富途控股2026 Q2業績會
【AI 要點總結】
Financial Performance
- Total revenue reached HK$7.2 billion, up 36% year-over-year from HK$5.3 billion in Q2 2025
- Net income increased 42% year-over-year to HK$3.6 billion, with net income margin expanding to 50.6%
- Total trading volume hit record high of HK$6.42 trillion, up 78.8% year-over-year and 54.6% quarter-over-quarter
- Total client assets reached HK$1.4 trillion, up 43.6% year-over-year and 14.5% quarter-over-quarter
Business Highlights
- Net new funded accounts of 252,000 in Q2, bringing total funded accounts to approximately 3.84 million
- Singapore registered users surpassed 2 million milestone, solidifying leadership among local retail investors
- Malaysia achieved operating profit break-even for the first time in Q2
- Became first Hong Kong broker to launch securities-backed margin financing for virtual assets under upgraded Type 1 license
Financial Guidance
- Full-year CAC guidance maintained at HK$2,500-3,000 range
- Q3 quarter-to-date metrics trending modestly softer due to market volatility
- Net addition of funded accounts moderated compared to Q2
- Trading volume down modestly sequentially in Q3, reflecting cooling retail sentiment
Opportunities
- Thailand market entry as natural extension in Southeast Asia with over 4.5 million potential online investors
- AI-powered features seeing strong adoption growth, evolving from novelty to daily research staple
- Cross-selling synergy between prediction markets and core brokerage business driving higher client activity
- Nearly 60% of newly listed Hong Kong companies choosing Futu for IPO services partnership
Risks
- New regulations announced May 22nd resulted in mid-single digit percentage outflows of total client assets
- Blended commission rate declined due to structural changes in trading behavior and concentration shifts
- Market volatility causing moderated client acquisition and trading activity in Q3
- Regulatory and compliance challenges in expanding markets may impact growth trajectory
【AI 會議實錄】
Operator
Gentlemen, welcome to FUTU Holding Second Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen only mode. After management's prepared remarks, there will be a question and answer session. Today's conference is being recorded. If you have any objections, you may disconnect. At this time, I would not like to turn the conference over to your host for today's conference call, Michelle Lee, Investor Relations Manager at FUTU. Ma'am, please go ahead.
Michelle Lee
Thanks, operator. Thank you for joining us today to discuss our second quarter 2026 earnings results. Joining me on the call today are Mr. Lee Lee, Chairman and Chief Executive Officer, Arthur Chen, Chief Financial Officer and Robin Hsu, Senior Vice President. As a reminder, today's call may include forward-looking statements which represent the company's belief regarding future events, which by their nature are not certain and are outside of the company's control. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report. And with that, I will now turn the call over to Leave. Leave will make his comments in Chinese and I will translate.
Lee Lee
第二季度我們淨新增25.2萬，有資產客戶同比增長23.7%，環比增長12.2%，有資產客戶總數達約384萬，同比增長33.6%，環比增長7%。
Michelle Lee
In the second quarter, we acquired 252,000 net new funded accounts, up 23.7% year over year and 12.2% quarter over quarter. Total funded accounts reached approximately 3.84 million, representing an increase of 33.6% year over year and 7% quarter over quarter.
Lee Lee
受益於活躍的港股IPO以及美股的優異表現，香港市場獲客環比加速，在新加坡市場註冊用戶數突破兩百萬大關，進一步鞏固了moomoo在當地零售投資者中的領先地位。港新兩地的新客戶平均收入均實現環比提升，得益於我們持續開展的化資產類別投資者教育，以及我們在品牌建設上的不斷投入。
Michelle Lee
Position in Hong Kong accelerated sequentially during the quarter, supported by a robust local IPO pipeline and strong performance in US equities. In Singapore, registered users surpassed the 2 million milestone, further solidifying our leadership among local retail investors. The average revenue per new client in both markets improved sequentially, underpinned by our ongoing investor education initiatives across multiple asset classes, reinforced by our sustained investment in brand.
Lee Lee
在馬來西亞，我們圍繞馬股IPO和AI行情推動的針對性營銷活動，帶動獲客創下單季度新高。馬來西亞已連續三個季度在所有市場中領跑競爭，有資產客戶數在美國木木的預測市場產品收穫良好市場反響，帶動新獲客，也有效提升了平台整體的客戶活躍度。
Michelle Lee
Our targeted marketing campaigns centered around local IPOs and the AI driven rally catalyzed a record quarter of client acquisitions leading all markets in net new funded accounts for the third consecutive quarter. In the US, Muno's prediction markets garnered significant traction, driving incremental new client acquisition and helping improve overall client engagement on our platform.
