$HSBC HOLDINGS(00005.HK) is just lying there without moving. VIX has fallen to 17, medium-to-long-term bond yields are at 4.4%, and the interest rate hike cycle has already reached its end. There's no independent story today.
The inflection point for bank stocks' NIM won't be visible until H2—at this level, should we build a position first and wait for the interim report, or wait until NIM truly stabilizes? Looking at it, I'm leaning more towards the latter. $HSBC HOLDINGS(00005.HK) is currently more of a steady-state asset supported by dividends + buybacks. The interim report and dividend payout ratio in early August will be the real pricing point.
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