1、 See the last page for disclaimer Page 1 of 17 Equity Research Equity Research Report Company Report 股股票票研研究究 公公司司报报告告 证证券券研研究究报报告告 非银金融行业非银金融行业 Non-Bank Finance Sector 富途控股富途控股 Futu Holdings Ltd.(FUTU US)Company Report:Futu Holdings Ltd.(FUTU US)Franco Li 李炜(852)2509 7204 公司报告：富途控股(FUTU US).hk 16 D

2、ecember 2022 Demand for Diversification Will Drive Overseas Investment;Futu Expected to Record Strong Earnings;Initiate With Buy 多元化需求带动海外投资增长，富途有望实现盈利超预期；首予“买入”Increasing demand for diversification will drive demand for overseas investment to increase beyond market expectation.Global wealth grew ra

3、pidly at 7.7%CAGR between 2016 and 2021.As people become wealthier,on the one hand,their demand for wealth management products and services will be more diverse;on the other hand,they will pay more attention to the preservation of their wealth and become more risk averse.This will lead to investors

4、increasing their allocation of overseas assets to diversify their investments and risks.We expect overseas investment to increase beyond market expectation,driven by growing global wealth and increasing demand for geographical diversification.Futu is well positioned to benefit from strong demand for

5、 overseas investment diversification and to achieve robust client asset growth,driving earnings to exceed market expectation.This is supported by Futus 1)51 licenses,which enable Futu to provide broad global access to overseas markets;2)large global client base;and 3)technology-driven trading platfo

6、rms.Initiate with Buy rating with a TP of US$82.20.We expect demand for overseas investment products to remain strong in the long term and Futu will record earnings beyond market expectation,driven by the Companys access to a broad range of overseas markets and advanced technology-driven trading pla