Investment Rating - The industry rating is "Positive" (maintained) [6] Core Viewpoints - The securities sector is expected to focus on recovery, mergers and acquisitions, and performance growth. The first quarter of 2024 saw a significant decline in net profit for listed brokers, but a rebound is anticipated in the first quarter of 2025 due to improved market conditions and increased trading volume [1][2] - The merger and acquisition theme continues to gain traction, with several significant developments in the industry, including the restructuring of major shareholders and the expansion of the market expectations for mergers among brokerages [1][2] - The financial technology sector is highlighted as a key area for investment, with a focus on companies that can leverage AI technology and offer high cost-performance ratios [3] Summary by Sections Securities Sector - The first quarter of 2024 saw a net profit of 29.4 billion yuan for 43 listed brokers, a year-on-year decline of 32%. However, the first quarter of 2025 is expected to show significant growth due to a low base effect and improved market conditions [1] - The brokerage index has underperformed compared to major indices, presenting a potential for recovery as market activity increases [2] Mergers and Acquisitions - There have been numerous merger and acquisition activities in the brokerage sector since the beginning of the year, with notable announcements from various firms indicating a trend towards consolidation [1][8] Financial Technology - The report emphasizes the importance of identifying high-value financial technology stocks that can benefit from the ongoing AI revolution, particularly those with lower valuations compared to their peers [3][4] Investment Recommendations - Specific recommendations include brokers such as China Galaxy, CITIC Securities, and GF Securities, as well as financial technology firms like Tonghuashun and Dingdian Software [4]

Core Viewpoint - The article emphasizes that Chinese assets, particularly in the Hong Kong technology sector, are experiencing a significant revaluation, driven by a combination of improved fundamentals and external capital inflows [4][29]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) has seen a substantial increase, achieving a new high with three consecutive days of gains [1]. - Since the market rally began on January 14, the Hang Seng Index and the Hang Seng Tech Index have risen by 29.12% and 43.74%, respectively, while the Hong Kong Internet Index has surged by 51.53% [2]. Group 2: Institutional Insights - Morgan Asset Management believes that the revaluation of Chinese assets is just beginning, predicting a "Davis Double Play" where both valuations and corporate earnings improve [4]. - The macroeconomic environment is stabilizing, which is conducive to a better pricing environment for the market [7]. Group 3: Foreign Capital Inflows - There is a significant amount of capital waiting to enter the market, primarily from long-term foreign investors, which could lead to a new rally in Chinese technology assets [3][15]. - The CEO of Norway's sovereign wealth fund has suggested reallocating investments from U.S. tech stocks to Chinese stocks, indicating a shift in foreign investment strategies [12]. Group 4: AI and Technology Investments - The article highlights the increasing capital expenditures by Chinese tech companies in AI, with ByteDance investing hundreds of billions in AI technology, similar to investments made by U.S. tech giants [20][27]. - The rise of AI technology in China is seen as a pivotal moment that could attract long-term foreign capital back into the market [29]. Group 5: Market Sentiment and Future Outlook - Despite skepticism from some investors due to past market volatility, the current upward trend in Hong Kong tech stocks is expected to continue as more capital flows in [30][36]. - The article suggests that the current valuations of major Hong Kong tech stocks like Tencent and Alibaba are still below their 2021 highs, indicating potential for further growth [36].

昨天，发生了哪些财经大事？ 美元大跌 中国资产集体上涨 关税大战继续升级。对于美国总统特朗普宣布加征25%关税，墨西哥和加拿大表示将制定报复性 关税予以反击，但特朗普威胁将进一步加码开征"对等关税"。与此同时，中国宣布将对部分美国 农产品加征10%~15%的关税。 尽管如此，美元指数并没有如期走强，反而因受到不佳经济前景的拖累跌至105附近，市场预计 美联储今年将降息3次，远高于年初时的预期。相比之下，此前被认为将大幅贬值的人民币异常 坚挺，本周反弹超500点。3月5日晚间，前期强势的美元指数，跌破105关口，创下近三个月的新 低。日内跌近1%，已连续三日大跌。 | 今开 | 104.3322 最高 | 104.3396 振幅 | | 0.0719% | | --- | --- | --- | --- | --- | | 昨收 | 104.3162 最低 | 104.2646 波幅 | | 0.0750 | | 分时 | 日K 周Ｋ | 月K 案K | 申文 | | | | 均价 :- 最新:104.2959 -0.0203 -0.0195% | | | 分时成交 | | 104.5134 | | 0.19% ...

