美东时间周一（11月24日），美股三大指数集体收涨，截至收盘，道琼斯指数涨0.44%，标普500指数涨1.55%，纳斯 达克综合指数涨2.69%。 大型科技股集体上涨，特斯拉、谷歌涨超6%。 | く 気 | 知名美股 () | | Q | | --- | --- | --- | --- | | 名称 | 最新 | 总量 涨幅↓ | | | 博通 AVGO | 377.960 | 11.10% 4663万股 | | | GoPro Inc-A GPRO | 1.660 | 9.93% 534万股 | | | 西部数据 WDC | 150.930 | 8.43% 1076万股 | | | 特斯拉 TSLA | 417.780 | 6.82% 9627万股 | | 热门中概股多数上涨，纳斯达克中国金龙指数收涨2.82%，百度涨超7%，哔哩哔哩涨超6%，阿里巴巴涨超5%，网易 涨超4%，蔚来涨超3%。 | 希捷科技 | 253.380 | 6.69% 418万股 | | --- | --- | --- | | STX | | | | 泰森食品 | 57.170 | 6.52% 882万股 | | TSN | | | ...

Key takeaways from our recent HK financial tour are net positive. We see improving revenue growth visibility, with NII growth driven by robust deposit growth (and hence interest-earning assets) and resilient HIBOR. Strong performance in the wealth management business has become a key driver for non-NII growth. Despite a high base in 2025, management sound confident on the outlook for wealth business in 2026. On the risk side, banks noted a resurgence of China CRE risk, but believe that incremental provision ...

Asia Pacific Equity Research 19 November 2025 Futu Holdings Strong results, reduced vulnerability to regulatory risk and declining interest rate sensitivity – a buying opportunity J P M O R G A N Futu delivered strong 3Q25 results; please see our first take note (link) for details. Nonetheless, the stock reaction on Nov 18th was muted (Futu -0.5%, vs. KWEB -0.2% and Nasdaq -1.2%). We believe this weakness was due mainly to concerns over US market performance and the correction in crypto assets. We view this ...

Core Viewpoint - Yunqi Capital Ltd has completely exited its position in Futu Holdings Limited, selling 130,000 shares for a net position change of approximately $16.07 million as of September 30, 2025 [1][2][6] Company Overview - Futu Holdings Limited is a leading digital financial services platform with a strong presence in Hong Kong and expanding internationally [6][8] - As of November 20, 2025, Futu's market capitalization is $21.41 billion, with trailing twelve months (TTM) revenue of $2.68 billion and net income of $1.26 billion [4][6] - The company's forward price-to-earnings ratio is 15.3 [7] Financial Performance - Futu Holdings' shares closed at $153.79 on November 20, 2025, reflecting a 76.79% increase over the past year, significantly outperforming the S&P 500 by 70.95 percentage points [7] - The company reported a year-over-year increase in total client assets by 78.9% and a third-quarter revenue jump of 86.3% [12] - Net income surged by 143.9% to $413 million in the same period [12] Investment Strategy - Yunqi Capital's sale of Futu Holdings represented approximately 9.4% of its 13F reportable assets under management (AUM), with the position previously accounting for about 11.5% of AUM [6][7] - Following the sale, Futu Holdings now represents 0% of Yunqi Capital's reportable assets under management [7] Business Model - Futu Holdings operates a tech-driven online brokerage and wealth management platform, targeting both retail and institutional investors [8][10] - The company generates revenue primarily from brokerage commissions, margin lending, and distribution fees from wealth management products [8][15]

Core Viewpoint - Futu Holdings Limited is recognized as a significant player in the online brokerage industry, offering a user-friendly trading platform and a variety of digital financial services tailored for diverse investors [1]. Group 1: Stock Performance and Analyst Ratings - Citigroup upgraded FUTU's stock to a "Buy" rating, setting the price at approximately $157.67, following a recent selloff [2]. - The current stock price is valued at $157.29, reflecting a 2.28% increase, with recent fluctuations between $154 and $159.20 [2]. - Futu has an average "Buy" rating from ten analysts, with six recommending a buy and two advocating for a strong buy, while the consensus 12-month price target is $203 [3]. - Bank of America raised its price target from $172 to $200, maintaining a "buy" rating, and Daiwa Capital Markets initiated coverage with a "buy" rating and a target price of $190 [3]. - The stock has reached a 52-week high of $202.53 and a low of $70.60, with a market capitalization nearing $21.9 billion and a trading volume of 987,259 shares [3]. Group 2: Market Confidence and Growth Potential - The positive analyst ratings and ambitious price targets indicate strong market confidence in Futu's growth trajectory [4]. - Futu's innovative platform and competitive advantages in the online brokerage sector highlight its promising future as it expands its service offerings [4].

中国经济网北京11月21日讯 富途控股（NASDAQ:FUTU）11月20日收跌7.30%，报153.79美元；11 月19日，公司收跌1.10%。 （责任编辑：蔡情） 富途控股11月18日公布了截至2025年9月30日的第三季度未经审计财报。数据显示，富途第三季度 总营收为64.03亿港元(约8.23亿美元)，同比增长86.3%;在非美国通用会计准则下(Non-GAAP)，净利润为 33.12亿港元(约4.26亿美元)，同比增长136.9%。 ...

