Investment Rating - The report maintains a "Buy" rating for Robinhood Markets with a target price of $150.00, representing a 23% upside from the previous closing price [3][48]. Core Insights - Robinhood's financial performance in Q3 2025 showed significant growth, with total revenue reaching $1.274 billion, doubling year-over-year and increasing nearly 30% quarter-over-quarter. Net profit surged 271% to $556 million, with diluted earnings per share (EPS) of $0.61, up 259% year-over-year [2][10][11]. - The trading business emerged as the primary growth driver, with trading revenue of $730 million, including a more than 300% increase in cryptocurrency revenue to $268 million. Interest income also grew by 66% to $456 million [2][11][12]. - The company is expanding its market share in various sectors, including stocks, options, and cryptocurrencies, while also launching new products aimed at professional traders and international clients [3][18]. Financial Performance Summary - Total revenue for Q3 2025 was $1.274 billion, a 100% increase year-over-year and a 29% increase quarter-over-quarter, exceeding market expectations by 5% [10]. - Net profit reached $556 million, reflecting a 271% year-over-year increase and a 44% quarter-over-quarter increase [10]. - Adjusted EBITDA was $742 million, with a profit margin of 58%, marking a 177% year-over-year growth [10]. - The average revenue per user increased to $191, an 82% year-over-year growth, indicating improved user quality [17]. Business Segments and Growth Drivers - Trading revenue totaled $730 million, a 129% year-over-year increase, driven by significant growth in cryptocurrency, options, and stock trading [11][12]. - Cryptocurrency revenue alone reached $268 million, more than tripling year-over-year, supported by increased market activity and the acquisition of Bitstamp [11][12]. - Net interest income grew to $456 million, a 66% increase, primarily due to the expansion of interest-earning assets [11][12]. Strategic Developments - Robinhood is set to launch new products and services, including features for professional traders and banking services for Gold users, while also expanding its international presence [3][18]. - The company completed the acquisition of Bitstamp and plans to acquire WonderFi, enhancing its global footprint in the cryptocurrency sector [3][18]. - The prediction market business is rapidly growing, with an annualized revenue nearing $300 million as of October 2025 [3][7].

新力量 New Force 第一上海研究部 research@firstshanghai.com Robinhood Markets（HOOD，买入）：增长质量显著提升，盈利能见度驱动价值回归 【公司评论】 特斯拉（TSLA）：周报 【行业评论】 互联网行业周报 评级变化 总第 4903 期 2025 年 11 月 14 日 星期五 研究观点 【公司研究】 | 公司 | 评级 代码 | | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 新 旧 | 新 | 新 旧 | 变动 | | 旧 | 变动 | 新 | 旧 | 变动 | | Robinhood(美元) | HOOD | | 买入 买入 150.00 158.00 | -5% | 1.980 | 1.860 | 6% | 2.300 | 2.430 | -5% | 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400-882-1 ...

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 60.00 / USD 22.80, representing a potential upside of 36.2% / 36.8% from the current price [2][4]. Core Insights - The company has demonstrated significant cost reduction and efficiency improvements, leading to profitability in its "two wings" business segments [4]. - The adjusted net profit for Q3 2025 was CNY 1.29 billion, a year-on-year decrease of 27.8%, while total transaction volume remained stable at CNY 736.7 billion [4]. - The company is focusing on enhancing quality, scale, and efficiency, with a solid cash reserve of approximately CNY 70 billion, which supports its stock buyback initiatives [4]. Financial Summary - Revenue projections for 2023 to 2027 show a growth trajectory, with expected revenues of CNY 77.78 billion in 2023, increasing to CNY 113.32 billion by 2027, reflecting a compound annual growth rate (CAGR) of 16.4% [3][5]. - The net profit is projected to decline from CNY 5.89 billion in 2023 to CNY 3.60 billion in 2025, before rebounding to CNY 8.88 billion in 2027, indicating a recovery phase [3][5]. - The adjusted net profit is expected to follow a similar trend, with estimates of CNY 9.80 billion in 2023, dropping to CNY 5.76 billion in 2025, and then rising to CNY 9.67 billion in 2027 [3][5]. Business Performance - The company's existing home transaction volume reached CNY 5,056 billion in Q3 2025, a year-on-year increase of 5.8%, while new home transaction volume was CNY 1,963 billion, down 13.7% [4]. - Non-property transaction services have increased their revenue contribution to 45%, with a profit contribution of 39.7%, indicating a diversification in revenue streams [4]. - The home decoration and rental businesses achieved profitability at the city level, contributing positively to the overall financial performance [4].

