Group 1 - Morgan Stanley upgraded Futu Holdings' rating, believing that its cryptocurrency business is expected to become a growth engine for the coming years [1] - The firm forecasts a 27% average annual profit growth for Futu from 2025 to 2027, driven by strong potential in its cryptocurrency operations in Hong Kong, Singapore, and the U.S. [1][18] - Futu's comprehensive licensing advantages and strong brand trust position it well to capture significant market share in the rapidly growing cryptocurrency trading market [1][9] Group 2 - The global cryptocurrency market is experiencing significant growth, with its market capitalization increasing from under $2 trillion at the beginning of 2024 to approximately $3.4 trillion currently [4][6] - Regulatory developments, such as the approval of a spot Bitcoin ETF by the SEC in January 2024, have been key drivers of market growth [6][7] - Futu has obtained a brokerage license in Hong Kong and a VATP license, positioning it among the first regulated financial companies in the market [9] Group 3 - Futu has built a strong customer base and brand trust, with 2.4 million active accounts and customer assets reaching HKD 829 billion in Q1 2025 [10] - The company's one-stop platform integrates various asset classes, lowering entry barriers for new investors [10][14] - The expected contribution from cryptocurrency trading could significantly enhance Futu's revenue, with projections indicating an additional HKD 34 billion from spot trading alone by 2027 [14][16] Group 4 - Futu's current forward P/E ratio is approximately 15 times, slightly above the average of 14.3 times over the past four years, yet analysts believe the stock remains undervalued [2] - The target price for Futu has been raised from $140 to $160, with a projected forward P/E of 20 times by 2026 [2] - Compared to U.S. retail broker Robinhood, which has a forward P/E of 63 times, Futu's valuation appears attractive [2]

Core Viewpoint - The announcement details the partnership between Hai Futong Fund Management Co., Ltd. and Southwest Securities Co., Ltd. for the sale of certain open-end mutual funds, effective from July 11, 2025, including a promotional fee rate activity for investors [1][4]. Group 1: Applicable Funds - The announcement specifies that certain open-end funds managed by Hai Futong will be available for purchase through Southwest Securities [1]. Group 2: Business Opening Time - Investors can start opening accounts, subscribing, and redeeming the specified open-end funds at Southwest Securities from July 11, 2025 [2]. Group 3: Applicable Investor Scope - The investment opportunity is available to investors who meet the legal and contractual requirements outlined in the fund agreements [3]. Group 4: Fee Rate Promotion - From July 11, 2025, investors who subscribe to the specified open-end funds through Southwest Securities will benefit from a fee rate promotion, with no discount limits on subscription fees, except for fixed fee subscriptions [4][8]. Group 5: Promotion Duration - The duration of the fee rate promotion will be determined by the announcements on the Southwest Securities official website [6]. Group 6: Important Notes - Investors are advised to read the fund contracts, prospectuses, and related legal documents for detailed information about the funds [7]. - The fee rate promotion applies only to the front-end fee model of the funds during their normal subscription period at Southwest Securities [8]. - The promotion will also apply to any new fund products sold through Southwest Securities during the promotional period [5].

Market Overview - The Hang Seng Index closed at 23,916, down 0.64% for the day and up 19.22% year-to-date[4] - The Hang Seng China Enterprises Index fell 0.45% to 8,609, with a year-to-date increase of 18.10%[4] - The Hang Seng Tech Index decreased by 0.33% to 5,216, with a year-to-date rise of 16.74%[4] US Market Performance - The Dow Jones Industrial Average rose by 0.77% to 44,829, with a year-to-date increase of 5.37%[4] - The S&P 500 gained 0.83% to close at 6,279, up 6.76% year-to-date[4] - The Nasdaq Composite increased by 1.02% to 20,601, with a year-to-date rise of 6.68%[4] Japanese Market Insights - The Nikkei 225 index slightly increased by 0.06% to 39,811, while the Topix index remained flat[12] - Investors remain optimistic about the market outlook, but caution is advised as the Nikkei approaches 40,000 points[12] Sector Highlights - Southbound capital saw a net inflow of 6.683 billion HKD on July 4[11] - Biopharmaceutical stocks showed strong performance, with Huahao Zhongtian Pharmaceuticals surging over 40%[11] - Semiconductor stocks rallied after the US lifted export restrictions on chip design software to China, with SMIC rising 1.5%[11] Notable Stock Movements - Major tech stocks like Meituan and Alibaba fell by 1.6% and 1% respectively, while Kuaishou and Baidu gained over 1%[11] - In the insurance sector, AIA Group dropped over 4%, while banking stocks like Guangzhou Rural Commercial Bank rose over 6%[11]

