Core Insights - Futu Holdings (NASDAQ: FUTU) combines trading and a social platform similar to Reddit, which is driving significant user growth and increasing Average Revenue Per User (ARPU) [1] - The company has multiple growth avenues due to its core business model [1] Company Overview - Futu Holdings operates a unique ecosystem that integrates trading functionalities with social networking features, enhancing user engagement and retention [1] - The firm has shown impressive user growth metrics, indicating a strong market presence and potential for future expansion [1] Investment Perspective - The article reflects a cautious investment stance, suggesting that while Futu Holdings has growth potential, there may be better investment opportunities available [1]

Group 1 - Futu Holdings Limited (FUTU) has seen a 7.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Pan American Silver Corp. (PAAS) has experienced a 9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - RAPT Therapeutics, Inc. (RAPT) has seen a significant increase of 72.1% in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Hamilton Insurance Group, Ltd. (HG) has experienced an 18.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Invesco Ltd. (IVZ) has seen a 7.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies Core Insights - The Hong Kong Stablecoin Ordinance will take effect on August 1, 2024, with initial licenses expected to be limited to a single-digit number, focusing on applicants' reserve management, compliance, and technical security [1][34] - The regulatory framework for virtual assets in Hong Kong includes various license types, such as VATP licenses for trading platforms and specific licenses for stablecoin issuers, with stringent requirements [2][35] - The stablecoin supply chain is categorized into upstream (infrastructure), midstream (issuers and distributors), and downstream (application scenarios), highlighting the ecosystem's complexity and interdependencies [3][12][13] Summary by Sections 1. Hong Kong Virtual Asset Regulatory Framework - Different types of licenses are required for various players in the virtual asset space, including VATP licenses for trading platforms and upgraded licenses for existing SFC licensees [2][11] - The entry threshold for stablecoin issuers includes a paid-up capital of at least HK$25 million and compliance with quarterly audits and reserve asset regulations [10][28] 2. Stablecoin Supply Chain - The stablecoin supply chain is divided into three segments: upstream (infrastructure), midstream (issuers and distributors), and downstream (application scenarios) [3][12] - Key players in the midstream include issuers like Circle and Tether, and distributors such as licensed trading platforms and brokers [12][13] 3. Stablecoin Issuance Process - The stablecoin issuance process involves several steps, including user exchange initiation, fund custody, reserve management, and issuance of stablecoins [4][20] - Issuers maintain a 1:1 reserve mechanism to ensure stablecoin value is pegged to fiat currencies, with reserves diversified into cash and low-risk assets [19][20] 4. Profitability Models - Stablecoin issuers generate revenue primarily from interest on reserve assets, while distributors earn from transaction fees and other services [5][23] - The report highlights the clear profitability paths for stablecoin issuers and distributors, emphasizing their potential for resource integration across the supply chain [5][23] 5. Comparison with Mainland China - The report outlines the stablecoin landscape in Hong Kong and mainland China, identifying key participants and their roles within the ecosystem [14][15] - Notable players include custodians, issuers, and distributors, with a focus on the regulatory sandbox initiatives in Hong Kong [16][30] 6. Impact on Traditional Payment Systems - The emergence of stablecoins is expected to disrupt traditional payment models, offering new opportunities for payment service providers to expand their services [31] - Stablecoins may enable payment processors to access diverse payment scenarios and enhance their offerings through technology integration [31]

