Initiated Hold X

AA Alcoa

HSBC Securities

$29

Downgrades Hold Reduce X

AAPL Apple

HSBC Securities

$160 $180

Downgrades Buy Hold X

AAPL Apple

HSBC Securities

Upgrades Hold Buy X

ABB ABB Ltd

HSBC Securities

Upgrades Hold Buy X

ABB ABB Ltd

HSBC Securities

Upgrades Hold Buy X

ABBV AbbVie

HSBC Securities

$185

Downgrades Buy Hold X

ABBV AbbVie

HSBC Securities

Initiated Buy X

ABBV AbbVie

HSBC Securities

$167

Upgrades Hold Buy X

ABNB Airbnb

HSBC Securities

Downgrades Buy Hold X

ABNB Airbnb

HSBC Securities

$160 $156

Initiated Buy X

ABNB Airbnb

HSBC Securities

$220

Upgrades Reduce Hold X

ACH Alum. Corp China

HSBC Securities

Upgrades Hold Buy X

ACH Alum. Corp China

HSBC Securities

Initiated Hold X

ADBE Adobe

HSBC Securities

$519

Downgrades Buy Hold X

ADSK Autodesk

HSBC Securities

$290

Upgrades Hold Buy X

ADSK Autodesk

HSBC Securities

$242 $299

Initiated Hold X

ADSK Autodesk

HSBC Securities

$214

Upgrades Hold Buy X

AEG Aegon N.V.

HSBC Securities

Downgrades Buy Hold X

AEG AEGON N.V.

HSBC Securities

Upgrades Hold Buy X

AEG AEGON N.V.

HSBC Securities

Initiated Buy X

AES AES

HSBC Securities

$17

Upgrades Hold Buy X

AIG American Intl

HSBC Securities

$93

Downgrades Buy Hold X

AIG American Intl

HSBC Securities

$86

Initiated Buy X

AIG American Intl

HSBC Securities

$86

Upgrades Hold Buy X

AKAM Akamai Tech

HSBC Securities

$121

Upgrades Reduce Hold X

AKAM Akamai Tech

HSBC Securities

$96

Downgrades Hold Reduce X

AKAM Akamai Tech

HSBC Securities

$109 $96

Initiated Hold X

AKAM Akamai Tech

HSBC Securities

$106

Initiated Buy X

AL Air Lease

HSBC Securities

$50

Downgrades Buy Hold X

ALB Albemarle

HSBC Securities

$95

Upgrades Hold Buy X

ALB Albemarle

HSBC Securities

$250 $280

Upgrades Hold Buy X

ALB Albemarle

HSBC Securities

Initiated Hold X

ALB Albemarle

HSBC Securities

Upgrades Hold Buy X

ALL Allstate

HSBC Securities

$158 $190

Initiated Hold X

ALL Allstate

HSBC Securities

$145

Downgrades Buy Reduce X

AMD Advanced Micro Devices

HSBC Securities

$110

Upgrades Hold Buy X

AMD Advanced Micro

HSBC Securities

$180 $225

Initiated Hold X

AMD Advanced Micro

HSBC Securities

$60

Initiated Buy X

AMGN Amgen

HSBC Securities

$320

Initiated Buy X

AMRS Amyris

HSBC Securities

$20

Initiated Buy X

AMT American Tower

HSBC Securities

$245

Upgrades Hold Buy X

AMX America Movil SA

HSBC Securities

$21.50

Downgrades Buy Hold X

AMX America Movil SA

HSBC Securities

$22.50 $21.50

Upgrades Hold Buy X

AMX America Movil SA

HSBC Securities

Initiated Buy X

AMZN Amazon

HSBC Securities

$160

Downgrades Buy Hold X

APD Air Products

HSBC Securities

$217 $215

Initiated Buy X

APP AppLovin

HSBC Securities

$53.20

Upgrades Reduce Hold X

ASAN Asana

HSBC Securities

$16 $14

Downgrades Hold Reduce X

ASAN Asana

HSBC Securities

$18

Initiated Hold X

ASAN Asana

HSBC Securities

$18

Initiated Buy X

ASML ASML

HSBC Securities

Upgrades Reduce Hold X

ASR Grupo Aeroportuario Del Sureste

HSBC Securities

Downgrades Hold Reduce X

ASR Grupo Aeroportuario Del Sureste

HSBC Securities

Downgrades Buy Hold X

ASX ASE Technology

HSBC Securities

$6.47

Initiated Buy X

ATNM Actinum Pharma

HSBC Securities

$11.60

Downgrades Buy Reduce X

ATUS Altice USA

HSBC Securities

Upgrades Hold Buy X

ATUS Altice USA

HSBC Securities

$6

Downgrades Buy Hold X

ATUS Altice USA

HSBC Securities

$11

Downgrades Hold Reduce X

AU AngloGold Ashanti

HSBC Securities

Upgrades Reduce Hold X

AU AngloGold Ashanti

HSBC Securities

Upgrades Reduce Hold X

AU AngloGold Ashanti

HSBC Securities

Upgrades Reduce Hold X

AUO AU Optronics

HSBC Securities

Upgrades Hold Buy X

AWK American Water Works

HSBC Securities

Downgrades Buy Hold X

AXP American Express

HSBC Securities

$265 $270

Initiated Buy X

AZN AstraZeneca

HSBC Securities

$78

Initiated Buy X

AZN AstraZeneca

HSBC Securities

Downgrades Buy Hold X

AZUL Azul S.A.

HSBC Securities

Initiated Buy X

AZUL Azul S.A.

