香港市场展现强劲势能，客户净入资涌入推动户均资产实现双位数季增；海外各市场客户资产均录得按 季双位数增长，其中新加坡用户规模创下里程碑——截止季末，每两位居民即有一人使用moomoo*， 富途在全球金融领域的竞争壁垒持续巩固。第二季度全球市场行情上行带动富途平台交易动能释放，总 交易额同比劲升121%达3.6万亿港元，再创历史新高。 截至期末，富途旗下富途牛牛和moomoo应用程式注册用户数达2712万，帐户数达524万，同比分别增 长17%和30%；有资产客户数同比升41%至288万；平台客户资产达9739亿港元(约1241亿美元)，同比涨 幅高达68%。 周五，富途控股(FUTU.US)涨近6%，报191.13美元。财报显示，2025年第二季度，富途总营收为53.11 亿港元(约6.77亿美元)，同比增长69.7%；在非美国通用会计准则下(Non-GAAP)，净利润为26.60亿港元 (约3.39亿美元)，同比增长105.2%。按业务分类，第二季度交易佣金及手续费收入为25.79亿港元(约3.29 亿美元)，同比增长87.4%；利息收入为22.88亿港元(约2.92亿美元)，同比升43.8%；其他收入(包 ...

截至期末，富途旗下富途牛牛和moomoo应用程式注册用户数达2712万，帐户数达524万，同比分别增 长17%和30%；有资产客户数同比升41%至288万；平台客户资产达9739亿港元(约1241亿美元)，同比涨 幅高达68%。 智通财经APP获悉，周五，富途控股(FUTU.US)涨近6%，报191.13美元。财报显示，2025年第二季度， 富途总营收为53.11亿港元(约6.77亿美元)，同比增长69.7%；在非美国通用会计准则下(Non-GAAP)，净 利润为26.60亿港元(约3.39亿美元)，同比增长105.2%。按业务分类，第二季度交易佣金及手续费收入为 25.79亿港元(约3.29亿美元)，同比增长87.4%；利息收入为22.88亿港元(约2.92亿美元)，同比升43.8%； 其他收入(包括财富管理、企业服务业务等)为4.44亿港元(约5,660万美元)，同比增长175.8%。 香港市场展现强劲势能，客户净入资涌入推动户均资产实现双位数季增；海外各市场客户资产均录得按 季双位数增长，其中新加坡用户规模创下里程碑——截止季末，每两位居民即有一人使用moomoo*， 富途在全球金融领域的竞争壁垒持续巩 ...

环球市场动态 中 美 博 弈 延 续 下 国 产 替 代 逻 辑 不 断 强 化 2025 年 8 月 22 日 股 票 A 股周四涨跌不一，沪指续创新高； 港股走弱，科技股表现低迷；欧洲股 市再度分化，市场仍在等待 Jackson Hole 年会和俄乌谈判等进展；美股标 指五连跌，市场在鲍威尔发言前格外 谨慎。 外 汇 / 商 品 特朗普向普京施压，周四国际油价 震荡上涨；美联储官员发表鹰派讲 话，美元指数跟随美债收益率上行， 国际金价小幅下跌。 固 定 收 益 美债收益率先跌后升，因 PMI 数据 超预期。美联储官员再度表达对通 胀的担忧。市场等待明日主席鲍威 尔在杰克逊霍尔的讲话。标普维持 美国主权信用评级不变在"AA+"， 展望仍为 "稳定"。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 ▪ 近期特朗普在科技领域动作频繁，其政策思路出现变化，特别是对华科技政策思路引发各界关注。从原因来看， 特朗普重返白宫以来，"PayPal Mafia" 掌控了美国科技政策的决策与执行层，其政策思路融合了企业利益导向 与 MAGA 理念 (让美国再次 ...

