投资逻辑 本周加密市场持续表现平淡，加密总市值为 2.4 万亿美元，环比上周下滑 1.7%。比特币收盘价为 66,338 美元/枚， 环比上周下滑 5.9%；以太坊收盘价为 1,991 美元/枚，环比上周下滑 7.2%。目前 BTC 持仓均价约为 54,237 美元/枚， 较上周下滑；加密货币恐惧贪婪指数本周为 23，处于"恐惧"区间，情绪较上周转冷。根据 CoinCarp，全球加密货币 本周累计成交 0.55 万亿美元，环比上周下滑 15.2%。本周 Coinbase 现货累计成交 105 亿美元，环比上周下滑 9.4%。 全球政策与产业新闻方面：《CLARITY 法案》最新草案禁止仅因持有加密货币获得收益，Coinbase 再次拒绝支持。 美国白宫批准将加密货币纳入 401(k) 退休计划的提案审查。Solana 基金会宣布推出面向 AI 时代的开发者平台 SDP， 称已处理 1,500 万笔链上 AI 支付。Polymarket 告别零费用时代，并推出手续费返还计划。富达呼吁美 SEC 建立新 框架，允许券商通过 ATS 交易加密资产。Ripple 在新加坡金管局 BLOOM 沙盒试点其 RLUSD。A ...

JERSEY CITY, N.J., March 27, 2026 (GLOBE NEWSWIRE) -- Moomoo, a leading global investment and trading platform, and the New York Mets, today marked the second year of their multi-year strategic partnership. First announced ahead of the 2025 MLB season, the partnership connected baseball fans and investors through a shared passion for performance – both on the field and in the markets. Building on last year’s success, moomoo will kick off the 2026 MLB season with on-site fan engagement at Citi Field during ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4984 期 2026 年 3 月 20 日 星期五 研究观点 【公司研究】 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 伟仕佳杰 | 856 | 买入 买入 14.80 | 14.80 | 0% | 0.940 | 0.830 | 13% | 1.090 | 0.980 | 11% | | 贝壳 | 2423 | 买入 买入 60.00 | 60.00 | 0% | 1.032 | 1.243 | -17% | 1.654 | 1.854 | -11% | | 富途控股（美元） | FUTU | 买入 买入 173.60 | 220.00 | -21% | 80.240 | ...

On February 17, 2026, HHLR Advisors reported selling 1,607,930 shares of Futu Holdings (NASDAQ:FUTU), an estimated $276.00 million transaction based on quarterly average pricing. What happened According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, HHLR Advisors sold 1,607,930 shares of Futu Holdings, with the estimated transaction value calculated at $276.00 million based on the average closing price during the quarter. The quarter-end value of the stake decreased by $295 ...

The online brokerage gained significant traction in its new markets in the fourth quarter, just three years after hitting a regulatory brick wall in its original home China marketimage credit: Bamboo WorksKey Takeaways:Online brokerage Futu's revenue jumped 45% year-on-year, and its net profit surged 80% in the fourth quarter of 2025The company's overseas moomoo brand accounts for 55% of total funded accounts, with Malaysia becoming a major growth driver just three years after Futu entered the marketThe ban ...

Core Viewpoint - Futu Holdings Limited (FUTU) shows potential for significant upside, with a mean price target of $220.81 indicating a 48.1% increase from its current price of $149.05 [1] Price Targets - The average price target consists of 11 estimates ranging from a low of $190.00 to a high of $300.00, with a standard deviation of $29.67, suggesting variability in analyst opinions [2] - The lowest estimate indicates a 27.5% increase, while the highest suggests a 101.3% upside [2] - A low standard deviation indicates a higher agreement among analysts regarding price movement [9] Analyst Sentiment - Analysts are optimistic about FUTU's earnings prospects, with a consensus indicating better-than-previously estimated earnings [4][11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 4.8%, with three estimates moving higher and no negative revisions [12] Zacks Rank - FUTU holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [13] Conclusion on Price Targets - While the consensus price target may not be a reliable measure of FUTU's potential gains, it does provide a directional guide for price movement [14]