HSBC Securities

$12.30

Upgrades Hold Buy X

BAC Bank of America

HSBC Securities

$50

Downgrades Buy Hold X

BAC Bank of America

HSBC Securities

$38 $39

Initiated Buy X

BAC Bank of America

HSBC Securities

$35

Initiated Hold X

BAC Bank of America

HSBC Securities

$29

Upgrades Hold Buy X

BAK Braskem SA

HSBC Securities

Upgrades Hold Buy X

BAK Braskem SA

HSBC Securities

$22

Downgrades Buy Hold X

BAK Braskem SA

HSBC Securities

$20

Downgrades Buy Hold X

BAK Braskem SA

HSBC Securities

Upgrades Hold Buy X

BAK Braskem SA

HSBC Securities

Upgrades Hold Buy X

BAM Brookfield Asset Mgmt

HSBC Securities

Initiated Buy X

BAM Brookfield Asset Mgmt

HSBC Securities

$39

Downgrades Buy Hold X

BAP Credicorp LTD

HSBC Securities

$137

Upgrades Hold Buy X

BBD Banco Bradesco

HSBC Securities

$2.80

Downgrades Buy Hold X

BBD Banco Bradesco

HSBC Securities

Upgrades Hold Buy X

BBVA Banco Bilbao Vizcaya Argentaria

HSBC Securities

Downgrades Buy Hold X

BBVA Banco Bilbao Vizcaya Argentaria

HSBC Securities

Upgrades Hold Buy X

BBVA Banco Bilbao Vizcaya Argentaria

HSBC Securities

Downgrades Buy Hold X

BCH Banco de Chile

HSBC Securities

Downgrades Buy Hold X

BE Bloom Energy

HSBC Securities

$24.50

Upgrades Hold Buy X

BEKE KE Holdings

HSBC Securities

$13.70 $20.80

Initiated Buy X

BEKE KE Holdings

HSBC Securities

$80

Downgrades Buy Hold X

BFR Banco Frances

HSBC Securities

Upgrades Hold Buy X

BFR Banco Frances

HSBC Securities

Upgrades Hold Buy X

BG Bunge

HSBC Securities

$122 $105

Initiated Hold X

BG Bunge

HSBC Securities

$122

Downgrades Buy Hold X

BIDU Baidu

HSBC Securities

$100

Initiated Buy X

BIDU Baidu.com

HSBC Securities

$213

Initiated Buy X

BIIB Biogen

HSBC Securities

$360

Downgrades Buy Hold X

BILI Bilibili

HSBC Securities

$76

Initiated Buy X

BKNG Booking Holdings

HSBC Securities

$3650

Upgrades Hold Buy X

BKR Baker Hughes

HSBC Securities

$38.30

Downgrades Buy Hold X

BLDP Ballard Power

HSBC Securities

Upgrades Hold Buy X

BLDP Ballard Power

HSBC Securities

$4.50

Downgrades Hold Reduce X

BLUE Bluebirdbio

HSBC Securities

Initiated Buy X

BLUE Bluebirdbio

HSBC Securities

$4.21

Downgrades Buy Hold X

BMA Banco Macro

HSBC Securities

Upgrades Hold Buy X

BMA Banco Macro

HSBC Securities

Downgrades Buy Hold X

BMBL Bumble Inc.

HSBC Securities

Initiated Buy X

BMBL Bumble Inc.

HSBC Securities

$20.30

Upgrades Reduce Hold X

BMY Bristol-Myers

HSBC Securities

$55 $53

Initiated Reduce X

BMY Bristol-Myers

HSBC Securities

$56

Downgrades Buy Hold X

BNTX BioNTech

HSBC Securities

$124 $111

Initiated Buy X

BNTX BioNTech

HSBC Securities

$124

Downgrades Buy Hold X

BP BP

HSBC Securities

Downgrades Buy Hold X

BP BP

HSBC Securities

Upgrades Hold Buy X

BP BP

HSBC Securities

Downgrades Buy Hold X

BSAC Banco Santander Chile

HSBC Securities

Downgrades Buy Hold X

BSBR Banco Santander Brasil

HSBC Securities

Downgrades Buy Hold X

BSMX Banco Santander Mexico

HSBC Securities

$7.50

Upgrades Hold Buy X

BSMX Banco Santander Mexico

HSBC Securities

Downgrades Buy Hold X

BSMX Banco Santander Mexico

HSBC Securities

Upgrades Hold Buy X

BUD Anheuser-Busch InBev

HSBC Securities

Downgrades Buy Hold X

BUD Anheuser-Busch InBev

HSBC Securities

Upgrades Hold Buy X

BUD Anheuser-Busch InBev

HSBC Securities

Initiated Hold X

BX Blackstone

HSBC Securities

$113

Upgrades Reduce Hold X

BYND Beyond Meat

HSBC Securities

$62

Initiated Reduce X

BYND Beyond Meat

HSBC Securities

$62

Initiated Hold X

C Citigroup

HSBC Securities

$43

Upgrades Hold Buy X

C Citigroup

HSBC Securities

$82 $85

Initiated Hold X

CAT Caterpillar

HSBC Securities

$250

Upgrades Hold Buy X

CB Chubb

HSBC Securities

$323

Downgrades Buy Hold X

CB Chubb

HSBC Securities

$275 $270

Initiated Buy X

CB Chubb

HSBC Securities

$263

Initiated Buy X

CC Chemours

HSBC Securities

$52

Upgrades Hold Buy X

CCEP Coca-Cola European Partners

HSBC Securities

$55 $72

Initiated Hold X

CCI Crown Castle

HSBC Securities

$110

Resumed Reduce X

CCL Carnival

HSBC Securities

Upgrades Hold Buy X

CCU Compania Cervecerias Unidas

HSBC Securities

$18 $15

Downgrades Buy Hold X

CCU Compania Cervecerias Unidas

HSBC Securities

$13

Upgrades Reduce Hold X

CCU Compania Cervecerias Unidas

HSBC Securities

Upgrades Hold Buy X

CEA China Eastern Airlines

HSBC Securities

Upgrades Reduce Buy X

CEA China Eastern Airlines

HSBC Securities

Downgrades Buy Hold X

CF CF Industries

HSBC Securities

$104 $90

Downgrades Buy Hold X

CGNX Cognex

HSBC Securities

$33

Upgrades Hold Buy X

CGNX Cognex

HSBC Securities

Upgrades Hold Buy X

CGNX Cognex

HSBC Securities

$77 $110

Initiated Hold X

CHD Church & Dwight

HSBC Securities

$102

Initiated Hold X

CHH Choice Hotels

HSBC Securities

$131

Upgrades Hold Buy X

CHL China Mobile

HSBC Securities

Initiated Hold X

CHPT ChargePoint

HSBC Securities

$2

Downgrades Buy Hold X

CIB Bancolombia S.A.

HSBC Securities

Downgrades Buy Hold X

CIG Cemig

HSBC Securities

Upgrades Hold Buy X

CIG Cemig

HSBC Securities

$2.90

Downgrades Buy Hold X

CL Colgate-Palmolive

HSBC Securities

Initiated Buy X

CL Colgate-Palmolive

HSBC Securities

$84

Initiated Hold X

CLX Clorox

HSBC Securities

$146

Upgrades Reduce Hold X

COF Capital One

HSBC Securities

$176

Initiated Hold X

COST Costco

HSBC Securities

$600

Initiated Hold X

CPAC Cementos Pacasmayo

HSBC Securities

$13

Initiated Buy X

CPNG Coupang

HSBC Securities

$27.80

Initiated Hold X

CPRT Copart

HSBC Securities

$51

Resumed Buy X

CRH CRH Plc.