Lee Lee
季末客戶資產約1.4萬億港幣，同比增長43.6%，環比增長14.5%。資產增長主要歸因於客戶持倉的市值上升，其次爲進入金的貢獻。期末融資融券餘額環比增長31%，達951億港元，主要得益於港股IPO市場活躍，疊加整體市場情緒向好，推動客戶槓桿使用規模擴大。
Michelle Lee
As of quarter end, total client assets stood at 1.4 trillion Hong Kong dollars, up 43.6% year over year and 14.5% quarter over quarter. The growth was mainly attributable to higher market valuation of client stockholding and to a lesser extent net asset inflow. Margin financing and securities lending balance rose 31% quarter over quarter to 95.1 billion Hong Kong dollars, supported by an active Hong Kong IPO market along with broader positive market sentiment that encouraged clients take on more leverage.
Lee Lee
良好的市場環境帶動總交易額環比增長54.6%，同比增長78.8%，約6.42萬億港幣，創下歷史新高。其中每股交易額環比增長67.2%至5.02萬億港元，主要由投資者對AI股的關注帶動，港股交易額環比增長15.9%至1.17萬億港元，主要得益於半導體，中概互聯網及新股交易的活躍。
Michelle Lee
Thanks to favorable market conditions, total trading volume rose 78.8% year over year and 54.6% quarter over quarter to 6.42 trillion Hong Kong dollars, setting a new record high. U.S. stock trading volume grew 67.2% sequentially to 5.02 trillion Hong Kong dollars, driven by client interest in AI related names. Hong Kong stock trading volume increased by 15.9% quarter over quarter to 1.17 trillion Hong Kong dollars, largely attributable to heightened trading activity in Semiconductor, China, Internet and newly listed companies.
Lee Lee
今天會一號牌照升級，成爲香港首家也是目前唯一一家推出證券抵押融資交易虛擬資產的券商。同時，我們正積極探索將虛擬資產納入統一購買力框架，以進一步提升傳統資產和數字資產市場的資金使用效率。
Michelle Lee
In June, Q2 Securities became the 1st and today only broker in Hong Kong to launch securities backed margin financing for virtual assets under an upgraded Type 1 license approval from the SFC. We are also exploring extending our unified buying power framework to cover virtual asset holdings, further enhancing capital efficiency across traditional and digital asset markets.
Lee Lee
不管理客戶資產達1802億港元，同比增長10%，環比增長1%。本季度受股票市場強勁表現推動，我們觀察到客戶偏好從貨幣市場基金轉向股票基金。在香港，我們面向零售投資者舉辦了首次線下基金路演，聚焦商業航天主題投資者對該主題興趣濃厚，活動現場滿員，線上直播吸引數百人在線參與，並帶動了後續顯著的認購。
Michelle Lee
Wealth management client assets were 180.2 billion Hong Kong dollars, up 10% year over year and 1% quarter over quarter. During the quarter, we observed a shift in client preference from money market funds toward equity funds on the back of strong equity market performance in Hong Kong. We held our first offline fund roadshow for retail investors, centred on the commercial space theme amid heightened investor interest. The event drew a full on site audience and several 100 live stream participants, translating into meaningful follow on subscriptions.
Lee Lee
我們的IPO及IR客戶達683家，同比增長32%。二季度香港IPO市場延續強勁勢頭，期間近六成新上市公司選擇與富途合作。我們擔任了多家知名上市項目的聯席帳戶管理人，其中包括天興醫療西智科技與技泰科技。
Michelle Lee
We concluded the quarter with 683 IPO distribution and IR clients, up 32% year over year. The Hong Kong IPO market sustained strong momentum in the second quarter with nearly 60% of newly listed companies choosing to partner with Futu. We served as joint bookrunners for multiple high profile listings, including those of Star Sports Medicine, Cytologins, and Mattis Tech Bio.
Lee Lee
接下來有請我們的首席財務官Arthur介紹我們的財務表現。
Michelle Lee
Next, I'd like to invite our CFO, Arthur to discuss our financial performance.
Arthur Chen
Thank you, Liva and Michelle. Please allow me to walk you through our financial performance in the second quarter. All the numbers are in Hong Kong dollars unless otherwise noted. Total revenue was 7.2 billion up 36% from 5.3 billion in the second quarter of 2025. Brokerage Commission and handling charging income was 3.4 billion up 30% year over year and 27 percent quarter over quarter. Total trading volume grew on both year over year and the quarter over quarter basis, while blended Commission rate declined due to stronger trading activities in higher priced U.S. stocks and options.
During the quarter, interest income was 3.1 billion up 37% year over year and 18% quarter over quarter. Both the year over year and the quarter over quarter increase was mainly driven by higher interest income from margin financing bank deposits and the security lending. Other income was 718 million, up 61% year over year and 27 percent quarter over quarter. Both year over year and quarter over quarter increase was primarily driven by higher currency exchange income and IPO financing service income.
Our total costs were 985 million up 47% compared to the second quarter of 2025. Brokerage Commission and handling charge expenses were 248 million, up 54% year over year and 50% quarter over quarter. Both the year over year and the quarter over quarter increase was mainly due to higher trading volume. Interest expenses were 513 million, up 36% year over year and 24 percent quarter over quarter. Both the year over year and the quarter over quarter increase was mainly driven by higher interest expenses associated with our margin financing business.
