历史上，向来有 "时势造英雄" 之说；在资本市场中，技术、行业格局等外部环境，同样深刻影响着各 类资产的价值走向。 比如当下"链下金融小登"们对"传统金融老登"们的冲击。嘉信理财便是这轮冲击浪潮的潜在受害者。 嘉信理财是美国使用最大的理财平台之一，其成功路径是低价、全面的交易业务吸引流量、沉淀资产， 在以财管、息差业务变现。 不过这种路径有被加密平台威胁的风险，在美国币股投资融合趋势已经非常明显，嘉信理财因为缺少加 密资产布局，其资产开始被加密券商、加密交易所分流。而加密平台也正紧锣密鼓的丰富理财业务，意 图分食财富管理市场。 加密平台能否撼动嘉信理财，本文持有以下观点： 1、嘉信理财加密资产布局落后。嘉信理财计划未来一段时间内上线比特币和以太坊现货交易。但功能 上线不代表竞争力提升，嘉信理财既需要具备识别主流加密资产外更多的加密资产识别能力，也要在资 产代币化等新领域补上短板。 2、嘉信理财必须跟上加密浪潮。嘉信理财成功的基础是，用户可实现一套完整的财富管理规划。一旦 没跟上加密资产交易，嘉信的服务将出现断点。加密券商等后起之秀也有机会以此为突破，抢占财管份 额。 3、链上金融对传统金融发起了全面挑战。链上 ...

Investment Rating - The report suggests a focus on finding outperforming and reversal stocks in the market [2][11]. Core Views - The report indicates that Hong Kong internet stocks and overseas Chinese assets are unlikely to see significant short-term gains due to static valuations amid international conditions and upcoming quarterly reports. Major players like Alibaba may face short-term profit-taking, while companies with solid fundamentals like Tencent and PDD are recommended for continued investment [3][17]. - The cryptocurrency market is under short-term pressure with no new narratives, leading to retail sentiment-driven declines. The report suggests a cautious approach to virtual assets [3][17]. - The report expresses optimism regarding the policy landscape for cross-border internet brokerages, suggesting that investors should look for opportunities to increase positions [3][17]. - The report highlights potential outperformers in sectors such as outdoor sports wearables, leading coffee brands, overseas e-commerce platforms, and certain consumer goods, particularly in light of expected positive quarterly results [3][17]. Industry Situation Tracking Education - The education index decreased by 0.93%, underperforming the Shanghai Composite Index but outperforming other indices. Notable stock movements include 51talk up by 34.11% and Yuhua Education down by 11.48% [12][18]. Luxury Goods and Gambling - The luxury goods index rose by 3.92%, while the gambling index fell by 3.22%. LVMH reported a 10.93% increase in stock price, indicating a recovery in domestic consumption in China [22][31]. Coffee and Tea - The coffee sector remains robust with potential for increased per capita consumption, while the tea sector faces challenges due to increased competition and regulatory changes [12][33]. E-commerce - The e-commerce sector is experiencing pressure, with the Hang Seng Internet Technology Index down by 8.04%. Key players like Alibaba and Pinduoduo showed positive movements, indicating resilience amid competition [36][40]. Streaming Platforms - The media index fell by 8.3%, with major streaming platforms like Tencent Music and iQIYI experiencing declines. The report suggests continued monitoring of these platforms for potential recovery [44][45]. Virtual Assets and Internet Brokerages - The global cryptocurrency market capitalization decreased by 2.2%, with Bitcoin and Ethereum prices falling by 6.0% and 14.0% respectively. The report highlights the performance of brokerage firms like Tiger Brokers and Futu Holdings, which showed positive growth [47][49].

Spot Bitcoin exchange-traded funds (ETFs) in the United States saw over $1.2 billion in outflows this week, cementing a brutal week for Bitcoin and digital asset products. According to data from SoSoValue, Friday alone saw $366.6 million in redemptions, led by BlackRock’s iShares Bitcoin Trust, which lost $268.6 million. Fidelity’s fund shed $67.2 million, Grayscale’s GBTC recorded $25 million in outflows, while Valkyrie saw only minor redemptions. This was the worst week for Bitcoin ETFs since mid-2024, ...

Bank stocks are tumbling as concerns about bad loans at regional banks have worried global investors. CNBC’s Leslie Picker reports on the selloff and what’s driving it. Charles Schwab CEO Rick Wurster discusses the health of the U.S. lending ecosystem and his own firm’s record quarter, including Gen Z appetite for retail investing and growing demand for alternative assets. CNBC’s Steve Liesman breaks down the latest CNBC All-America Economic Survey, and Eamon Javers reports on Treasury Secretary Scott Besse ...

