Market Performance - The US stock market opened higher on January 2, with the Dow Jones up 0.19%, the S&P 500 up 0.58%, and the Nasdaq up 1.03% [1] - Chinese concept stocks also opened higher, with the Nasdaq Golden Dragon China Index rising 3.55% [1] Chinese Stocks - Notable gains among Chinese stocks include Baidu up over 10%, Futu Holdings up 6.84%, and Bilibili up 6.87% [1] - Other significant increases include Netease up 6.77%, Tiger Brokers up 5.54%, and Alibaba up 4.55% [1] Semiconductor Sector - The semiconductor sector saw broad gains, with ASML rising over 5%, Micron Technology up over 3%, and TSMC up over 2% [1] South Korean Market - Samsung Electronics and SK Hynix both reached all-time highs, with Samsung up 7.17% and SK Hynix up 3.99% [2] - The Kospi index in South Korea surpassed 4,300 points for the first time, driven by large tech stocks and investor optimism regarding artificial intelligence [2] AI Investments - Samsung SDS announced an investment of 427.3 billion KRW to build a new AI data center in Gumi City [3] OpenAI Developments - OpenAI is reportedly enhancing its audio AI models in preparation for the launch of its first AI-driven personal hardware device [4] - The device is expected to focus on audio interaction, with improvements being made to the audio model's accuracy and response speed [4]

Group 1 - Baidu's stock increased by over 12% [1] - NetEase's stock rose by more than 6% [1] - NIO's stock gained over 5% [1] Group 2 - New Oriental, GDS Holdings, Kingsoft Cloud, and Alibaba all saw stock increases of over 4% [1] - Bilibili's stock rose by more than 3% [1] - Li Auto, Pony.ai, Futu Holdings, TSMC, JD.com, JinkoSolar, Beike, Pinduoduo, Tencent Music, iQIYI, and Bawang Tea all experienced stock increases of over 2% [1]

Group 1 - The majority of Chinese concept stocks in the US market saw an increase in pre-market trading, with Baidu rising by 12% [1] - NIO experienced a 4% increase, while Bilibili and Alibaba both rose by 3% [1] - JD.com, Futu Holdings, and Xiaoma Zhixing each saw a 2% increase [1]

Market Performance - The US stock market continued its post-Christmas pullback, with all three major indices closing lower, marking a subdued end to 2025. The S&P 500 index fell by 0.74% to 6845.5 points, the Nasdaq Composite dropped by 0.76% to 23241.99 points, and the Dow Jones Industrial Average decreased by 0.63% to 48063.29 points [1]. - For the year, the S&P 500 recorded an annual increase of 16.39%, while the Nasdaq managed a 20.36% rise, achieving over 20% growth for three consecutive years. The Dow Jones also rose by 12.97%, marking a similar performance for the third year in a row [3]. Individual Stock Performance - Among the top performers in the S&P 500, four storage giants—SanDisk, Western Digital, Micron Technology, and Seagate Technology—led the annual gains. Semiconductor stocks like Lam Research, AI application leader Palantir, and Comfort Systems, which provides HVAC solutions for data centers, also featured prominently [3]. - In the tech sector, only Google and Nvidia among the "Big Seven" tech companies outperformed the benchmark index in 2025 [8]. Commodity and Sector Movements - US silver futures experienced a significant drop of 9% due to a second margin increase by the CME Group within a week, negatively impacting the mining sector. Companies like Endeavour Silver and Silvercorp Metals saw declines of over 4% and 2.8%, respectively [11]. Chinese Stocks - The Nasdaq Golden Dragon China Index closed down 1.13% but recorded an annual increase of 11.33%. Notable Chinese stocks included Alibaba, which rose over 75%, and Netease, which increased by 58.28% [12]. Corporate News - Warren Buffett officially retired as CEO of Berkshire Hathaway on December 31, 2025, after a long tenure, although he will remain as chairman of the board [13]. - Tesla achieved a milestone with a driver completing a coast-to-coast journey using full self-driving technology, marking a significant advancement in autonomous vehicle capabilities [15]. - Nvidia and AMD are expected to enter a "year-long price increase cycle" for GPUs, driven by rising memory costs, with flagship models potentially reaching prices as high as $5000 [16]. - Trump Media & Technology Group announced plans to issue a new cryptocurrency to shareholders, despite a significant annual decline in stock value [17]. - Brookfield Asset Management is launching a cloud computing business to challenge tech giants like Amazon, aiming to reduce AI development costs [18]. - Uber is in talks to acquire the parking app SpotHero, which could create synergies between ride-hailing and parking services [19].