HSBC Securities

$116

Initiated Buy X

CRM Salesforce

HSBC Securities

$267

Downgrades Buy Hold X

CRWD CrowdStrike

HSBC Securities

$347

Upgrades Hold Buy X

CRWD CrowdStrike

HSBC Securities

$302 $339

Downgrades Buy Hold X

CRWD CrowdStrike

HSBC Securities

$388 $302

Initiated Buy X

CRWD CrowdStrike

HSBC Securities

$200

Upgrades Hold Buy X

CSCO Cisco

HSBC Securities

$46 $58

Upgrades Hold Buy X

CTSH Cognizant Tech

HSBC Securities

$75

Downgrades Buy Hold X

CTSH Cognizant Tech

HSBC Securities

$90 $79

Upgrades Hold Buy X

CTSH Cognizant Tech

HSBC Securities

$80 $90

Downgrades Buy Hold X

CTSH Cognizant Tech

HSBC Securities

$80

Downgrades Buy Hold X

CTSH Cognizant Tech

HSBC Securities

$72 $70

Upgrades Hold Buy X

CTSH Cognizant Tech

HSBC Securities

Initiated Buy X

CVS CVS Health

HSBC Securities

$94

Upgrades Hold Buy X

CVX Chevron

HSBC Securities

$189

Downgrades Buy Hold X

CVX Chevron

HSBC Securities

$177

Upgrades Hold Buy X

CVX Chevron

HSBC Securities

$183 $167

Downgrades Buy Hold X

CVX Chevron

HSBC Securities

$127 $112

Upgrades Hold Buy X

CVX Chevron

HSBC Securities

$103 $105

Downgrades Buy Hold X

CVX Chevron

HSBC Securities

Upgrades Hold Buy X

CVX Chevron

HSBC Securities

Downgrades Buy Hold X

CX CEMEX S.A.

HSBC Securities

Upgrades Hold Buy X

DAVA Endava

HSBC Securities

$45

Downgrades Buy Hold X

DAVA Endava

HSBC Securities

$68 $80

Initiated Buy X

DAVA Endava

HSBC Securities

$74

Downgrades Buy Hold X

DD DuPont

HSBC Securities

$74

Downgrades Buy Hold X

DE Deere

HSBC Securities

Initiated Buy X

DE Deere

HSBC Securities

$486

Downgrades Buy Hold X

DFS Discover Financial Services

HSBC Securities

$121 $107

Upgrades Reduce Hold X

DG Dollar General

HSBC Securities

$102

Initiated Reduce X

DG Dollar General

HSBC Securities

$102

Upgrades Hold Buy X

DHR Danaher

HSBC Securities

$280

Initiated Hold X

DHR Danaher

HSBC Securities

Upgrades Reduce Hold X

DISH DISH Network

HSBC Securities

$40

Downgrades Hold Reduce X

DISH DISH Network

HSBC Securities

Downgrades Buy Hold X

DLO dLocal Limited

HSBC Securities

$16

Upgrades Reduce Hold X

DLR Digital Realty Trust

HSBC Securities

$124 $160

Initiated Reduce X

DLR Digital Realty Trust

HSBC Securities

$112

Upgrades Hold Buy X

DNUT Krispy Kreme, Inc.

HSBC Securities

$14

Downgrades Buy Hold X

DNUT Krispy Kreme, Inc.

HSBC Securities

$17 $15

Upgrades Hold Buy X

DNUT Krispy Kreme, Inc.

HSBC Securities

$17

Upgrades Hold Buy X

DO Diamond Offshore

HSBC Securities

Downgrades Hold Reduce X

DOCU DocuSign

HSBC Securities

Upgrades Reduce Hold X

DOCU DocuSign

HSBC Securities

$42

Initiated Reduce X

DOCU DocuSign

HSBC Securities

$42

Initiated Hold X

DOW Dow

HSBC Securities

$53

Downgrades Hold Reduce X

DOYU DouYu

HSBC Securities

Upgrades Hold Buy X

DQ Daqo New Energy

HSBC Securities

Upgrades Reduce Hold X

DQ Daqo New Energy

HSBC Securities

$15

Initiated Buy X

DQ Daqo New Energy

HSBC Securities

$112

Upgrades Hold Buy X

DWDP DowDuPont

HSBC Securities

Initiated Hold X

EA Electronic Arts

HSBC Securities

$128

Downgrades Buy Hold X

E Eni S.p.A.

HSBC Securities

Upgrades Hold Buy X

E Eni S.p.A.

HSBC Securities

Downgrades Buy Hold X

E Eni S.p.A.

HSBC Securities

Upgrades Hold Buy X

E Eni S.p.A.

HSBC Securities

Downgrades Buy Hold X

E Eni S.p.A.

HSBC Securities

Upgrades Hold Buy X

E Eni S.p.A.

HSBC Securities

Downgrades Buy Hold X

EC Ecopetrol

HSBC Securities

$12.50 $12

Resumed Buy X

EDU New Oriental Education & Technology

HSBC Securities

$110

Downgrades Buy Hold X

EDU New Oriental Education & Technology

HSBC Securities

$18.70 $9.20

Downgrades Buy Hold X

EL Estee Lauder

HSBC Securities

$100

Initiated Buy X

EL Estee Lauder

HSBC Securities

$180

Upgrades Hold Buy X

EMR Emerson

HSBC Securities

$79 $100

Downgrades Buy Hold X

ENPH Enphase Energy

HSBC Securities

$81

Upgrades Hold Buy X

ENPH Enphase Energy

HSBC Securities

$166

Downgrades Buy Hold X

ENPH Enphase Energy

HSBC Securities

$86

Upgrades Hold Buy X

EPAM EPAM Systems

HSBC Securities

Initiated Hold X

EPAM EPAM Systems

HSBC Securities

$255

Upgrades Hold Buy X

EQIX Equinix

HSBC Securities

$865 $1000

Downgrades Buy Hold X

EQIX Equinix

HSBC Securities

Initiated Buy X

EQIX Equinix

HSBC Securities

$875

Upgrades Hold Buy X

EQNR Equinor

HSBC Securities

Downgrades Buy Hold X

EQNR Equinor

HSBC Securities

Downgrades Buy Hold X

ERJ Embraer SA

HSBC Securities

$18 $19

Upgrades Hold Buy X

ESV Ensco

HSBC Securities

Downgrades Buy Hold X

ESV Ensco

HSBC Securities

Upgrades Hold Buy X

ESYJY easyJet

HSBC Securities

Upgrades Hold Buy X

ETN Eaton

HSBC Securities

$103 $140

Upgrades Hold Buy X

EXPE Expedia Group

HSBC Securities

$215

Initiated Hold X

EXPE Expedia Group

HSBC Securities

$114

Initiated Hold X

F Ford Motor

HSBC Securities

$11.30

Downgrades Hold Reduce X

FAST Fastenal

HSBC Securities

$70

Initiated Hold X

FAST Fastenal

HSBC Securities

$59

Downgrades Buy Hold X

FBR Fibria Celulose S.A.

