On October 29th, Jefferies Financial released a report stating that HSBC Holdings announced stable performance in the third quarter of this year, with pre-tax profit exceeding expectations by 12%. Non-interest income performed strongly, but net interest income (NII) fluctuated slightly. Credit costs were lower than expected, especially with higher credit losses related to non-commercial real estate in Hong Kong, while credit losses in the UK increased by 0.16 billion USD for the quarter. The bank believes that HSBC Holdings' announcement of a 3 billion USD share buyback plan is bullish, with Tangible Net Asset Value (TNAV) increasing by 13% annually. The current Return on Tangible Equity (ROTE) is 17%. Common Equity Tier 1 capital ratio (CET1) is 15.2%, exceeding expectations by 30 basis points. The company maintains its guidance for 2024 unchanged. As for HSBC Holdings' restructuring, the bank believes that investors will need to wait until the performance of the 2024 fiscal year to understand further details. The bank maintains a 'buy' rating on HSBC Holdings listed in London, with a target price of 9.6 British pounds (approximately 96.77 Hong Kong dollars).