当地时间3月3日（周一），美股三大指数大幅震荡，跌幅一度均超过2%。截至收盘，道指跌1.48%，纳指跌2.64%，标普500指数跌1.76%。 美国总统特朗普表示，对等关税将于4月2日开始征收，美国对墨西哥和加拿大商品征收25%的关税将于3月4日生效。 经济数据表明，美国2月制造业活动增长几近停滞，原料支付价格指标创逾两年最高，未来预示通胀压力增大。 热门科技股多数下跌，超微电脑跌超13%，英伟达、ARM跌超8%，台积电、英特尔跌超4%，亚马逊、美光科技跌超3%，特斯拉、高通、微软跌超2%。 美股震荡下跌 当地时间3月3日（周一），美股三大指数大幅震荡，跌幅一度均超过2%。美国总统特朗普当地时间3月3日下午有关加征关税的表态刺激美股市场恐慌情绪升高。截 至收盘，道指跌649.67点，跌幅为1.48%，报43191.24点；纳指跌497.09点，跌幅为2.64%，报18350.19点；标普500指数跌104.78点，跌幅为1.76%，报5849.72点。 当地时间3月3日，美国总统特朗普表示，对等关税将于4月2日开始征收，美国对墨西哥和加拿大商品征收25%的关税将于3月4日生效。 特朗普表示，对墨西哥和加拿大的 ...

业绩超预期！ 北京时间周四清晨，全球AI龙头英伟达发布截至1月2 6日的2 0 2 5财年第四财季报告。 英 伟 达 在 第 四 财 季 实 现 营 收 3 9 3 . 3 1 亿 美 元 ， 较 去 年 同 期 增 长 7 8% ， 分 析 师 事 前 预 期 为 3 8 0 . 5 亿 美 元；其中数据中心营收为3 5 5 . 8亿美元，同比增长9 3 . 3 2%； 第四财 季净利润2 2 0 . 6 6亿 美元 ，同比上 升 7 2% ， 对 应 每 股 净 利 0 . 8 9 美 元 ， 分 析 师 事 前 预 期 为 每 股 0 . 8 4美元； | GAAP | | | | | | | --- | --- | --- | --- | --- | --- | | ($ in millions, except earnings | Q4 FY25 | Q3 FY25 | Q4 FY24 | Q/Q | Y/Y | | per share) | | | | | | | Revenue | $39.331 | $35,082 | $22,103 | Up 12% | Up 78% | | Gross m ...

Core Viewpoint - After a significant rise in Chinese tech stocks, a recent pullback has raised concerns among investors about the sustainability of the upward trend driven by the "DeepSeek" narrative for Chinese assets [2][5]. Market Performance - On February 25, the Hang Seng Tech Index fell by 1.60%, and the Hang Seng Index decreased by 1.32%. Major stocks like Alibaba and Tencent saw declines of 3.76% and 2.49%, respectively [1]. - The Hang Seng Tech Index has accumulated a 24% increase since the beginning of February, entering a technical "bull market" [5]. - The market has shown signs of fatigue since February 17, with notable declines in indices such as the Nasdaq China Golden Dragon Index [6]. Investor Sentiment - There is a growing call for rational trading as tech stock valuations continue to rise, with concerns that the current market sentiment and technical indicators are overstretched [5][11]. - Analysts suggest that the market's upward movement requires continuous catalysts, especially given the current macro narrative that remains to be validated [2][11]. Earnings Reports Impact - The upcoming earnings reports from major Chinese internet companies are expected to significantly influence the tech sector's performance [11]. - Alibaba's recent earnings report indicated a 11% growth in its cloud business, which exceeded market expectations and temporarily boosted market sentiment [6]. Future Outlook - International investment banks like Morgan Stanley and JPMorgan have expressed optimism about the Chinese stock market, predicting sustainable recovery and potential for long-term growth driven by AI and tech innovations [13][14]. - Analysts believe that the current market may be entering a new cycle of valuation reassessment, supported by favorable macro policies and strong corporate performance [15].

