Core Viewpoint - Haotian International Investment (01341) has experienced a significant decline in its stock price, dropping over 8% and currently trading at 0.132 HKD, with a trading volume of 189 million HKD [1] Company Summary - On October 23, Haotian International Investment announced the acquisition of 646 units of Ethereum through open market transactions, totaling approximately 2.71 million USD [1] - The acquisition cost was determined based on the buy and sell prices of Ethereum in the open market and was funded by the company's internal resources generated during its regular business operations [1] Industry Summary - Ethereum, the second-largest cryptocurrency by market capitalization, fell below 3,300 USD on Tuesday, reflecting a significant downturn in market sentiment as the bullish enthusiasm driven by AI trends on Wall Street sharply declined [1] - The risk appetite in the market has drastically decreased, leading to a more severe decline in cryptocurrencies like Ethereum and Bitcoin compared to the pullback in U.S. tech stocks [1]

Altcoin Market Analysis - HsfJnaBfRhBUTQCzCpXdL5codokZw6nwwWFnkzeWpump ($sparkles) experienced a significant price surge, increasing from $170 thousand at opening to $1.7 million, currently at $1.1 million [1] - Sg4k4iFaEeqhv5866cQmsFTMhRx8sVCPAq2j8Xcpump ($spsn) surged from $1 million to $7.5 million, currently at $5.2 million, driven by its narrative related to South Park's cryptocurrency parody [1] Established Coin Performance - oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp ($ore) has risen from $5 million on October 17th to a new high of $122 million, currently at $114 million [1]

| 来源：21世纪经济报道 | | --- | | 记者丨赖镇桃 | 编辑丨和佳 经历了"红色十月"后，比特币价格再次跌破关键支撑位。 11月5日周三凌晨，比特币价格直线下行，一度下探至99008美元/枚，是6月末以来首次跌破10万美元大关。截至23时左右，比特币跌幅收窄。 | | BTC | 103263 | -1.01% | | --- | --- | --- | --- | | | $701.8亿 +2.9% | | | | | ETH | 3350 | -5.6% | | | $392.1亿 -8.6% | | | | 三 | SOL | 158.9 | -3.34% | | | $74.7亿 -10.2% | | | | | XRP | 2.267 | -1.62% | | | $33.8亿 -4.9% | | | | | HYPE | 41.21 | +5.97% | | | $17.5亿 +3.8% | | | | | BNB | 958.2 | -0.38% | | | $15.1亿 -0.0% | | | 短短一个月内，比特币的价格已经重挫超18%，单枚比特币的价格跌超22400美元。 近日 ...

Core Insights - The market's rise is primarily driven by strong earnings, particularly in the tech sector, which constitutes about 40-45% of the market and has seen a 27% increase this year, with 22% of that attributed to better earnings [2][3] - Financials are experiencing significant growth, with year-over-year increases of approximately 23-24%, contrasting with consumer and industrial stocks that have only risen by 2-4% [4] Company-Specific Insights - Robinhood's crypto trading revenue has surged over 300% year-over-year, indicating robust performance in the crypto sector [6] - The company aims to diversify its revenue, targeting 50% from outside the US and integrating various financial services into its platform [7] - Robinhood has been a top performer in the S&P 500 this year, reflecting its strong market position and growth potential [8][12] Market Trends - The prediction markets are emerging as a significant growth area for Robinhood, with trading volumes doubling each quarter, reaching 2.5 billion contracts in October [11] - The entry of competitors like Poly Market into the US market highlights the potential for growth in this new asset class [10][12] - The overall sentiment in the market suggests that more information from prediction markets can be beneficial for investors and strategists [15]

Group 1 - Strong inflow of retail investor funds is expected to support the US stock market, with momentum likely to continue until the end of the year [1] - JPMorgan's strategist team, led by Nikolaos Panigirtzoglou, noted that seasonal patterns indicate stronger fund inflows in December and the first quarter of the following year, except during US election years [1] - Retail investors have shown strong demand for stock assets, as evidenced by significant inflows into ETFs in September and October, totaling approximately $160 billion [1] Group 2 - The S&P 500 index has achieved its longest consecutive monthly gains since August 2021, rising nearly 6% in September and October, driven by a surge in technology stocks related to the AI boom [1] - Despite recent market slowdowns, analysts believe that these adjustments are short-term phenomena, with a general consensus that the long-term trend remains positive [3] - Factors such as fiscal expansion, stable corporate profits, and ample money supply continue to support the attractiveness of physical assets as a wealth holding option [3]