Core Insights - Futu Holdings Limited (FUTU) experienced an 86.3% year-over-year increase in revenues in Q3 2025, with brokerage commission and handling charges rising by 90.6% [1][8] - The company is transitioning towards a "one-stop" financial ecosystem to navigate market volatility [1] Revenue and Income - Interest income reached $391.3 million, closely matching brokerage commissions of $374.5 million, indicating a successful diversification strategy [2][8] - The significant growth in interest income is attributed to margin financing, securities lending, and idle cash management [2] Crypto and Wealth Management - Crypto trading volume surged by 161% quarter-over-quarter, driven by a 90% increase in crypto assets and enhanced trading velocity [3] - Wealth management assets increased by 7.6% from the previous quarter, supported by inflows into money market and fixed income products [3] Product Innovation - The company introduced a self-service request-for-quote function for structured products, allowing professional investors to customize and trade products efficiently [4] Strategic Positioning - Futu Holdings aims to maintain revenue generation even during trading downturns by leveraging its one-stop strategy to attract customers through additional services that yield management and service fees [5] Stock Performance and Valuation - The stock price has increased by 106.6% over the past year, outperforming peers such as PRA Group and Virtu Financial, which saw declines of 15.2% and 2.4%, respectively [6][8] - FUTU's forward price-to-earnings ratio stands at 15.46, higher than PRA Group's 7.88 and Virtu Financial's 7.55 [10] Earnings Estimates - The Zacks Consensus Estimate for FUTU's earnings for 2025 and 2026 has risen by 8.9% and 9.4%, respectively, over the last 60 days [13]

Core Insights - The article highlights the evolution of stock trading software in Hong Kong, emphasizing the increasing reliance on digital tools for investment decisions in 2025, with a significant rise in mobile trading and user engagement [1][16]. Market Overview - The Hong Kong stock market is experiencing internationalization and expansion of new economy sectors, leading to a 37% year-on-year increase in daily usage time of investment apps by investors in 2025 [2][17]. - The demand for high-frequency trading has increased, with users now requiring data response times of under 0.2 seconds [2][17]. - The stock trading app market has established a clear hierarchy, with top-rated apps including Sina Finance, Futu NiuNiu, Tonghuashun, Xueying Securities, and Huasheng Securities [2][17][18]. Leader Analysis - Sina Finance has distinguished itself in a competitive market through its "global monitoring × intelligent tools × social validation" framework, connecting over 40 financial markets and reducing traditional data latency from 3 seconds to milliseconds [3][19]. - The app's "Zhima AI Assistant" can condense lengthy reports and generate investment strategies based on real-time data, showcasing its advanced capabilities [3][20]. - The integration of social media insights and a robust community of certified analysts has created a dynamic ecosystem for investment discussions [4][21]. Competitor Landscape - Futu NiuNiu targets tech-savvy users with its cross-market trading capabilities and fast order execution times of 0.0037 seconds [5][22]. - Tonghuashun appeals to quantitative traders with its advanced backtesting and natural language stock selection tools [5][22]. - Xueying Securities offers access to over 100 global markets and caters to younger investors with its user-friendly features [6][22]. - Huasheng Securities focuses on optimizing mobile experiences for high-frequency traders [6][22]. Software Selection Guidance - Investors should choose trading software based on their specific needs, with recommendations for global investors to use Sina Finance for its comprehensive market coverage and AI features [7][23]. - Tech-savvy users may benefit from a combination of Tonghuashun and Futu NiuNiu for their advanced analytical tools [7][23][24]. - Community-oriented retail investors might prefer Xueying Securities for its social analysis features [9][25]. - New users are advised to consider simpler platforms like Tiger Securities or Tonghuashun for ease of use [11][27]. Future Trends - The shift towards intelligent decision-making tools is evident, with leading apps implementing AI and big data strategies to enhance personalized information delivery [12][29]. - By 2025, 78% of Hong Kong investors will utilize information apps for market predictions, indicating a growing reliance on technology for investment decisions [13][29]. - The evolution of trading strategies reflects a trend towards integrated solutions that streamline the investment process, allowing users to manage multiple functions through a single platform [14][30].

