Investment Focus - The report highlights the strong growth potential in the storage industry, with domestic storage manufacturers expected to exceed production expansion forecasts, benefiting companies closely tied to these manufacturers [1] - NVIDIA is projected to have a strong performance in FY4Q26, with a significant increase in overall revenue and EPS trajectory, supported by a robust order backlog of 500 billion [1] - Alphabet's cloud business is expected to grow significantly, driven by AI solutions, with a 48% growth rate in the last quarter, leading to an increase in EPS for 2026 and 2027 [1] - Alibaba's cloud growth is anticipated to exceed consensus estimates by 2-3% for the year, despite short-term performance pressures [1] Company Analysis - Zhongwei Company is positioned as a leading player in the hardware sector, benefiting from a deepening platform strategy that expands its capabilities in etching, film deposition, and measurement [1] - Tencent is recommended as a top pick in the internet sector, with a target price of 700, driven by steady growth in core gaming and advertising businesses, alongside new revenue streams from mini-games and video accounts [2] - New Oxygen is recognized for its strong marketing capabilities and low customer acquisition costs, with a target price of 10.1 USD based on its growth trajectory in the light medical beauty sector [2] - Ato Hotel is expected to achieve a revenue growth of 26% to 12.39 billion, with a strong market position in the mid-to-high-end hotel sector [3] - HashKey is positioned as a leading digital asset platform in Asia, benefiting from regulatory trends and expected to expand its product offerings in derivatives and leveraged trading [4] - Tesla's advancements in autonomous driving and robotics are highlighted, with expectations for accelerated overseas expansion and significant product developments [4] - MP Materials is noted for its strategic importance in the rare earth industry, benefiting from domestic supply chain localization and increasing demand from the defense and renewable energy sectors [7] - ACWA Power is recognized as a leader in the renewable energy sector, with a focus on solar, wind, and green hydrogen projects, supported by government power purchase agreements [8] - Vestas is highlighted as a dominant player in the wind energy sector, benefiting from global wind power growth and technological advancements in turbine efficiency [9] - Three-Six Pharmaceutical is noted for its strong market position in kidney, blood, and oncology sectors, with promising pipeline products and collaborations with Pfizer [10]

3 March 2026 | 1:44PM HKT Equity Research Futu Holdings (FUTU) Deviation between market valuation and stable growth fundamentals, Maintain Buy FUTU 12m Price Target: $208.55 Price: $149.63 Upside: 39.4% We forecast that FUTU will achieve strong revenue/profit growth in 4Q25 and 1Q26, at 42%/48% yoy and 31%/35% yoy, respectively. Although market expectations for 4Q25/1Q26 are relatively weak due to strong performance in 3Q25 (revenue/profit +93%/+144% yoy), we believe that after considering sustained client ...

Then there is the trading venue problem. Hundreds of platforms exist, some settling in stablecoins, some in fiat, some like Hyperliquid operating entirely on-chain. Aggregating that liquidity requires understanding each venue's infrastructure individually.Custody is structurally harder. Traditional finance is built around custodian banks and centralized depositories. Digital assets require controlling private keys, which demands new internal policies and a credible security narrative for regulators.“We're p ...