HSBC Securities

Downgrades Buy Hold X

FCAU Fiat Chrysler

HSBC Securities

Initiated Buy X

FCAU Fiat Chrysler

HSBC Securities

Downgrades Buy Hold X

FDX FedEx

HSBC Securities

$300

Initiated Buy X

FDX FedEx

HSBC Securities

$330

Initiated Reduce X

FICO Fair Isaac

HSBC Securities

$729

Upgrades Reduce Hold X

FMS Fresenius Medical

HSBC Securities

Upgrades Hold Buy X

FMS Fresenius Medical

HSBC Securities

Upgrades Hold Buy X

FMX FEMSA

HSBC Securities

$124 $152

Upgrades Reduce Hold X

FMX FEMSA

HSBC Securities

$84 $112

Downgrades Hold Reduce X

FMX FEMSA

HSBC Securities

$68

Downgrades Buy Hold X

FMX FEMSA

HSBC Securities

$95

Upgrades Hold Buy X

FTI TechnipFMC

HSBC Securities

$32

Downgrades Buy Hold X

FTI TechnipFMC

HSBC Securities

Upgrades Hold Buy X

FTI TechnipFMC

HSBC Securities

$13.50

Upgrades Hold Buy X

FTI TechnipFMC

HSBC Securities

Upgrades Reduce Hold X

FTI TechnipFMC

HSBC Securities

Upgrades Hold Buy X

FTNT Fortinet

HSBC Securities

$83 $111

Upgrades Reduce Hold X

FTNT Fortinet

HSBC Securities

$59

Downgrades Hold Reduce X

FTNT Fortinet

HSBC Securities

$57

Downgrades Buy Hold X

FTNT Fortinet

HSBC Securities

$75 $49

Initiated Buy X

FTNT Fortinet

HSBC Securities

$75

Resumed Buy X

GDS GDS Holdings

HSBC Securities

$28.80 $13.60

Initiated Buy X

GEHC GE HealthCare

HSBC Securities

$100

Upgrades Hold Buy X

GFI Gold Fields

HSBC Securities

Reiterated Hold X

GFS GlobalFoundries

HSBC Securities

$55 $65

Upgrades Reduce Hold X

GILD Gilead Sciences

HSBC Securities

$69

Initiated Reduce X

GILD Gilead Sciences

HSBC Securities

$71

Initiated Hold X

GIS General Mills

HSBC Securities

$74

Initiated Buy X

GLOB Globant

HSBC Securities

$240

Initiated Hold X

GLOB Globant

HSBC Securities

Upgrades Hold Buy X

GLW Corning

HSBC Securities

$51 $60

Upgrades Reduce Hold X

GLW Corning

HSBC Securities

$37

Downgrades Buy Hold X

GM General Motors

HSBC Securities

$58

Initiated Buy X

GM General Motors

HSBC Securities

$41.30

Initiated Buy X

GMAB Genmab

HSBC Securities

Upgrades Reduce Hold X

GOL GOL Inteligentes S.A. (GOLLQ)

HSBC Securities

Downgrades Hold Reduce X

GOL GOL Inteligentes S.A. (GOLLQ)

HSBC Securities

Downgrades Buy Hold X

GOL GOL Linhas Aereas Inteligentes S.A.

HSBC Securities

Downgrades Buy Hold X

GOL GOL Linhas Areas Inteligentes S.A.

HSBC Securities

Initiated Buy X

GOOS Canada Goose

HSBC Securities

Downgrades Buy Hold X

GRAB Grab

HSBC Securities

$4.25 $5.50

Upgrades Hold Buy X

GRFS Grifols, S.A.

HSBC Securities

Downgrades Buy Hold X

GS Goldman Sachs

HSBC Securities

$569 $608

Initiated Buy X

GS Goldman Sachs

HSBC Securities

$403

Upgrades Hold Buy X

GSH Guangshen Railway Co. Ltd

HSBC Securities

Downgrades Buy Hold X

GSH Guangshen Railway Co. Ltd

HSBC Securities

Initiated Reduce X

GSK GlaxoSmithKline

HSBC Securities

Initiated Buy X

GT Goodyear Tire

HSBC Securities

$16.80

Downgrades Buy Hold X

H Hyatt Hotels

HSBC Securities

$156

Initiated Buy X

H Hyatt Hotels

HSBC Securities

$133

Upgrades Hold Buy X

HAL Halliburton

HSBC Securities

$36.60 $41.60

Upgrades Reduce Hold X

HD Home Depot

HSBC Securities

$356 $410

Downgrades Hold Reduce X

HD Home Depot

HSBC Securities

$323

Initiated Hold X

HD Home Depot

HSBC Securities

$365

Downgrades Buy Hold X

HEPS Hepsiburada

HSBC Securities

$3.50

Downgrades Buy Hold X

HLN Haleon plc

HSBC Securities

Initiated Buy X

HLN Haleon plc

HSBC Securities

Initiated Buy X

HLT Hilton

HSBC Securities

$191

Downgrades Hold Reduce X

HMY Harmony Gold

HSBC Securities

Upgrades Reduce Hold X

HMY Harmony Gold

HSBC Securities

Upgrades Hold Buy X

HON Honeywell

HSBC Securities

$290

Downgrades Buy Hold X

HON Honeywell

HSBC Securities

$162

Downgrades Buy Hold X

HPQ HP Inc.

HSBC Securities

$39 $38

Upgrades Hold Buy X

HPQ HP Inc.