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4902 期 2025 年 11 月 13 日 星期四 研究观点 【公司研究】 Circle Internet Group, Inc（CRCL，买入）：Circle 如何驾起传统金融与数字资产 的桥梁？ HIMS & HERS HEALTH（HIMS.US，买入）：持续扩展新领域和全球化 贝壳（2423.HK/BEKE.US，买入）：降本增效成果显现，"两翼"业务实现盈利 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | HIMS & HERS HEALTH(美元） | HIMS | | | | | | | | | | | | | | 买入 买入 56.80 | ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4901 期 2025 年 11 月 12 日 星期三 研究观点 【公司研究】 中国财险 (2328，买入）：非车业务结构转型与海外扩张双轮驱动，开启第二增长曲线 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 中国财险 | 2328 | 买入 买入 23.30 | 22.20 | 5% | 2.575 | 2.253 | 14% | 2.708 | 2.375 | 14% | 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400-882-1055 服务邮箱：Service@firstshanghai.com 网址：www.mystockhk. ...

香港交易所（388） 更新报告 ➢IPO 市场及再融资势头持续强劲：2025 年前三季度，港股市场新股集资额居全球 榜首，共有 69 家公司新上市，总集资额达 1,883 亿港元，为 2024 年同期的三倍 多，也是 2021 年以来最强劲的 9 个月表现。再融资规模超过 4,500 亿港元，是 2024 年同期的两倍多。截至 2025 年 9 月 30 日，处理中的首次公开招股申请数目多 达 297 宗，为 2024 年底 84 宗的三倍多，预示着未来新股管道充裕，增长可持续。 ➢ 上调目标价至 550.0 港元，维持买入评级：我们认为港交所当前的估值水平具备 坚实的基本面支撑。其核心业务——现货市场、衍生品市场及互联互通机制——均 呈现高速增长态势，尤其是港股通，显示出内地资金对香港市场的持续青睐。在战 略层面，港交所持续推进市场架构优化，如实施最低上落价位下调、探讨缩短结算 周期、推出新产品如恒生生物科技指数期货等，这些举措有望进一步提升市场效率 和产品多样性，增强长期竞争力。考虑到港交所独特的市场垄断地位、与市场成交 量的高度关联性，以及其业绩在 2025 年展现出的强劲增长动能，我们认为其应享 有高 ...

Group 1: Company Research - Hua Hong Semiconductor (1347, Buy): Revenue reached a historical high of $635 million in Q3 2025, up 20.7% YoY and 12.2% QoQ, with a gross margin of 13.5%[8] - Applied Optoelectronics (AAOI, Buy): Q3 revenue was $119 million, up 81.9% YoY, with a Non-GAAP gross margin of 31%[15] - PetroChina (857, Buy): Revenue for the first three quarters of 2025 was CNY 2.17 trillion, down 3.9% YoY, with a net profit of CNY 126.3 billion, down 4.9% YoY[21] - GF Securities (1776, Buy): Expected net profits for 2025-2027 are CNY 14.39 billion, CNY 16.82 billion, and CNY 19.40 billion respectively[37] Group 2: Industry Insights - The semiconductor industry is experiencing a sustained demand for computing power driven by AI applications, with expectations for domestic chip production to ramp up in 2026[48] - The global market for optical modules is projected to see significant growth, with 800G and 1.6T module shipments expected to exceed 45 million and 28 million units respectively by 2026[53] - Risks include potential underperformance in production expansion, demand fluctuations, and currency exchange rate changes[12]

