吴说获悉，据向 SEC 提交的 13F 报告显示，美国资管巨头嘉信理财（Charles Schwab Investment Management） 最新披露持有 1,712,780 股 BMNR，市值约 8890 万美元。 （来源：吴说） ...

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Deep-pocketed investors have adopted a bullish approach towards Charles Schwab (NYSE:SCHW), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in SCHW usually suggests something big is about to happen.We gleaned this information from our observations today when Benzinga's options scanner highlighted 32 extraordinary options activities for Char ...

Key Takeaways Schwab stock gained 1.7% after unveiling a $660M all-cash deal to acquire Forge Global.The acquisition enhances Schwab's access to private markets for retail and advisor clients.Schwab plans to integrate Forge's platform to boost transparency and expand investor access.Charles Schwab (SCHW) shares gained 1.7% following its announcement of an agreement to acquire Forge Global Holdings, Inc. (FRGE) on Nov. 6. The all-cash transaction is valued at roughly $660 million. Forge Global, based in Cali ...

Investment Rating - The report suggests a focus on cloud vendors and companies with exceeding expectations in the current market environment [3]. Core Insights - The report highlights a divergence in market performance, with consumer companies facing pressure while AI technology companies continue to show mixed results. Concerns about AI valuation bubbles persist, but leading tech companies like Microsoft, Google, and Meta maintain strong cash flows, suggesting a stable outlook for cloud vendors [3]. - The gaming demand remains robust, although there is a short-term lack of new game releases. Attention is drawn to the progress of key game tests and launches, which could drive revenue growth for related companies [3]. - The report emphasizes the importance of monitoring quarterly reports from major Chinese companies like Tencent, JD, Baidu, and Alibaba, as well as the ongoing value in sectors like PDD and the gaming industry [3]. Summary by Sections 1.1 Consumer & Internet - **Education**: The education index fell by 3.59%, with notable performance differences among companies. The implementation of a spring and autumn break system in Sichuan is expected to impact the sector positively [11][18]. - **Luxury & Gaming**: The luxury goods and gaming sectors are closely tied to macroeconomic conditions. Recent Q3 earnings from major gaming companies exceeded expectations, benefiting from a longer holiday schedule in 2026 [19][24]. - **Coffee & Tea**: The coffee sector remains vibrant, while the tea sector faces challenges due to reduced delivery platform subsidies and seasonal competition [3][27]. - **E-commerce**: The e-commerce sector is under pressure, with a lackluster performance during the Double Eleven shopping festival [3][35]. 1.2 Platform & Technology - **Streaming Platforms**: The streaming sector is driven by domestic demand, with platforms like Spotify reporting better-than-expected earnings [3][42]. - **Virtual Assets & Internet Brokers**: The cryptocurrency market is experiencing volatility, with a significant drop in global market value. However, there are potential buying opportunities following recent corrections [3][43]. - **Automotive Services**: The automotive aftermarket is projected to decline, with a year-over-year decrease of 4% expected by October 2025 [3][61]. 1.3 Media - The media sector is experiencing mixed performance, with streaming services facing challenges but also opportunities for growth through strategic partnerships and content offerings [3][41].

