China’s tighter capital-flow rules and cost pressures cloud the outlook.
记者 叶瑞秋、赵明信、谭菲利克斯 彭博情报指出，两家银行的财富管理势头保持积极，不过在中国启动跨境交易打击行动后，势头可能略有放缓。成本也将成为关注焦点，汇丰削减了部分高管福利，两家贷款机构均寻求通过人工智能提高效率。
By Rachel Yeo, Myungshin Cho and Felix Tam Wealth momentum at both banks remained positive, though it may have eased slightly after China launched a crackdown on cross-border trading, said Bloomberg Intelligence. Costs will also be in focus, with HSBC cutting some benefits for senior staff and both lenders seeking greater efficiency through AI.
周一：药明康德（2359.HK）的业绩将显示其达到上调后的营收增长指引上限的可能性有多大，彭博情报称。同时关注关于客户留存和合同获取的评论，因与“1260H”相关的担忧依然挥之不去。
Monday: WuXi AppTec’s (2359 HK) results will indicate how likely it is to hit the top end of its upgraded revenue-growth guidance, BI said. Also watch for comments on customer retention and contract wins amid lingering 1260H-related concerns.
周二：根据彭博情报，较高的香港利率和存款增长是汇丰（HSBA LN）第三季度的主要驱动力。亚洲财富管理实力也促成了收入增长，但中国的跨境资本流动规则存在一定风险。
Tuesday: Higher Hong Kong interest rates and deposit growth were the main drivers of HSBC’s (HSBA LN) third quarter, according to BI. Wealth strength in Asia also contributed to revenue gains, but Chinese cross-border capital-flow rules contain some risk.
彭博情报指出， Larsen & Toubro（LT IN）的季度订单获取可能创下纪录，得益于其中东业务的强劲流入。科塔克机构证券的分析师表示，该地区冲突升级可能已扰乱当前项目执行。
Larsen & Toubro’s (LT IN) quarterly order wins may have hit a record, following robust inflows from its Middle East business. Escalating conflict in the region may have disrupted current project execution, analysts at Kotak Institutional Equities said.
周三：彭博情报称，渣打（STAN LN）的财富管理和全球银行业务势头应当支撑了业绩。关注成本管控，因管理层重申全年支出展望，并计划加速推进人工智能驱动的效率提升。
Wednesday: Standard Chartered’s (STAN LN) wealth management and global banking momentum should have bolstered results, said BI. Watch for cost discipline after management reiterated its full-year expenses outlook, with plans to accelerate AI-driven efficiencies.
彭博情报指出，优必选（688836.CH）的营收增速下半年应有所回升，以达到全年一致预期。人形机器人商业化进度的不确定性可能构成进一步风险，同时其面临美国联邦通信委员会（FCC）限制的敞口问题也备受关注。
Unitree’s (688836 CH) revenue growth should pick up in the second half to hit full-year consensus estimates, BI said. Uncertainty over the pace of commercializing humanoid robots could pose further risk, while questions over its exposure to US FCC restrictions loom.
SK海力士（000660 KS）的营业利润预计大幅上升，因为DRAM和NAND价格上涨叠加高带宽内存的持续强势。据Eugene Investment & Securities称，HBM4的生产和更高定价应支撑盈利进一步增长。该机构补充称，行业产能紧张应使传统内存价格在2027年前保持坚挺。
SK Hynix’ (000660 KS) operating profit is expected to have risen sharply as higher DRAM and NAND prices add to continued strength in high bandwidth memory. HBM4 production and higher pricing should support further earnings growth, according to Eugene Investment & Securities. Tight industry capacity should keep conventional memory prices firm into 2027, it added.
估计显示，野村（8604 JP）的盈利势头可能延续至第二季度，尽管该券商上个月曾表示，其全球交易和投资银行业务的收入仅“适度”增长。野村分析师表示，阿达尼港口（ADSEZ IN）的利润率预计将收窄，原因是国际港口在整体港口收入中的占比上升，而国际港口通常比国内港口的利润率更弱。由于每月更新显示货运量稳步增长，盈利仍预计增长18%。
Nomura (8604 JP) likely maintained earnings momentum into the second quarter, estimates suggest, even though the broker signaled last month that revenue from its global trading and investment banking business had increased only “modestly.”Adani Ports’ (ADSEZ IN) margins are expected to have shrunk, analysts at Nomura said, citing a higher share of international ports in overall ports revenue, which typically have a weaker margin profile than domestic ones. Earnings are still seen up 18% with monthly updates showing cargo volumes rose steadily.