Summary of Conference Call on China Financials Industry Overview - The focus is on the **China Financials** sector, particularly the implications of the rising debt-to-GDP ratio on financial stocks and the overall financial system [1][2][32]. Key Points and Arguments Debt-to-GDP Ratio and Financial Risks - Rising public debt to GDP in China has been perceived as a potential risk to financial stability, but recent analysis suggests that it has actually reduced financial risk due to resilient infrastructure-focused credit growth [2][32]. - The debt-to-GDP ratio is expected to continue rising, primarily driven by government debt, as the economy faces structural headwinds [4][32]. - Despite the rising ratio, long-term risks to the financial sector and asset yields are considered low due to a slowdown in loan growth and a shift in the total social financing (TSF) mix towards government credits [4][34]. Fiscal Resource Allocation - A gradual shift of fiscal resources from infrastructure to consumption and welfare is viewed positively for the financial system, as it is expected to stabilize and eventually enhance returns for financial stocks [5][34]. - Improvements in credit allocation and ongoing industrial upgrades are anticipated to keep systemic risks in check, supporting profit and valuation recovery in the financial sector [5][34]. Positive Economic Indicators - The analysis indicates that infrastructure investments have supported job creation, household income growth, and revenue generation in key industrial sectors, which is crucial for ongoing industrial upgrades [2][36]. - Household financial assets have shown significant growth, with a compound annual growth rate (CAGR) of approximately 10.5% from 2015 to 2025 [27][36]. Risks and Challenges - Potential risks include a rapid shift away from infrastructure investment, which could lead to a sudden drop in investment-related credit demand and negatively impact income and industrial upgrades [6][50]. - If government debt continues to rise without proper project selection, it could lead to a faster shrinkage of infrastructure returns on assets (ROA), increasing the net interest burden on the government [6][50]. Future Outlook - The financial sector is expected to enter a positive loop, with manageable long-term credit risks and stable financial asset yields, particularly as the shift from infrastructure to welfare spending progresses [43][44]. - Strong performance is anticipated in the insurance sector, steady performance from Chinese banks, and periodic opportunities in brokers and the Hong Kong Stock Exchange (HKEx), especially in the second half of 2026 [46][47]. Investment Recommendations - Key investment ideas include: - **Insurance**: Ping An as a top pick due to strong growth potential and supportive operating environment [47]. - **Banks**: Expected profit growth in line with nominal GDP growth, with specific banks like Bank of Ningbo and Minsheng Bank highlighted for their recovery potential [48][49]. - **Brokers**: Opportunities in firms like Futu and CICC due to market share consolidation and client asset inflows [49]. Additional Important Insights - The analysis emphasizes the importance of efficient credit allocation and the role of infrastructure investments in supporting long-term economic growth and stability [34][86]. - The decentralized industrial supply chain in China, bolstered by infrastructure investments, has contributed significantly to the competitiveness of the industrial sector and job creation [74][78]. This summary encapsulates the key insights from the conference call regarding the current state and future outlook of the China Financials sector, highlighting both opportunities and risks associated with the rising debt-to-GDP ratio and fiscal resource allocation.

Core Insights - Both Nu Holdings (NU) and Futu Holdings Limited (FUTU) are significant players in the fintech sector, with NU focusing on digital banking in Latin America and FUTU operating as a digital brokerage platform in Hong Kong and other markets [1] Group 1: Nu Holdings (NU) - NU is recognized as a leading digital banking platform globally, with strong performance in Brazil, characterized by a large customer base and high engagement rates, indicating deep customer relationships [2][4] - The company's expansion into Mexico and Colombia serves as a second growth engine, with millions of customers already acquired, showcasing the scalability of NU's digital-first banking model [3] - Financially, NU's rising revenues and expanding credit portfolio reflect the quality of its growth, with increasing customer activity and a focus on sustainable earnings growth through disciplined risk management [4] - NU's vision of becoming an AI-first bank positions it to enhance efficiency and customer experience, reinforcing its competitive edge in the digital banking space [4] Group 2: Futu Holdings Limited (FUTU) - FUTU is a growth-oriented digital brokerage platform with strong monetization efficiency, generating higher revenue per funded account compared to many peers, indicating a highly engaged user base [6] - The company's dominant position in Hong Kong's brokerage ecosystem, particularly in IPO subscriptions, allows it to benefit from increased capital market activity and investor participation [7] - FUTU's international expansion strategy diversifies its customer base and reduces geographic concentration risk, supporting sustained account growth [9] - The company's exposure to emerging trading segments like cryptocurrency enhances its long-term growth potential, aligning with evolving investor preferences [10] Group 3: Comparative Analysis - NU is projected to have a year-over-year sales growth of 30% and EPS growth of 39% for 2026, with positive revisions in estimates [11] - In contrast, FUTU's sales and EPS growth estimates for 2026 are 10% and 15%, respectively, with fewer upward revisions [14] - NU trades at a forward price-to-earnings multiple of 16.41, lower than its 12-month median, while FUTU's multiple stands at 13.69, also below its median [17] - Overall, NU is considered the stronger investment choice due to its broader financial ecosystem, deeper customer relationships, and stronger long-term growth potential across multiple markets [18]

Core Insights - Moomoo is the first U.S. brokerage firm to provide retail investors access to Figure Technology Solutions Inc.'s blockchain-native share offering, marking a significant milestone in public equity issuance [1][2] - The offering allows customers to participate using U.S. dollar buying power through existing brokerage accounts, with all customers who requested shares receiving an allocation [2][3] - Moomoo does not charge commissions on U.S.-listed equities, and there were no blockchain "gas" fees associated with the subscriptions or market trading [2] Company Focus and Strategy - Moomoo emphasizes enabling retail participation in new issuance formats for public equity while ensuring compliance with U.S. securities regulations [2][3] - The platform aims to bridge traditional brokerage services with emerging market technologies, focusing on investor protection, transparency, and regulatory compliance [3] - The FGRD offering reflects a broader evolution in U.S. capital markets, as regulated firms explore integrating blockchain-based infrastructure with existing systems [3] Company Background and Recognition - Moomoo is a global investment and trading platform serving investors across multiple markets, including Singapore, Australia, Japan, Canada, Malaysia, and New Zealand [6] - The platform is trusted by over 27 million investors worldwide and has been recognized as the 1 Broker for Stocks in North America in 2024 and 2025 by TradingView [6]