应用光电（AAOI） 更新报告 与 AWS 合作有实质进展，静待光模块明年放量 ➢ 业绩回顾及展望：25Q3 单季度，公司收入 1.19 亿美元，处于指引 1.15-1.27 亿美元范围，同比增长 81.9%，环比增长 15%。Non-GAAP 毛利率 31%，环比提升 0.6 个百分点，同比增长 6 个百分点，主要受 益于业务结构的改善。数据中心业务收入 0.44 亿美元，环比出现下 滑，主要原因为产品交付节奏影响收入确认，相关收入将计入四季 度业绩。25Q4 收入指引为 1.25-1.40 亿美元，Non-GAAP 毛利率 29- 31%，其中预计数据中心业务将环比显著增长，受益于 400G 单模光 模块量产出货，以及 800G 的大批量送样产品发货。 ➢ 积极扩产迎接客户爆发性需求：北美云厂商资本开支积极，在最 新季报期纷纷上调资本开支预期，重点投资于 AI 算力。光模块作为 算力投资的核心环节，显著受益于全球算力投资的高速增长，预计 26 年全球 800G、1.6T 光模块出货将分别超过 4,500 万只和 2,800 万 只。公司积极扩产应对不断爆发的客户需求。预计到 2025 年底，公 司将拥有 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 105, representing a potential upside of 32.16% from the current price of HKD 79.45 [4]. Core Insights - The company's revenue is projected to recover significantly, with a forecasted increase of 40.5% in 2025 and 22.5% in 2026, following a decline in the previous years [3]. - Gross margin is expected to improve, reaching 20.6% by 2027, up from 10.2% in 2023 [3]. - The company is benefiting from a strong demand for its products, particularly in the embedded non-volatile memory and power device segments, with notable growth rates of 20.4% and 3.5% year-on-year, respectively [5]. - The production capacity utilization rate remains high at 109.5%, indicating efficient operations and potential for further revenue growth [5]. - The report anticipates continued positive performance in the semiconductor industry, positioning the company as a key beneficiary of domestic substitution trends [5]. Financial Summary - Total revenue for the fiscal year ending December 31, 2022, was USD 2,286.1 million, with a projected increase to USD 3,459.3 million by 2025 [3]. - Shareholder net profit is expected to rise from USD 80.3 million in 2025 to USD 322.7 million by 2027, reflecting a strong recovery trajectory [3]. - The earnings per share (EPS) is forecasted to increase from USD 0.05 in 2025 to USD 0.18 in 2027 [3]. - The company’s market capitalization is currently HKD 105.49 billion, with a price-to-earnings (P/E) ratio of 218.0 for 2025, which is expected to decrease to 57.0 by 2027 [4][6]. Operational Highlights - The company has optimized its product mix, with all process platforms showing positive revenue growth [5]. - The average selling price (ASP) for wafer foundry services is projected to reach approximately USD 500 by 2027, indicating a robust pricing strategy [5]. - The company is also expanding its production capabilities, with the FAB5 facility expected to contribute an additional USD 600-700 million in revenue once operational [5].

Investment Rating - The report assigns a "Buy" rating with a target price of $300.00, indicating a potential upside of 17.04% from the current stock price of $256.33 [2][6][7]. Core Insights - The company has signed a 6GW agreement with OpenAI and plans to launch its first rack-mounted data center product next year, which is expected to enhance its market position in AI GPU sales [3][4]. - For Q3 2025, the company reported revenues of $9.25 billion, a year-over-year increase of 35.6%, slightly above Bloomberg consensus estimates [3]. - The company anticipates strong growth in AI GPU sales, with projected revenues of $7 billion for the year, driven by increased orders from major clients [4]. - The client product market share continues to grow, with record sales in the Ryzen series, and the gaming segment has exceeded expectations [5][6]. Financial Summary - For the fiscal year 2025, total revenue is projected to reach $34.146 billion, reflecting a year-over-year growth of 32.4% [8]. - Non-GAAP net profit is expected to be $7.362 billion in 2025, with a significant increase in earnings per share [8]. - The company forecasts a compound annual growth rate (CAGR) of 52.4% for revenue and 75.2% for Non-GAAP net profit from 2025 to 2027 [6][8]. Market Position and Growth Potential - The data center segment is expected to see a CAGR of 80.1% from 2025 to 2027, with significant contributions from AI GPU sales [10][11]. - The company is projected to capture an increasing share of the data center market, with AMD's share expected to rise from 18% to 24% over the next few years [11]. - The collaboration with OpenAI is anticipated to generate over $100 billion in revenue, enhancing the company's software adaptability for data centers [4][6].