Group 1 - The core point of the announcement is that Chuangjin Hexin Fund Management Co., Ltd. has collaborated with China Merchants Securities Co., Ltd. to offer a fee rate discount for the Chuangjin Hexin Dividend Selection Quantitative Stock Mixed Securities Investment Fund starting from June 25, 2025 [1][2] - The applicable fund for the fee rate discount is the Chuangjin Hexin Dividend Selection Quantitative Stock Mixed Securities Investment Fund [1] - The fee rate discount will be available from the date of the announcement until the end date specified by China Merchants Securities [1] Group 2 - Investors can enjoy a front-end subscription fee rate discount when purchasing or making regular investment in the fund through China Merchants Securities, with specific details to be determined by China Merchants Securities [1] - The interpretation rights of the fee rate discount activity belong to China Merchants Securities, which also reserves the right to change the content of the discount activity without further announcement [1] - Investors are encouraged to consult the customer service hotline or official website of China Merchants Securities for more details regarding the fee rate discount activity [1]

Group 1 - The company,招商基金管理有限公司, has signed a fund sales agreement with 长江证券股份有限公司 to allow for the trading of the 招商中证半导体产业ETF starting from June 13, 2025 [1] - The fund will enable investors to engage in secondary market subscriptions and redemptions through 长江证券, expanding its operational capabilities [1] - Investors are encouraged to read the fund's contract and prospectus to understand the risk and return characteristics before making investment decisions [2][1] Group 2 - The 招商招鸿 6-month regular open bond fund will distribute its first dividend for the year 2025 on June 13, 2025, with a minimum distribution ratio of 20% of the fund's distributable profits [4] - The dividend payment methods include cash distribution and reinvestment options, with specific dates for processing these transactions [6] - Investors must ensure to modify their dividend preferences before the cut-off time to be eligible for the distribution [6]

Group 1 - The company has entered into an agreement with Emperor Securities Investment Holdings Limited to sell all issued shares and loans of Crosby Asia for an estimated price of approximately HKD 11.2 million [1] - Following the completion of the sale, Crosby Asia and its subsidiaries will no longer be part of the company's consolidated financial statements, which will help streamline operations and reduce financial burdens [1][2] - The decision to sell Crosby Asia is driven by its continuous losses and the need for significant capital injection to restore profitability, particularly in light of increased operational costs and regulatory capital requirements [2] Group 2 - The estimated net proceeds from the sale are expected to be around HKD 10.9 million, which will provide additional working capital to strengthen the company's financial position [2] - The sale is seen as a strategic move to alleviate high operational costs associated with Crosby Asia, allowing the company to reallocate financial resources more effectively [2] - The company aims to enhance its financial resilience, especially considering challenges posed by the US-China trade war, which has impacted the toy division [2]

Core Viewpoint - The chairman of Interactive Brokers suggests that Trump will not take the deficit as seriously as many conservatives do [1] Group 1 - The statement reflects a broader perspective on fiscal policy under Trump's potential leadership, indicating a divergence from traditional conservative views on budget deficits [1]

Group 1 - The core point of the announcement is that Manulife Investment Management Co., Ltd. has decided to participate in a fee discount activity for certain funds through Cinda Securities starting from June 6, 2025 [1][2]. - The fee discount applies to the purchase (including regular investment purchases) of designated funds sold by Manulife through Cinda Securities [2][3]. - The specific fee discount details will be based on information provided by Cinda Securities, and the original purchase fee will apply if it is a fixed fee [2][3]. Group 2 - The fee discount is only applicable to the handling fees for purchase transactions through Cinda Securities, excluding fees for subscription, redemption, and conversion of funds [3]. - During the fee discount period, if new funds are added for sale through Cinda Securities, the discount will also apply to those funds from the date of their sale [2][3]. - Investors can obtain further information or inquiries through Cinda Securities or Manulife Investment Management's customer service [4].