Group 1: Gold Stocks - Gold stocks showed recovery, with Zijin Gold International rising by 4.08%, Lingbao Gold by 2.97%, and Chifeng Jilong Gold by 3.56% as spot gold prices rose above $5020 per ounce [1] Group 2: JD Logistics - JD Logistics saw a nearly 4% increase, with projected revenue growth of 18.8% for 2025, significantly higher than the 9.7% growth in 2024, driven by rapid growth in instant delivery services [2] Group 3: China Glass - China Glass experienced a nearly 5% decline after issuing a profit warning, expecting a loss of up to 5.8 billion yuan for the fiscal year ending December 31, 2025, a significant increase from the 964 million yuan loss in 2024, attributed to weak domestic demand in the glass market [2] Group 4: Aide New Energy - Aide New Energy's stock rose by 5.56% following the announcement of a strategic investment of 39.5 million AUD in Horizon Minerals, increasing its stake to approximately 9.95% [2] Group 5: Zhaoyan New Drug - Zhaoyan New Drug's stock fell by 6.47% after shareholders announced plans for a significant reduction in A-share holdings [3] Group 6: Gaming Stocks - Gaming stocks saw a general increase, with notable gains from companies like Bilibili and NetEase, following reports of reduced commission rates by Apple and Google for app stores [3] Group 7: Automotive Stocks - Automotive stocks continued their upward trend, with Li Auto rising by 3.15% and Geely by 5.11%, supported by the recent release of new vehicle models by various manufacturers [4] Group 8: Weigong Holdings - Weigong Holdings' stock plummeted by 18.46% after announcing plans for privatization at a cash price of 0.28 HKD per share, representing a 13.8% discount from the last trading price [5] Group 9: Chinese Securities Firms - Chinese securities stocks collectively rose, with CITIC Securities increasing by 7.03% and GF Securities by 5.21%, reflecting positive market sentiment [5] Group 10: AI and Technology Stocks - AI-related stocks saw gains, with OpenRouter reporting that China's AI model usage surpassed that of the U.S. for two consecutive weeks [5] Group 11: U.S. Market Performance - Futu Holdings reported a 45.3% year-on-year revenue increase for Q4 2025, with total revenue reaching 6.438 billion HKD (approximately 827 million USD) [6] - Semiconductor stocks rose, with companies like Marvell Technology and AMD seeing increases, amid expectations of a new price hike in the semiconductor industry [6] - NIO's stock rose by 2.9% after reporting a 46.9% increase in vehicle deliveries for 2025, with total revenue growth of 33.1% [8]

Macro Insights - The ongoing Middle East conflict has significantly impacted oil prices, with prices surpassing $100 per barrel, raising concerns about inflation and economic stability [2][25] - The U.S. economic indicators show a mixed picture, with a slight downgrade in GDP growth and a slowdown in private investment and consumption, while AI-related investments remain robust [2][3] - The liquidity situation is improving, with February's new social financing and RMB loans exceeding expectations, driven by fiscal efforts to boost corporate financing [4] Energy Sector - Rising energy prices are reinforcing inflation expectations, with international oil prices continuing to rise due to the Middle East conflict, affecting domestic energy and commodity prices [3][4] - The PPI decline has narrowed to 0.9%, indicating a potential turnaround in inflation trends by March or April [3] Stock Market Strategy - The A-share market is experiencing a cautious phase, with reduced risk appetite among investors due to geopolitical tensions and rising oil prices [5][11] - Investment strategies suggest focusing on defensive assets, particularly in the power sector and essential consumer goods, while maintaining a flexible approach to stock selection [5][11] Fixed Income Market - Recent changes in land supply policies are expected to impact the real estate sector, shifting from expansion to optimizing existing resources, which may reshape industry dynamics [14][19] - The bond market is currently characterized by volatility, with recommendations to focus on short to medium-term credit bonds while being cautious about high valuations in convertible bonds [15][19] Consumer Electronics - The 2026 AWE highlighted a shift in the home appliance industry towards AI integration, indicating a growing trend in product innovation and consumer engagement [17] - The focus on AI and robotics in consumer electronics is expected to create investment opportunities and drive valuation adjustments for leading companies in the sector [17] Private Credit Market - Concerns are rising regarding the U.S. private credit market amid geopolitical tensions and inflation risks, with the market currently in a "clearing phase" [26] - The potential for systemic financial risks remains, but the baseline scenario suggests a soft landing for the U.S. economy, indicating that risks may be more localized rather than widespread [26] Transportation Sector - The ongoing Middle East tensions are likely to reshape global transportation dynamics, with increased uncertainty in key shipping routes potentially leading to a reconfiguration of shipping capacities and pricing [35] - Recommendations include focusing on companies with low exposure to geopolitical risks and high dividend yields, as well as those positioned to benefit from rising transportation costs [35]