Investment Rating - The report indicates a positive outlook for the banking industry, with expectations of a "moderately loose" monetary policy and "more proactive" fiscal policy supporting credit demand recovery in 2025 [1][2]. Core Insights - In January 2025, new RMB loans reached 5.13 trillion yuan, exceeding market expectations of 4.5-5.0 trillion yuan, marking the highest level for the same period in history, primarily driven by strong corporate credit performance [1][2]. - New social financing (社融) in January 2025 was 7.06 trillion yuan, also above the market expectation of 6-7 trillion yuan, representing a year-on-year increase of 583.3 billion yuan, with significant contributions from RMB loans and government bonds [1][2]. - The report highlights a robust performance in corporate credit, with new medium to long-term loans amounting to 3.46 trillion yuan, a year-on-year increase of 150 billion yuan, and short-term loans increasing by 1.74 trillion yuan, a year-on-year increase of 280 billion yuan [1][2]. Summary by Sections New Loans and Social Financing - January 2025 saw new RMB loans of 5.13 trillion yuan, a year-on-year increase of 210 billion yuan, and new social financing of 7.06 trillion yuan, a year-on-year increase of 583.3 billion yuan [1][2]. - The increase in new loans was primarily due to strong corporate credit, with medium to long-term loans contributing significantly [1][2]. Corporate and Household Credit - Corporate medium to long-term loans were 3.46 trillion yuan, while short-term loans were 1.74 trillion yuan, indicating a strong demand for credit from businesses [1][2]. - Household credit showed signs of recovery, with new medium to long-term loans at 493.5 billion yuan, although this was a decrease compared to the previous year [1][2]. Monetary Aggregates - M1 growth was reported at 0.4%, maintaining positive growth, while M2 growth slightly decreased to 7.0% [5][6]. - The balance of social financing grew at a rate of 8.0%, remaining stable compared to previous months [5][6]. Deposits - New RMB deposits in January 2025 were 4.32 trillion yuan, a year-on-year decrease of 1.16 trillion yuan, with household deposits increasing by 300 billion yuan but corporate deposits decreasing significantly [1][2].

Exhibit 99.1 Futu Announces Second Quarter 2024 Unaudited Financial Results HONG KONG, August 20, 2024 (GLOBE NEWSWIRE) -- Futu Holdings Limited ("Futu" or the "Company") (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Operational Highlights · Total number of paying clients increased 28.8% year-over-year to 2,042,313 as of June 30, 2024. · Total number of reg ...

Client Growth - Total number of paying clients increased 23.5% year-over-year to 1,887,270 as of March 31, 2024[2] - New paying clients jumped by 330.8% year-over-year to 177,000, representing over 50% of the full-year guidance[4] Financial Performance - Total revenues increased 3.7% year-over-year to HK$2,592.5 million (US$331.3 million)[3] - Net income decreased 13.1% year-over-year to HK$1,035.1 million (US$132.3 million)[3] - Basic net income per American Depositary Share (ADS) was HK$7.53 (US$0.96), compared with HK$8.54 in the first quarter of 2023[13] - Net income for the three months ended March 31, 2024, was HK$1,035,133 thousand, down from HK$1,191,845 thousand in the same period of 2023, a decrease of about 13.1%[28] - Adjusted net income for the three months ended March 31, 2024, was HK$1,121,071 thousand, down from HK$1,267,955 thousand for the same period in 2023, a decrease of about 11.5%[34] Asset and Liability Management - Total client assets increased 11.2% year-over-year to HK$517.9 billion as of March 31, 2024[2] - Total current assets increased from HK$95,427,511 thousand as of December 31, 2023, to HK$105,582,064 thousand as of March 31, 2024, an increase of approximately 10.8%[23] - Total liabilities rose from HK$72,564,116 thousand as of December 31, 2023, to HK$81,662,755 thousand as of March 31, 2024, an increase of about 12.5%[25] - Total shareholders' equity increased from HK$24,568,736 thousand as of December 31, 2023, to HK$25,668,638 thousand as of March 31, 2024, an increase of approximately 4.5%[25] Trading and Revenue Metrics - Total trading volume in the first quarter of 2024 increased by 9.5% year-over-year to HK$1.3 trillion[2] - Daily average revenue trades (DARTs) increased 7.0% year-over-year to 549,854[2] - Margin financing and securities lending balance increased 8.9% year-over-year to HK$37.6 billion[2] - The company’s interest income for the three months ended March 31, 2024, was HK$1,354,166 thousand, up from HK$1,294,260 thousand for the same period in 2023, an increase of about 4.6%[27] Research and Development - Research and development expenses for the three months ended March 31, 2024, were HK$335,487 thousand, slightly lower than HK$354,899 thousand for the same period in 2023, a decrease of about 5.5%[28] Cash Management - The company’s cash and cash equivalents increased from HK$4,937,538 thousand as of December 31, 2023, to HK$6,643,541 thousand as of March 31, 2024, an increase of approximately 34.5%[23]