8月22日，富途控股(FUTU)盘中上涨5.08%，截至22:15，报189.61美元/股，成交1.8亿美元，总市值 263.99亿美元。 财务数据显示，截至2025年06月30日，富途控股收入总额100.06亿港元，同比增长74.88%；归母净利润 47.2亿港元，同比增长109.73%。 大事提醒： 8月21日，富途控股获第一上海证券首次给予买入评级，目标价195美元。 资料显示，富途控股有限公司是香港一家领先的一站式金融科技平台,凭藉公司的全数字化证券经纪和 理财产品分销服务革新投资体验。公司开展业务的初衷是任何人都不应该因为交易成本过高或市场经验 不足而被投资市场拒之门外。科技渗透在公司业务的方方面面,使公司能够依托安全、稳定、灵活及可 扩展的在线平台提供全新的用户体验。 本文源自：金融界 作者：行情君 ...

环球市场动态 中 美 博 弈 延 续 下 国 产 替 代 逻 辑 不 断 强 化 2025 年 8 月 22 日 股 票 A 股周四涨跌不一，沪指续创新高； 港股走弱，科技股表现低迷；欧洲股 市再度分化，市场仍在等待 Jackson Hole 年会和俄乌谈判等进展；美股标 指五连跌，市场在鲍威尔发言前格外 谨慎。 外 汇 / 商 品 特朗普向普京施压，周四国际油价 震荡上涨；美联储官员发表鹰派讲 话，美元指数跟随美债收益率上行， 国际金价小幅下跌。 固 定 收 益 美债收益率先跌后升，因 PMI 数据 超预期。美联储官员再度表达对通 胀的担忧。市场等待明日主席鲍威 尔在杰克逊霍尔的讲话。标普维持 美国主权信用评级不变在"AA+"， 展望仍为 "稳定"。 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 ▪ 近期特朗普在科技领域动作频繁，其政策思路出现变化，特别是对华科技政策思路引发各界关注。从原因来看， 特朗普重返白宫以来，"PayPal Mafia" 掌控了美国科技政策的决策与执行层，其政策思路融合了企业利益导向 与 MAGA 理念 (让美国再次 ...

Group 1: Baidu (BIDU US) - Traditional search continues to face pressure, but the value of the second and third growth curves has become apparent [1] - In Q2 2025, Baidu's core revenue decreased by 2% year-on-year, with adjusted operating profit and profit margin down 37% and 10 percentage points respectively [1] - Advertising revenue fell by 15% year-on-year, negatively impacted by AI search transformation, while intelligent cloud revenue grew by 27% due to enhanced AI capabilities and demand for end-to-end AI product solutions [1][2] - For Q3, it is expected that the proportion of generative search content will continue to rise, impacting Baidu's search advertising exposure, with anticipated advertising revenue declines of 25% and 15% in Q3 and Q4 respectively [2] - The target price is maintained at $99, indicating a potential upside of 14.1% [1][2] Group 2: iQIYI (IQ US) - Summer content is expected to drive marginal improvement in core business, with new regulations releasing long-term growth potential [3] - In Q2 2025, revenue decreased by 11% year-on-year due to lackluster content performance, but adjusted operating profit was better than expected at 59 million yuan [3] - The new broadcasting regulations are expected to positively impact financial performance by enhancing content diversity and production efficiency [3] Group 3: Kingsoft (3888 HK) - Short-term gaming revenue is under pressure, but office AI monthly active users are growing rapidly [6] - In Q2, revenue declined by 7% due to high base effects from key games, while operating profit margin decreased due to increased AI investment and marketing costs [6] - Office business remains robust, with AI monthly active users reaching nearly 30 million, a 50% year-on-year increase [6] Group 4: Futu Holdings (FUTU US) - Earnings continue to exceed expectations, with the target price raised to $220 [7] - In Q2, net profit grew by 112.7% year-on-year, driven by strong growth in asset clients and wealth management assets [7] - The company benefits from the rising risk appetite of investors in the Hong Kong stock market [7] Group 5: ZhongAn Online (6060 HK) - 1H25 earnings exceeded expectations, leading to an upward revision of the target price [8] - The net profit for 1H25 was 668 million yuan, surpassing the full-year profit of 2024 [8] - The growth in premium income is primarily driven by health ecosystems and consumer finance [8][9] Group 6: Xiaomi Group (1810 HK) - Automotive performance in Q2 2025 was impressive, while smartphone business adjustments were in line with expectations [13] - Revenue for Q2 was 116 billion yuan, with automotive revenue growing by 40% [13] - The management maintains a sales target of 350,000 vehicles for the year, with expectations of achieving profitability in the automotive sector by Q4 2025 [13][14] Group 7: Longyuan Power (916 HK) - The company's performance in the first half of the year was weaker than expected, but the annual new installed capacity target remains unchanged [15] - Net profit for the first half decreased by 13.6% to 3.52 billion yuan, primarily due to lower utilization hours and electricity prices [15] - The company aims for a total of 5 GW of new installed capacity for the year [15] Group 8: China Resources Power (836 HK) - The company's renewable energy profits were slightly below expectations, maintaining a target of 10 GW for new wind/solar installations [16] - The company reported a 15.9% year-on-year decline in profits, but core profits remained stable [16] - New installed capacity for renewable energy surged fourfold to 4.8 GW in the first half [16][17]

