JPMorgan released a research report stating that HSBC and Standard Chartered's share prices have increased by 19% and 25% respectively year-to-date, compared to the Hang Seng Index's increase of about 21% during the same period. It was noted that investors are increasingly concerned about the impact of US growth risks on interest rate trends, which in turn affects the profit outlook and valuations of the two banks. The bank's sensitivity test results indicate that under scenarios of significant interest rate cuts, reduced fee income, and increased Crediting costs, HSBC and Standard Chartered's returns on equity after tax for 2025 could drop to 11.6% and 8.7%, which is expected to put pressure on share price performance. Given the overall higher ROI, JPMorgan anticipates that HSBC will outperform Standard Chartered and local Hong Kong bank stocks, but it may not be as good as state-owned banks. JPMorgan has adjusted HSBC's fee and Other income forecast for 2025 to 2027 upwards by 2%, 4%, and 4%, and raised the Net income forecast by 2%, 2%, and 3%. The Target Price was raised from HKD 108 to HKD 115, with a rating of 'Shareholding.'