扣非前利润大幅提升，主要原因是赢时胜股权投资会计确认和计量方法变化。 毛利率69.55%，同比-1.77pct。经营性净现金流-9.01 亿元，YoY+23.40%，有所改善。合同负债22.41 亿 元、存货6.94 亿元，同比均基本持平。 管理效率持续提升，为长期发展筑基。25H1 销售/管理/研发费用率11.88%/12.59%/42.71%，同 比-1.86/-1.00/+1.75pct，三费率合计-1.11pct；25Q2 三费率14.50%/11.44%/38.27%，同 比-1.55/-2.04/+1.82pct，合计-1.77pct。公司前期采取多项措施优化管理结构，管理效率持续提升，为长 期发展巩固根基。 公司受行业需求不振及自身战略调整共同影响，短期成长承压但管理效率持续提升，UF3.0、O45 等核 心产品持续拓展。我们坚持看好公司主业长期发展，同时香港创新业务有望打开新的成长空间，维持强 烈推荐。 静待主业反转，关注香港创新业务发展。核心业务线方面：25H1 财富科技收入YoY-3.13，核心产品 UF3.0 签约多家券商项目并完成多家客户POC 测试，后续随着金融信创推进有望加速规模化 ...

证券研究报告 | 公司点评报告 2025 年 08 月 24 日 恒生电子（600570.SH） 公司受行业需求不振及自身战略调整共同影响，短期成长承压但管理效率持续 提升，UF3.0、O45 等核心产品持续拓展。我们坚持看好公司主业长期发展， 同时香港创新业务有望打开新的成长空间，维持强烈推荐。 ❑ 风险提示：行业竞争加剧风险；技术颠覆风险；海外市场政策风险等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 7281 | 6581 | 6955 | 7592 | 8292 | | 同比增长 | 12% | -10% | 6% | 9% | 9% | | 营业利润(百万元) | 1452 | 1062 | 1323 | 1478 | 1643 | | 同比增长 | 29% | -27% | 25% | 12% | 11% | | 归母净利润(百万元) | 1424 | 1043 | 1296 | 1448 | 1610 | | 同比增长 | ...

证券研究报告 富途控股 (FUTU US) 港美高景气度，驱动业绩高增 2025 年 8 月 21 日│美国 证券 富途公布 2025 年上半年经营业绩，25H1 营业收入 100.06 亿港币，同比增 长 74.88%；净利润 47.20 亿港币，同比增长 109.73%；其中 Q2 单季度营 业收入 53.11 亿港币，同比增长 69.73%、环比增长 13.13%，净利润 25.74 亿港币，同比增长 112.36%、环比增长 19.99%。业绩高增主要驱动是海外 市场成交额放量、户均资产持续提升、海外获客不断增长。我们预计公司未 来海外扩张势头强劲、海外高景气度延续、虚拟资产业务创造增量，全年有 望实现较高业绩弹性，维持"买入"评级。 获客：海外持续扩张，已完成全年指引过半 交投：港美市场活跃，换手率保持高位 25Q2 总交易量达到 3.59 万亿港元，同比增长 121.2%，环比增长 11.6%。 其中，美股交易量 2.70 万亿港元，环比增长 19.7%；港股交易量 8335 亿 港元，环比下降 9.0%。4 月份的市场动荡和加密货币的高景气度激发了投 资者的交易活跃度，客户资产季度年化换手率保持 ...

Group 1 - The core point of the news is that China Merchants International Securities has officially launched virtual asset trading services after receiving approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license [1][4] - The launch of virtual asset trading marks significant progress for the company in terms of regulatory compliance, innovation, and system optimization [1][3] - The mobile application now offers 24/7 trading services for qualified investors, allowing direct participation in trading Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) [3][4] Group 2 - China Merchants International Securities is the first Chinese bank-affiliated brokerage in Hong Kong to be granted a license for virtual asset trading [4] - The company aims to integrate traditional stock trading, virtual asset trading, and financial technology applications, focusing on product and channel innovation [4] - Future plans include expanding trading varieties and upgrading functionalities within a risk and compliance management framework [3]

