Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 was HKD 4.7 billion, an increase of 81% from HKD 2.6 billion in the same quarter of 2024 [14] - Net income increased by 107% year over year to HKD 2.1 billion, with a net income margin expanding to 45.6% from 39.9% [22] - Total client assets reached HKD 830 billion, marking a 60% increase year over year and a 12% increase quarter over quarter [9] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income was HKD 2.3 billion, up 113% year over year [15] - Interest income was HKD 2.1 billion, a 53% year over year increase [15] - Wealth management client assets reached HKD 139.2 billion, up 18% year over year and 26% quarter over quarter [11] Market Data and Key Metrics Changes - Approximately 262,000 new funded accounts were added in Q1 2025, a 48% year over year increase [5] - Total trading volume reached HKD 3.22 trillion, up 40% year over year [10] - In Singapore, total client assets rose 11% sequentially, marking the eleventh consecutive quarter of double-digit growth [9] Company Strategy and Development Direction - The company aims to achieve 800,000 net new funded accounts in 2025, with a strong focus on product localization and brand investment [5] - The launch of Futu BOL AI, a smart investment assistant, is part of the strategy to enhance user experience and engagement [7] - The company plans to expand its structured product lineup and enhance its wealth management offerings across various markets [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong client acquisition momentum despite expected sequential decreases in new funded accounts due to a high base [27] - The company anticipates further sequential increases in total trading volume and net asset inflow, driven by market volatility and client engagement [28] - Management remains optimistic about the long-term potential of the crypto trading business and plans to enhance product capabilities in this area [35] Other Important Information - The effective tax rate for the quarter was 18.6%, influenced by the profitability of overseas markets and changes in international tax regulations [57] - The company has entered the New Zealand market, leveraging existing brand equity and product capabilities from Australia [53] Q&A Session Summary Question: Trading velocity and margin financing balance in Q2 - Management expects a double-digit sequential decrease in new funded accounts but maintains strong client acquisition momentum and anticipates a further increase in trading volume [27] Question: Business model for membership programs - The membership programs cater to wealth management clients with higher assets and trading velocity, with a small current penetration rate [30] Question: Timeline for crypto trading business and implications of stablecoin regulations - Monthly trading volume and number of crypto traders remain high, with plans to launch crypto withdrawal functions soon [34] Question: Impact of HIBOR on net interest income and client behavior - The company has seen overall interest income grow despite HIBOR declines, benefiting from increased trading activities [42] Question: Client asset inflows by region and engagement metrics for AI tools - Strong inflow momentum was observed across all markets, with Hong Kong and Singapore being the major contributors [46] - Initial feedback on AI tools has been positive, leading to increased engagement and activity on the platform [49] Question: Customer acquisition cost and New Zealand market entry - The decline in customer acquisition cost was attributed to strong market conditions and brand equity, with expectations to maintain guidance unchanged [51] Question: Effective tax rate and blended commission fee rate - The effective tax rate is expected to remain between 17% and 18%, while the blended commission rate is anticipated to stabilize [58]

根据富安达基金管理有限公司（简称"本公司"）与申港证券股份有限公司(以下简称"申港证券")签署的 开放式证券投资基金销售服务协议及补充协议，自2025年5月20日起，本公司旗下部分基金将增加申港 证券为销售机构，同时开通办理基金的定投及转换业务。投资者可在申港证券办理基金的开户、申购、 赎回等业务，业务办理的具体事宜请遵从该公司的相关规定。 客服热线：956029 2.富安达基金管理有限公司 一、适用基金 ■ 二、费率优惠方案 投资者通过"申港证券"认购、申购本公司旗下基金，认购、申购费率的具体折扣及费率优惠期限以"申 港证券"最新活动公告为准。基金费率请详见基金合同、招募说明书（更新）等法律文件，以及本公司 发布的最新业务公告。 费率优惠期限内，如本公司新增"申港证券"销售的基金产品，则自该基金产品开放认、申购当日起，将 同时开通该基金上述优惠活动。 三、投资者可通过以下途径咨询有关详情 1. 申港证券股份有限公司 客服电话：400-630-6999(免长途话费) 四、重要提示： 1.投资者欲了解详细信息，请仔细阅读相关产品的基金合同、招募说明书、产品资料概要和《富安达基 金管理有限公司开放式基金登记结算业 ...