Financial Data and Key Metrics Changes - The company reported an adjusted profit before tax of $303 million for the first nine months of 2025, up 26% year-on-year, with Q3 profit at $101 million, a 25% increase year-on-year [4][14] - Q3 revenues grew 24% to $485 million, while revenues for the first nine months increased by 23% to $1.45 billion, with margins expanding to 20.9% [9][14] - Adjusted basic EPS for Q3 was $1.01 per share, up 23% year-on-year [15] Business Line Data and Key Metrics Changes - The clearing segment grew 14% year-on-year, driven by record client balances and higher volumes, with adjusted profit before tax margins slightly declining to 50% due to regional expansion investments [16] - Agency and Execution revenues increased by 52%, with securities revenue up 82%, primarily driven by Prime Services [16][19] - Market making revenues declined by 16% due to challenging market conditions, particularly in metals and agriculture [18] Market Data and Key Metrics Changes - Exchange volumes were down 8% year-on-year and 14% lower than in Q2, with volatility at its lowest level in the past year [10] - Despite lower exchange volumes, the company maintained strong performance in clearing and agency execution, demonstrating the value of its diversified model [14][19] Company Strategy and Development Direction - The company aims to deliver sustainable profit growth in the 10%-20% range, with 10% expected to be organic and 40% from inorganic opportunities [25] - The firm is focused on diversifying its business mix to enhance earnings resilience, with prime services now accounting for nearly a quarter of total profits [12] - The company has an attractive M&A pipeline and recently announced the acquisition of Winterflood, expected to transform its UK equity market-making business [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fourth quarter, noting strong performance across all business lines and record levels in the solutions franchise [29][30] - The company remains mindful of headwinds such as rate reductions and lower exchange volumes but believes its diversified business model will continue to perform strongly [25][26] - The firm is well-positioned to capture opportunities in emerging markets, including crypto and stablecoin services [41][78] Other Important Information - The company announced a quarterly dividend of $0.15 per share for Q3 2025, to be paid on December 3rd [23] - Total assets increased to $33 billion at the end of September, driven by growth in client balances and securities [22] Q&A Session Summary Question: Insights on the fourth quarter performance - Management noted strength across all business lines, with October being a record month, indicating expectations for a record quarter in Q4 [29][30] Question: Client pipeline in Clearing and Prime - The company is seeing a mix of small and large client additions, with strong interest from sophisticated players looking to diversify their clearing [32][34] Question: Exposure to crypto and future opportunities - The company has built capabilities for clearing crypto futures and is exploring a comprehensive set of services in the crypto space, including prime brokerage for crypto [39][41] Question: Competitive environment and dealer behavior - Management observed active involvement from banks seeking to access market liquidity, with no significant changes in competition for clearing mandates [64][66] Question: M&A pipeline for 2026 - The company anticipates a very active M&A year in 2026, benefiting from strong interest from firms wanting to join the Marex organization [70]

国际金价拉升，COMEX黄金期货涨0.81%，报3992.6美元/盎司。 降息概率 美联储理事米兰表示，ADP数据是个令人欣喜的意外；政府停摆前的就业市场趋势似乎依然存在；就业 市场数据表明利率可能低于当前水平；美联储政策仍过于限制性，当前政策存在风险；认为继续降息仍 然是合理的。并表示，不应当机械地通过政策对股市上涨做出反应。 据CME"美联储观察"：美联储12月降息25个基点的概率为62.5%，维持利率不变的概率为37.5%。美联 储到明年1月累计降息25个基点的概率为54.8%，维持利率不变的概率为25.9%，累计降息50个基点的概 率为19.4%。 11月5日，美股三大指数盘中拉升，至收盘集体上涨，纳指涨0.65%，道指涨0.48%，标普500指数涨 0.37%。 大型科技股普涨，谷歌涨超2%，创历史收盘新高。特斯拉涨超4%，英特尔涨逾3%，Meta涨超1%，苹 果、奈飞、亚马逊小幅上涨；微软、英伟达跌超1%。 热门中概股涨跌不一，纳斯达克中国金龙指数涨0.15%。个股方面，富途控股涨超4%，唯品会、好未来 涨超2%，蔚来、霸王茶姬涨超1%；新东方、小鹏汽车跌逾3%，贝壳、BOSS直聘跌超2%，百度跌 ...