Company Research - Futu Holdings (FUTU) is rated "Buy" with a target price of $195.00, representing a potential upside of 15.71% from the current price of $168.52[3][14] - Haitong International (1882) is rated "Buy" with a target price of HKD 30.00, maintaining the same EPS estimates for 2025 and 2026[2][12] - China Resources Beer (291) is rated "Buy" with a target price of HKD 35.00, reflecting an 18x PE for 2025, with a projected EPS growth of 8% for 2026[2][28] Financial Performance - Futu Holdings expects total revenue to grow from HKD 10,008 million in 2023 to HKD 19,531 million in 2025, a growth rate of 43.7%[12] - The net profit for Futu Holdings is projected to increase from HKD 4,279 million in 2023 to HKD 9,413 million in 2025, representing a growth of 73.3%[12] - China Resources Beer reported a net profit of HKD 57.9 billion for the first half of 2025, a year-on-year increase of 23%[24] Market Trends - Futu Holdings is leveraging its technology and regulatory licenses to capture the cross-border wealth management market, with a focus on Southeast Asia and Web 3.0 innovations[10][8] - China Resources Beer is focusing on premiumization, with high-end product sales growing over 10%, significantly outperforming the industry[25][27] - Haitong International's overseas sales surged by 34.7% year-on-year, driven by demand in Southeast Asia and a strategic focus on key industry clients[20]

Core Viewpoint - Recent phishing scams targeting Hong Kong brokerage users have led to significant financial losses, with one victim reporting a loss of 810,000 HKD due to a fraudulent link disguised as a message from "Futu" [2][4][15]. Group 1: Incident Details - A Hong Kong resident, Mr. Guo, fell victim to a phishing scam after clicking a fraudulent link claiming to be from "Futu," resulting in the theft of his account information and subsequent unauthorized trading [2][4]. - The phishing link led to a fake website with a different domain name, which was not associated with the official Futu website [4]. - Following the unauthorized access, Mr. Guo's account was cleared of all holdings and used to purchase "penny stocks," leading to a direct loss of 810,000 HKD [4][8]. Group 2: Scam Mechanism - Scammers typically impersonate customer service or official representatives to lure victims into providing sensitive information through phishing links [7][12]. - The term "penny stocks" refers to stocks priced below 1 HKD, which are often manipulated due to their low trading volume, making them susceptible to fraudulent activities [7][8]. - Scammers buy large quantities of these stocks at low prices and then sell them at inflated prices using the victim's account, resulting in financial losses for the victim [8][13]. Group 3: Regulatory Response - The Hong Kong Securities and Futures Commission has issued warnings regarding the rise of such phishing scams and advised the public to be cautious of messages containing links [17]. - Regulatory bodies have urged licensed institutions to avoid including hyperlinks in electronic communications that request sensitive information [17][19]. - The Shenzhen Financial Office has also highlighted the risks associated with cross-border investments, advising investors to assess their risk tolerance and use legitimate channels for investment [19]. Group 4: Company Response - Futu has stated that it is taking measures to enhance user security and has organized special teams to address the issue and educate users about fraud prevention [15][16]. - The company emphasizes the importance of enabling two-factor authentication and being vigilant against suspicious messages [15][16]. - Futu has committed to cooperating with affected customers and law enforcement to mitigate the impact of these scams [16].

