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 ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4842 期 2025 年 8 月 21 日 星期四 研究观点 【公司研究】 富途控股（FUTU，买入）："牌照+科技+生态"三维壁垒护航，抢占跨境财富管理赛 道 海天国际 (1882，买入）：全球化布局的经营韧性突显 华润啤酒（291,买入）：高端化持续兑现，盈利质量跃升 【公司评论】 评级变化 万国黄金集团 (3939，未评级）：降本增效带动业绩增长，金岭矿潜力巨大 中国罕王 (3788，未评级）：澳洲金矿可研报告披露，盈利未来可期 【宏观经济评论】 | 公司 | 代码 | 评级 | 目标价(港元） | | | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 海天国际 | 1882 | 买入 买入 30.00 | | 30.0 ...

Core Insights - Futu Holdings Ltd. reported Q2 2025 earnings with revenues of US$676.6 million, a 69.7% increase year-over-year, and non-GAAP adjusted net income of US$338.8 million, up 105.2% YoY [1][2] User Growth and Client Assets - As of June 30, 2025, the company had 27.12 million registered users, 5.24 million brokerage accounts, and 2.88 million funded accounts [2] - Total client assets reached US$124 billion, reflecting a 17% quarter-over-quarter growth and a 68% year-over-year increase [2] Trading Volume - Total trading volume across platforms grew by 12% QoQ and 121% YoY to US$457 billion, with US equities reaching an all-time high of US$343 billion [3] Cryptocurrency and AI Innovations - Cryptocurrency assets increased by 43% QoQ, with the company launching Moomoo Crypto for US investors and expanding cryptocurrency trading services globally [4][5] - The introduction of Moomoo AI, an AI chatbot, aims to enhance investment decision-making for users [6] Product Development and Market Expansion - The company expanded its product offerings, including US stock options trading in Japan and IPO financing in Malaysia, while enhancing trading features across platforms [7] - Moomoo's app maintained the top position in Q2 downloads among local stock trading apps in Australia, Malaysia, Singapore, and Hong Kong [7] Localization and Financial Literacy Initiatives - Moomoo introduced educational sections within its in-app community, reporting growth in daily active users and user engagement [8] - The company partnered with organizations to promote financial literacy, hosting events and providing awards to high schools for excellence in finance [9][10] Recognition and Awards - Moomoo received multiple awards in various markets, including "Top Broker - Highest Number of New Accounts" in Malaysia and "Fintech - Private Wealth Management" in Singapore, highlighting its commitment to customer value [11]