On October 30th, JPMorgan released a report stating that HSBC Holdings' third-quarter performance exceeded expectations, but as the market is still waiting for more guidance on the restructuring, the stock price may move sideways in the short term. The bank maintains a target price of 86 Hong Kong dollars for HSBC Holdings, reiterating a 'shareholding' rating, believing that the bank can provide double-digit normalized ROTE after the rate cuts. The report indicates that excluding one-time losses from early redemption of securities, the net interest income of the banking business is roughly stable compared to the second quarter, resulting in a net interest margin for the banking business 1% higher than expected. Net interest income, fee income, and capital performance exceeded expectations. In addition, the report mentions that the group's CET1 ratio is 15.2%, higher than the expected 14.9%, leaving room for future shareholder returns to increase. As for the group's announcement to repurchase $3 billion worth of stocks, it is in line with expectations.