证券研究报告 | 公司研究报告 金融 | 投行与证券经纪 | 恒生指数 | 22,867.74 | | --- | --- | | 恒生科技指数 | 5,180.25 | | 纳斯达克综合指 | 17,928.92 | | 标普 指数 500 | 5,659.91 | | 基本数据 | | | 收盘价（港元） | 0.052 | | 52 周最高/最低(港元) | 0.058/0.011 | 总市值（亿港元） 10.65 流通市值（亿港元） 10.65 股价相对走势 涨跌幅% 1m 3m 12m 绝对表现 44.44 271.43 108.00 相对表现 30.83 244.86 88.37 TMT 首席分析师 Chan Kwok Keung SFC 持牌号：BUL892 winson.chan@usmarthk.com 事件点评 中达集团控股(0139.HK) 2025 年05 月10日 中达集团控股深化 AIGC 赛道布局，战略投资 GIBO 迎来关键催化剂 | 证券分析师 | | --- | | 首席分析师 TMT | | Chan Kwok Keung | | SFC 持牌号：BUL892 | | w ...

在金融交易领域，Rich Smart(富慧证券)以其卓越的服务和创新的交易模式，正引领着新时代的潮流。 根据最新公布的Finance Magnates 2023年第四季度行情报告，Rich Smart(富慧证券)在该季度的交易量达 到了1,140亿美元，网站访问量高达352万次。这一成绩不仅体现了Rich Smart(富慧证券)的市场影响力， 也彰显了其在金融交易领域的领导地位。 卓越的交易业绩 在2023年第四季度，Rich Smart(富慧证券)的各项数据均显示出强劲的增长势头。与去年同期相比，贵 金属品类增长了37.4%，货币对品类增长了62.78%，指数品类增长了16.4%，股票品类增长了92.8%，能 源品类增长了9.8%。这些数据不仅证明了Rich Smart(富慧证券)在不同金融产品领域的广泛影响力，也 反映了其在市场中的竞争力。 自2015年成立以来，Rich Smart(富慧证券)已经发展成为最知名的外汇经纪商之一。它为活跃的外汇市 场上的新手提供了交易解决方案，正在彻底改变线上外汇交易。线上交易者现在可以获得以前只有投资 银行和高净值人士才能获得的定价和流动性。 Rich Smart(富慧 ...

根据招商基金管理有限公司（以下简称"本公司"）与山西证券股份有限公司（以下简称"山西证券"）签 署的基金销售协议，自2025年4月21日起，本公司将增加山西证券为以下基金的场内申购赎回代办券商 并开通在二级市场申购、赎回等相关业务。 ■ 具体业务类型及办理程序请遵循销售机构的相关规定。投资者欲了解详细信息请仔细阅读相关基金的基 金合同和招募说明书等法律文件。 一、投资者可通过以下途径咨询有关详情： 二、风险提示： 投资者在投资基金前应认真阅读《基金合同》和《招募说明书》等基金法律文件，全面认识基金产品的 风险收益特征，在了解产品情况及听取销售机构适当性意见的基础上，根据自身的风险承受能力、投资 期限和投资目标，对基金投资作出独立决策，选择合适的基金产品。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保证 最低收益。投资者投资于上述基金时应认真阅读上述基金的基金合同、招募说明书等资料。敬请投资者 留意投资风险。 特此公告。 招商基金管理有限公司 2025年4月21日 招商基金管理有限公司旗下基金 2025年第1季度报告提示性公告 本公司董事会及董事保证基金季度报告所载资 ...

由博时基金管理有限公司（以下简称"本公司"）申请，并经上海证券交易所确认，自2025年4月10日 起，本公司将新增第一创业证券股份有限公司为博时上证30年期国债交易型开放式指数证券投资基金 (基金简称：博时上证30年期国债ETF，场内简称：国债30年，扩位简称：30年国债指数ETF，交易代 码：511130)申购、赎回业务的代办券商（以下简称"一级交易商"）。 一、投资者可通过以下途径咨询有关详情 特此公告。 博时基金管理有限公司 2025年4月10日 博时标普石油天然气勘探及生产精选行业指数型发起式证券投资基金（QDII）调整大额申购、转换转 入、 ■ 或致电博时一线通：95105568(免长途话费) ，登录本公司网站www.bosera.com了解有关情况。 二、截至2025年4月10日,30年国债指数ETF一级交易商名单如下： 爱建证券有限责任公司、财达证券股份有限公司、财通证券股份有限公司、长城证券股份有限公司、德 邦证券股份有限公司、第一创业证券股份有限公司、东北证券股份有限公司、东方财富证券股份有限公 司、东方证券股份有限公司、东海证券股份有限公司、东兴证券股份有限公司、东莞证券股份有限公 司、方 ...