Core Viewpoint - The implementation of the Hong Kong Stablecoin Regulation on August 1 has led to a surge in market interest, but it also raises concerns about increased fraud risks, prompting calls for rational investment decisions from the Hong Kong Securities and Futures Commission (SFC) [1] Group 1: Regulatory Developments - The Hong Kong SFC has begun accepting applications for stablecoin issuer licenses following the enactment of the Stablecoin Regulation [1] - The SFC and the Hong Kong Monetary Authority (HKMA) issued a joint statement urging the public to exercise caution in investing in the volatile stablecoin market [1] Group 2: Market Reactions - There has been a notable market reaction, with some companies experiencing significant stock price increases merely due to their application or intention to apply for stablecoin licenses [1] - The SFC's executive director highlighted the need for investors to maintain a "rational line" amidst market speculation [1] Group 3: Complaints and Risks - Complaints related to virtual asset trading have remained stable, with 265 cases reported in the first half of the year, primarily involving overseas investors [1] - Common issues in complaints include fraud, hacking incidents leading to asset theft, refusal of platforms to cash out profits, and funds being frozen due to money laundering allegations [1] - The SFC emphasized the high risks associated with using unlicensed or non-Hong Kong regulated virtual asset trading platforms, comparing it to playing "Russian roulette" [1]

来源：市场资讯 据明报，香港证监会中介机构部执行董事叶志衡表示，近期有公司借申请稳定币牌照之名推高股价，投 资者应保持理性，警惕相关诈骗。他透露今年上半年接获 265 宗虚拟资产交易投诉，主要涉及境外诈 骗、平台侵害或资金被冻结，并警告使用非持牌平台交易风险。 （来源：吴说） ...

钛媒体App 8月17日消息，据报道，香港《稳定币条例》已于8月1日生效，证监会中介机构部执行董事 叶志衡近日在一档节目中表示，留意到近期投资者反应炽热，担心与稳定币相关的诈骗风险增加。叶志 衡指出，最近留意到有一些公司可能是申请一个牌照，或有时候直接说打算申请一个牌照，其股价便上 升，认为有需要控制投资者情绪，要有理智线，"当你觉得自己无懈可击的时候，可能便是你最容易落 入一些骗案的圈套的时候"。他提到，近年虚拟资产交易投诉未有上升，今年上半年有265宗，主要涉及 境外投资者的境外投资，称有金钱损失，原因包括遇上诈骗、平台被入侵盗走资产、平台不认账，或是 交易方被指洗黑钱，资金突然被冻结。（广角观察） ...

Core Viewpoint - The issuance of stablecoin licenses in Hong Kong has officially begun, with a limited number of licenses expected to be granted, likely to major banks and financial institutions [1][4][5]. Group 1: License Application and Eligibility - The Hong Kong Monetary Authority (HKMA) has set specific criteria for stablecoin issuer license applications, including financial conditions, personnel qualifications, reserve assets, and custody requirements [1][3]. - Major banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be among the first to apply for stablecoin licenses due to regulatory compliance and business needs [1][5]. - The initial phase of license issuance is expected to be cautious, with only a few licenses (possibly 2-3) being granted [4][6]. Group 2: Role of Financial Institutions - Securities firms are likely to focus on trading, custody, financing, and consulting related to stablecoins, rather than applying for stablecoin issuer licenses themselves [2][9]. - A total of 44 financial institutions have upgraded their virtual asset trading licenses, with most being local securities firms [12][13]. - The upgrade of trading licenses is a prerequisite for firms to offer services related to stablecoins and other virtual assets [13][14]. Group 3: Application Scenarios and Market Potential - The application scenarios for stablecoins include digital asset trading, cross-border payments in global trade, and traditional asset tokenization [7][8]. - The use of stablecoins in different regions varies, with financial applications being more prominent in Europe and North America, while B2B trade is expected to be a focus in Asia, Africa, and Latin America [8]. - The potential for stablecoins as a stable medium of exchange and value storage tool in virtual asset trading is highlighted, with firms like Futu Securities reporting increased trading volumes and customer engagement [14]. Group 4: Future Outlook and Risks - The market is keen on the emergence of offshore RMB-denominated stablecoins, with recent developments indicating a growing interest in this area [15][16]. - The commercial model for stablecoins remains unclear, and there are concerns about market speculation and the safety of reserve assets [16].