Processing and servicing costs were 225 million, up 70% year over year and 32 percent quarter over quarter. Both the year over year and the quarter over quarter increase were primarily driven by higher crowded service fees. As a result, total gross profit was 6.2 billion, an increase of 34% from 4.6 billion in the second quarter of 2025. Gross margin was 86.3% as compared to 87.4% in the same quarter of 2025.
Operating expenses were 1.8 billion, up 35% year over year and 11 percent quarter over quarter. To break it down, R&D expenses were 501 million, up 13% year over year and five percent quarter over quarter. The year over year and the quarter over quarter increase was primarily driven by the increase in investments in strategic initiatives like AI and web stream. Selling and marketing expenses were 657 million up 53% year over year and 18% quarter over quarter. The year over year and the quarter over quarter increase was mainly driven by the increase of new fund accounts.
G&A expenses was 593 million up 40% year over year and 10% quarter over quarter. The year over year increase was primarily due to an increase in G&A personnel and the professional fees. As a result, income from operations was 4.5 billion up 34% year over year and 26 percent quarter over quarter. Operating margin of 62 percent is largely flat compared to the second quarter of 2025. Our net income increased by 42% year over year to 3.6 billion. Net income margin expands to 50.6% in the second quarter compared to 48.4% in the same quarter last year. Our effective tax rate for this quarter was 16.1%. That concludes our prepared remarks. We now like to open the call to questions. Operator, please go ahead.
Operator
Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. We ask that you please limit yourself to one question and one follow up. One moment while we compile our Q&A roster. Our first question is going to come from the line of Emma Fu with B of A Securities. Your line is open. Please go ahead.
Emma Fu
第一個提問的機會，恭喜公司第二季度取得了非常靚麗的業績。我是美銀證券的艾瑪許，那我這裏有兩個問題。第一個問題是5月22日新規發佈以來，大陸客戶在有資產客戶數AUM以及收入貢獻中的佔比是否出現明顯的變化，是否有觀察到較明顯的帳戶或資產的流失。第二個問題是，在這樣的監管背景下，我們觀察到二季度集團收入和利潤表現依然穩健，那能否請管理層分享一下海外市場目前的發展情況以及對集團的貢獻。那我翻譯一下我的提問。Thank you for giving me the opportunity to ask the first question, congratulations on the strong second quarter results. Since the release of the new regulations on May 22nd, have you seen material changes in mainland client share across funded account AUM and revenue contribution? Have you observed meaningful outflow of account or client assets? The second question is against the regulatory backdrop, the Group delivered resilient revenue and profit in the second quarter. So could management please share an update of the overseas market development and their contribution to the group? Thank you.
Lee Lee
好的，謝謝Emma，第一個問題我請例子來回答，我來回答第二個問題，謝謝。好，那麼富途是高度重視合規運營，嚴格落實各項監管的要求，那麼在5月20號新規發佈之後，我們及時按照了相關的合規標準去執行，並且與監管保持着持續的溝通。那麼自新規以來，那麼客戶累計的出金是佔總客戶資產的一箇中單位數的百分比主要衝擊在二季度已經充分釋放，那麼大陸與香港客戶均有出境，兩地體量大致相當，那麼大陸部分主要是來自新規下的一些合規性的資金調整。那麼香港部分則集中在新規發佈初期，由於市場情緒波動引發的一個避險性的出境。那麼大陸客戶他的流失是集中在六月APP的一個限制落地之後，那麼我們看到到了八月份他的流出節奏已經明顯的放緩。那麼第二季度香港客戶的留存率還是高於98%，海外市場的留存率的環比都保持比較穩健。另外就是海外新增獲客的依然是延續了穩健的增長，我們也會繼續把資源和增長重心投入到我們國際化業務的一個推進當中，謝謝。
Michelle Lee
Futu places very strong emphasis on compliance and we are committed to meeting all of the applicable regulatory requirements. So following the release of the new rules, we promptly implemented the relevant compliance measures and we have maintained ongoing communication with the regulators. As for the cumulative asset outflows since the new regulations, the outflows were about mid single digit percentage of our total client assets and we believe the bulk of the impact has already been observed in Q2. And the outflows came from both our mainland and Hong Kong client base and the two are roughly about the same. The mainland outflows were primarily compliance driven adjustments under the new rules, while the Hong Kong outflows were more concentrated in the early after the announcement, which reflects some risk of sentiment as the market digested the news. And most of the mainland client outflows happened in June and July after we implemented the restrictions on our app. And the pace of client attrition started to moderate in August. And for Q2, our Hong Kong client retention rate stayed above 98% and the retention across our overseas market remained stable quarter over quarter. And we continue to see steady growth in overseas new client additions. And going forward, we'll keep directing our resources and the growth focus towards advancing our international business.
