周末闲聊，想哪到哪啊。 昨天有不少读者看中了文末提到的4%活期利率，但这个不是墙内人民币的理财产品，是离岸美元的理财产品，我在文章里提到的老虎证券、富途证券、 盈透证券，包括之前的利弗莫尔都是境外券商。 你如果有外汇美元的话，4%收益没什么稀罕的，10年期美国国债收益率最新是4.3%，这些券商只是把国债收益给产品化，集成到了活期理财里。 然后就是有读者提出肉身去香港开离岸银行户，开离岸证券户。我可以确认开离岸银行户是肯定没问题的，至于离岸证券户几个中资券商不行，他们会拒 绝大陆过来的kyc，但我听说有好几个外资券商可以，至于是哪几个我唔知啊，你们开银行户的时候顺便问工作人员咯，这种上下游关联业务的多半有推 荐。 还有读者说让我多讲讲香港见闻，觉得蛮有趣的，其实我也只是匆匆的游客，没有深度体验香港本地生活。因为曾经上百年被英国统辖，那里确实和国内 城市很不一样。 普通人去那里感受最显著的差异就是消费贵，我之前提出过一个4倍理论，就是大部分香港物价除以4，就约等于国内。比如香港打工人月薪大都在20000- 30000区间，除以4就是国内的5000-7500，其它衣食住行等消费也差不多是这个比例。 比如我朋友他家每 ...

Economic Outlook - The Chinese government has set a GDP growth target of 5% for 2025, which aligns with its medium- and long-term goals [2] - A budget deficit target of 4% of GDP has been announced, which is 1% higher than the previous year, marking the largest deficit since 2010 [2] Stimulus Measures - The government plans to inject nearly $179 billion in long-term treasury bonds, approximately $69 billion in bonds to support large commercial banks, and $610 billion in special-purpose bonds to assist local governments facing financial difficulties [3] - The intention to expand cooperation in the science and technology sector and deepen reforms in investment and financing within the capital market has been highlighted [4] Market Response - Chinese stocks, including Futu Holdings, GDS Holdings, and New Oriental Education & Technology, experienced significant gains, with Futu up 12%, GDS up 10%, and New Oriental up roughly 6% [1] - The tech sector is showing positive momentum, driven by government stimulus and advancements in artificial intelligence [6] Company Insights - Futu Holdings operates as a digital wealth management and online brokerage platform, facilitating investments for both Chinese citizens and foreigners [7] - GDS Holdings, which runs data centers, has benefited from the AI sector's growth [7] - New Oriental Education & Technology is an online tutoring and education platform that has also seen stock price increases [7] Trade War Context - The ongoing trade war with the U.S. is contributing to market volatility, but there are signs of recovery in Chinese stocks [8] - The Chinese government is responding to U.S. tariffs with retaliatory measures, indicating a commitment to defend its economic interests [5]

Group 1 - Futu Holdings Limited will report its financial results for Q4 and full year 2024 on March 13, 2025, before U.S. markets open [1] - An earnings conference call will be held on March 13, 2025, at 7:30 AM U.S. Eastern Time [1] - Participants must pre-register for the conference call using a provided link [2] Group 2 - Upon registration, participants will receive confirmation emails with dial-in numbers and personal PINs [3] - A live and archived webcast of the conference call will be available on the company's investor relations website [3] Group 3 - Futu Holdings Limited is a tech-driven online brokerage and wealth management platform [4] - The company offers a range of digital financial services through its platforms, including trade execution, margin financing, and wealth management [4] - Futu integrates social media tools to enhance user connectivity and engagement [4]

Core Insights - Futu Holdings Limited (FUTU) is currently more attractive to value investors compared to Ibotta (IBTA) based on various financial metrics and rankings [3][7] Valuation Metrics - FUTU has a forward P/E ratio of 18.02, while IBTA has a higher forward P/E of 27.43 [5] - The PEG ratio for FUTU is 0.76, indicating better value relative to its expected earnings growth compared to IBTA's PEG ratio of 0.87 [5] - FUTU's P/B ratio stands at 4.36, which is lower than IBTA's P/B ratio of 5.29, suggesting that FUTU is more undervalued in terms of market value versus book value [6] Earnings Outlook - FUTU has a Zacks Rank of 2 (Buy), indicating a stronger improvement in earnings outlook compared to IBTA, which has a Zacks Rank of 3 (Hold) [3][7] - The analysis indicates that FUTU has experienced stronger estimate revision activity, making it a more favorable option for value investors [7] Value Grades - FUTU has been assigned a Value grade of B, while IBTA has a Value grade of C, reflecting the relative attractiveness of their valuations [6]