Market Performance - The U.S. stock market indices collectively declined due to heightened tensions from significant fluctuations in commodity prices, with the S&P 500 down 0.35% to 6905.74 points, the Nasdaq Composite down 0.5% to 23474.35 points, and the Dow Jones Industrial Average down 0.51% to 48461.93 points [1] - The mining sector experienced a collective drop, with First Majestic Silver down 4.13% and Newmont Mining down 5.64%, while lithium giant Albemarle fell by 3.62% [2] Commodity Market - Silver futures on Comex saw extreme volatility, reaching a high of $82 per ounce before plummeting to $71.6, marking a decrease of 7.20% [4] - Analysts suggest that precious metals have been severely overbought, and the recent declines may present a buying opportunity in the coming weeks [4] Company News - SoftBank Group announced a $4 billion acquisition of data center investment company DigitalBridge, marking a significant step in its artificial intelligence strategy [10] - Citigroup expects to record an after-tax loss of approximately $1.1 billion in Q4 related to the sale of its Russian business, with the transaction anticipated to complete next year [11] - Meta has acquired AI startup Manus, which was originally founded in China and later moved to Singapore, although financial terms of the deal were not disclosed [12] Sector-Specific Developments - Lululemon is facing a rare power struggle as founder Chip Wilson seeks to remove the current board, emphasizing the need for visionary leadership to drive the company's next phase of success [9] - Novo Nordisk has lowered the price of its weight loss drug semaglutide in China, following the impending expiration of its patent, with local companies preparing to introduce cheaper generic alternatives [8] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.67%, with notable declines in Alibaba (down 2.46%) and JD.com (down 0.44%), while NIO and NetEase saw gains of 4.71% and 0.92%, respectively [7]

Core Insights - Both Skillsoft (SKIL) and Futu Holdings (FUTU) are technology-driven companies targeting niche growth markets, appealing to growth-focused investors [1] Group 1: Skillsoft (SKIL) - In Q3 fiscal 2026, SKIL experienced a 6% year-over-year decline in revenue, primarily due to an 18% drop in the Global Knowledge (GK) segment, which contributed nearly 22% to the top line [2][10] - The GK segment incurred a non-cash goodwill impairment loss of $20.8 million, leading to an adjusted net loss of $4.9 million, prompting management to consider strategic alternatives for this segment [3][6] - The Talent Development Solutions (TDS) segment saw a 2% year-over-year decline, but the company is optimistic about its AI-native roadmap, having signed its first four large enterprise customers [4] - SKIL's adjusted net income improved significantly, with an 83% sequential and 27% year-over-year growth, although the adjusted EBITDA margin decreased by 30 basis points sequentially and 160 basis points year-over-year [5] - Management's focus is shifting towards the digital subscription business, as indicated by the lack of revenue and adjusted EBITDA guidance for the GK segment [6] Group 2: Futu Holdings (FUTU) - In Q3 2025, FUTU reported an impressive 86.3% year-over-year revenue growth, driven by a 90.6% increase in brokerage commission and handling charge income, and a 79.2% rise in interest income [7][10] - The company achieved a 42.6% year-over-year growth in funded accounts and a 30.8% increase in brokerage accounts, with a total user growth of 16.8% year-over-year [8] - FUTU's client acquisition strategy has been successful, particularly in Hong Kong, contributing to a 79% year-over-year increase in total client assets and a 105% rise in trading volume [9] - The company is also experiencing significant growth in crypto trading, with a 161% sequential increase in trading volume and a 90% sequential surge in crypto assets [11] Group 3: Financial Estimates and Valuation - The Zacks Consensus Estimate for SKIL indicates year-over-year declines of 3.6% in sales and 3.7% in EPS for fiscal 2026, with one estimate increasing over the past 60 days [12] - In contrast, the Zacks Consensus Estimate for FUTU shows year-over-year surges of 60.2% in sales and 90.2% in EPS for 2025, with two estimates moving upward in the past 60 days [13] - SKIL is trading at a forward price-to-earnings ratio of 1.56, significantly lower than its 3-month median of 3.75, while FUTU's ratio is 15.46, below its 3-month median of 17.45, indicating that SKIL appears undervalued compared to FUTU [15] Group 4: Overall Verdict - Both SKIL and FUTU are emerging tech stocks with growth potential, with SKIL undergoing a structural pivot towards a lean AI-native digital subscription model, while FUTU benefits from customer base expansion and crypto market opportunities [17] - SKIL is considered a more compelling opportunity for growth-oriented investors due to its lower valuation compared to FUTU, with SKIL holding a Zacks Rank 1 (Strong Buy) and FUTU a Zacks Rank 2 (Buy) [18]