Investment Rating - The report maintains an optimistic outlook on the Hong Kong stock market, particularly regarding new IPOs and sectors such as new consumption and innovative pharmaceuticals [3][10]. Core Insights - The asset trading platform remains a clear direction for investment, with a focus on the expansion of various asset transactions and liquidity [3][10]. - The report highlights the positive trend in virtual assets, including stablecoins, with traditional financial institutions increasingly entering this space [3][10]. - Recent upgrades in subsidies for e-commerce and food delivery platforms are expected to benefit sectors like coffee and tea drinks, as well as advertising channels [3][10]. Industry Situation Tracking 1. Education - The Chinese education index increased by 2.47% from July 7 to July 11, outperforming major indices [11][20]. - Notable stock performances include New High Education Group rising by 24.18% and Fenbi increasing by 13.44% [11][20]. 2. Luxury Goods - The luxury goods sector faced slight pressure due to macroeconomic impacts, with notable stock movements including Samsonite up by 3.76% and Prada down by 0.99% [22][24]. 3. Coffee and Tea Drinks - The coffee sector remains highly prosperous, with significant benefits from platform subsidies, while tea drinks also see substantial gains [26][27]. - Luckin Coffee opened 373 new stores, with a focus on both first and second-tier markets [32]. 4. E-commerce and Internet - The Hang Seng Internet Technology Index saw a slight increase of 0.18%, with stocks like Beike and Dingdong rising by 6.34% and 3.85% respectively [31][36]. - The competition in the e-commerce sector remains fierce, with significant subsidy initiatives impacting profitability [31][38]. 5. Streaming Platforms - The Hang Seng Media Index rose by 2.2%, with stocks like NetEase Cloud Music and iQIYI showing positive performance [37][42]. 6. Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization reached $374.04 billion, with Bitcoin and Ethereum prices increasing by 8.8% and 17.9% respectively [41][43]. - The report emphasizes the ongoing development of regulatory frameworks for virtual assets in both the US and Hong Kong [48].

Group 1 - Morgan Stanley raised the target price for Futu Holdings from $145 to $185 [1]

Core Insights - Moomoo's Q2 2025 North American user survey indicates that investors are neutral but expect increased volatility in the second half of the year, despite a focus on growth and confidence in achieving investment goals [1][3][4] - The survey, which included 1,200 participants, revealed that while more investors reported making money compared to the previous year, concerns about inflation led to mixed reactions among users [4][5] User Sentiment and Market Performance - Investors anticipate only a few interest rate cuts from the Federal Reserve in 2025, even amid recession fears and rising unemployment [2] - The S&P 500 index rose by 5.5%, the Nasdaq 100 index increased by 7.9%, and the Magnificent Seven index gained 2.5% as of June 30, 2025, indicating a recovery from earlier market dips [3] Investment Behavior and Tools - Moomoo users are increasingly utilizing advanced features such as AI and extended trading hours, reflecting a demand for more accessible information [2] - The platform encourages a diversified trading approach, with users trading more frequently to meet their financial goals, despite expectations of volatility [4] Company Overview - Moomoo is a financial information and trading app that provides users with professional-grade tools and insights to enhance their investment decisions [8][9] - The app is available globally, including in the U.S., Canada, and several other countries, and offers educational resources to help investors improve their knowledge [8][9]