根据凯石基金管理有限公司（以下简称"本公司"）与中信建投证券股份有限公司（以下简称"中信建 投"）签署的代理销售服务协议，自2025年4月10日起，投资者可通过中信建投办理本公司旗下部分基金 的账户申购、定投、赎回、转换等业务。 一、适用基金 ■ 二、费率优惠活动 自2025年4月10日（含）起，投资人通过中信建投（www.csc108.com ）申购、定投、转换本公司旗下基 金，申购、定投、转换费率实行最低1折优惠。若原申购、定投、转换费率为固定费用的，则按固定费 用执行，不享有费率折扣。（具体折扣比例以中信建投页面公示为准） 费率优惠活动期间，如本公司新增通过中信建投代理销售的基金产品，则自中信建投正式代理销售该基 金产品之日起，该基金产品将自动参加上述费率优惠活动。 具体实施费率优惠的结束时间及优惠措施以中信建投安排为准。 客服电话：95587 风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也 不保证最低收益。投资人应认真阅读拟投资基金的《基金合同》、《招募说明书》（更新）等法律文 件，了解所投资基金的风险收益特征，并根据自身情况购买与风险承受能力相匹配的产品。 ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was RMB4.4 billion, an increase of 87% from RMB2.4 billion in Q4 2023, with full year revenue growing to RMB13.6 billion, up 36% year over year [16] - Brokerage commission and handling charge income was RMB2.1 billion, up 128% year over year and 35% quarter over quarter [17] - Interest income was RMB2 billion, up 52% year over year and 19% quarter over quarter [18] - Total gross profit was RMB3.7 billion, an increase of 89% from RMB1.9 billion in Q4 2023, with a gross margin of 82.5% [21] - Net income increased by 113% year over year and 42% quarter over quarter to RMB1.9 billion, with a net income margin of 42.2% [23] Business Line Data and Key Metrics Changes - Total client assets were HKD343 billion, up 43% year over year and 7% quarter over quarter [10] - Total trading volume jumped by 202% year over year and 52% quarter over quarter to HKD2.89 trillion [11] - In the U.S., stock trading volume grew by 36% sequentially to a historic high of HKD2.08 trillion [12] - Hong Kong stock trading volume grew by 117% sequentially to HKD75 billion [13] - Total client assets in wealth management increased 93% year over year and 14% quarter over quarter to HKD111 billion [13] Market Data and Key Metrics Changes - Client acquisitions accelerated across all markets, adding 215,000 paying clients in Q4 alone, totaling over 2.4 million paying clients, a 41% year over year increase [5] - In Singapore, total line assets grew by 19% quarter over quarter, marking the tenth consecutive quarter of sequential growth [10] - The overseas markets recorded the highest quarterly net asset inflow, almost equivalent to the full year 2023 inflow [10] Company Strategy and Development Direction - The company plans to guide for 800,000 new paying clients in 2025, focusing on existing markets without new market entries [5][29] - The company aims to enhance its product offerings, including rolling out crypto trading and expanding wealth management services [37][55] - The management emphasized the importance of AI integration to improve operational efficiency and client-facing capabilities [42] Management's Comments on Operating Environment and Future Outlook - Management noted that the trading opportunities in both Hong Kong and U.S. markets remain robust, with high engagement from retail investors [34] - The company expects continued strong net asset inflow in 2025, driven by client engagement and market conditions [85] - The management highlighted the potential for further penetration in the crypto market as regulatory frameworks become clearer [53] Other Important Information - The company underwrote 40 Hong Kong IPOs in 2024, ranking first among all brokers for the third consecutive year [14] - The new digital IPO settlement platform introduced by the Hong Kong Stock Exchange is expected to enhance retail participation and market liquidity [14] Q&A Session Summary Question: Guidance on new paying clients for 2025 - Management clarified that the guidance of 800,000 new paying clients does not include new markets, focusing on existing markets with robust growth potential [28] Question: Client acquisition cost (CAC) increase - Management indicated that the target CAC for 2025 is HKD2,500 to HKD3,000, with increased spending on brand equity to enhance long-term user loyalty [29] Question: Current trading volume and market conditions - Management noted that despite setbacks in U.S. stocks, trading volumes remain robust due to increased volatility and client engagement [48] Question: Breakdown of AUM and market impact - Management reported that 24% of asset inflow came from non-Great China areas, indicating strong overseas market engagement [59] Question: Operating expenses and outlook - Management explained the increase in G&A expenses was due to year-end bonuses and one-off professional expenses, with headcount growth expected to be in the low to middle single digits [65] Question: Interest income breakdown - Management stated that approximately 40% to 45% of interest income was derived from idle cash deposits, with the remainder from margin financing and securities lending [81]