Core Viewpoint - Gao Shan Enterprises (00616.HK) has entered a non-binding memorandum of understanding to subscribe for shares in a joint venture company focused on developing and/or investing in stablecoins and other blockchain-related businesses in the ASEAN region [1] Group 1: Joint Venture Details - The joint venture is expected to have between 5 to 10 potential subscribers, with a total fundraising target of approximately $4.5 million [1] - Two potential subscribers have signed the memorandum, including Gao Shan Enterprises and Harvest Vast Limited, a subsidiary of Futu Holdings Limited (stock code: FUTU) [1] Group 2: Market Opportunity - Gao Shan Enterprises believes that the stablecoin industry presents significant business opportunities, and the establishment of the joint venture will facilitate the company's participation or investment in the stablecoin and/or blockchain-related sectors [1]

Core Viewpoint - The internationalization of the Hong Kong stock market and its robust regulatory system are attracting more investors, with the number of Hong Kong stock investors exceeding 28 million and mobile trading accounting for 83% of transactions [1][13]. Group 1: Market Landscape of Hong Kong Stock Trading Software - The Hong Kong stock trading software market is divided into two main categories: comprehensive brokerage platforms like Futu NiuNiu and Huasheng Securities, and multi-market information tools like Sina Finance APP and Tonghuashun that support Hong Kong stock trading [3][15]. - According to multiple professional evaluations in 2025, the top five most popular trading applications are Sina Finance APP, Futu NiuNiu, Tonghuashun, Xueying Securities, and Huasheng Securities, evolving from mere market observation tools to decision-making hubs that integrate global monitoring, intelligent analysis, and strategy execution [3][15]. - Sina Finance APP ranks first in the industry with a comprehensive score of 9.56, surpassing competitors like Tonghuashun and Dongfang Caifu, and has a significant user base in first-tier cities [3][15]. Group 2: Features of Leading Applications - Sina Finance APP stands out due to its "global monitoring × intelligent tools × social validation" three-dimensional architecture, covering real-time market data from over 40 global financial markets, including A-shares, Hong Kong stocks, US stocks, futures, foreign exchange, and precious metals [4][16]. - The Level-2 high-speed market system of Sina Finance APP reduces traditional delays from 3 seconds to microsecond levels, allowing users to capture minute price differences in blue-chip stocks like Tencent and Meituan [4][16]. - The "Xina AI Assistant" feature condenses lengthy annual reports into concise summaries and generates investment strategies based on market conditions, enhancing decision-making for users [4][16]. Group 3: Characteristics of Other Mainstream Applications - Futu NiuNiu is recognized as a leading technology brokerage in Hong Kong, offering free LV2 US stock depth data and supporting pre-market and after-hours trading, making it a preferred choice for tech-savvy users [6][18]. - Tonghuashun appeals to tech enthusiasts with its upgraded MindGo system, which supports millisecond-level backtesting and high-frequency strategy execution [6][18]. - Xueying Securities allows investment in over 100 global markets from a single account and offers free Level-2 market data, catering to younger investors seeking convenience [6][18]. - Huasheng Securities is optimized for mobile users, particularly suitable for high-frequency trading scenarios, and was awarded "Best Hong Kong and US Stock Brokerage APP" in 2021 [6][18]. Group 4: Choosing the Right Software - Global allocation investors should prioritize Sina Finance APP for its extensive market coverage and AI alert system, which can monitor the correlation between Hong Kong stocks and US Treasury yields [10][20]. - Tech-savvy users may find a combination of Tonghuashun and Futu NiuNiu ideal, as they provide advanced data analysis and trading tools [10][20]. - Community-dependent retail investors might consider Xueying Securities for its free Level-2 data and social sentiment analysis features [10][20]. - New users are advised to choose platforms like Tiger Securities or Tonghuashun for their user-friendly interfaces [10][20].