Um, let's get back to the broader market now. Investors perhaps brushing off some of the initial concerns around tra around trade tensions with China. Certainly, all the major indices are still tracking for what would be the second positive week of the last three.Joining us now with an outlook uh is Charles Schwab, head trading strategist Joe Misola. Joe, uh, good to have you this morning. I guess I'd love to start you off on just some of the weakness we saw yesterday in terms of this sudden concern around ...

Charles Schwab reported a 48% increase in new assets.Retail investors are saving legacy finance firms. https://t.co/jAky9oQijj ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Core Insights - Charles Schwab Corp. reported third-quarter earnings that exceeded estimates, driven by a surge in retail investing activity [1][3] Financial Performance - The firm reported $134.4 billion in total net new assets, a 48% increase from a year earlier, surpassing analysts' forecast of $130.2 billion [2] - Daily average trades grew 30% to 7.42 million, exceeding the expected 7.25 million [2] Growth Drivers - CEO Rick Wurster highlighted strengthening organic growth trends, increasing adoption of wealth solutions, and favorable macroeconomic conditions as key factors for record revenue and earnings per share [3] - Schwab has seen consistent interest from retail customers, with over 1 million new brokerage accounts opened for the fourth consecutive quarter [4] Market Positioning - The firm is focusing on attracting younger clients, with one-third of new retail households being Gen Z customers under 28 years old [5] - Schwab plans to introduce spot cryptocurrency trading in the first half of 2026, indicating a strategy to appeal to younger investors [5] Expansion Strategy - The company is investing in physical locations, planning to add 16 new branches and expand or relocate 25 existing locations [6] Industry Context - Schwab's earnings follow strong results from major Wall Street banks, which also benefited from heightened client interest in the stock market [7] - Schwab shares rose 0.5% following the earnings report, and the company repurchased 28.9 million shares for $2.7 billion during the third quarter as part of a $20 billion stock-buyback program [8]

Group 1 - Taiwan Semiconductor reported strong earnings, significantly exceeding expectations, contributing to a rise in the Dow Jones index [1][2] - Charles Schwab experienced a 70% increase in earnings, reaching a record $1.31 per share adjusted, with revenue also showing substantial growth [1] - Interactive Brokers is positioned in a buy zone ahead of its quarterly results, indicating positive market sentiment towards financial services firms [1][4] Group 2 - The overall market sentiment is buoyed by strong performances from tech and finance giants, with a focus on guidance during the earnings season [4] - Companies like Shopify and TE Connectivity are hitting new highs, reflecting increased investor appetite for AI-related stocks [4] - Nvidia and Palantir remain favored by top funds, indicating ongoing confidence in these technology stocks [4]

Core Insights - Charles Schwab (SCHW) achieved record net revenues of $6.14 billion for Q3 2025, reflecting a 27% year-over-year increase and surpassing the Zacks Consensus Estimate of $5.95 billion [1][10] - Adjusted earnings per share rose 70% from the previous year to $1.31, exceeding the consensus estimate of $1.23 [1][10] Revenue Growth Drivers - Record net new assets of $137.5 billion were attracted during the quarter, a 44% year-over-year increase, bringing total client assets to an all-time high of $11.59 trillion [2] - Daily average trading volumes increased by 30% year-over-year to 7.42 million trades, leading to a 25% rise in trading revenues to $995 million [3] - Net interest revenues (NIR) grew by 37% year-over-year to $3.05 billion, supported by a net interest margin increase of 78 basis points to 2.86% [4][5] Asset Management and Other Revenue Streams - Revenues from asset management and administration rose 13% to $1.67 billion, driven by strong equity market performance and record adoption of wealth solutions [6] - The company reported a 4% increase in total non-interest expenses to $3.11 billion, with adjusted total expenses rising 5% year-over-year to $3 billion [8] Client Engagement and Market Conditions - The company opened over 1 million new brokerage accounts for the fourth consecutive quarter, indicating strong client engagement [3] - Positive market conditions, including strong equity markets and client optimism, contributed to asset growth and trading activity [7] Market Sentiment - Despite strong financial performance, Schwab's shares experienced a slight decline of almost 1% due to sector-wide concerns regarding regional banks and increasing credit stress [9]