HSBC Securities

$30 $33

Initiated Buy X

HST Host Hotels

HSBC Securities

$21

Initiated Buy X

HSY Hershey Foods

HSBC Securities

$248

Downgrades Buy Hold X

HTHT H World Group

HSBC Securities

$32.40

Downgrades Buy Hold X

HUYA HUYA

HSBC Securities

Downgrades Buy Hold X

ILMN Illumina

HSBC Securities

$100

Upgrades Hold Buy X

ILMN Illumina

HSBC Securities

$180

Downgrades Buy Hold X

ILMN Illumina

HSBC Securities

Upgrades Hold Buy X

INFY Infosys

HSBC Securities

Upgrades Hold Buy X

INFY Infosys

HSBC Securities

Downgrades Buy Hold X

INFY Infosys

HSBC Securities

Upgrades Hold Buy X

INFY Infosys

HSBC Securities

Upgrades Reduce Hold X

INTC Intel

HSBC Securities

Reiterated Hold X

INTC Intel

HSBC Securities

$46 $44

Upgrades Reduce Hold X

INTC Intel

HSBC Securities

$27 $33

Initiated Reduce X

INTC Intel

HSBC Securities

$23

Initiated Hold X

INTU Intuit

HSBC Securities

$520

Initiated Buy X

INVH Invitation Homes

HSBC Securities

$38

Upgrades Reduce Hold X

IQ iQIYI

HSBC Securities

$2.15

Downgrades Hold Reduce X

IQ iQIYI

HSBC Securities

$4.70 $3

Downgrades Buy Hold X

IQ iQIYI

HSBC Securities

$21.60

Initiated Hold X

IQ iQIYI

HSBC Securities

Initiated Buy X

IQV IQVIA

HSBC Securities

$260

Initiated Buy X

ISRG Intuitive Surgical

HSBC Securities

$318

Upgrades Hold Buy X

ITUB Itau Unibanco Holding SA

HSBC Securities

Downgrades Buy Hold X

ITUB Itau Unibanco Holding SA

HSBC Securities

Upgrades Reduce Hold X

ITUB Itau Unibanco Holding SA

HSBC Securities

Initiated Hold X

J Jacobs Engineering

HSBC Securities

$149

Downgrades Buy Hold X

JCI Johnson Controls

HSBC Securities

$60

Upgrades Hold Buy X

JCI Johnson Controls

HSBC Securities

$58 $69

Downgrades Buy Hold X

JCI Johnson Controls

HSBC Securities

$52

Downgrades Buy Hold X

JKS JinkoSolar

HSBC Securities

Initiated Buy X

JKS JinkoSolar

HSBC Securities

$76

Initiated Buy X

JKS JinkoSolar

HSBC Securities

$76

Upgrades Hold Buy X

JNJ Johnson & Johnson

HSBC Securities

$170

Initiated Hold X

JNJ Johnson & Johnson

HSBC Securities

$175

Initiated Hold X

JPM JPMorgan Chase

HSBC Securities

$159

Initiated Hold X

JPM JPMorgan Chase

HSBC Securities

$111

Initiated Hold X

KDP Keurig Dr Pepper

HSBC Securities

$37

Initiated Hold X

KHC Kraft Heinz

HSBC Securities

$38

Downgrades Buy Hold X

KKR KKR

HSBC Securities

$173

Initiated Buy X

KKR KKR

HSBC Securities

$148

Initiated Hold X

KMB Kimberly-Clark

HSBC Securities

$133

Downgrades Buy Hold X

KO Coca-Cola

HSBC Securities

$64 $50

Upgrades Hold Buy X

KOF Coca-Cola FEMSA

HSBC Securities

$74 $108

Downgrades Buy Hold X

KOF Coca-Cola FEMSA

HSBC Securities

$64

Initiated Buy X

KORS Michael Kors

HSBC Securities

$88

Initiated Hold X

KR Kroger

HSBC Securities

$52

Initiated Hold X

KVUE Kenvue

HSBC Securities

$27

Initiated Buy X

LAC Lithium Americas

HSBC Securities

$36

Downgrades Buy Hold X

LBTYA Liberty Global

HSBC Securities

$26 $20

Downgrades Buy Hold X

LFC China Life Insurance

HSBC Securities

Downgrades Hold Reduce X

LFC China Life Insurance

HSBC Securities

Upgrades Hold Buy X

LH Labcorp Holdings Inc.