Core Viewpoint - The article highlights significant stock movements in the Hong Kong and US markets, indicating various companies experiencing notable gains due to specific events or developments. Hong Kong Market Highlights - Li Auto (02015) saw a rise of over 3% as the launch of the Li i8 is set for July 29 [1] - Chinese banks experienced gains, with Zhengzhou Bank (06196) up 6.06%, Minsheng Bank (01988) up 4.97%, CITIC Bank (00998) up 3.24%, and Industrial and Commercial Bank of China (01398) up 1.8% [1] - Jiuyuan Gene (02566) increased by over 6% following the approval of its drug by the National Medical Products Administration [1] - Conant Optical (02276) rose over 6% as its net profit is expected to increase by over 30% year-on-year [1] - Puxing Energy (00090) surged over 220% after acquiring equity in HashKey Holdings Limited, entering the digital asset finance sector [1] - Blucube (00325) saw a rise of over 8% as it faced its first share unlock, with an accelerated pace of new product launches [1] - InnoCare Pharma (02577) rose over 5% as TSMC exited the GaN business, prompting cornerstone investors to extend their lock-up period [2] - Jitu Express (01519) increased over 4% due to strong package volume performance in Southeast Asia [2] - Apple-related stocks saw gains, with Cowell (01478) up 5.14%, Sunny Optical (02382) up 4.99%, BYD Electronics (00285) up 4.67%, and AAC Technologies (02018) up 1.89% [2] - From Yuzhi Agriculture (00875) surged over 13% as the company aims to build a comprehensive modern agriculture flagship group [2] - Fenbi (02469) rose over 5% following an upgrade to its AI question-answering system, which is expected to drive performance growth [2] - E-Surfing (02550) increased over 16% after Barclays acquired a 280 million stake and partnered with Huawei Cloud [2] - Cryptocurrency ETF and related stocks rose, with New Fire Technology Holdings (01611) up 10.82%, Xiong'an Technology (01647) up 10.23%, and others [2] - Superstar Legend (06683) surged over 20% as Jay Chou joined Douyin, gaining over 10 million followers [3] - Cornerstone Pharmaceuticals (02616) rose over 4% after its drug production application was approved by NMPA [3] - Longguang Group (03380) opened over 4% higher as its debt restructuring plan was approved by creditors [3] - Saijing Technology (00580) opened over 8% after announcing a projected net profit of approximately 90 million, a 167% year-on-year increase [3] - Derin Holdings (01709) opened nearly 15% higher as it plans to tokenize up to 500 million HKD in assets for distribution to shareholders [3] US Market Highlights - Deutsche Bank (DB.US) rose over 3% as it restructures its wealth management business in Germany to improve profitability [4] - UnitedHealth (UNH.US) fell over 1% amid reports of a US Department of Justice investigation into its medical insurance billing [4] - Futu Holdings (FUTU.US) increased over 9% after Morgan Stanley raised its target price to 160 USD [4] - Boeing (BA.US) rose over 3% as June aircraft deliveries reached an 18-month high [4] - Meta (META.US) increased nearly 2% as it reportedly invested 3.5 billion USD to enhance its AI smart glasses business [4] - Nvidia (NVDA.US) rose nearly 2%, reaching a historic high with a market capitalization of 4 trillion USD [4] - Microsoft (MSFT.US) hit a historic high with a market capitalization of 3.74 trillion USD, following an upgrade from Oppenheimer [4]

Group 1 - The core viewpoint of the article highlights the significant rise in brokerage stocks, driven by the potential of virtual currencies as a catalyst for growth in the sector [1][2] - Brokerage stocks such as Zhongyin Securities and Hongta Securities saw notable increases, with Zhongyin rising over 8% and Hongta over 4% [1][2] - In the Hong Kong market, related stocks like Shenwan Hongyuan Hong Kong surged over 10%, while Futu Securities and Tiger Brokers also experienced substantial gains [1][2] Group 2 - Analysts suggest that the rise in brokerage stocks is closely linked to the trend of virtual assets, with institutions believing that virtual assets are becoming a significant trend [2] - Futu Securities and Tiger Brokers have shown positive trends in trading volume and net inflows, leading to upward adjustments in their projected net profits for the year [2][3] - Both platforms have launched virtual asset trading in Hong Kong and are in the process of obtaining necessary licenses [2] Group 3 - The global expansion of Futu and Tiger Brokers continues, with Futu adding 260,000 net inflow users in Q1, reaching 33% of its annual guidance, and Tiger adding 60,000 users, reaching 41% of its guidance [3] - There are indications that the brokerage sector may be on the verge of a significant breakout, similar to the market conditions seen at the end of 2014 [4] - Recent developments, such as the inclusion of RMB stock trading in the Hong Kong Stock Connect and the upcoming implementation of the Stablecoin Regulation in Hong Kong, are expected to enhance market dynamics [4][5]