Core Insights - Futu Holdings reported a total revenue of HK$46.95 billion (approximately US$6.03 billion) for Q1 2025, representing a year-on-year growth of 81.1% [1][7] - Net profit increased by 97.7% year-on-year to HK$22.17 billion [1][7] - The platform's total trading volume reached a record high of HK$3.22 trillion, with Hong Kong stock trading volume surging by 227% to HK$916 billion [1][5][8] Financial Performance - Revenue breakdown: - Trading commissions and fees amounted to HK$23.1 billion (approximately US$2.97 billion), up 113.5% year-on-year - Interest income was HK$20.71 billion (approximately US$2.66 billion), a 52.9% increase - Other income, including wealth management and corporate services, reached HK$3.14 billion (approximately US$40.3 million), growing by 101% [4][7] - Gross margin improved from 81.9% to 84.0%, and operating profit margin rose from 46.0% to 57.2% [7] User and Asset Growth - Registered users of Futu's platforms, Futu NiuNiu and moomoo, reached 26.25 million, with account numbers increasing to 4.96 million, reflecting year-on-year growth of 17% and 30% respectively [4][8] - The number of asset-holding clients rose by 42% year-on-year to 2.67 million, with total client assets surpassing HK$829.8 billion (approximately US$106.7 billion), a 60% year-on-year increase [4][8] - Wealth management total assets reached HK$1.392 trillion, doubling year-on-year [6] Trading Activity - The trading volume for U.S. stocks increased by 116% year-on-year, exceeding HK$2.25 trillion, while Hong Kong stock trading volume saw a 227% increase [5][8] - The cryptocurrency market, despite volatility, maintained double-digit growth in both trading participants and asset scale [5]

Group 1 - Futu Holdings reported Q1 2025 unaudited financial results with total revenue of HKD 46.95 billion (approximately USD 6.03 billion), representing a year-on-year growth of 81.1% [1] - Non-GAAP net profit for Q1 was HKD 22.17 billion (approximately USD 2.85 billion), showing a year-on-year increase of 97.7% [1] - Revenue from trading commissions and fees reached HKD 23.1 billion (approximately USD 2.97 billion), up 113.5% year-on-year [1] - Interest income was HKD 20.71 billion (approximately USD 2.66 billion), reflecting a year-on-year growth of 52.9% [1] - Other income, including wealth management and corporate services, amounted to HKD 3.14 billion (approximately USD 40.3 million), with a year-on-year increase of 101% [1] Group 2 - As of the end of Q1, Futu's registered user base for its Futu NiuNiu and moomoo applications reached 26.25 million, with account numbers totaling 4.96 million, representing year-on-year growth of 17% and 30% respectively [1] - The number of asset-holding clients increased to 2.67 million, a year-on-year growth of 42% [1] - Platform client assets reached HKD 829.8 billion (approximately USD 106.7 billion), marking a year-on-year increase of 60% [1] Group 3 - Hong Kong continues to be a strategic market for Futu, with over 50% of the local adult population as users, and the company achieved steady growth in client and asset scale this quarter [2] - Daily active users of Futu NiuNiu increased by nearly 20% compared to the previous quarter [2] - Futu's international expansion is evident with the recent launch of operations in New Zealand, showcasing its steady progress and long-term strategic value [2] Group 4 - Futu Holdings' stock rose over 3% in pre-market trading on Thursday [3]

Core Viewpoint - Futu Holdings (FUTU.O) saw a pre-market increase of over 5% in its U.S. stock, driven by a significant year-on-year revenue growth of 81.1% in the first quarter [1] Company Summary - Futu Holdings reported a revenue increase of 81.1% year-on-year for the first quarter [1] - The company's stock performance reflects positive market sentiment following the earnings report [1] Industry Summary - The strong revenue growth indicates a robust performance within the online brokerage industry, suggesting increased trading activity and user engagement [1]