交银国际研究 公司更新 | 证券 | 收盘价 | | 目标价 | | | 潜在涨幅 2025 年 8 月 21 日 | | --- | --- | --- | --- | --- | --- | --- | | 美元 | | 178.66 | 美元 | 220.00↑ | | +23.1% | | 富途控股 (FUTU US) | | | | | | | | 盈利持续超预期；上调目标价至 | | | | 220 | 美元 | | 个股评级 买入 1 年股价表现 资料来源 : FactSet 8/24 12/24 4/25 8/25 -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% FUTU US MSCI中国指数 股份资料 | 52周高位 (美元) | 178.66 | | --- | --- | | 52周低位 (美元) | 56.96 | | 市值 (百万美元) | 20,145.70 | | 日均成交量 (百万) | 5.45 | | 年初至今变化 (%) | 123.35 | | 200天平均价 (美元) | 118.47 | | 资料来源 : ...

证券研究报告·海外公司点评·非银金融 富途控股（FUTU） 2025 年半年报点评：全球业务增长态势强劲 2025 年 08 月 21 日 买入（维持） | Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 10,008 | 13,590 | 19,158 | 23,991 | 30,301 | | 同比（%） | 31.45% | 35.79% | 40.97% | 25.22% | 26.30% | | 归母净利润（百万港元） | 4,279 | 5,443 | 9,520 | 11,811 | 15,035 | | 同比（%） | 46.19% | 27.21% | 74.90% | 24.07% | 27.30% | | EPS-最新摊薄（港元/股） | 3.84 | 4.89 | 8.55 | 10.61 | 13.51 | | P/E（现价&最新摊薄） | 45.20 | 35.53 | 20.32 | 16.37 | ...

Company Research - Futu Holdings (FUTU) is rated "Buy" with a target price of $195.00, representing a potential upside of 15.71% from the current price of $168.52[3][14] - Haitong International (1882) is rated "Buy" with a target price of HKD 30.00, maintaining the same EPS estimates for 2025 and 2026[2][12] - China Resources Beer (291) is rated "Buy" with a target price of HKD 35.00, reflecting an 18x PE for 2025, with a projected EPS growth of 8% for 2026[2][28] Financial Performance - Futu Holdings expects total revenue to grow from HKD 10,008 million in 2023 to HKD 19,531 million in 2025, a growth rate of 43.7%[12] - The net profit for Futu Holdings is projected to increase from HKD 4,279 million in 2023 to HKD 9,413 million in 2025, representing a growth of 73.3%[12] - China Resources Beer reported a net profit of HKD 57.9 billion for the first half of 2025, a year-on-year increase of 23%[24] Market Trends - Futu Holdings is leveraging its technology and regulatory licenses to capture the cross-border wealth management market, with a focus on Southeast Asia and Web 3.0 innovations[10][8] - China Resources Beer is focusing on premiumization, with high-end product sales growing over 10%, significantly outperforming the industry[25][27] - Haitong International's overseas sales surged by 34.7% year-on-year, driven by demand in Southeast Asia and a strategic focus on key industry clients[20]

