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]

环球市场动态 文 本 分 析 视 角 下 的 美 国 政 企 关 税 博 弈 与 投 资 影 响 股 票 A 股周三情绪回暖，沪指创业板成 功上涨；港股继续下跌，科技股整 体偏弱；欧洲股市小幅走低，市场 在明显回调后处于观望；美股在科 技股带动下反弹，英伟达 (NVDA US) 盘后公布业绩超预期带动盘 后继续上涨。 外 汇 / 商 品 美国官方数据显示成品油库存增 加，特朗普政府再度推动俄乌停战， 周三国际油价下跌超 2%；美联储 降息预期降温，美元指数升穿 100 水平；日元领跌 G-10 货币。国际 金价企稳。 固 定 收 益 美国国债小幅下跌，因美股回升, 加上美联储会议纪要显示多数人认 为 12 月适合维持利率不变。周四 将发布 9 月非农数据。亚洲债市相 对平衡，市场情绪有所改善。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 11 月 20 日 ▪ 关税对美国宏观经济的影响需要考虑企业微观行为与传导机制，我们通过自然语言处理技术及 DeepSeek 工 具，对美国上市企业财报与电话会文本进行辅助分析，试图寻找关税影响 ...

客户质量持续提升，推动业绩增速超预期 富途控股(FUTU.O) 富途控股 25Q3 业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 王思玥(分析师) | 021-38031024 | wangsiyue@gtht.com | S0880525070022 | 本报告导读： 25 年前三季度公司客户资产规模大幅增长，经纪与利息收入环比正增长。客户质量 呈持续提升趋势，推动业绩增速超预期。维持"增持"评级，目标价 214.39 美元。 投资要点： 催化剂：港美股交投活跃。 风险提示：港美股行情波动、监管政策变化、新市场开拓不及预期 | 财务摘要(百万港元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 10008 | 13590 | 24082 | 36319 ...

Group 1: Market Overview - Recent market fluctuations have seen private equity securities fund registrations rebound, with over 300 funds registered last week, marking a recovery trend after three months [2] - The current market sentiment remains cautious, with a notable reduction in net inflows from foreign capital, indicating a wait-and-see approach among investors [2] Group 2: Technology Sector - Alibaba's launch of the "Qianwen" project is seen as a significant move in the AI consumer application space, positioning it to compete directly with ChatGPT [3] - The new Qianwen app integrates with various life scenarios and is based on the latest Qwen3-Max model, indicating a strategic push into AI applications [3] Group 3: Semiconductor Industry - Vietnam is emerging as a potential semiconductor hub, with significant investments from companies like Samsung and Foxconn, driven by favorable government policies [5] - The semiconductor packaging and testing sector is currently a hot investment area, with several companies already establishing operations in Vietnam [5] Group 4: Transportation Sector - The airline industry is experiencing a recovery, with significant increases in passenger traffic and load factors, particularly benefiting from the holiday season [6] - The overall industry outlook is improving, with expectations for ticket prices to rise as demand continues to strengthen [6] Group 5: Oil and Chemical Industry - The oil market is expected to see a loosening supply situation due to OPEC+ production increases, but long-term price support is anticipated [8] - The chemical industry is showing signs of recovery, with capital expenditure growth and improved domestic demand expected to drive a new cycle of growth [8] Group 6: Key Companies - Weibo's Q3 performance showed a revenue decline of 4.8% to $442 million, but the company is expected to benefit from upcoming major sporting events in 2026 [9] - BOSS Zhipin reported a revenue increase of 13.2% year-on-year, driven by recovering recruitment demand in the tech sector [10] - Zero Run Auto's Q3 revenue surged by 97.3% year-on-year, indicating strong growth potential as the company expands internationally [12] - China Hongqiao plans to raise up to HKD 11.68 billion through a share placement, which is expected to optimize its capital structure and support future growth [13] - Futu Holdings reported a significant increase in revenue and net profit, driven by strong performance in overseas markets and the application of AI tools [13]

摩根大通：将富途控股(FUTU.US)目标价从280美元上调至300美元。 ...

18 November 2025 | 7:02PM HKT Equity Research Futu Holdings (FUTU): First take: Beat on stronger client AUM growth and client acquisition. Paying client growth guidance in focus. Neutral FUTU report revenue/net profit of HK$ 6.4/3.2bn, or +93%/+144% yoy and +29%/+51% vs. GSe in 3Q25. Brokerage and interest income came in at HK$ 2.9/3.0bn, +17%/+38% vs. GSe, both were mainly driven by robust client AUM which came in at HK$ 1.2tn, +79%/+27% yoy/qoq and +24% vs. GSe, primarily fueled by mark-to-market gains. N ...

Futu's Q3 2025 results show substantial growth, with funded accounts reaching 3.13 million (up 43% YoY), driven by 254,000 net new accounts (up 65% YoY), indicating strong customer acquisition and market penetration. Total client assets surged to HKD 1.24 trillion, a 79% YoY increase, fueled by robust net asset inflows and stock appreciation, highlighting Futu's ability to attract and retain substantial client investments. Trading volume soared to HKD 3.9 trillion, up 105% YoY, with Hong Kong and US stock t ...