Core Viewpoint - In the investment market of 2025, uncertainty is prevalent, leading to significant fluctuations in asset prices. Options are emerging as a valuable investment tool, providing diverse trading strategies and effective risk protection for investors [1]. Summary by Sections Options as Investment Tools - Options allow investors to profit from rising markets through call options and protect existing portfolios from downside risks using put options, highlighting their unique advantages in volatile conditions [1]. Importance of Quality Options Apps - High-quality options trading apps are essential for investors, enabling quick access to accurate market data, detailed analysis of various options, and efficient trading operations [1]. Comparison of Popular Options Apps - A comprehensive comparison of popular options apps, including Sina Finance, reveals their unique features and advantages across several key dimensions such as information, market data, and special functions [1]. Sina Finance App - **Information**: Leverages strong media resources to quickly integrate breaking news, market interpretations, and policy dynamics, regularly publishing professional institutional reports and hosting live courses [3]. - **Market Data**: Covers domestic and international options, with high data update frequency and support for multi-period K-line charts [3]. - **Special Features**: Includes a financial calendar, historical data, and simulation trading tools [3]. - **Community**: Rich community content with numerous professional users for sharing investment experiences and insights [4]. - **Overall Advantage**: Comprehensive and authoritative information, rapid reporting on major financial events, and a strong community atmosphere make it suitable for cross-market investment analysis [5]. Other Notable Apps - **Futu Niu Niu**: Offers timely updates on industry dynamics, expert opinions, and strategy analysis, with clear and accurate options pricing and strong trading functionality [5]. - **Dongfang Caifu**: Provides timely and comprehensive news updates, a user-friendly interface, and strong community interaction for sharing investment experiences [6]. - **Tonghuashun**: Features a variety of content on options basics, investment techniques, and risk education, with real-time accurate data and free simulation trading [7]. - **Wenhua Caifu**: Known for stable systems and accurate market data, it supports various technical indicators and allows for user-customized interfaces [7]. Conclusion - Different options apps have their strengths, with Sina Finance standing out for its robust information integration, professional community, and extensive market coverage, making it an ideal choice for investors seeking authoritative insights and professional engagement [7].

Core Viewpoint - 2024 is seen as a breakthrough year for Futu Holdings, with significant growth in revenue and net profit driven by global market recovery and strategic expansion in overseas markets [1][3]. Financial Performance - Futu Holdings reported a total revenue of HKD 135.9 billion (approximately USD 17.5 billion) for 2024, representing a year-on-year increase of 35.8% [3]. - The net profit for the year grew by 27% to HKD 54.3 billion (approximately USD 6.9 billion), with Non-GAAP net profit increasing by 26.2% [1][3]. - In Q4 2024, total revenue reached HKD 44.33 billion (approximately USD 5.71 billion), a remarkable year-on-year increase of 86.8% [3][4]. - Non-GAAP net profit for Q4 was HKD 19.52 billion (approximately USD 2.51 billion), showing a staggering growth of 105.4% year-on-year [3][4]. Business Segments - Trading commissions and fees were the main revenue drivers, with Q4 2024 income from this segment reaching HKD 20.57 billion (approximately USD 2.65 billion), a year-on-year surge of 127.6% [3][4]. - Interest income also contributed significantly, amounting to HKD 20.22 billion (approximately USD 2.6 billion) in Q4, reflecting a 51.8% increase [4]. - Other income, including wealth management and enterprise services, reached HKD 3.53 billion (approximately USD 454 million) in Q4, a year-on-year increase of 157% [4][5]. User Growth and Market Expansion - As of December 31, 2024, the number of asset-holding clients surged by 41% to 2.41 million, while total users grew by 16.2% to 25.1 million [7]. - Total client assets increased by 53.1% year-on-year to HKD 743.3 billion [7]. - The company has successfully penetrated seven major markets, including the U.S., Singapore, Australia, Japan, Canada, Malaysia, and Hong Kong, benefiting from favorable market conditions [3][7]. Strategic Initiatives - Futu is focusing on deep localization strategies in overseas markets, enhancing product offerings and customer experiences to attract local investors [8]. - The company is transitioning from a trading platform to a comprehensive financial services provider, with a notable shift in revenue structure [8][9]. - R&D expenses increased slightly by 3.7% to HKD 14.9 billion, primarily directed towards AI trading tools and virtual banking products [9]. Future Outlook - Analysts predict continued growth for Futu, with expectations of a compound annual growth rate of 21% in earnings per share from 2025 to 2027 [12]. - The company aims to enhance its wealth management asset ratio to 20% by leveraging AI tools and expanding its cryptocurrency offerings [9][12]. - The overall sentiment in the Hong Kong market and strong performance in the U.S. are expected to drive further increases in trading revenue [12].