HSBC Securities

Initiated Hold X

LH Laboratory Corp

HSBC Securities

$210

Initiated Hold X

LIVN LivaNova

HSBC Securities

$52

Initiated Buy X

LLY Eli Lilly

HSBC Securities

$560

Upgrades Hold Buy X

LOMA Loma Negra

HSBC Securities

Initiated Hold X

LOW Lowe’s

HSBC Securities

$250

Downgrades Buy Hold X

LPL LG Display

HSBC Securities

Initiated Buy X

LTHM Livent

HSBC Securities

Downgrades Buy Hold X

LU Lufax

HSBC Securities

$2

Upgrades Hold Buy X

LULU lululemon athletica

HSBC Securities

$425

Downgrades Buy Hold X

LULU lululemon athletica

HSBC Securities

$500

Initiated Buy X

LULU lululemon athletica

HSBC Securities

$500

Downgrades Buy Hold X

LVS Las Vegas Sands

HSBC Securities

Upgrades Hold Buy X

LVS Las Vegas Sands

HSBC Securities

Upgrades Hold Buy X

LYB LyondellBasell

HSBC Securities

$112

Upgrades Hold Buy X

LYB LyondellBasell

HSBC Securities

Initiated Hold X

LYFT Lyft

HSBC Securities

$60

Initiated Buy X

MAR Marriott

HSBC Securities

$233

Initiated Buy X

MDLZ Mondelez Int’l

HSBC Securities

$84

Reiterated Buy X

MELI MercadoLibre

HSBC Securities

$1800 $2100

Upgrades Reduce Hold X

META Meta Platforms

HSBC Securities

$285

Downgrades Hold Reduce X

META Meta Platforms

HSBC Securities

$110

Initiated Buy X

MGM MGM Resorts

HSBC Securities

$49

Initiated Hold X

MKC McCormick

HSBC Securities

$86

Downgrades Buy Hold X

MLCO Melco Resorts & Entertainment

HSBC Securities

$21.10 $16.90

Upgrades Hold Buy X

MLM Martin Marietta

HSBC Securities

$690

Upgrades Reduce Hold X

MLM Martin Marietta

HSBC Securities

$376 $543

Initiated Reduce X

MLM Martin Marietta

HSBC Securities

$376

Upgrades Hold Buy X

MMM 3M

HSBC Securities

$115

Initiated Hold X

MMM 3M

HSBC Securities

$109

Initiated Buy X

MNSO Miniso Group

HSBC Securities

$29.30

Initiated Buy X

MNST Monster Beverage

HSBC Securities

$72

Upgrades Reduce Hold X

MOS Mosaic

HSBC Securities

$40

Downgrades Hold Reduce X

MOS Mosaic

HSBC Securities

$45 $43

Downgrades Buy Hold X

MOS Mosaic

HSBC Securities

$57

Upgrades Hold Buy X

MRK Merck

HSBC Securities

$130

Initiated Hold X

MRK Merck

HSBC Securities

$123

Upgrades Hold Buy X

MRNA Moderna

HSBC Securities

$58

Upgrades Reduce Hold X

MRNA Moderna

HSBC Securities

$82

Downgrades Hold Reduce X

MRNA Moderna

HSBC Securities

$75 $86

Upgrades Reduce Hold X

MRNA Moderna

HSBC Securities

$89 $69

Initiated Reduce X

MRNA Moderna

HSBC Securities

$97

Downgrades Buy Hold X

MS Morgan Stanley

HSBC Securities

Upgrades Hold Buy X

MS Morgan Stanley

HSBC Securities

$118

Initiated Buy X

MS Morgan Stanley

HSBC Securities

$99

Downgrades Buy Hold X

MS Morgan Stanley

HSBC Securities

Upgrades Hold Buy X

MSFT Microsoft

HSBC Securities

$347 $413

Initiated Hold X

MSFT Microsoft

HSBC Securities

$347

Downgrades Buy Hold X

MTCH Match Group

HSBC Securities

Upgrades Hold Buy X

MTCH Match Group

HSBC Securities

$43.20

Initiated Hold X

MTCH Match Group

HSBC Securities

$47.10

Upgrades Hold Buy X

NGG National Grid

HSBC Securities

Downgrades Buy Hold X

NIO NIO

HSBC Securities

Upgrades Hold Buy X

NIO NIO

HSBC Securities

$69

Reiterated Hold X

NKE NIKE

HSBC Securities

$120 $115

Reiterated Hold X

NKE NIKE

HSBC Securities

$120 $113

Downgrades Buy Hold X

NKE NIKE

HSBC Securities

$184 $182

Upgrades Hold Buy X

NKE NIKE

HSBC Securities

$125 $158

Upgrades Hold Buy X

NKE NIKE

HSBC Securities

Downgrades Buy Hold X

NKE NIKE

HSBC Securities

Upgrades Hold Buy X

NKE NIKE

HSBC Securities

$77

Initiated Buy X

NOW ServiceNow

HSBC Securities

$704

Downgrades Buy Hold X

NTR Nutrien

HSBC Securities

Downgrades Buy Hold X

NTR Nutrien

HSBC Securities

Reiterated Buy X

NVDA NVIDIA

HSBC Securities

$835 $880

Reiterated Buy X

NVDA NVIDIA

HSBC Securities

$600 $780

Upgrades Reduce Buy X

NVDA NVIDIA

HSBC Securities

$175 $355

Initiated Reduce X

NVDA NVIDIA

HSBC Securities

$136

Initiated Buy X

NVO Novo Nordisk A/S

HSBC Securities

Downgrades Hold Reduce X

NVS Novartis AG

HSBC Securities

Downgrades Buy Hold X

NVS Novartis AG

HSBC Securities

Initiated Buy X

NVS Novartis AG

HSBC Securities

Downgrades Buy Hold X

NVS Novartis AG

HSBC Securities

Downgrades Buy Hold X

NWG NatWest Group plc

HSBC Securities

Initiated Buy X

NXT Nextracker

HSBC Securities

$46

Resumed Hold X

OCFT OneConnect Financial

HSBC Securities

Upgrades Hold Buy X

OMAB Grupo Aeroportuario

HSBC Securities

Upgrades Hold Buy X

ONON On

HSBC Securities

$58

Initiated Hold X

ONON On

HSBC Securities

$52

Initiated Buy X

ORCL Oracle

HSBC Securities

$144

Upgrades Reduce Hold X

OTIS Otis Worldwide

HSBC Securities

$65

Initiated Hold X

OXY Occidental Petro

HSBC Securities

$65

Initiated Buy X

OZON Ozon Holdings

HSBC Securities

$55

Upgrades Hold Buy X

PAC Grupo Aeroportuario del Pacifico

HSBC Securities

$205 $215

Downgrades Buy Hold X

PAC Grupo Aeroportuario del Pacifico

HSBC Securities

$205

Upgrades Hold Buy X

PAC Grupo Aeroportuario del Pacifico

HSBC Securities

Upgrades Hold Buy X

PAGS PagSeguro Digital

HSBC Securities

$10 $13

Initiated Reduce X

PAGS PagSeguro Digital

HSBC Securities

Upgrades Reduce Hold X

PAM Pampa Energia S.A.

HSBC Securities

$46

Downgrades Hold Reduce X

PAM Pampa Energia S.A.

HSBC Securities

$30

Upgrades Reduce Hold X

PAM Pampa Energia S.A.

HSBC Securities

$23

Initiated Buy X

PAM Pampa Energia S.A.