Stock Comparison: Futu Holdings Limited Sponsored ADR (FUTU) vs Symbotic Inc (SYM) - Investors in the Technology Services sector may consider FUTU or SYM as potential investment opportunities [1] - The Zacks Rank system, which emphasizes earnings estimates and revisions, is used to identify value opportunities [2] Zacks Rank and Earnings Outlook - FUTU has a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and an improving earnings outlook [3][7] - SYM has a Zacks Rank of 3 (Hold), suggesting less favorable earnings outlook compared to FUTU [3] Valuation Metrics - FUTU has a forward P/E ratio of 14.12, significantly lower than SYM's 206.26 [5] - FUTU's PEG ratio of 0.69 is much lower than SYM's 6.88, indicating better value considering earnings growth [5] - FUTU's P/B ratio of 3.30 is substantially lower than SYM's 44.70, suggesting FUTU is more reasonably valued relative to its book value [6] Value Grades - Based on valuation metrics, FUTU earns a Value grade of B, while SYM receives a Value grade of F [6] - The combination of Zacks Rank and Value grade suggests FUTU is the superior value option currently [7]

Individual Investors Growth - 46 million new brokerage accounts were opened by individual investors in the U S during 2020-21, an 80% increase over a two-year period [1] - More than 75% of these new investors remain invested today, indicating a sustained interest in the market [1] The Investor Diaries Initiative - The Investor Diaries is a research initiative launched by The BlackRock Foundation and Commonwealth to understand new investors, particularly those earning low to moderate incomes (LMI) [9] - The initiative aims to provide insights into the financial circumstances, motivations, behaviors, and needs of LMI investors, and the role of capital market investing in their financial wellness [9] - The project will use voice diary entries, a national survey, and analysis of large transaction data sets to capture the experiences of LMI investors [9] Partnership with Investment Platforms - Commonwealth has partnered with Betterment and moomoo to capture participants' experiences with both robo-advised and self-directed platforms [10] - Betterment offers automated investment technology with diversified, expert-built portfolios, while moomoo provides an accessible platform for self-directed investors with advanced tools and features [11] About Commonwealth - Commonwealth is a national nonprofit that builds financial security and opportunity for LMI households through innovation and partnerships [6] - Over the past two decades, Commonwealth has enabled over 2 million people to save nearly $8 billion [6] About The BlackRock Foundation - The BlackRock Foundation focuses on making saving and investing more accessible and affordable for LMI households [7] - The foundation's Emergency Savings Initiative has provided access to more than 10 million people and led to $2 billion in new liquid savings between 2019 and 2022 [7] About Betterment - Betterment is the largest independent digital financial advisor, helping more than 900,000 customers manage over $50 billion with low-cost, expert-built investing portfolios [12] About moomoo - Moomoo is an investment and trading platform that provides global investors with pro-grade tools, data, and insights to make informed investment decisions [4] - The platform offers advanced charting tools, technical analytics, and in-depth data, along with educational resources and community features [4]