Core Insights - Moomoo Financial Canada Inc. has opened its first Canadian Experience Store in Toronto, aimed at empowering Canadians to take control of their financial futures [4][8] - The store emphasizes a human touch in trading, providing a social environment for traders to connect and learn, contrasting with the trend of automation in the industry [5][6] - The launch includes exclusive in-store giveaways and rewards to attract both new and existing users [7] Company Overview - Moomoo is recognized as the 1 U.S. stock trading platform for Canadians, boasting over 27 million users across seven global markets [8][9] - The platform offers professional-grade trading tools, real-time data, and advanced analytics to assist Canadian investors in making informed decisions [9] Community Engagement - The Yorkville center will serve as a hub for financial learning, hosting regular events with industry experts and educational sessions on financial literacy and trading strategies [6][8] - Moomoo aims to foster a community where both novice and experienced traders can enhance their market knowledge and investing skills [6]

Market Overview - The global stock markets experienced declines, with the Hang Seng Index falling by 2.10% and the Shanghai Composite Index down by 0.64% [1][3] - Southbound capital saw a net inflow of HKD 6.59 billion, with notable net purchases in Xiaomi Group, Alibaba, and Hua Hong Semiconductor, while China Mobile, Tencent, and Pop Mart saw the most significant net sales [3] Economic Insights - China's economic growth is expected to decline before rebounding, with a new round of policy easing likely in Q1 2024. Despite a slowdown in H2 2023, achieving the annual growth target of 5% remains feasible due to strong performance in H1 [3] - Japan's government is anticipated to introduce a supplementary budget, which may lead to rising bond yields as fiscal expansion aims to boost economic and inflation expectations [3] Company Analysis Kuaishou (快手) - Kuaishou reported a 14% year-on-year revenue increase to RMB 35.6 billion in Q3 2025, aligning with market expectations. Adjusted net profit rose by 26% to RMB 4.99 billion, driven by improved operational efficiency [5] - AI revenue surpassed RMB 300 million, reflecting a 20% quarter-on-quarter growth, supporting a positive outlook on Kuaishou's AI initiatives [5] iQIYI (爱奇艺) - iQIYI's Q3 2025 revenue decreased by 8% to RMB 6.68 billion, meeting expectations. The non-GAAP net loss was RMB 148 million, a decline from a net profit of RMB 480 million in Q3 2024 due to increased content investment [5] - The company anticipates revenue growth in Q4 2025, driven by improved content quality and policy support [5] Futu (富途) - Futu's Q3 2025 performance was robust, with total revenue increasing by 86% year-on-year to HKD 6.4 billion. Non-GAAP net profit surged by 137% to HKD 3.3 billion, significantly exceeding market expectations [6] - The company experienced a 79% year-on-year growth in total customer assets, reaching HKD 1.24 trillion, with net inflows contributing significantly to this growth [6]

Market Overview - A-shares showed a rebound on Wednesday, with the Shanghai Composite Index rising by 0.18% to 3,946 points, while the ChiNext Index increased by 0.25%[16] - U.S. stocks experienced volatility but closed higher, with the Nasdaq rising by 0.6% and the S&P 500 up by 0.4%[11] - European markets saw slight declines, with the Stoxx 600 index down by 0.03%[11] Economic Indicators - U.S. crude oil inventories increased, leading to a drop in international oil prices by over 2%, with WTI crude at $59.44 per barrel[28] - The U.S. dollar index rose above 100, reflecting a decrease in expectations for a December rate cut by the Federal Reserve[28] - The U.S. trade deficit narrowed in August, with exports slightly up and imports experiencing the largest decline in four months[6] Corporate Performance - Nvidia (NVDA US) reported Q3 revenue of $57 billion, exceeding guidance by 3.5%, with Q4 revenue guidance set at $66.3 billion[9] - Futu Holdings (FUTU US) achieved Q3 revenue of HKD 6.403 billion, a year-on-year increase of 86.3%[9] - Kuaishou (1024 HK) reported Q3 revenue growth of 14.2% to RMB 35.6 billion, with adjusted net profit up 26.3%[15] Sector Performance - In the Hong Kong market, the Hang Seng Tech Index fell by 0.69%, marking a new low since early September[12] - The energy sector showed positive performance, with oil and coal stocks generally rising amid broader market declines[12] - The materials sector in A-shares rose by 2.9%, while the real estate sector declined by 2.2%[17] Future Outlook - The market is expected to remain cautious as companies assess the impact of tariffs and geopolitical tensions, particularly between the U.S. and China[6] - Analysts suggest monitoring government equity participation opportunities as a potential strategy amid ongoing corporate-government conflicts over tariffs[6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $214.39 [2][6]. Core Insights - The company has experienced significant growth in client asset scale, leading to better-than-expected performance in revenue and net profit. The quality of clients continues to improve, which is a key driver for this growth [2][10]. - For the third quarter of 2025, the company reported a revenue of 164.08 billion HKD and a net profit of 79.47 billion HKD, representing year-on-year increases of 79.17% and 122.55%, respectively [10]. Financial Summary - Total revenue is projected to grow from 10,008 million HKD in 2023 to 52,816 million HKD by 2027, reflecting a compound annual growth rate (CAGR) of 45% [4][11]. - Net profit is expected to increase from 4,282 million HKD in 2023 to 28,376 million HKD in 2027, with a CAGR of 49% [4][11]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 47.53 in 2023 to 7.17 by 2027, indicating a significant valuation improvement [4][11]. Client Growth and Market Activity - In the first three quarters of 2025, the company added 254,000 asset-holding clients, a 55.87% increase compared to the same period in 2024, achieving 90% of its annual target [10]. - The total client assets grew by 79% year-on-year to 1.24 trillion HKD, with two-thirds of this growth attributed to market changes and one-third from net inflows [10]. Revenue Breakdown - The total trading volume increased by 122.20% year-on-year to 10.71 trillion HKD, driving brokerage revenue up by 95.70% to 7.803 billion HKD, while interest income rose by 59.39% to 7.404 billion HKD [10].