Summary of Freedom Holdings Investor Day Company Overview - **Company Name**: Freedom Holding Corporation - **Founded**: 2008 during the financial crisis - **Core Business**: Digital brokerage providing access to global markets, particularly U.S. markets, for retail investors in Kazakhstan and beyond [4][72] - **Market Position**: Top stockbroker by trading volume in Kazakhstan since 2014, with millions of accounts on the Kazakhstan Stock Exchange [5][6] Industry Insights - **Kazakhstan as a Testing Ground**: The country is viewed as a key market for technology-enabled services, serving as a testing ground for new technologies before rolling them out in Europe [3][4] - **Digital Ecosystem Development**: The company recognizes the need to build a digital ecosystem that includes banking and insurance services to remain competitive against global players [7][9] Financial Performance - **Market Capitalization**: Recently surpassed USD 10 billion, marking a significant milestone for the company [17] - **Focus on Future Growth**: Emphasis on reinvesting profits for future growth rather than focusing solely on current financial performance [12][16] - **Profitability**: The company remains profitable but acknowledges the potential volatility in financial conditions due to changing interest rates [14][15] Product Offerings - **Super App Development**: The company is focused on integrating various services into a super app, which is expected to enhance customer retention and reduce acquisition costs [20][24] - **Brokerage Technology**: Freedom Broker app (TraderNet) is a key product, with licenses in multiple countries including Kazakhstan, Uzbekistan, and the U.S. [21][22] Technological Advancements - **AI Utilization**: The company employs predictive AI for risk management, customer insights, and fraud detection, enhancing its competitive edge in consumer lending and insurance [28][29][30] - **Data Infrastructure Investment**: Significant investments in data centers in Kazakhstan to support growth and ensure data security [49][50][54] Market Opportunities - **Central Asia and Caucasus**: Kazakhstan is positioned as a financial hub for Central Asia, with plans to enhance connectivity and financial services across the region [42][43][44] - **Global Expansion**: The company aims to replicate its successful digital ecosystem in Europe and the U.S., competing with established fintech firms [65][66][78] Regulatory Environment - **Regulatory Stability**: The company emphasizes the importance of consistent regulations for long-term planning and investment [96][97] - **Astana International Financial Centre**: The establishment of this center aims to create a favorable regulatory environment for financial services in Kazakhstan [90][91] Strategic Vision - **Long-term Goals**: Freedom Holding aims to become a leading global digital ecosystem provider, leveraging its experience and technology to compete on a global scale [66][67] Conclusion - **Future Outlook**: The company is optimistic about its growth potential in Kazakhstan and beyond, focusing on technology integration, market expansion, and building a robust digital ecosystem to meet evolving consumer needs [65][66][68]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $159.87 per ADS [8][9]. Core Insights - The company reported a significant increase in Q1 2025 performance, with revenue of HKD 4.7 billion, up 81% year-over-year, and net profit of HKD 2.1 billion, up 107% year-over-year, driven by accelerated overseas customer acquisition and increased trading volumes in the Hong Kong and US stock markets [1][5]. - The company has achieved one-third of its annual customer acquisition target in Q1 2025, adding 260,000 new funded accounts, a 48% increase year-over-year [2]. - The trading activity in the Hong Kong and US markets remains robust, with total trading volume reaching HKD 3.22 trillion, a 140% increase year-over-year [3]. - Continuous innovation in products and services, including AI-driven investment assistants and new trading options, is strengthening the company's brand and product capabilities [4]. Summary by Sections Financial Performance - For 2025, the company expects to achieve net profits of HKD 7.45 billion, with an EPS of HKD 6.52, reflecting a 20% to 26% upward revision in profit forecasts for 2025-2027 [5][7]. - The projected revenue for 2025 is HKD 18.02 billion, with a year-over-year growth rate of 32.62% [7]. Customer Acquisition - The company has successfully expanded its customer base, with Hong Kong remaining the primary source of new customers, supported by a rebound in the stock market and IPO activities [2]. Trading Activity - The trading environment is favorable, with a significant increase in trading volumes and customer asset turnover rates, indicating strong market engagement [3]. Innovation and Product Development - The company is focused on enhancing its service offerings, including the introduction of new trading products in various markets, which is crucial for attracting overseas customers [4].