Arthur Chen
有關第二個問題我來回答一下，一個是從我覺得一個是從這個新客戶的收入的這個貢獻，那從目前來看，海外的多個市場在二季度新增的這個有資產客戶的up其實都出現了都有這個比較明顯的一些環比的一些改善。那其中比如說美國新加坡，包括香港這些市場的新客戶的up環比都是有一個雙位數的一個增長。我想一方面可能反映，比如像美國這些增長的這些市場，我們的客戶的一個質量是有一個結構性的一個上移的。那同時呢，像香港，包括新加坡這些對富途來說已經是一個比較成熟的一個市場，我們還是能夠繼續獲得一些比較高價值的一些客戶，從而去支持我們整個公司的一個營收的一個增長。那麼從客戶的數量，包括客戶的資產的這個角度來看，第二季度，無論是馬來西亞澳洲新西蘭以及加拿大這些海外市場的有資產客戶數環比也是有一個雙位數的一個增長。那這個其實所有我們二季度所有海外市場的這個客均資產環比都實現了一個提升。那特別是這個接下來我們這個泰國牌照的一個獲取，我相信可能在未來對於我們東南亞的這個區域的一個佈局也提供了一個非常好的一個新的一個貢獻增長點。那從利潤的這個角度來看，我們現在海外的不同的分公司處於不同的一些成熟的一個階段。那新加坡其實因爲早已經是盈利的，而且無論是從利潤的絕對數，包括利潤率的一個角度持續都是在提升，我們能夠看到持續的經營槓桿的一個正面的一個效應在新加坡市場發揮。那我也很高興跟各位分享，就是說我們馬來西亞市場在今年二季度也是首次達到了經營利潤層面的一個break even。那我們相信可能在未來幾個季度裏面，可能會有更多的我們的一些海外的一些市場能夠逐步跨越盈虧平衡點。那目前來看也會有一些海外的一些市場，現在還處於客戶跟資產基礎的一個積累的一個階段。那隨着客均資產以及留存率的一個提高，我們也相信在海外市場的一個長期利潤率的一個轉化會有一個非常好的一個期待。那我也翻譯一下。On the quality of new funded accounts, the revenue per newly funded accounts improved sequentially across multiple markets. In the overseas in particular like US, Singapore and Hong Kong all posted double digit growth. We think this both reflect our structural upshift in client account quality in growing markets like the US and also continue acquisitions of higher value clients in mature markets like Hong Kong and Singapore together supporting overall revenue growth. Then on the client asset perspective, funded accounts in overseas markets including Malaysia, Australia, New Zealand and Canada grew double digits sequentially in second quarter. And actually the average client assets rose quarter over quarter across every overseas markets. We have the operations showing that we are growing not just in the number of clients but also the wallet share. Our recent securitizations of the Thailand license also give us a very additional important anchor for our ASEAN footprint down the road. In terms of profitability, our overseas markets are at different stage of maturities. For instance, Singapore has already passed the break even couple of years ago and the absolute level and also the net profit margin continue to expand thanks to the operating leverage benefit kicking. And I'm also very happy to share Malaysia has recently achieved the break even in the operation levels as well. While our other overseas markets are still building out their client and asset base of the rising average client assets and the client retentions, we think the groundwork for long term profitabilities for the overseas market will be very likely. Thank you.
Emma Fu
Thank you. They are very helpful. Thank you.
Operator
And one moment for our next question. Our next question will come from the line of Chia Huang with Morgan Stanley. Your line is open. Please go ahead.
Chia Huang
斯坦利的黃池瑤，請教兩個問題，第一個也想這個關於這個泰國市場的選擇想請教管理層，主要是基於什麼樣的戰略考量，然後預計什麼時候可以開始這個正式的展業和獲客。那同時在目前在這個東南亞已經佈局了好幾個市場的情況之下，咱們在這不同的市場之間，是否有一定的這個協同效應。第二個問題也想追問一下，關於這個佣金率，確實看到環比還是有一定程度的這個下滑了，剛才CFO也有大概談到想具體再請教一下這裏面，它可能反映出來哪些交易結構的變化，還是這個定價有一些變化，謝謝。Let me briefly translate. The first questions is regarding the Thailand, what's the strategic thinking about choosing this market and when do we expect to officially launch the business here? And do we see any synergy among the ASEAN market we are already in? And second question is about the Commission rate which is dropping a little bit quarter on quarter. So what kind of structural changes we're seeing because behind this drop? Thank you.
