Core Viewpoint - The significant rise in the stock price of Guotai Junan International Holdings Limited (1788.HK) is attributed to the approval of its upgraded securities trading license, allowing it to provide virtual asset trading services, marking a new high since July 2015 [1][4]. Group 1: Company Developments - Guotai Junan International's stock price surged to HKD 3.7 per share, reflecting a 198.39% increase [1]. - The upgrade of the trading license enables clients to trade cryptocurrencies and stablecoins directly on the company's platform, enhancing its business scope [4]. - Guotai Junan International becomes the first Chinese broker in Hong Kong to offer comprehensive virtual asset trading services, including trading, advisory, and issuance of related products [4]. Group 2: Market Analysis - Analysts have positively evaluated the company's early entry into the virtual asset sector, with expectations of further upgrades among brokers with international business subsidiaries [4]. - The approval process for Guotai Junan International exceeded market expectations, indicating a proactive approach in the evolving regulatory landscape [4]. Group 3: Industry Context - Hong Kong's regulatory stance on virtual assets has shifted from cautious to open since 2022, with significant policy developments supporting the industry [5]. - The passage of the Stablecoin Bill in May 2025 reflects Hong Kong's commitment to advancing its virtual asset regulatory framework [5]. - Hong Kong is positioning itself as a global hub for virtual assets, leveraging its financial infrastructure and the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area [5].

6月24日，国泰君安国际正式获香港证监会批准，将现有证券交易牌照升级为可提供虚拟资产交易服务，以及 在提供虚拟资产交易服务的基础上提供意见。 此次牌照升级后，投资者将可在国泰君安国际平台直接交易加密货币（如比特币、以太币等）、稳定币（如泰 达币等）等虚拟资产。国泰君安国际表示，该公司是首家可提供全方位虚拟资产相关交易服务的香港中资券 商，服务覆盖提供虚拟资产交易服务、在虚拟资产交易服务过程中提供意见，以及发行、分销包括场外衍生品 在内的虚拟资产相关产品。 据了解，国泰君安国际在虚拟资产方面布局较早。2024年，该公司在香港市场率先推出虚拟资产现货ETF为基 础的结构性产品，并获许可开展虚拟资产交易平台介绍代理人业务。2025年上半年，又获许可向客户分销代币 化证券或就代币化证券提供意见，并启动了数码债券发行业务。6月24日，获批提供虚拟资产交易服务的资 格，进一步完善了该领域的服务生态链。 这则消息迅速引爆了市场，6月25日国泰君安国际大涨近200%，并带动香港中资券商指数和A股Wind券商指数 大幅上涨。 近日，国泰海通旗下的香港子公司国泰君安国际控股有限公司（简称"国泰君安国际"）获香港证券及期货 事务监 ...

Core Viewpoint - Guotai Junan International has become the first Chinese brokerage in Hong Kong to provide comprehensive virtual asset trading services after receiving approval from the Hong Kong Securities and Futures Commission, leading to a significant surge in its stock price by nearly 200% [2][3]. Group 1: Company Developments - Guotai Junan International has been proactive in the virtual asset sector, launching a virtual asset spot ETF-based structured product in 2024 and obtaining permission to act as an agent for virtual asset trading platforms [4]. - The company accelerated its business entry in 2025, receiving confirmation to distribute tokenized securities and initiating digital bond issuance [4]. - The recent approval for virtual asset trading services enhances the company's service ecosystem in this emerging market [4]. Group 2: Market Context - The virtual asset trading license framework in Hong Kong is well-established, with various licenses corresponding to specific service areas and regulatory requirements [4]. - Guotai Junan International's early entry into the virtual asset trading service sector positions it ahead of other Chinese brokerages, with expectations that more brokerages with international subsidiaries will follow suit [4][7]. - As of now, there are 11 licensed virtual asset trading platforms in Hong Kong, with several traditional brokerages, including Futu Securities and Tiger Brokers, also entering the virtual asset market [7]. Group 3: Industry Trends - The trend towards virtual asset trading services among brokerages is expected to continue, driven by the growing demand for diverse financial products and services [6][7]. - Traditional financial institutions are encouraged to explore multiple dimensions of the virtual asset industry chain, including brokerage services, equity investments, trading and investment services, and asset management [7]. - Brokerages can leverage partnerships with licensed virtual asset exchanges to provide trading channels and services, integrating traditional securities accounts with virtual asset trading [7].