HSBC Securities

$40

Downgrades Hold Reduce X

PANW Palo Alto Networks

HSBC Securities

$304 $291

Initiated Hold X

PANW Palo Alto Networks

HSBC Securities

$242

Upgrades Hold Buy X

PBR Petrobras

HSBC Securities

$15

Downgrades Buy Hold X

PBR Petrobras

HSBC Securities

Upgrades Hold Buy X

PBR Petrobras

HSBC Securities

$18

Downgrades Buy Hold X

PBR Petrobras

HSBC Securities

$13

Downgrades Buy Hold X

PBR Petrobras Brasileiro

HSBC Securities

$12

Upgrades Hold Buy X

PBR Petrobras Brasileiro

HSBC Securities

Upgrades Hold Buy X

PDD Pinduoduo

HSBC Securities

$93

Initiated Hold X

PDD Pinduoduo

HSBC Securities

Resumed Hold X

PEP PepsiCo

HSBC Securities

$185

Initiated Buy X

PFE Pfizer

HSBC Securities

$50

Initiated Buy X

PG Procter & Gamble

HSBC Securities

$179

Downgrades Buy Hold X

PGR Progressive

HSBC Securities

$267

Upgrades Hold Buy X

PGR Progressive

HSBC Securities

$253

Initiated Hold X

PGR Progressive

HSBC Securities

$164

Initiated Buy X

PGRU PropertyGuru

HSBC Securities

$8.40

Upgrades Hold Buy X

PHG Philips

HSBC Securities

Downgrades Buy Hold X

PHG Philips

HSBC Securities

Downgrades Buy Reduce X

PHI PLDT

HSBC Securities

Initiated Hold X

PK Park Hotels & Resorts

HSBC Securities

$13

Downgrades Buy Hold X

PLTK Playtika

HSBC Securities

$8

Initiated Buy X

PLTK Playtika

HSBC Securities

$15.80

Downgrades Buy Hold X

PLTR Palantir Technologies

HSBC Securities

$22

Initiated Hold X

PLTR Palantir Technologies

HSBC Securities

$16

Upgrades Reduce Hold X

PNC PNC

HSBC Securities

$141 $155

Initiated Reduce X

PNC PNC

HSBC Securities

$110

Upgrades Hold Buy X

PTR PetroChina

HSBC Securities

Upgrades Hold Buy X

PUK Prudential Plc

HSBC Securities

Downgrades Buy Hold X

QCOM Qualcomm

HSBC Securities

$200

Initiated Buy X

QCOM Qualcomm

HSBC Securities

$180

Downgrades Buy Hold X

QGEN Qiagen

HSBC Securities

$49

Upgrades Reduce Hold X

QS QuantumScape Corporation

HSBC Securities

$5.30

Initiated Reduce X

QS QuantumScape Corporation

HSBC Securities

$4.70

Downgrades Buy Hold X

RACE Ferrari

HSBC Securities

Upgrades Hold Buy X

RACE Ferrari

HSBC Securities

Downgrades Buy Hold X

RACE Ferrari

HSBC Securities

Downgrades Buy Hold X

RACE Ferrari

HSBC Securities

Upgrades Hold Buy X

RACE Ferrari

HSBC Securities

Initiated Buy X

RBLX Roblox

HSBC Securities

$63

Downgrades Buy Hold X

RBS Royal Bank of Scotland

HSBC Securities

Initiated Buy X

RCL Royal Caribbean

HSBC Securities

$115

Upgrades Hold Buy X

RDC Rowan Cos

HSBC Securities

Downgrades Buy Hold X

RDC Rowan Cos

HSBC Securities

Upgrades Hold Buy X

RDS-A Royal Dutch Shell

HSBC Securities

$51.70

Downgrades Buy Hold X

RDS-A Royal Dutch Shell

HSBC Securities

Upgrades Hold Buy X

RDS-A Royal Dutch Shell

HSBC Securities

Downgrades Buy Hold X

RDY Dr. Reddy’s

HSBC Securities

Upgrades Hold Buy X

RIG Transocean

HSBC Securities

Upgrades Hold Buy X

RIO Rio Tinto

HSBC Securities

Downgrades Buy Hold X

RIO Rio Tinto

HSBC Securities

Upgrades Hold Buy X

RIO Rio Tinto

HSBC Securities

Upgrades Hold Buy X

ROK Rockwell Automation

HSBC Securities

$355

Upgrades Reduce Buy X

ROK Rockwell Automation

HSBC Securities

Downgrades Buy Hold X

RYAAY Ryanair Hldgs

HSBC Securities

Upgrades Hold Buy X

RYAAY Ryanair Hldgs

HSBC Securities

Downgrades Buy Hold X

RYAAY Ryanair Hldgs

HSBC Securities

Downgrades Hold Reduce X

RYAAY Ryanair Hldgs

HSBC Securities

Downgrades Buy Hold X

RYAAY Ryanair Hldgs

HSBC Securities

Upgrades Reduce Buy X

RYAAY Ryanair Hldgs

HSBC Securities

Downgrades Buy Hold X

SAN Banco Santander

HSBC Securities

Upgrades Hold Buy X

SAN Banco Santander

HSBC Securities

Upgrades Hold Buy X

SAP SAP SE

HSBC Securities

Downgrades Buy Hold X

SAP SAP SE

HSBC Securities

Downgrades Buy Hold X

SBSW Sibanye-Stillwater

HSBC Securities

Downgrades Hold Reduce X

SCCO Southern Copper

HSBC Securities

$80

Upgrades Reduce Hold X

SCCO Southern Copper

HSBC Securities

$67 $68.50

Upgrades Reduce Hold X

SCCO Southern Copper

HSBC Securities

Downgrades Hold Reduce X

SCCO Southern Copper

HSBC Securities

Downgrades Buy Hold X

SEDG SolarEdge Technologies

HSBC Securities

$243 $80

Upgrades Reduce Hold X

SHI Shanghai Petrochemical

HSBC Securities

Downgrades Buy Hold X

SHI Shanghai Petrochemical

HSBC Securities

Upgrades Hold Buy X

SID Comp Siderurgica

HSBC Securities

Upgrades Hold Buy X

SKM SK Telecom

HSBC Securities

Upgrades Hold Buy X

SLB Schlumberger

HSBC Securities

$4.60 $44.20

Upgrades Hold Buy X

SLB Schlumberger

HSBC Securities

Upgrades Reduce Buy X

SNAP Snap

HSBC Securities

Initiated Reduce X

SNAP Snap

HSBC Securities

$7.50

Upgrades Hold Buy X

SNN Smith & Nephew

HSBC Securities

Downgrades Buy Hold X

SNN Smith & Nephew

HSBC Securities

Upgrades Reduce Hold X

SNOW Snowflake

HSBC Securities

$119 $121

Downgrades Hold Reduce X

SNOW Snowflake

HSBC Securities

Downgrades Buy Hold X

SNOW Snowflake

HSBC Securities

$212 $214

Initiated Buy X

SNOW Snowflake

HSBC Securities

$201

Upgrades Reduce Hold X

SNP China Petroleum (Sinopec)

HSBC Securities

Initiated Buy X

SNPS Synopsys

HSBC Securities

$551

Initiated Buy X

SNY Sanofi

HSBC Securities

Initiated Buy X

SPOT Spotify

HSBC Securities

$310

Upgrades Hold Buy X

SQM Sociedad Quimica y Minera

HSBC Securities

Upgrades Reduce Hold X

SQM Sociedad Quimica y Minera

HSBC Securities

Downgrades Buy Hold X

SSL Sasol

HSBC Securities

Downgrades Buy Hold X

STLA Stellantis

HSBC Securities

Initiated Buy X

STM STMicroelectronics

HSBC Securities

Upgrades Hold Buy X

STNE StoneCo

HSBC Securities

$11 $15

Upgrades Hold Buy X

STNE StoneCo

HSBC Securities

$85

Initiated Reduce X

STNE StoneCo

HSBC Securities

Upgrades Hold Buy X

STZ Constellation Brands

HSBC Securities

$262

Upgrades Hold Buy X

STZ Constellation Brands

HSBC Securities

Initiated Hold X

SVC Service Properties Trust

HSBC Securities

$8

Upgrades Hold Buy X

T AT&T

HSBC Securities

$21

Upgrades Hold Buy X

T AT&T

HSBC Securities

Resumed Buy X

TAL TAL Education

HSBC Securities

$16

Downgrades Buy Hold X

TAL TAL Education

HSBC Securities

Initiated Hold X

TAP Molson Coors Brewing

HSBC Securities

$68

Upgrades Hold Buy X

TCOM Trip.com Group

HSBC Securities

Downgrades Buy Hold X

TCOM Trip.com Group

HSBC Securities

Downgrades Buy Hold X

TDCX TDCX

HSBC Securities

Upgrades Hold Buy X

TDCX TDCX

HSBC Securities

$6

Upgrades Reduce Hold X

TEF Telefonica S.A.