Lee Lee
好的，謝謝齊瑤那第一個問題，我請我的同事Robin來回答，我來回答第二個問題，謝謝。
Robin Hsu
好的，感謝提問，那首先，泰國是東南亞的第三大經濟體，然後本地投資者的數字化程度是比較高的，那對全球的資產配置和數字化投資工具的需求也在持續的增長，那根據泰國證券交易所的數據，截止到2026年上半年，泰國通過線上開戶的投資者已經達到450萬人。所以進入泰國，對木木來說，其實是我們繼新加坡和馬來西亞之後在東南亞市場的一個自然的延伸吧，那也可以跟我們現有的市場的一些基礎設施和用戶運營經驗形成非常好的一個協同。那目前木木在泰國已經拿到了SEC頒發的這個type a的一個證券業務牌照，那加上我們在其他海外市場的一個持牌運營經驗，那公司在多地合規能力也得到了這個海外監管的認可，那整體海外業務擴張的節奏也是保持穩定。那至於最終在泰國的一個展業時間點，我們還需要等泰國監管方面對我們的一個準備情況完成檢查，並且給予最終的一個批准，那所以現在還沒有一個非常明確的一個時間表，那我們會嚴格按照當地的一個監管節奏吧，紮實做好展業前的各項準備工作，好，謝謝。
Michelle Lee
And I will translate. So Thailand is the third largest economy in Southeast Asia and the local investors there are quite digitally savvy with growing demand for global asset allocation as well as digital investing tools. And according to the Stock Exchange of Thailand, as of the first half of 2026, over 4.5 million investors had opened accounts online. So for Mumu, entering Thailand is really a natural next step in the Southeast Asia market after Singapore and Malaysia. And it allows us to leverage the infrastructure and the operations that we have already built in that region. So Mumu has already obtained the Type A securities license from the SEC and combined with our licensed operations in other overseas markets, this reflects the ongoing recognition from regulators of our ability to operate compliantly across multiple jurisdictions and the overall pace of our overseas expansion remains steady. And As for the timing of the official launch, we still need to go through the regulator's readiness and inspection to receive final approval. So we don't really have a specific timeline to share at this point. We'll continue to work closely with the local regulator and make sure all the pre launch preparations are thoroughly in place.
Arthur Chen
好的，那第二個問題有關中心，綜合中心率的這個下環比稍微有一些下降的這個原因我來回答一下，那首先呢，我們在這個季度裏面是沒有任何收費價格的一個調整的，所以綜合的一個take rate的一個下降主要反映的我們的一些用戶的一些交易的一些行爲的一些變化。那第一呢是在這個季度裏面，就是大家交易衍生品的這個佔比呢是稍微有一些下降，但絕對的這個衍生品的這個佔比依然還在一個非常健康跟良好的一個水平。那第二呢，就是確實在第二季度有更多的一些客戶在交易美股，其中呢，特別是一些單價比較高的一些正股跟金額比較大的一些期權的一些合約，特別是像閃迪美光特斯拉這一些AI以及科技的一些龍頭的平均的一個股價呢在二季度，因爲也有一個明顯的一個走高，這個在一定程度呢是影響了我們的一個這個銀行的佣金的一個收費率。There was no any price menu change in the second quarter across all of our markets. So the take rate change quarter on quarter is mainly driven by our customers behavior. Number one is the contribution from the derivative in the second quarter compared with the first quarter slightly down, slightly down quarter over quarter, but on the absolute levels the contribution still very healthy. Secondly is more clients are trading the US stocks in the second quarter with a very high concentration on some high value AI names and the tech leading names which let our inclined Commission rate down a little bit. Thank you.
Operator
Thank you one moment for our next question. Our next question is going to come from the line of Charles Zhao with UBS. Your line is open. Please go ahead.
Charles Zhao
好的，謝謝，我是UBS瑞銀的分析師周成，先恭喜一下管理層，取得了非常這個卓越的業績，也是大超市場的預期。我這邊有兩個問題，就是第一呢，我們注意到這個綜合獲客成本環比二季度還是有一定的波動，所以想問問這個主要是哪些因素，如果展望後續幾個季度，這個趨勢大概是怎麼樣的。第二呢就是能不能給我們也分享一下，就是這個季度淨增有資產客戶以及這個季末這個存量客戶按地區分佈的情況如何的，特別是海外幾個市場的一個貢獻的情況。好，那我翻一下。So first of all Congrats to the management on the very excellent results and also things that also strong beat to the market consensus. This is Charles Zhao from UBS and I have two questions. First, can we maybe get some colors on the trajectory of your CAC in the second quarter and what the key drivers were so you think about the CAC in the coming quarters. My second question is also could you maybe provide some breakdown on the newly added funded accounts and the period end funded accounts by markets, in particular the contribution makes from your overseas markets? Thank you.
Lee Lee
好的，謝謝Charles那第一個問題，我請我的同事，你需要來回答，我來回答第二個問題。
Robin Hsu
那在二期，我們的這個集團的綜合獲客成本環比有的上升到了2600港元左右，那其實仍然是處於全年的這個兩千五到三千港元的指引區間的。這個2Q的CAC環比上升呢，主要是受到監管事件的影響，那客戶的流失導致了這個淨增有資產客戶數偏低。那與此同時公司還是繼續維持了一定體量的這個品牌建設投入，來支持各個市場的長期增長，還有這個客戶價值的持續提升。對，然後七月份的這個獲客成本環比是有一定幅度的上升的。
Michelle Lee
So in the second quarter, the blended CAC rose sequentially to around 2600 Hong Kong dollars, which is still within our full year guidance range of 2500 to 3000 Hong Kong dollars. And the quarter on quarter increase in CAC for Q2 was mainly driven by the relatively lower net new funded accounts as a result of the regulatory development. And at the same time, we maintain a certain level of brand investment to support the long term growth and the higher client lifetime value across our markets. And additionally, the CAC trended higher in July relative to Q2.
