Investment Banking and Brokerage

Charles Schwab

Robinhood

Financial Analysis

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On November 6th, the American influencer retail brokerage stock $Robinhood(HOOD.US) released its earnings report before the U.S. stock market opened. After a nearly 300% surge over three quarters, the market's expectations were high. Can the actual results meet the capital market's enthusiastic expectations? Let's take a closer look: 1. Total revenue was $1.27 billion, up 100% year-on-year and 29% quarter-on-quarter; it slightly exceeded Bloomberg's consensus estimate of $1.21 billion. However, since the company had already announced impressive operational data for September on September 29th, the real buy-side expectations have been elevated since then...

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SCHWAB(CHARLES)CORP 5.95% DEP SHS REP 1/40 NON CUM PERP PF D

SCHWAB(CHARLES)CORP 4.450% DEP SHS REP 1/40TH N-CUM PFD SERJ

Robinhood: Quadruple in a Year, Is the King of U.S. Retail Investors Really That Impressive?

Today’s Key News Recap

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1017 | Dolphin Research Focus: 🐬 Macro/Industry 1. Shares of two U.S. regional banks plummeted due to loan fraud and bad debt issues, with the regional bank index posting its worst performance since April. Risk aversion sentiment pushed up U.S. Treasury and gold prices. The event highlights potential risks in the credit market, and concerns about 'more risk points' will suppress sentiment in financial stocks, while reinforcing expectations for the Federal Reserve to maintain an accommodative stance. 🐬 Individual Stocks 1. $Micron Tech(MU.US) Micron Technology's U.S. stock fell in after-hours trading. According to reports, Micron will stop selling server chips to Chinese data centers...

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Micron to Stop Selling Server Chips to Chinese Data Centers; Meta Plans to Raise $30 Billion to Build Data Centers | Today's Important News Recap

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Fully capable of mitigating the impact of interest rate cuts through cash reinvestment.

Grayscale Bitcoin Trust BTC - ETF

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Charles Schwab (Minutes): Will launch cryptocurrency trading next year, but is not optimistic about tokenized stocks.

The growth rate of NNA is recovering.

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Charles Schwab: Hard Power is Undeniable, But More Effort is Needed to Stimulate Growth

Charles Schwab 3Q25 Quick Interpretation: Charles Schwab's third-quarter performance slightly exceeded expectations, with highlights in interest and trading income. The core logic still stems from the Q3 U.S. stock market dynamics and effective cash management. Overall, endogenous growth is gradually recovering as expected.(1) First, let's look at the two key indicators driving endogenous growth—Net New Assets (NNA) and Net Interest Margin (NIM):NNA for the third quarter was $134 billion, with an annualized growth rate of 4.9%, aligning with market expectations and gradually approaching the lower end of the long-term guidance range of 5%-7%. Whether it can continue to return to the median level of 6% and above is crucial for driving long-term value enhancement.NIM for the third quarter was 2.87%, exceeding the market expectation of 2.82%. Although in a rate-cutting cycle, the first rate cut of 25 basis points was only announced in September, having limited impact on Q3. Additionally, the active capital markets in Q3 significantly increased high-interest financing transactions, causing the income-side interest rates to continue rising.Meanwhile, Charles Schwab's short-term debt decreased by $2.7 billion quarter-on-quarter, reducing interest expenses. Therefore, with one increase and one decrease, the net interest margin further expanded.(2) In trading income, Daily Average Revenue Trades (DARTs) increased by 30% year-on-year, supported by a stable 6% growth in user account numbers and a 10% increase in per capita assets, along with market dynamics. DARTs slightly declined quarter-on-quarter, but the penetration rate of derivative trades reached 22% in Q3, up by 2 percentage points from the previous quarter.This led to an increase in average revenue per trade, and with two additional trading days in Q3, trading income was significantly higher than in Q2.(3) Net interest income grew by 37% year-on-year, further accelerating compared to the previous quarter. The core driver is the aforementioned increase in NIM, with the scale of interest-bearing assets remaining flat year-on-year.(4) Asset management business growth was driven by scale, with both 1P fund management fees and 3P fund commissions seeing a downward trend in comprehensive rates.Due to the impact of rate-cutting expectations, users invested more idle funds into money market funds or mutual funds, and funds from users receiving advisory services also increased significantly in the third quarter.(5) On cost expenses, the third quarter mainly reflected an increase in employee expenses, while marketing and basic operating expenses remained restrained. Ultimately, operating profit reached $3 billion, achieving a 64% growth despite a higher base. The profit margin was 49.2%, up by more than 1 point quarter-on-quarter and 11 percentage points year-on-year. $Charles Schwab(SCHW.US)