Investment Rating - The report maintains a **Buy** rating for Futu Holdings (FUTU US) with a target price of **$108.00**, representing a potential upside of **43.2%** from the current price of **$75.41** [1][5] Core Views - The report highlights that Futu Holdings' current valuation is attractive, with a 2024E P/E ratio of **16x**, significantly lower than its US internet brokerage peers [9] - The company's diversified overseas markets and product lines (stocks, equity derivatives, cryptocurrencies, wealth management products) are expected to enhance business stability [9] - The report expects Futu's ROE to remain around **18%** from 2024 to 2026, excluding special dividends [9] Financial Performance and Forecasts Revenue and Profit Growth - Revenue is expected to grow from **HKD 10,008 million** in 2023 to **HKD 12,848 million** in 2024E, representing a **28.4%** YoY increase [7][9] - Non-GAAP net profit is forecasted to grow from **HKD 4,572 million** in 2023 to **HKD 5,419 million** in 2024E, an **18.5%** YoY increase [7][9] - The report has revised its 2024E revenue forecast upward by **4.2%** and Non-GAAP net profit by **2.4%** [4] Key Financial Metrics - Gross margin is expected to remain stable at **81.9%** in 2024E, slightly up from **81.8%** in the previous forecast [4] - Net profit margin is projected to be **39.6%** in 2024E, down **0.6** percentage points from the previous forecast [4] - EPS is expected to grow from **HKD 30.78** in 2023 to **HKD 36.49** in 2024E, a **2.6%** upward revision from the previous forecast [6] Operational Metrics - The number of funded clients is expected to grow from **1.71 million** in 2023 to **2.31 million** in 2024E, a **34.9%** YoY increase [3][7] - Client assets are projected to grow from **HKD 485.6 billion** in 2023 to **HKD 645.9 billion** in 2024E [7] - Trading volume is expected to reach **HKD 7.1 trillion** in 2024, a **68%** YoY increase, driven by active trading in both Hong Kong and US markets [9] Market and Industry Context - The report notes that the Federal Reserve's slower pace of interest rate cuts is expected to stabilize Futu's net interest income, with a **3.7%** YoY growth forecasted for 2024 [9] - The company's overseas expansion and product diversification are seen as key drivers of future profitability, particularly in a high-interest-rate environment [9] Valuation and Peer Comparison - Futu's 2024E P/E ratio of **16x** is significantly lower than its US internet brokerage peers, making its valuation attractive [9] - The report suggests that supportive economic policies in China could further boost the company's valuation [9]

Company Analysis - Futu Holdings (NASDAQ: FUTU) stock experienced significant growth, increasing its value by four times in 2020 and then by 400% in January 2021 [1] - The company's stock has been highly volatile in recent years, but is now considered a clear buy [1] Industry Trends - The financial, consumer, and technology industries are key areas of focus for investment analysis [1] - Emerging technologies and their impact on younger generations are important considerations for long-term growth investments [1] Investment Philosophy - Deep research into business model trends is prioritized over short-term market trends or stock prices [1] - This approach aims to identify long-term growth opportunities while avoiding risky financial instruments [1]

Stocks with Buy Rank and Strong Momentum - mondaycom Ltd (MNDY) has a Zacks Rank 1 with a 159% increase in Zacks Consensus Estimate for current year earnings over the last 60 days The companys shares gained 141% over the last three months compared to the S&P 500s 63% gain and has a Momentum Score of A [1] - Futu Holdings Limited (FUTU) has a Zacks Rank 1 with a 67% increase in Zacks Consensus Estimate for current year earnings over the last 60 days The companys shares gained 366% over the last three months compared to the S&P 500s 63% gain and has a Momentum Score of A [2] - Vistra Corp (VST) has a Zacks Rank 1 with a 55% increase in Zacks Consensus Estimate for current year earnings over the last 60 days The companys shares gained 826% over the last three months compared to the S&P 500s 63% gain and has a Momentum Score of B [3]

Core View - Futu Holdings Limited Sponsored ADR (FUTU) is considered a superior value option compared to Braze, Inc (BRZE) based on valuation metrics [7] Stock Comparison - Both FUTU and BRZE currently hold a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions for both companies [3] - FUTU has a forward P/E ratio of 17.51, significantly lower than BRZE's 595.54 [5] - FUTU's PEG ratio of 0.86 is substantially more favorable than BRZE's 19.85 [5] - FUTU's P/B ratio of 3.17 is more attractive compared to BRZE's 8.76 [6] Valuation Metrics - The Value category evaluates companies using multiple metrics including P/E ratio, P/S ratio, earnings yield, and cash flow per share [4] - FUTU earns a Value grade of B, while BRZE receives a Value grade of F based on these metrics [6] Investment Strategy - The optimal approach for identifying value opportunities combines a strong Zacks Rank with a high grade in the Value category of the Style Scores system [2]