Arthur Chen
就是各個市場的一些回到，就是說，在就是從新增的這個有資產客戶來看呢，馬來西亞已經是連續三個季度領跑我們這個集團裏面，有資產客戶的一個增長，那這個緊隨其後的是香港，那整個馬來西亞跟香港在本季度貢獻了大概差不多一半以上的一個有資產競爭的這個有資產客戶，那其餘的這個市場裏面呢，相對貢獻比較大的是新加坡市場。那截止到二季度末呢，我們整個現在，海外品牌木木的有客有資產，客戶的佔比，已經提升到接近60%，那其中呢，貢獻比較大的這個市場主要是新加坡馬來西亞和美國。
Michelle Lee
Malaysia has led all markets in terms of new funded accounts growth for three consecutive quarters, followed by Hong Kong. Together, these two markets make up for more than 50% of net new funded accounts acquired in this quarter, with Singapore being the next largest source among the remaining markets. By the end of the second quarter, MU MU's share of total funded accounts has increased to nearly 60%, led by Singapore, Malaysia and the US.
Operator
Thank you. And one moment for our next question. Our last question is going to come from the line of You Fan with CICC. Your line is open. Please go ahead.
You Fan
管理層給我這個提問的機會，也恭喜公司取得了如此亮眼的一個業績表現。我是中金公司的分析師樊優yoyo，那我這邊也是兩個問題想要請教一下，首先第一個的話，可否請管理層給我們分享一下看到的三季度以來整體的一個經營趨勢情況如何，包括可能像新增的獲客客戶的入金交易量等等這些維度的情況。然後我的第二個問題是關於預測市場，因爲我們看到MOMO美國預，也可否請管理層給我們分享一下上線以來的一個表現情況如何，包括可能展望後續的話，怎麼去看待這個預測市場業務的一個商業化路徑，包括未來一個增長的機會，我這邊快速翻譯一下。Thanks for taking my questions and congratulations on the outstanding results. This is Yoyo Fan from CICC and I have two questions for help. Firstly, would you please share more color on our Q3 trend such as the run rate of the new funded accounts, the trade inflow and also the clients AUM? Secondly, since Mumu has launched the prediction markets in the US, can you share more on this business trend and how to view the future monetization and growth opportunities of prediction markets? Are these two questions? Thank you.
Lee Lee
好的第一個問題還是請我同事，你需要來回答，我來回答第二個問題。
Robin Hsu
所以按照我們的這個3Q的quarter to date的一個run rate來看呢，因爲受到市場行情的波動，那麼這個指標可能整體呈現了一些小幅度的這個承壓的一個趨勢。那淨增的有資產客戶數，環比2Q是有一些回落的。然後從進入金的維度，按照Q3的這個run rate來看，香港和海外市場的進入金已經恢復到了一個比較正常的水平。然後交易量的話，環比是有一些下降的，主要也是反映出這個3Q quarter to date市場情緒比較起2Q是稍微有一些降溫，對。
Michelle Lee
So on the Q3 quarter to date run rate basis, our key metrics are trending modestly softer against a backdrop of market volatility. So the net addition of funded accounts moderated compared with Q2. And As for net asset inflow, so in Hong Kong and our overseas markets, net asset inflows have returned to a normalized level. And As for the trading volume, so total trading volume was down modestly sequentially. So this is primarily reflecting a cooling of the retail sentiment in the Q3 quarter to date relative to the previous quarter.
Arthur Chen
我們是在五月份的時候拿到FCM的這個牌照，然後，陌陌，美國在六月初的時候是正式向美國的零售投資者推出了預測市場的這個交易服務。那就像這個Lee之前在opening remark說的我們整個這個預測市場上線一個月總成交是突破了兩億張，也反映出美國的這個零售投資者對於合規化的預測市場產品的一個強勁的一個需求。那事件合約在我們認爲在拉新跟促活方面都有非常不錯的一些效果，整個的一個事件合約跟證券主業之間出現了比較明顯的一些協同效應，交叉銷售的一些機會，那一些我們能夠看到一些交易事件合約的一些用戶在證券品類的活躍度也會更高，說明這兩個品類之間不是一個互相替代，而是一個互相帶動的一個作用在這個裏面。那某某在美國進行相關的這個業務佈局，我覺得主要是有兩個目的，一方面呢，當然是希望我們能夠把握當地的一個預測市場快速發展的這樣的一個行業的一個機會。另一方面我覺得可能更重要的是希望能夠藉此去積累我們在產品設計，運營管理，包括風險控制這些方面的一些核心的一些能力，爲未來集團裏面有更多的一些地區開展預測市場這個業務，去做好這個相應的一個準備。
Michelle Lee
We obtained the FCM license in May from CFTC and Mumu US officially launched the prediction market trading service for our retail clients in the US in early June. The number of the event contracts as Lee mentioned in opening remarks traded exceed 200 million within one month of the launch, reflecting a very strong demand from the US retail investors for prediction markets products. And the event contracts has delivered great results in our observation in both acquiring new clients and driving engagement with clear cross sell synergy with our core brokerage business. For instance, users who trade event contracts are more active in security trading showing that event contracts are not substitute for security trading but rather a driver of it. The purpose for our US prediction market rollout, I think has two purposes. Number one is definitely to capture the near term opportunity as prediction markets took off locally. But more importantly, let us build up the product design, operational and the risk management expertise that will support our ability to bring prediction markets to other regions we have the operation down the road.