Group 1: Agricultural Policy - The Ministry of Agriculture and Rural Affairs, along with ten other departments, has released an implementation plan to promote agricultural product consumption, aiming to effectively expand consumption in this sector [1] Group 2: Market Overview - The Hang Seng Index ADR fell by 0.21%, closing at 25,334.64 points, down 53.71 points from the Hong Kong market [2] - The Dow Jones increased by 208.01 points, or 0.47%, closing at 44,901.92 points, while the Nasdaq and S&P 500 also saw gains of 50.36 points (0.24%) and 25.30 points (0.40%) respectively [2] Group 3: Financial Data - The Ministry of Finance reported that the stamp duty on securities transactions reached 78.5 billion yuan in the first half of the year, a year-on-year increase of 54.1% [3] - National public budget revenue for the first half of the year was 115,566 billion yuan, a slight decrease of 0.3% year-on-year [3] Group 4: AI and Technology Developments - The "AI Investment Alliance" was officially established during the 2025 World Artificial Intelligence Conference, with members including major companies and institutions like China Telecom and Tsinghua University [4] - Tesla's third-generation robot is set to enter the Chinese consumer market by 2025, with plans for mass production of 1 million units within five years [6] - Kuaishou's AI has launched a new feature called "Ling Animation Canvas," enhancing creative collaboration and visualization for creators [7] Group 5: Corporate Actions - Fushi Financial's subsidiary has applied for a license to conduct regulated activities related to virtual asset trading in Hong Kong [8] - Giant Star Legend plans to raise approximately 324 million HKD through a share placement at a discount of about 19.91% [9] - First Capital Securities is planning to list in Hong Kong, potentially becoming the 14th "A+H" stock brokerage [10] Group 6: Earnings Forecasts - Laoshu Gold anticipates a net profit of approximately 2.23 to 2.28 billion yuan for the first half of 2025, representing a year-on-year increase of about 279% to 288% [13]

Core Viewpoint - The company is optimistic about its potential in the cross-border payment sector, highlighting its merchant accumulation, brand recognition, and market share growth potential, with a target price of HKD 17.3, indicating a potential upside of 40% from the latest closing price [1] Group 1: Business Overview - The company's digital payment business is divided into global payments, primarily serving cross-border e-commerce sellers, and domestic payments, catering to enterprise clients [1] - For 2024, the company's total payment volume (TPV) is projected to reach CNY 3.3 trillion, with global and domestic payment TPV expected to be CNY 281.5 billion and CNY 3.0 trillion, respectively, reflecting year-on-year growth of 63% and 65% [1] - Total revenue for 2024 is forecasted at CNY 1.31 billion, a 28% increase year-on-year, with global payments contributing 70% to digital payment revenue [1] Group 2: Market Position and Competition - The cross-border payment service market is relatively fragmented, with key competitors including Payoneer, PingPong, and others [1] - The company's global payment TPV is expected to account for 13.1% of China's cross-border e-commerce export value in 2024, up from 9.4% in 2023 [1] Group 3: Future Opportunities - The company has obtained a Virtual Asset Trading Platform (VATP) license, positioning it for future opportunities in virtual asset trading and stablecoin issuance [2] - Stablecoins are anticipated to be utilized in cross-border trade for small currency payments and settlements, addressing issues such as long settlement cycles and high fees [2] Group 4: Financial Projections - For 2025, the overall TPV is expected to grow by 27%, with global payments and domestic payments projected to increase by 45% and 25%, respectively [2] - Total revenue for 2025 is estimated to reach CNY 1.63 billion, a 24% year-on-year increase, with a stable gross margin of 52% [2] Group 5: Valuation - The company employs a Sum-of-the-Parts (SOTP) valuation method, assigning a target price of HKD 17.3, which includes a valuation of HKD 16.0 from its core business and HKD 1.3 from its equity stake in a connected company [3] - The company is viewed positively due to its growth in TPV, revenue, and profit improvement prospects, alongside innovations in cross-border payment technology [3]