Market - US stock market closed higher for the second consecutive day, with AI concept stocks rising broadly. The Dow Jones, Nasdaq, and S&P 500 all increased. Nvidia and Salesforce are set to release earnings reports, leading investors to reassess tech stock valuations amid concerns about the sustainability of AI capital expenditures. Nvidia's stock rose, but its recent performance has been poor, raising market concerns about AI spending being unsustainable. Some investors believe current market fears are excessive [2][4][5] Company - Nvidia reported fourth-quarter earnings that exceeded expectations, with core data center revenue growing 75% year-over-year, becoming a major driver. Adjusted earnings per share and total revenue also surpassed expectations, with net profit nearly doubling. The company expects first-quarter revenue of $78 billion, significantly outperforming other large tech stocks this year [25][26] - Microsoft shares rose 2.98% despite facing an antitrust investigation by Japan for potential unfair competition in the cloud services market [55] - Salesforce's fourth-quarter revenue was $11.2 billion, a 12% year-over-year increase, marking the fastest growth in two years. However, the company's guidance for fiscal year 2027 indicates a growth of only 10%-11%, which is below Wall Street's expectations. Salesforce has allocated $50 billion for stock buybacks [31] - Samsung launched its Galaxy S26 series, with prices increasing by $100 for two models. The average smartphone price is expected to rise by 6.9% in 2026 due to a shortage of storage chips [22] - Ctrip reported a 60% year-over-year increase in international OTA bookings for Q4 2025, serving approximately 20 million inbound tourists throughout the year [29]

Group 1 - The Nasdaq Golden Dragon China Index (HXC) declined by 0.47% on February 26, with most Chinese concept stocks experiencing a drop [1][8] - Among the rising stocks, notable gains included TSMC up 0.50%, Pinduoduo up 0.02%, and Futu Holdings up 5.38% [1][9] - Declining stocks included Alibaba down 0.53%, Netease down 1.33%, and New Oriental down 5.26% [1][9] Group 2 - The US stock market saw gains on Wednesday, with the Dow Jones rising by 307.65 points (0.63%), the Nasdaq increasing by 288.40 points (1.26%), and the S&P 500 up by 56.06 points (0.81%) [2][9] - The AI sector saw a broad increase, with market attention on upcoming earnings reports from Nvidia, Salesforce, and Snowflake [2][9] Group 3 - The leading Chinese concept stocks included Dunxin Financial up 24.42%, Giant Online up 21.85%, and Zhongguan Agriculture up 16.17% [3][10] - The list of declining stocks featured Kexin Yuanda Pharmaceutical down 74.06%, Gulf Resources down 18.55%, and Ranstone Medical down 12.88% [7][13]

JERSEY CITY, N.J., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Moomoo, a leading global investment and trading platform, today named Queens Gateway to Health Sciences Secondary School the winning school in the Student Stock Showdown challenge, a 13-week paper trading competition delivered in partnership with Working in Support of Education (W!se), an educational nonprofit based in New York City. The recognition honors Queens Gateway’s strong overall performance and student engagement throughout the program, which bro ...

Core Viewpoint - Futu Holdings Limited will report its financial results for Q4 and the full year of 2025 on March 12, 2026, before U.S. markets open [1] Group 1: Financial Results Announcement - The financial results will cover the fourth quarter and the full year ended December 31, 2025 [1] - An earnings conference call is scheduled for March 12, 2026, at 7:30 AM U.S. Eastern Time [1] Group 2: Conference Call Registration - Participants must pre-register for the conference call using a provided link [2] - Confirmation emails will include participant dial-in numbers and personal PINs for access [3] Group 3: Company Overview - Futu Holdings Limited is a tech-driven online brokerage and wealth management platform [4] - The company offers a range of investment services through its digital platforms, including trade execution, margin financing, and wealth management [4] - Futu integrates social media tools to enhance user connectivity and provides corporate services such as IPO distribution and investor relations [4]