Operator
Thank you. And I would now like to hand the conference back over to Michelle Lee for closing remarks.
Michelle Lee
So that concludes our call today. And on behalf of the Futu management team, I would like to thank you all for joining us today. If you have any further questions, please do not hesitate to contact me or any of our Investor Relations representatives. Thank you and goodbye.
Host
感謝各位牛友在線上的等候，接下來就到了個人投資者問答環節。我已經拿到了後臺提問，最多也是大家最關心的幾個問題。第一個問題是前面機構部分提到了富途平台的客戶留存率一直在一個很高的水平，請管理層分享一下公司是如何在不同的市場環境下保持高客戶留存率的。這題我們有請富途高級總裁Robin回答，那我來先翻譯一下問題。You mentioned early at the institutional section that Futu has consistently maintained a high client retention rate. Could you please elaborate on how to sustains such a strong client retention amid diverse market conditions. We'll invite Robin Hsu, Senior Vice President, Futu, to answer this question.
Robin Hsu
感謝提問，那其實剛剛在那個機構部分已經有提到，就是我們第二季度在香港和海外市場的客戶留存率平均繼續保持在98%以上，那能夠做到這個持續做到這個高客戶留存率，其實正是富途綜合平台實力的一個體現。那自創立以來，我們始終以用戶需求和用戶體驗爲核心，那持續打磨我們的產品和服務，覆蓋用戶投資的全旅程，從行情資訊社區到投資者教育，然後是從多市場的股票交易到衍生品ETF加密資產财富管理以及IPO申購等，那我們是始終在構建這個差異化的競爭優勢，那正是這些能力的持續積累吧，讓客戶願意持續的選擇我們信賴我們，並且長期的留在富途的平台。
Michelle Lee
As noted in the institutional Q&A, our average client retention rate for Hong Kong and overseas markets remained above 98% in second quarter. This level of retention is the testament to Futu's comprehensive platform capabilities. Since our inception, we have remained committed to a user centric approach. We continuously enhance our products and services to support users full cycle investment. From real time quotes, news and community engagement to investor education, our broad product offering ranging from global equities and derivatives to crypto and wealth management creates a differentiated value proposition. Ultimately, it is these cumulative strengths that earns our users trust and ensures their long term loyalty to our platform.
Host
那謝謝Robin的分享，我們下面來到第二個問題。我部分投資者一直有一個問題，就是富途已經做到香港新加坡頭部零售券商，那麼在這兩個核心市場會不會慢慢摸到增長的天花板，這裏想請管理層分享一下怎麼看待兩地長期的增長空間，未來富途打算在哪些方面持續挖掘财富管理的機會。那這題我們有請CFO Arthur來回答，我先翻譯一下問題。Futu has established itself as a top tier retail broker in Hong Kong and Singapore, as a company approaching a growth ceiling in this core markets, could management share your views on long term growth prospects and where you see opportunities to unlock further wealth management growth? We'll invite Arthur Chen CFO to answer this question.
Arthur Chen
提問，首先呢，我覺得去香港跟新加坡兩個市場都是全球舉足輕重的财富管理中心，就像我們上個季度也有談到，就是如果看這個BCG的這個報告來看，這兩個地方的整個的一個存量的一個資產的規模大概都是在一個三十多萬億港幣左右這樣的一個水平。儘管富途在兩地的用戶，我們的市佔率已經超過50%，但從客戶資產的滲透率的角度，我們還依然有非常巨大的一個增長的一個空間。那我覺得我們可能會從三個維度去推進我們的這個業務在财富管理這個領域，那主要是品牌力，產品力，還有我們的服務力，那從品牌力的這個角度來看，得益於我們在香港跟新加坡市場的一個長期的一個耕耘，富途已經在這兩個地方都建立起非常紮實的一個品牌認知和用戶信任，越來越多的一些客戶已經願意將其核心資產長期放在富途的這個平台，那高淨值的客戶佔我們整體客戶的一個比例也在穩步的一個提升，這些長期積累下的一個品牌的一個壁壘，我覺得是短期的一些營銷的一些投入，是比較難去複製的。那麼第二個從產品力的一個角度，我們持續在擴充我們的财富管理的產品和交易品類的一個矩陣，爲我們的客戶呢去提供更加多元化的一個資產的一個配置。那從服務的能力的這個角度來說，我們已經在香港的核心商圈設立了專屬的私人財富中心，那麼新加坡的私人財富本地化的一個服務團隊呢也持續在擴充，會進一步夯實我們本地的一個服務的能力。那我翻譯一下。
Michelle Lee
First, it is important to recognise that Hong Kong and Singapore are premium global wealth management hubs with trillions of dollars in assets that remain largely untapped. Like we mentioned in last earnings calls, according to the BCG report, the wealth addressable markets both in Hong Kong and Singapore reached over 30 trillion Hong Kong dollar respectively, while our market shares in these regions has exceeded 50%. We see significant headroom for growth, not necessary in raw user number, but in clients assets penetration and the deep monetization of these client assets. Our road map to unlock this wealth management potential follows 3 pillars. Number one is the brand equity. Through our long term investment in these two markets, we have established strong brand recognition. This has result in an increasing number of clients, particularly high net worth individuals trust Futu with their core assets. We view this trust as a sustainable competitive edge. Number two is product strength. We are expanding our wealth management product offering and the tradable instruments enable our clients to achieve more diversified client asset allocations. Number three is the service capability. We have launched dedicated private wealth centers in premium districts in Hong Kong and are actively expanding our local private wealth service teams in Singapore to further elevate our high touch service delivery.
