智通财经APP获悉，周三，富途控股(FUTU.US)涨3%，报176.39美元。摩根士丹利此前发布报告称，自 停止内地存量客户开户后，公司获客未见显著影响。公司增长将主要来自海外市场及加密服务，后者有 望带来长期的增量变现。维持富途"增持"评级，目标价210美元。 ...

格隆汇9月20日｜法拉第未来：FF与纳斯达克上市公司Qualigen Therapeutics, Inc.（纳斯达克代码： QLGN）今日联合宣布，双方已签署证券购买协议，FF将通过私募配售（PIPE）投资QLGN的普通股和 优先股，并将全面合作开展加密及Web3业务。 在完成股东批准程序后，QLGN将更名为CXC10，全面 聚焦于加密业务和 Web3 生态建设"三驾马车"业务。 ...

来源：市场资讯 据彭博社，特朗普家族近期通过两项加密业务新增约 13 亿美元资产，总净资产升至 77 亿美元。其中， World Liberty Financial（WLFI）开放代币交易并与上市公司达成协议，带来约 6.7 亿美元增值；比特币 挖矿公司 American Bitcoin 上市后，特朗普次子埃里克·特朗普所持股份价值一度超 5 亿美元。特朗普家 族仍持有 225 亿枚锁仓 WLFI 代币，估值约 40 亿美元，未计入其可流通财富。此外，特朗普家族成员 正考虑推进房地产资产代币化。 （来源：吴说） ...

Core Viewpoint - Futu Holdings is experiencing structural growth potential beyond traditional brokerage cycles, driven by clear advancements in its cryptocurrency business and strong performance in overseas markets [1][10]. Cryptocurrency Business Progress - Morgan Stanley highlights that Futu's cryptocurrency business, although in its early stages, is showing rapid progress with key data indicating significant growth [2][4]. - The company has introduced a long-term strategy named "RACE" to guide the future development of its cryptocurrency business, emphasizing user adoption and potential fee increases as market penetration grows [4][18]. - In Q2 2025, the value of customer-held cryptocurrency assets increased by 40% quarter-over-quarter, reaching HKD 4 billion, while daily trading volume doubled from approximately USD 20 million to USD 40 million [5]. Financial Forecasts and Valuation - Barclays has raised its financial forecasts for Futu, increasing the adjusted net income predictions for FY 2025 by 22% and for FY 2026 by 36.4%, maintaining a target valuation multiple of 15x EV/nominal EBITDA [14]. - Morgan Stanley has updated its valuation model, raising the target price for Futu from USD 160 to USD 210, reflecting a potential revaluation of the company based on its growth prospects [1][11]. Overseas Market Expansion - Futu's global strategy is yielding results, with significant contributions from overseas markets, particularly in Singapore and Japan, where client assets and trading volumes have seen substantial increases [8][10]. - In Q2 2025, client assets in Singapore grew by 26% quarter-over-quarter, while trading volumes in Japan surged by 50%, driven by localized products and AI tools [10]. Revenue and Profitability Projections - The removal of a previously applied 50% discount on revenue contributions from the cryptocurrency business has led to an 8% increase in revenue forecasts and an 11% increase in net profit projections for 2027 [18]. - The new target price of USD 210 corresponds to a P/E ratio of 25x based on expected earnings for 2026, reflecting a more optimistic outlook on future cash flow growth [18].

Core Insights - SoFi stock has seen a significant increase, trading near $24, up 2.5x from April lows of below $10, driven initially by crypto trading announcements and supported by recent positive economic developments [2][3][7] Economic Context - The Consumer Price Index rose only 0.2% last month, down from June's 0.3%, indicating easing inflation and increasing the likelihood of a Federal Reserve rate cut in September [3][4] Business Model Impact - Rate cuts are expected to benefit SoFi's lending segment by reducing funding expenses and boosting loan demand, which is crucial as lending is SoFi's largest revenue source [4][8] - The potential for growth in student loan refinancing and personal loans is highlighted as key areas for SoFi's business [4] Competitive Landscape - SoFi faces significant competition in the fintech sector from both traditional banks and innovative startups, necessitating differentiation to capture market share [5] - Major competitors include Marcus by Goldman Sachs, LendingClub, Upstart, Avant, and Prosper in lending, as well as digital banking rivals like Chime, Varo, Axos, and Ally [5] Valuation Concerns - SoFi's stock has increased 150% from its lows, raising concerns about potential overvaluation, trading at 8.1x trailing revenues compared to a three-year average of 4.4x [6] - The premium valuation leaves little room for execution missteps, especially if growth does not meet high expectations [6] Future Outlook - The combination of crypto platform expansion and potential declining interest rates creates a favorable scenario for continued gains for SoFi [7][9] - The launch of the crypto platform is seen as a new revenue stream that could significantly enhance SoFi's growth prospects [8][9]

Group 1: Electric Vehicles - The Chinese Ministry of Industry and Information Technology has released a directory of electric vehicles for rural areas by 2025, including Tesla's Model 3 and Model Y [2] - NIO reported Q1 2025 revenue of 12.035 billion yuan, up from 9.91 billion yuan in the same period last year, but incurred a net loss of 6.89 billion yuan compared to a loss of 5.258 billion yuan a year earlier; the company expects Q2 deliveries to be between 72,000 and 75,000 units [2] Group 2: Technology and Manufacturing - TSMC's CEO expressed concerns about high tariffs increasing production costs in the U.S. and noted ongoing communication with the U.S. Department of Commerce regarding tariff issues [2] - Credo Technology reported Q4 revenue for fiscal year 2025 at $170.3 million, exceeding market expectations [2] - Meta Platforms plans to enable brands to create and launch advertisements entirely through artificial intelligence by the end of next year [3] Group 3: Mergers and Acquisitions - Merck's over $3 billion acquisition offer was rejected, leading to a 20% surge in MoonLake's stock after-hours [3] - Robinhood completed a $200 million acquisition of Bitstamp to enhance its cryptocurrency business transformation [3] Group 4: Strategic Partnerships - Microsoft and CrowdStrike are collaborating to share information on cyber attackers [3] - Uber appointed its first COO in six years to assist in advancing its autonomous driving strategy [3] Group 5: Market Developments - Circle has increased its IPO size, aiming to raise $880 million [3] - Boeing is set to launch its first 737 MAX aircraft with a production capacity of 38 units per month [3]

Group 1 - Deutsche Bank and Standard Chartered are reportedly considering expanding their cryptocurrency operations in the United States [1] - No further details about the plans have been disclosed [1] - Deutsche Bank declined to comment on the report, while Standard Chartered did not respond to requests for comment [1]