Investment Rating - The report maintains a positive outlook on the coffee industry, indicating sustained high demand and a favorable environment for brand expansion, while the tea beverage sector shows signs of pressure due to increased competition and reduced subsidies [4]. Core Insights - The coffee industry is experiencing a beta dividend with brands actively opening new stores, and a slowdown in price competition is expected to improve costs due to declining Arabica coffee futures [4]. - The e-commerce sector continues to face challenges, reflecting a subdued domestic consumption environment [4]. - Music streaming platforms are highlighted as quality internet assets driven by domestic demand, with Tencent Music launching a new ticketing platform [4]. - The virtual asset and trading platform sector is under pressure from macroeconomic fluctuations, with limited catalysts in the cryptocurrency market [4]. - The automotive service sector is seeing increased competition among aftermarket chains, with OEMs struggling with inventory pressures [4]. - The report suggests monitoring the Robotaxi sector and internet healthcare developments, particularly in regions like Shenzhen and Wuxi [4]. Summary by Sections 1.1 Consumer & Internet - Coffee and tea beverage sectors are analyzed, with coffee maintaining high growth and tea facing challenges due to subsidy reductions [4][9]. - E-commerce performance is weak, with the Hang Seng Internet Technology Index showing a decline of 0.32% [11]. 1.2 Platform & Technology - Streaming platforms are under scrutiny, with Tencent Music performing well while others like Spotify and iQIYI face declines [15]. - The virtual asset market shows a slight decrease in total market capitalization, with Bitcoin and Ethereum prices experiencing minor fluctuations [19]. - The automotive service sector is highlighted for its competitive landscape, with several chains expanding their store openings [27]. 1.2.5 AI & Cloud - The report notes Tencent's advancements in AI technology, including the launch of its AI assistant WorkBuddy, which aims to enhance operational efficiency [39].

Investment Rating - The report maintains a positive outlook on the coffee industry, indicating sustained high demand and a favorable environment for growth [4]. Core Insights - The coffee sector is experiencing a beta dividend, with brands actively opening new stores and a slowdown in price competition, particularly with the decline in Arabica coffee futures prices, which is expected to improve costs [4]. - The tea beverage segment is facing some pressure due to increased competition and reduced platform subsidies affecting sales data [4]. - The e-commerce sector continues to be under pressure, reflecting a lackluster performance in the domestic consumption environment [4]. - Music streaming platforms are highlighted as quality internet assets driven by domestic demand, with Tencent Music launching a new ticketing platform, "Goose Ticket" [4]. - The virtual asset and trading platform sector is experiencing macroeconomic volatility, with limited catalysts in the cryptocurrency market, as indicated by the recent performance of major cryptocurrencies [4][19]. - The automotive service sector is seeing a focus on post-market services, with several major automotive service chains expanding their store openings and promotional policies [4]. - The report suggests monitoring the Robotaxi sector, particularly with Didi's new autonomous driving Robotaxi receiving licenses in major cities [4]. - The AI and cloud sectors are viewed positively, with Tencent's deployment of AI technologies indicating a shift towards execution-based applications [4]. Summary by Sections 1.1 Consumer & Internet - The Hang Seng non-essential consumer index showed a slight increase of +0.09%, while the Hang Seng index increased by +1.22 percentage points [9]. - Notable stock performances include Shanghai Aunt (+3.23%), Bawang Tea (+3.14%), and Luckin Coffee (-0.86%) [9][10]. 1.2 Platform & Technology 1.2.1 Streaming Platforms - The Hang Seng media index decreased by -0.31%, outperforming the Hang Seng index by +0.82 percentage points [15]. - Key stock performances include Tencent Music (+4.19%) and Spotify Technology (-8.69%) [15][16]. 1.2.2 Virtual Assets & Trading Platforms - As of March 13, the global cryptocurrency market cap was $248.01 billion, down 0.08% [19]. - Bitcoin and Ethereum prices reached $70,965 and $2,093.01, reflecting increases of 4.1% and 5.7% respectively [19]. 1.2.3 Automotive Services - The Hang Seng composite index decreased by -1.02%, with notable stock performances including Advance Auto Parts (+2.78%) and O'Reilly Automotive (-3.23%) [28]. 1.2.4 O2O - The Hang Seng internet technology index decreased by -0.32%, with key stock performances including JD Health (+1.24%) and Didi Global (-6.41%) [35]. 1.2.5 AI & Cloud - The Nasdaq internet index decreased by -3.89%, with notable stock performances including Tencent (+6.49%) and Meta (-4.83%) [40].