Host
謝謝Arthur接下來就到了我們今晚最後一個問題。那麼看到富途在香港和海外市場都上了AI功能，想請問一下目前AI功能在全球市場用戶使用的情況怎麼樣，那麼AI到底怎麼樣去幫助客戶更好的做好投資決策。這題我們有請Lee來回答，我先翻譯一下問題。Futu has rolled out AI powered features in Hong Kong and overseas markets. Could you update us on current user adoption and explain how AI specifically empowers users to make better informed investment decisions, Lee will happily to take this question.
Lee Lee
好的，目前牛牛AI和木木AI已經在香港和多個海外市場上線，整體的用戶覆蓋和使用深度都在持續的提升。那麼AI正在從功能嚐鮮逐步轉化爲用戶投資研究的日常。那麼我們認爲AI的本質並非是增加一個聊天機器人，而是降低專業金融數據和工具的使用門檻去重構交互的方式。我們正在同時推進兩層建設，一個是面向普通投資者持續去升級牛牛AI和木木AI的原生體驗，另外一個是面向專業用戶和外部生態，通過API scale mcp open等方式去把行情研究和帳戶能力轉化爲可以被AI安全調用的能力。那麼過去個人投資者和專業機構的差距很大程度上是工具的差距，機構有專業終端，有量化系統，有研究團隊。那麼我們做的mcp和open，本質上是把富途積累的行情業績衍生品這些能力變成AI可以直接調用的接口。那麼這就意味着投資者可以通過自然語言完成以往去依賴專業終端甚至代碼實現的研究和交易。舉個例子，過去要在業績前去評估一支股票的持倉風險，你需要去查業績，看分析師的評級，算期權引伸波幅去判斷歷史估值分位，那麼四五個頁面來回切，那麼現在一句話AI就會去調用我們的接口，幾秒鐘之內就能給你一個完整的分析。富途的長期差異化其實不會是來自單一的模型或者AI的功能，而是在於把實時的跨市場數據專業金融工具用戶授權下的帳戶上下文交易銜接，與合規風控去融爲一體，從而去形成從信息理解研究驗證到用戶確認行動的一個完整定法，謝謝。
Michelle Lee
Bubu and Mumu AI are seeing strong growth in adoption across our global markets evolving from a novelty feature into daily research staple. To us, AI is far more than just a chat box. Our strategy is to use AI to dismantle the barriers to professional financial tools. We are executing these on 2 levels. First, a native intuitive experience for retail users and an open framework via API skills MCP and Open AI for professional users to involve our data and account capabilities securely. Historically, the gap between retail and institutional investors was a tooling gap. Institutions had the terminals, the quantitative systems and the research teams. By turning our market quotes, financial filings, and derivative data into AI callable interfaces, we allow users to perform institutional level analysis via natural language. For instance, what used to be a tedious process of tracking 5 different screens to analyze a stock's risk before earnings is now a single prompt operation. AI disputes the filings, ratings and volatility data into key insights instantly. Our competitive advantage is not the model itself, but the ecosystem surrounding it. By integrating real time data, trading workflows and compliance controls, we have built a closed loop system that moves the user from insight to action with unprecedented efficiency.
Host
那謝謝管理層的分享，以上就是我們個人投資者問答環節的全部內容。再次感謝大家一直以來的陪伴和支持，富途控股2026年第二季度業績電話會直播到此結束。我們期待下一季與您線上再次見面，祝大家晚安。
更多細節：Futu Holdings Ltd IR
提示：以上內容是基於公開數據與第三方的自動字幕由AI語言模型生成。以上內容不代表富途的任何立場,不構成任何投資建議。富途集團概不就上述內容的準確性、合時性或完整性作出任何明示或暗示的保證或聲明。
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