富途控股：业绩强劲，监管风险敞口降低且利率敏感性下降- 买入机会

Asia Pacific Equity Research 19 November 2025 Futu Holdings Strong results, reduced vulnerability to regulatory risk and declining interest rate sensitivity – a buying opportunity J P M O R G A N Futu delivered strong 3Q25 results; please see our first take note (link) for details. Nonetheless, the stock reaction on Nov 18th was muted (Futu -0.5%, vs. KWEB -0.2% and Nasdaq -1.2%). We believe this weakness was due mainly to concerns over US market performance and the correction in crypto assets. We view this ...