证券研究报告 富途控股 (FUTU US) 港美高景气度，驱动业绩高增 2025 年 8 月 21 日│美国 证券 富途公布 2025 年上半年经营业绩，25H1 营业收入 100.06 亿港币，同比增 长 74.88%；净利润 47.20 亿港币，同比增长 109.73%；其中 Q2 单季度营 业收入 53.11 亿港币，同比增长 69.73%、环比增长 13.13%，净利润 25.74 亿港币，同比增长 112.36%、环比增长 19.99%。业绩高增主要驱动是海外 市场成交额放量、户均资产持续提升、海外获客不断增长。我们预计公司未 来海外扩张势头强劲、海外高景气度延续、虚拟资产业务创造增量，全年有 望实现较高业绩弹性，维持"买入"评级。 获客：海外持续扩张，已完成全年指引过半 交投：港美市场活跃，换手率保持高位 25Q2 总交易量达到 3.59 万亿港元，同比增长 121.2%，环比增长 11.6%。 其中，美股交易量 2.70 万亿港元，环比增长 19.7%；港股交易量 8335 亿 港元，环比下降 9.0%。4 月份的市场动荡和加密货币的高景气度激发了投 资者的交易活跃度，客户资产季度年化换手率保持 ...

20 August 2025 | 11:34PM HKT Futu Holdings (FUTU) Earnings review: positive but cautious on rich valuation without further upgrade of paying user growth from the briefing. Neutral | FUTU | | --- | | 12m Price Target: $137.94 | | Price: $168.52 | | Downside: 18.1% | Post the result briefing, we revise the revenue/net profit of 2025E/26E by +9%/+20% on average vs. prior to bake in upbeat client AUM and cost saving (see first take), driven by strong market and HK IPO in 2Q25. We take a cautiously positive view ...

Group 1 - The core viewpoint of the article highlights the positive performance of various companies in the Hong Kong stock market, with significant profit growth and strategic initiatives such as share buybacks and financing rounds [1][2][3][4]. Group 2 - 万国数据-SW (09698) reported a profit of 690 million RMB for the first half of the year, marking a turnaround from losses, and is currently pursuing a Series C financing round to support future projects [1]. - BOSS直聘-W (02076) saw a 85% increase in net profit year-on-year, with a nearly 20% rise in average monthly active users, and announced a share buyback plan of up to 250 million USD [1]. - 长城汽车 (02333) experienced a nearly 6% increase in stock price, with over 20,000 orders for the Haval Menglong 2026 model within 24 hours, indicating strong demand and potential for profit growth [1]. - 周生生 (00116) anticipates a mid-term profit increase to over 900 million RMB, driven by rising gold prices and effective cost control measures [1]. - 中国中车 (01766) saw a stock price increase of over 5% due to the successful bidding for 210 sets of trains, with expectations of sustained high railway investment [2]. - 中广核矿业 (01164) issued a profit warning, expecting a mid-term loss of up to 90 million HKD due to significant price fluctuations in uranium trading [2]. - 特步国际 (01368) reported better-than-expected performance, with a 12% higher net profit than Goldman Sachs' forecast, attributed to increased other income and revenue [2]. - 中国联通 (00762) experienced a stock price increase of over 4%, with expectations of stable dividend growth despite mid-term performance pressures [2]. - 玖龙纸业 (02689) anticipates a maximum annual profit growth of 190%, driven by declining costs [2]. - 海丰国际 (01308) reported a nearly 80% increase in net profit for the first half of the year, attributed to a 7.3% increase in container volume and a 22.8% rise in average freight rates [3].

Chris Lau is an individual investor and economist with 30 years of experience covering life science, technology, and dividend-growth income stocks. He has degrees in Microbiology and Economics. Chris runs the investing group DIY Value Investing where he shares his top stock picks of undervalued stocks with catalysts for upside, dividend-income recommendations with quant and payment calendar tracking, high upside plays, and research requests to help you become a better do-it-yourself investor. Learn more.The ...