汇丰CEO：全球贸易展现韧性服务贸易增速远超商品

投资观察

Feb 25

面对特朗普总统本周生效的10%全球关税新政，这家全球最大贸易融资银行是否感到担忧？

从汇丰行政总裁祈耀年就2025年超预期业绩发表的评论来看，答案显然是否定的。

"贸易展现出惊人韧性，"祈耀年如此评价过去12个月间关税政策的反复波动。他补充指出，供应链正在重构，亚洲区内贸易增幅尤为显著。这对大部分利润来自该地区的汇丰而言无疑是利好。

更关键的是，"服务贸易增速远超商品贸易"，且基本未受关税政策影响。祈耀年强调的这一趋势，正重塑全球贸易格局。

作为全球贸易的核心参与者，汇丰虽可能因商业活动急剧放缓而受损——包括货运融资、货币兑换和支付处理等业务，但若关税导致贸易模式更趋复杂，这家总部位于伦敦的银行反而能从中获益。

去年"解放日关税"实施后的情况正是如此。祈耀年指出，与2024年相比，贸易相关费用和贷款业务均实现增长。

整体来看，汇丰2025年第四季度税前利润超越分析师预期。祈耀年公布了截至2028年的新营收与回报目标，并透露通过近期收购恒生银行，预计将在2028年底前创造高达9亿美元的额外利润。

财报公布后，伦敦股价应声上涨近5%。这是祈耀年上任并启动业务重组以来首份完整财年成绩单，市场反应积极。

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