[Goldman Sachs lowers the target price of HSBC to HK$188 and maintains a "buy" rating] On October 28, Goldman Sachs issued a research report stating that HSBC Holdings' basic pre-tax profit in the third quarter was US$10 billion, 4% lower than the bank's forecast, in line with market expectations, and weaker than expected bank and non-bank net interest income was offset by lower provisions. HSBC's share price closed down 5.6% yesterday. Investor discussion focused on the trend of the bank's net interest income due to higher-than-expected deposit beta, and management mentioned intensifying competition for deposits and the conversion of demand deposits to fixed-term, especially in Hong Kong. The bank believes that if market conditions continue to be weak, further shifts are still possible; however, part of the pressure may be due to its own factors, as the bank plans to protect or gain deposit market share in Hong Kong to support stronger loan growth and rebuild its positioning after the privatization of Hang Seng Bank. The bank lowered its profit forecast mainly due to being more cautious about the trajectory of net interest income. It lowered its bank net interest income forecast by up to 3.2% and non-bank net interest income by up to about 2%. The basic pre-tax profit forecast from 2026 to 2029 is up to about 3% lower than market expectations. The bank lowered its target price by 2% from HK$192 to HK$188 and maintained a "buy" rating.