Chris Richter, car analyst at HSBC Securities, said the major manufacturers had "built in enough safety and hedged enough forward into the year" to avoid an earnings downgrade.

汇丰证券（HSBC Securities）的汽车分析师克里斯•里克特（Chris Richter）说，各大制造商已“采取了足够的安全措施，对远期汇率风险的套期保值措施已覆盖了全年”，以避免盈利滑坡。

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The offer is being managed by HSBC Securities and Capital Markets (India) Pvt.

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James Steel analyst, HSBC Securities, said gold has a generally bullish background, but he warns of two situations to mind.

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The recovery was "likely to be relatively short-lived as exports start to fall next year, " said Peter Morgan, chief economist at HSBC Securities in Tokyo.

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