HSBC Securities

Upgrades Reduce Hold X

TEL TE Connectivity

HSBC Securities

$166

Downgrades Hold Reduce X

TEL TE Connectivity

HSBC Securities

$137

Downgrades Buy Hold X

TEL TE Connectivity

HSBC Securities

$162

Upgrades Reduce Buy X

TEO Telecom Argentina

HSBC Securities

Upgrades Reduce Hold X

TEO Telecom Argentina

HSBC Securities

Downgrades Hold Reduce X

TEO Telecom Argentina

HSBC Securities

Initiated Buy X

TEVA Teva Pharma

HSBC Securities

$13

Upgrades Hold Buy X

TFC Truist

HSBC Securities

$50

Initiated Hold X

TFC Truist

HSBC Securities

$29

Downgrades Buy Hold X

TGT Target

HSBC Securities

$138

Upgrades Hold Buy X

TGT Target

HSBC Securities

$140 $195

Initiated Hold X

TGT Target

HSBC Securities

$140

Upgrades Hold Buy X

TIGO Millicom International Cellular

HSBC Securities

$34

Downgrades Buy Hold X

TIGO Millicom International Cellular

HSBC Securities

Upgrades Hold Buy X

TIGO Millicom International Cellular

HSBC Securities

Downgrades Buy Hold X

TIGO Millicom International Cellular

HSBC Securities

$20 $17

Upgrades Reduce Hold X

TIGO Millicom International Cellular

HSBC Securities

Resumed Reduce X

TIGO Millicom International Cellular

HSBC Securities

$14

Downgrades Buy Hold X

TKC Turkcell

HSBC Securities

Initiated Buy X

TME Tencent Music

HSBC Securities

Initiated Buy X

TMO Thermo Fisher

HSBC Securities

$610

Downgrades Buy Hold X

TMUS T-Mobile US

HSBC Securities

$270

Upgrades Hold Buy X

TRV Travelers

HSBC Securities

$290

Initiated Hold X

TRV Travelers

HSBC Securities

$203

Reiterated Reduce X

TSLA Tesla

HSBC Securities

$143 $138

Initiated Reduce X

TSLA Tesla

HSBC Securities

$146

Initiated Reduce X

TSN Tyson Foods

HSBC Securities

$49

Downgrades Hold Reduce X

TSP TuSimple Holdings

HSBC Securities

$1.50 $0.70

Downgrades Buy Hold X

TSP TuSimple Holdings

HSBC Securities

$15.90 $2.20

Downgrades Buy Hold X

TSP TuSimple Holdings

HSBC Securities

$2.20

Upgrades Reduce Hold X

TSU TIM Participacoes

HSBC Securities

Downgrades Buy Hold X

TT Trane

HSBC Securities

$405

Initiated Buy X

TT Trane

HSBC Securities

$256

Initiated Buy X

TTD The Trade Desk

HSBC Securities

Downgrades Buy Hold X

TTM Tata Motors

HSBC Securities

Upgrades Hold Buy X

TTWO Take-Two

HSBC Securities

$179

Downgrades Buy Hold X

TTWO Take-Two

HSBC Securities

$154

Initiated Buy X

TTWO Take-Two

HSBC Securities

$170

Downgrades Hold Reduce X

TWLO Twilio

HSBC Securities

$62 $61

Initiated Hold X

TWLO Twilio

HSBC Securities

$67

Upgrades Hold Buy X

U Unity Software

HSBC Securities

$34

Initiated Hold X

U Unity Software

HSBC Securities

Initiated Hold X

UBER Uber

HSBC Securities

$49

Upgrades Hold Buy X

UGP Ultrapar Participacoes

HSBC Securities

Upgrades Reduce Hold X

UGP Ultrapar Participacoes

HSBC Securities

Downgrades Buy Hold X

UGP Ultrapar Participacoes

HSBC Securities

$3 $3.80

Upgrades Hold Buy X

UGP Ultrapar Participacoes

HSBC Securities

Initiated Hold X

UL Unilever PLC

HSBC Securities

Upgrades Reduce Hold X

UMC United Micro

HSBC Securities

Downgrades Hold Reduce X

UMC United Micro

HSBC Securities

$6.80 $6.46

Upgrades Reduce Hold X

UMC United Micro

HSBC Securities

Downgrades Hold Reduce X

UMC United Micro

HSBC Securities

Downgrades Buy Hold X

UMC United Micro

HSBC Securities

Downgrades Buy Hold X

UMC United Micro

HSBC Securities

Upgrades Hold Buy X

UNH UnitedHealth

HSBC Securities

$595

Downgrades Buy Hold X

UNH UnitedHealth

HSBC Securities

Upgrades Hold Buy X

UNH UnitedHealth

HSBC Securities

$580

Upgrades Reduce Hold X

UNH UnitedHealth

HSBC Securities

$460

Downgrades Hold Reduce X

UNH UnitedHealth

HSBC Securities

$550 $480

Initiated Hold X

UNH UnitedHealth

HSBC Securities

$540

Upgrades Hold Buy X

UPS UPS

HSBC Securities

$170

Initiated Hold X

UPS UPS

HSBC Securities

$170

Upgrades Hold Buy X

USB U.S. Bancorp

HSBC Securities

$47 $53

Initiated Hold X

USB U.S. Bancorp

HSBC Securities

$30

Downgrades Buy Hold X

VALE Vale S.A.

HSBC Securities

Downgrades Buy Hold X

VEDL Vedanta Ltd

HSBC Securities

Downgrades Buy Hold X

VEON VEON

HSBC Securities

Upgrades Hold Buy X

VEON VEON

HSBC Securities

Downgrades Buy Hold X

VEON VEON

HSBC Securities

Upgrades Hold Buy X

VIPS Vipshop

HSBC Securities

$20

Upgrades Hold Buy X

VLRS Volaris Aviation

HSBC Securities

Upgrades Hold Buy X

VLRS Volaris Aviation

HSBC Securities

Upgrades Reduce Hold X

VLRS Volaris Aviation

HSBC Securities

Downgrades Hold Reduce X

VLRS Volaris Aviation

HSBC Securities

Upgrades Hold Buy X

VNET VNET Group

HSBC Securities

$5.20

Downgrades Buy Hold X

VNET VNET Group

HSBC Securities

$6.60 $2.90

Upgrades Hold Buy X

VNET 21Vianet

HSBC Securities

$17.40

Initiated Hold X

VNET 21Vianet

HSBC Securities

$18.50

Upgrades Hold Buy X

VOD Vodafone PLC

HSBC Securities

Upgrades Hold Buy X

VZ Verizon

HSBC Securities

Downgrades Hold Reduce X

WBA Walgreens Boots Alliance

HSBC Securities

Initiated Hold X

WBA Walgreens Boots Alliance

HSBC Securities

$27

Downgrades Hold Reduce X

WB Weibo

HSBC Securities

Initiated Hold X

WB Weibo

HSBC Securities

$71

Initiated Hold X

WFC Wells Fargo

HSBC Securities

$45

Initiated Buy X

WH Wyndham Hotels & Resorts

HSBC Securities

$87

Upgrades Reduce Hold X

WIT Wipro

HSBC Securities

Upgrades Reduce Hold X

WIT Wipro

HSBC Securities

Downgrades Buy Hold X

WM Waste Mgmt

HSBC Securities

$210

Initiated Buy X

WM Waste Mgmt

HSBC Securities

$192

Initiated Buy X

WMT Walmart

HSBC Securities

$200

Downgrades Buy Hold X

WPP WPP Group plc

HSBC Securities

Upgrades Hold Buy X

WTRG Essential Utilities

HSBC Securities

$53 $57

Initiated Buy X

WYNN Wynn Resorts

HSBC Securities

$111

Initiated Hold X

XM Qualtrics

HSBC Securities

$40

Reiterated Hold X

XOM Exxon Mobil

HSBC Securities

$113.50 $115.50

Upgrades Reduce Buy X

XOM Exxon Mobil

HSBC Securities

Initiated Buy X

XP XP

HSBC Securities

$46

Upgrades Hold Buy X

XPEV XPeng

HSBC Securities

$22

Downgrades Buy Hold X

XPEV XPeng

HSBC Securities

Initiated Buy X

XPEV XPeng

HSBC Securities

Initiated Buy X

YMM Full Truck Alliance Co. Ltd.

HSBC Securities

$18

Upgrades Hold Buy X

YNDX Yandex N.V.

HSBC Securities

$76 $77

Initiated Buy X

YPF YPF Soc. Anonima

HSBC Securities

Initiated Buy X

ZM Zoom Video

HSBC Securities

$83

Downgrades Buy Hold X

ZNH China Southern Airlines

HSBC Securities

Upgrades Reduce Hold X

ZNH China Southern Airlines

HSBC Securities

Downgrades Buy Hold X

ZTO ZTO Express

HSBC Securities

$28 $20

Initiated Buy X

ZTS Zoetis

HSBC Securities

$230