Core Viewpoint - The recent approval of VATP licenses by the Hong Kong Securities and Futures Commission (SFC) has led to a surge in stock prices for Chinese brokerage firms, highlighting the significance of licensing in the virtual asset trading landscape [1][2]. Group 1: License Upgrades and Market Dynamics - The upgrade of the "brokerage one license" allows firms like Guotai Junan International to offer virtual asset trading services under existing securities accounts, but it does not grant the full capabilities associated with VATP licenses [2][5]. - Several internet brokerages, including Futu Securities, have already obtained the upgraded license and launched virtual asset trading services targeting retail investors, with Futu's estimated annual trading volume reaching 500 billion HKD [2][4]. - As of July 8, 2023, the SFC has approved 42 institutions for the upgrade, with over 30 being brokerages [2][4]. Group 2: VATP License Significance - The VATP license provides a more comprehensive service capability, including virtual asset custody, trading matching, and fiat-to-crypto exchanges, which is not available under the brokerage one license [6][7]. - The application process for VATP licenses is more complex and lengthy compared to the brokerage one license, with only 11 VATP licenses currently issued by the SFC [6][8]. Group 3: Competitive Landscape and Future Prospects - Futu Group's subsidiary, Cheetah Trading (Hong Kong) Limited, is set to obtain a VATP license, which will enhance its competitive edge in the market by integrating both brokerage and VATP capabilities [7]. - The combination of brokerage one and VATP licenses is expected to create a robust ecosystem for virtual asset trading, allowing firms to offer a closed-loop service to clients [7][9]. - As the regulatory framework matures, investors are increasingly focusing on compliant trading channels, which offer advantages such as fund security, transparency, and legal protection [8][9].

Group 1 - Xi Jinping emphasized the development of wind power, hydrogen energy, and other energy sources to build a new energy system while ensuring coal supply responsibilities [1] - The coal industry is encouraged to transition from low-end to high-end products, moving from primary fuels to high-value products [1] Group 2 - Trump announced a 50% tariff on copper products and up to 200% on pharmaceuticals, causing New York copper futures to surge by 17% to a record high [2] - The potential tariffs could increase costs for many industries reliant on copper and disrupt the global copper supply chain [2] Group 3 - The State Council issued a directive to promote the application of AI large models and new technologies in government services to enhance administrative efficiency [3] - The focus is on ensuring safety while steadily advancing the integration of these technologies [3] Group 4 - Tongwei Co. stated that there is no confirmed news regarding the recent rumors of silicon material storage, but prices for silicon materials have significantly increased [4] - The photovoltaic sector is actively responding to market conditions, leading to notable performance among silicon material companies [4] Group 5 - The Chinese government is set to release June CPI data, which may impact market expectations and investment strategies [5] - Investment advice emphasizes avoiding foolish mistakes rather than trying to appear overly clever, highlighting the importance of long-term advantages [5] Group 6 - Various securities firms suggest that "anti-involution" and AI are key drivers for market growth, with potential for major financial and cyclical resource sectors to lead the way [6][7] - There is a high probability of the Shanghai Composite Index breaking through the 3500-point mark, with financial and technology sectors expected to play crucial roles [7] Group 7 - Seven departments jointly released opinions to accelerate the construction of a universal childcare service system, indicating growth potential in the maternal and infant sector [8] - Zhejiang province launched a consumption promotion action for the summer of 2025, focusing on cultural tourism and sports events, which may benefit related sectors [9] Group 8 - Meta reportedly invested $3.5 billion in a European partner for AI smart glasses, which are expected to be a key application for AI technology [10] - The market is anticipated to enter a phase of intensive new product releases, benefiting the related industry chain [10] Group 9 - Shen Shen Fang A reported a net profit of 85 million to 120 million yuan for the first half of the year, marking a year-on-year increase of 1411.70% to 2034.17% [11] - Shengnong Development expects a net profit of 850 million to 950 million yuan for the first half of the year, reflecting a year-on-year growth of 732.89% to 830.88% [13]