Client Assets and Growth - The Charles Schwab Corporation manages $11.59 trillion in client assets, representing a significant growth opportunity within the U.S. investable wealth market exceeding $75 trillion[11]. - Net new client assets increased by 48% to $134.4 billion in Q3 2025, and by 34% to $340.4 billion for the first nine months[21]. - The acquisition of Forge Global Holdings, Inc. is expected to enhance Schwab's capabilities in private markets, meeting the evolving needs of its growing client base[18]. Financial Performance - Total net revenues grew by 27% year-over-year to $6.1 billion in Q3 2025, totaling $17.6 billion for the first nine months, a 23% increase[22]. - Net income reached $2.4 billion in Q3 2025, up 67% year-over-year, and $6.4 billion for the first nine months, a 56% increase[22]. - Diluted earnings per share (EPS) rose by 77% to $1.26 in Q3 2025 and by 62% to $3.33 for the first nine months[22]. Revenue Sources - Net interest revenue rose by 37% to $3,050 million in Q3 2025, up from $2,222 million in Q3 2024[29]. - Trading revenue increased by 25% to $995 million in Q3 2025, up from $797 million in Q3 2024[29]. - Asset management and administration fees grew by 13% to $1,673 million in Q3 2025, compared to $1,476 million in Q3 2024[29]. Expenses and Cost Management - Total expenses excluding interest were $3.1 billion in Q3 2025, a 4% increase from the same period in 2024[23]. - Total expenses excluding interest increased by $109 million, or 4%, in Q3 2025, and by $416 million, or 5%, in the first nine months, compared to the same periods in 2024[47]. - Total compensation and benefits expense rose by 9% in Q3 2025 and by 8% in the first nine months, mainly due to annual merit increases and higher incentive compensation[47]. Regulatory and Economic Environment - General economic conditions, including interest rates and market volatility, are critical factors influencing Schwab's ability to attract and retain clients[18]. - The company is actively monitoring regulatory developments and their potential impacts on operations and financial results[18]. - The Federal Reserve maintained the upper bound of the target overnight rate at 5.50% through most of 2024 before reducing it to 4.25% in September 2025[31]. Capital Management and Shareholder Returns - The company repurchased $2.7 billion in common stock during Q3 2025, totaling $4.6 billion year-to-date[24]. - Cash dividends paid for common stock in the first nine months of 2025 totaled $1.477 billion, with a per share amount of $0.81, compared to $1.379 billion and $0.75 in 2024[112]. - The Company repurchased $2.7 billion of common stock in Q3 2025 and a total of $4.6 billion in the first nine months of 2025, with approximately $17.3 billion remaining on the new $20 billion share repurchase authorization[116]. Asset Quality and Risk Management - The credit quality metrics for the bank loans portfolio remain strong, with projected loss rates held constant compared to December 31, 2024[169]. - The company has no loans accruing interest that are contractually 90 days or more past due as of September 30, 2025[167]. - The company utilizes interest rate swap derivative instruments to manage interest rate risk, which is incorporated into net interest revenue analyses[66]. Liquidity and Funding - The Company maintained a Liquidity Coverage Ratio (LCR) of 134% as of September 30, 2025, above the required 100%[96]. - Cash and cash equivalents decreased by $11.5 billion from year-end 2024 to $30.6 billion at September 30, 2025, reflecting a reduction in bank supplemental funding of $35.1 billion[95]. - The company has established liquidity policies to ensure ongoing and sufficient liquidity to meet operational needs under both normal and stressed conditions[82]. Market and Trading Activity - Active brokerage accounts increased by 6% year-over-year to 38.0 million at the end of Q3 2025[21]. - The number of trading days remained stable at 63.5 days in Q3 2025, while the average revenue per trade decreased by 4% to $2.11[41]. - Schwab transferred $63.3 billion from other third-party mutual funds and ETFs to its Mutual Fund OneSource and other NTF funds in the first nine months of 2025[40].

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PresentationJeff EdwardsMD & Head of Investor Relations We're joining live from the Schwab Impact Conference in Denver, where a lot of exciting conversations around the independent advice space have been taking place all week. Of course, today, we had some more exciting news across the wires. Hopefully, you've had a chance to review our press release earlier this morning announcing our acquisition of Forge Global. During today's short call, management will share some initial perspectives on this great oppor ...

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Charles Schwab’s head of advisor services said during the firm’s annual conference that its acquisition of private markets platform Forge Global Holdings is an important move to expand alternative investment options for its registered investment advisors that custody with the firm. “We believe it's on trend, on market,” Jon Beatty, head of Schwab Advisor Services, told reporters at Schwab Impact ...

Rick Worester, president, CEO, Charles Schwab. Thank you for being with us here at Schwab Impact. Uh, it's huge. It's the biggest ever. >> It is our biggest ever. It's so great to see the enthusiasm here, the spirit of helping clients. Uh, this industry's grown so much and the fact that we've got a record audience here is testament to that. >> It's been incredible. We've had so many great guests and conversations. But I want to start with the big news of Charles Schwab and that is the acquisition of Forge G ...