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1015 | Dolphin Research Focus: 🐬 Macro/Industry 1. Federal Reserve Chairman Jerome Powell stated on Tuesday that the central bank may end its balance sheet reduction (QT) in the coming months to prevent liquidity tightness in the short-term funding markets. The dollar index fell in response, providing strong upward momentum for gold priced in dollars, pushing gold prices to new highs. 2. This year's Double 11 promotion started on October 9, with JD.com and Douyin taking the lead, followed by platforms like Taobao, starting 5 days earlier than last year, further extending the event period...

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ASML Rises Post-Earnings; Mixue Blends into Beer Market | Today's Important News Recap

Deep Research

Appraisal value

Through the previous article, we can attribute the ability of $Charles Schwab(SCHW.US) to achieve intergenerational growth across users to two key factors: (1) &#34;product innovation&#34; centered around all customers, and (2) timely and aggressive promotion of &#34;price reduction.&#34; After developing into a comprehensive financial platform with a complete ecosystem, Schwab leveraged its scale advantage to fully play the cost-effectiveness card. However, in 2022, due to improper handling of asset liquidity (misjudging the timing of interest rate hikes and locking too much short-term liquidity into long-term government bonds for small gains, which greatly increased the risk of a run)...

After missing the cryptocurrency wave, can 'Old Deng' Charles Schwab really make a comeback?

The financial industry highly values scale effects. This leads to a significant 80/20 split within the industry, where once the giants have achieved scale advantages, it is almost impossible for small and medium-sized platforms to compete with the leaders on their own. Therefore, most changes in the competitive landscape of the financial industry are accompanied by horizontal or vertical mergers and acquisitions. The reason why $Charles Schwab(SCHW.US) has succeeded and become the top financial platform in the United States is actually a unique form of overtaking on a curve. In addition to its own business strategy of &#34;making fewer mistakes,&#34; it also leveraged the &#34;era dividends&#34; of major industry changes. Thus, through Schwab's transformation journey...

Charles Schwab: How did the 'common people' rise up and create a financial red ocean?

Charles Schwab Advisor Services Head Reports Sale of Company Shares

Schwab Corp Reaches 52-Week High and Reports Strong Quarterly Earnings

Schwab Adds Solana Futures to Its Platform

Hyperion Capital Advisors LP Reduces Stake in Charles Schwab

Adage Capital reduces stake in Charles Schwab in Q2

Charles Schwab Reports Impressive Financial Data for November 2025

BofA Securities Raises Schwab Target Price to $91.00

BofA Allows Bitcoin Investment, Vanguard Opens Crypto ETFs, Schwab Plans Spot Trading

Schwab to Offer Bitcoin and Ethereum Trading Services in Early 2026

Schwab CEO Announces Increased M&A Transactions

Schwab CEO: Q4 Average Daily Trading Volume Exceeds Other Times This Year

Charles Schwab Increases Warner Bros. Discovery Holdings in Q2

Charles Schwab Investment Management Increases Stake in Bank of Montreal

Stevens Capital Management LP Reduces Stake in Charles Schwab

Charles Schwab Investment Management Increases Stake in Intercontinental Exchange