Hapag-Lloyd AG (HLAG GY) Reduce: Costs trump demand and rates

研报英文原文证据摘录

Hapag-Lloyd AG (HLAG GY) Reduce: Costs trump demand and rates

financial interest in the securities of this company, as

detailed below.

10 A covering analyst/s or a member of his/her household is an officer, director or supervisory board member of this

company, as detailed below.

11 At the time of publication of this report, HSBC is a non-US Market Maker in securities issued by this company and/or in

securities in respect of this company.

12 As of 08 May 2026, HSBC beneficially held a net long position of more than 0.5% of this company’s total issued share

capital, calculated according to the SSR methodology.

13 As of 08 May 2026, HSBC beneficially held a net short position of more than 0.5% of this company’s total issued share

14 HSBC Qianhai Securities Limited holds 1% or more of a class of common equity securities of this company.

HSBC and its affiliates will from time to time sell to and buy from customers the securities/instruments, both equity and debt

(including derivatives) of companies covered in HSBC Research on a principal or agency basis or act as a market maker or

liquidity provider in the securities/instruments mentioned in this report.

Analysts, economists, and strategists are paid in part by reference to the profitability of HSBC which includes investment banking,

sales & trading, and principal trading revenues.

Whether, or in what time frame, an update of this analysis will be published is not determined in advance.

Non-U.S. analysts may not be associated persons of HSBC Securities (USA) Inc, and therefore may not be subject to FINRA

Rule 2241 or FINRA Rule 2242 restrictions on communications with the subject company, public appearances and trading

securities held by the analysts.