Market Performance - US stock indices collectively rose, with Nasdaq up 0.65%, Dow Jones up 0.48%, and S&P 500 up 0.37% [1] Company News - Notable short-seller Michael Burry has bet over $1 billion against Nvidia and other tech companies [2] - Mixed performance in popular Chinese concept stocks, with Nasdaq Golden Dragon China Index up 0.15% [2] Commodity Market - Spot gold rebounded by 1.28% to $3982.32 per ounce, while COMEX gold futures rose approximately 0.8% [3] - International crude oil futures continued to decline, with WTI crude oil futures for December down 1.59% and Brent crude oil futures for January down 1.43% [3] - OPEC announced major oil-producing countries will pause production increases early next year [3] Precious Metals Outlook - UBS indicated that the recent pullback in gold prices is temporary, forecasting a potential rise to $4700 per ounce if geopolitical or market risks escalate [4] - GF Securities noted that declining real interest rates provide marginal support for gold prices, with expectations of continued monetary easing and rising inflation [4] Cryptocurrency Market - Cryptocurrencies experienced a rebound, with Bitcoin up 2.68% and Ethereum up over 6%, despite a significant drop in trading volumes by 20%-40% [5][6] - Over 176,000 traders faced liquidation, totaling $374 million, primarily from short positions [5] - Experts suggest that the cryptocurrency market may undergo a prolonged consolidation period, with Bitcoin's price recovery dependent on market liquidity and confidence [7][8]

Group 1 - Guizhou Moutai plans to repurchase shares worth between 1.5 billion to 3 billion yuan and will cancel the repurchased shares [2][3] - Guizhou Moutai will distribute a cash dividend of 23.957 yuan per share in mid-2025, totaling 30 billion yuan [2][3] - SK Hynix has increased the price of HBM4 supplied to Nvidia by 50% compared to the previous generation [3] Group 2 - The North American film market recorded its lowest box office in 27 years in October [3] - The global bond issuance has reached a record high of 5.94 trillion dollars this year [3] - The average growth rate of Chinese intelligent robot companies is expected to exceed 50% this year [3]

Company - Qualcomm reported revenue and profit exceeding expectations, along with a strong outlook for future performance [3] - Snap released a robust earnings guidance and a $400 million partnership agreement with Perplexity, resulting in a 25% surge in its stock price [3] - Apple is reportedly planning to integrate Google's AI technology to significantly update Siri [3] - Eli Lilly and Novo Nordisk are set to announce a pricing agreement for weight loss drugs with the U.S. government on Thursday [3] - Meta's substantial expenditures are reminiscent of the previous downturn in stock prices due to the metaverse initiative [3] - Bank of America stated it will increase profits and control costs in an effort to revitalize its stock performance [3] Industry - The U.S. third-quarter household debt grew by 1.1%, reaching $18.59 trillion [3] - RBC warned that the U.S. dollar may face a risk of a significant decline similar to the internet bubble burst, potentially dropping by 40% [3] - The commodity overview indicates a continued decline in oil prices, a rebound in gold prices, and a recovery in copper prices [3] - Analysts suggest that U.S. Treasury bonds may strengthen by year-end, driven by a return of risk-averse sentiment rather than interest rate cuts [3] - Barclays indicated that if repurchase rates remain high, the Federal Reserve may need to intervene [3] - EIA reported an increase of 5.202 million barrels in U.S. crude oil inventories last week, contrary to the expected decrease of 286,000 barrels [3]