Group 1 - Guotai Junan International (01788.HK) has been approved to provide virtual asset trading services, leading to a significant stock price increase of 198% on Wednesday, with a trading volume of 6.527 billion shares and a turnover of 16.385 billion HKD [2] - The approval has sparked a collective rise in Chinese brokerage stocks listed in Hong Kong, with notable increases of over 10% for Shenwan Hongyuan (06806.HK), China Merchants Securities (06099.HK), Guolian Minsheng (01456.HK), and CITIC Securities (06030.HK) rising over 9% [2] - Guotai Junan International becomes the first Chinese brokerage to upgrade its existing securities trading license to include virtual asset trading, allowing clients to trade cryptocurrencies like Bitcoin and Ethereum directly on its platform [2] Group 2 - Huachuang Securities indicates that the approval of Guotai Junan International's license upgrade exceeded expectations, predicting that more brokerages with international business subsidiaries will follow suit in offering virtual asset trading services [3] - CITIC Securities reports that Hong Kong's strategic commitment to developing virtual assets is clear, leveraging its mature financial infrastructure and international regulatory framework to rapidly advance the virtual asset industry [3] - Traditional financial institutions are increasingly integrating virtual asset services, seeking seamless integration with traditional securities accounts, and forming strategic alliances with licensed virtual asset exchanges to provide convenient cryptocurrency trading services [3]

证券时报·数据宝统计，6月25日港股通全天合计成交金额为1416.41亿港元，成交净买入95.74亿港元。 具体来看，沪市港股通成交金额907.68亿港元，成交净买入47.54亿港元；深市港股通成交金额508.73亿 港元，成交净买入48.20亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，国泰君安国际成交额为134.25亿港元，成交金额居 首；其次是中芯国际、小米集团-W，成交金额分别为41.45亿港元、30.79亿港元。以净买卖金额统计， 国泰君安国际净买入额为13.69亿港元，净买入金额居首，该股收盘股价上涨198.39%。净卖出金额最多 的是小米集团-W，净卖出4.16亿港元，收盘股价下跌0.44%。 6月25日恒生指数上涨1.23%，报收24474.67点，全天南向资金通过港股通渠道合计净买入95.74亿港 元。 6月25日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 01788 | 国泰君安国际 | 港股通(沪) | 1342454.1 ...

Group 1 - The core point of the article is that the approval of cryptocurrency trading by Guotai Junan International has significantly boosted the stock prices of Chinese brokerage firms and the financial technology sector in Hong Kong and mainland China [1][9][10] - Guotai Junan International's stock surged by 198.39% to HKD 3.70 per share following the announcement of its license to trade virtual assets, indicating a strong market reaction [1][9] - Other brokerage stocks also experienced substantial gains, with Hongye Futures rising over 30% and several others like China Merchants Securities and Guolian Minsheng increasing by over 10% [3][4] Group 2 - The brokerage index rose by 5.52% on June 25, with a cumulative increase of nearly 10% over three days, reflecting a bullish trend in the sector [4][5] - Major brokerage firms such as Guotai Haitong and Tianfeng Securities saw their stocks hit the daily limit, contributing to a significant market capitalization increase [5][6] - The financial technology sector also performed well, with an average increase of nearly 6%, and several stocks in this category rising over 10% [6][7] Group 3 - The approval of Guotai Junan International's license is seen as a catalyst for the market, with the potential for clients to trade major cryptocurrencies like Bitcoin and Ethereum directly on their platform [9][10] - Analysts have expressed strong optimism for the securities IT sector, highlighting the potential for recovery and innovation in traditional and new business models [11][12] - The favorable policy environment for financial technology innovation in Hong Kong and mainland China is expected to drive further growth in this sector [12]

Group 1 - A-shares experienced a significant increase, with the Shanghai Composite Index rising by 1.03%, reaching a new high for the year, while the Shenzhen Component Index and the ChiNext Index rose by 1.72% and 3.11% respectively, with a total market turnover of 1.64 trillion yuan [3][6] - The Hong Kong stock market also showed strength, with the Hang Seng Index up by 1.23% and the Hang Seng Tech Index up by 1.15%, driven by a surge in Guotai Junan International, which rose by 198.4% [3][6] - The financial sector, particularly brokerage stocks, saw significant gains following the approval of Guotai Junan International to provide cryptocurrency trading services, leading to multiple stocks hitting the daily limit up [6] Group 2 - The surge in the financial sector was also supported by a recent policy document issued by six government departments aimed at boosting consumption, which is expected to contribute to a stable upward trend in the market [6] - Analysts noted that the improving external environment and continued foreign investment interest in Chinese assets are key factors driving the market's strength, alongside expectations of a Federal Reserve interest rate cut and a recent high for the yuan [6][7] - The potential resolution of the Iran-Israel conflict is expected to boost investor confidence, leading to a new upward trend in both A-shares and Hong Kong stocks, enhancing the overall profitability outlook [7]