印度联合利华（HUVR IN）的基础销量增长预计将升至6%。利润率备受关注，此前各公司提价以抵消原材料价格上涨。管理层还可能就印度十多年来最弱季风后的农村需求发表评论。
Hindustan Unilever’s (HUVR IN) underlying volume growth is expected to rise to 6%. Margins are in focus after companies hiked prices to offset rising raw material prices. Management might also comment on rural demand following India’s weakest monsoon in over a decade.
周四：三星电子（005930 KS）的存储业务在季度内可能受益于DRAM价格强于预期，尽管受限的出货量限制了部分上涨空间。DS Investment & Securities表示，季度DRAM收入可能首次超过100万亿韩元（760亿美元）。初步业绩显示创纪录利润，但未达高远预期。
Thursday: Samsung Electronics’ (005930 KS) memory business likely benefited from stronger-than-expected DRAM prices during the quarter, even as constrained shipments limited some of the upside. Quarterly DRAM revenue likely topped 100 trillion won ($76 billion) for the first time, said DS Investment & Securities. Preliminary results showed record profit — though shy of lofty expectations.
中国万科（2202 HK）可能会更新其再融资和流动性状况。BI表示，债务展期仍是其战略的重要组成部分。
China Vanke (2202 HK) could update on its refinancing and liquidity position. Debt extensions remain an important part of its strategy, BI said.
出口强劲应支持比亚迪（1211 HK）和吉利（175 HK）的盈利。即将在欧洲实施的进口限制以及国内税收变化可能会给它们的长期前景蒙上阴影。
Stronger exports should support earnings for BYD (1211 HK) and Geely (175 HK). Upcoming import curbs in Europe and tax changes at home could cloud their longer-term outlook.
ANA Holdings（9202 JP）的营业利润预计将下降15%，因为较高的人员和燃油成本抵消了销售额10%的增长。彭博智库在9月下旬表示，随着航空燃油价格居高不下，且疲软的入境需求限制了票价上涨，ANA和竞争对手日本航空公司——后者将于下周发布财报——可能被迫下调盈利指引。
ANA Holdings’ (9202 JP) operating profit is expected to fall 15% as higher staffing and fuel costs offset a 10% jump in sales. BI said in late September that ANA and rival Japan Airlines Co. — due the following week — may be forced to cut guidance as jet fuel prices remain elevated and softening inbound demand limits fare increases.
周五：彭博智库表示，随着存款成本压力缓解，工商银行（1398 HK）的净息差可能趋于稳定。他们补充称，由于银行卡和投资业务疲软抵消了财富管理业务的强劲表现，手续费收入可能仅会温和增长。
Friday: ICBC (1398 HK) could see net interest margin stabilize as deposit cost pressure eases, said BI. Fees could only grow modestly, as card and investment weakness offsets strength in wealth management, they added.
彭博智库表示，农业银行（1288 HK）的农村贷款和信用成本下降可能支撑其盈利增长持续至2027年。其不良贷款业务仍领先于其他大型国有银行，为应对拨备压力提供了更强缓冲。
Agbank’s (1288 HK) rural loans and eased credit costs could lift earnings through 2027, said BI. Its NPL business still leads other big state banks, providing a stronger buffer against provision pressure.
彭博智库表示，得益于科技制造和基础设施领域的贷款保持强劲，中国银行（3988 HK）的息差可能保持平稳。
Bank of China (3988 HK) likely saw steady margins as lending remains strong from tech manufacturing and infrastructure, said BI.
彭博智库表示，建设银行（939 HK）的盈利可能取决于其持有的长鑫存储（CXMT）股份带来的收益，这能否抵消持续存在的信用成本挑战将至关重要。
CCB (939 HK) earnings could depend on gains from its CXMT stake that could offset lingering credit cost challenges, said BI.
长鑫存储（688825 CH）的投资者将评估强劲的DRAM价格和产能扩张能否维持盈利势头，此前初步业绩指向盈利增长放缓。
CXMT’s (688825 CH) investors will assess whether strong DRAM pricing and capacity expansion can sustain earnings momentum, after preliminary results pointed to weaker earnings growth.
估算显示，铠侠（285A JP）的营业利润环比可能跃升53%。花旗预计公司将更新长期协议进展并宣布另一轮股票回购。
Kioxia’s (285A JP) operating profit likely jumped 53% sequentially, estimates show. Citi expects an update on long-term agreements and another share buyback.
据称，大和证券（8601 JP）已获批在中国开设全资证券业务，因此市场将关注其关于中国大陆业务规划的任何指引。
Daiwa Securities (8601 JP) is said to have received a green light to open a wholly-owned securities business in China, so any guidance on its plans for the mainland would be of interest.