Market Overview - The A-share market showed hesitation in the morning but gained momentum in the afternoon, driven by financial stocks, leading to a new high for the Shanghai Composite Index since 2025, which boosted market participants' optimism for future trends [2][5]. Catalysts for Growth - A new catalyst for bullish sentiment emerged with the dovish stance from the Federal Reserve, raising expectations for a new round of interest rate cuts, which is seen as positive for the A-share market. This mirrors the market's reaction to similar news in September last year, which led to significant buying activity [3]. - The approval of Guotai Junan International to upgrade its securities license to provide comprehensive virtual asset trading services has sparked interest in the financial sector, particularly among internet brokerages, leading to a nearly 200% surge in its stock price [4]. Factors Influencing Short-term Breakthrough - The trading sentiment in the A-share market has warmed up significantly, with the Shanghai Composite Index reaching a new high since 2025. However, the sustainability of this momentum depends on two key factors: 1. Trading volume, which reached 1.6 trillion yuan, an increase of 188.2 billion yuan from the previous day, but still not ideal compared to the index's gains [5]. 2. The ability of the financial sector to transition smoothly, as historical trends indicate that a strong market rally requires support from the real economy, particularly the manufacturing sector [5]. Conclusion - Overall, while the trading sentiment in the A-share market is becoming increasingly optimistic, further growth will depend on changes in trading volume and the performance of the real economy [6].

至此，国泰君安国际成为首家可提供全方位虚拟资产相关交易服务的香港中资券商，服务覆盖提供虚拟资产交易服务、在虚拟资产交易服务过程中提供意 见，以及发行、分销包括场外衍生品在内的虚拟资产相关产品。 华创证券金融业研究主管首席分析师徐康认为，国君国际较早涉及相关业务，获批进度超预期。2024年4月，嘉实（国际）、华夏（香港）、博时（国际） 在香港发行比特币现货ETF时，国君国际已经拿到了虚拟资产相关产品（比特币和以太坊现货ETF）经纪业务资格，尤其涉及发行及分销。徐康预计，后续 会有更多具有国际业务子公司的券商会完成1号牌升级，迈向虚拟资产的交易服务，进一步完善市场生态，尤其是具备较好客户基础的重要券商可能入局。 记者 蔡越坤 经济观察报记者 蔡越坤 6月25日，港股国泰君安国际控股有限公司（1788.HK，下称"国泰君安国际"）尾盘进一步拉升，截至收盘，股价收于3.7元/股，暴涨198.39%，创2015年7月 以来新高。 消息面上，6月24日，国泰海通集团下属公司国泰君安国际正式获香港证监会批准，将现有证券交易牌照升级为可提供虚拟资产交易服务，以及在提供虚拟 资产交易服务的基础上提供意见。 此次牌照升级后，客户 ...

| HK$3.67 +2.43 +195.97% □实时情 | | | 已收盘 06-25 | | --- | --- | --- | --- | | 最高: 3.70 | 今开： 1.42 | 成交量：64.91亿股 | 换手:68.1/ | | 最低： 1.42 | 昨收： 1.24 | 成交额： 162.53亿 | 振幅:183. | | 52周最高: 3.70 | 量比： 193.14 | 市盈率(动)： 100.55 | 市盈率(TTV | | 52周最低：0.59 | 委比： 2.95% | 市盈率(静)： 100.55 | 市净率： 2.1 | | 每股收益：0.04 | 股息(TTM): 0.03 | 总股本： 95.29亿 | 总市值: 34 | | 每股净资产： 1.57 | 股息率(TTM)：0.87% | 港股股本： 95.29亿 | 港股市值： | | 每手股数：1000 | 最小价差：0.01 | 货币单位: HKD | | 红星资本局6月25日消息，今日，国泰君安国际（1788.HK）盘初大涨超80%，截至收盘，报3.67港元/股，涨超190%。 资料配图 图据视觉中国 券商沸腾 ...