Market Performance - Today, Hong Kong stocks showed significant movements with various companies experiencing notable gains, including Now Medical Technology (02225) which rose over 5% after a partnership with David Medical to develop "Minimally Invasive 5.0" technology [1] - Semiconductor stocks also saw an uptick, with Huahong Semiconductor (01347) increasing by 4.12%, and SMIC (01347) rising by 3.11% [1][2] - Hong Kong Travel (00308) surged over 14%, doubling its stock price in less than a month, driven by speculation in the tourism industry [1] - Meituan-W (03690) rose over 3% as it led an investment in Star Sea Map, furthering its focus on embodied intelligence [1] - The insurance sector saw broad gains, with China Pacific Insurance (02601) up 4.88% and China Life Insurance (02318) increasing by 3.19% [1] Company-Specific Developments - Alibaba-W (09988) increased over 3%, although its investment in instant retail and delivery services may impact profitability, according to HSBC [2] - Qian Shi International (00381) skyrocketed by over 55% due to a proposed digital economy collaboration involving a stablecoin mechanism [2] - Stablecoin-related stocks rose, with Guotai Junan International (01788) up 9.13% and China Everbright Holdings (00165) increasing by 4.83% [2] - Yadi Holdings (01585) gained over 4% following the announcement of a new electric vehicle replacement program [3] - WuXi AppTec (02359) opened nearly 5% higher after announcing expected revenue exceeding 20 billion yuan and a projected doubling of net profit [3] Industry Trends - The electric vehicle sector is expected to see growth due to a new replacement program, which could accelerate industry expansion [3] - The rare earth sector is also experiencing upward momentum, with Jinli Permanent Magnet (06680) rising over 5% after major players announced price increases [3] - The biotechnology sector is witnessing positive developments, with Xiansheng Pharmaceutical (02096) gaining over 3% after a collaboration with Conade Biopharmaceuticals [2][3]

Group 1 - The concept of stablecoins in the Hong Kong stock market showed strong performance in early trading, with significant gains observed in several companies [1] - Jin Yong Investment surged over 30%, indicating a strong market interest in stablecoin-related investments [1] - Guotai Junan International increased by over 6%, reflecting positive sentiment towards the stablecoin sector [1] - OLS Group experienced a rise of over 5%, further demonstrating the upward trend in the stablecoin market [1]

港股券商股持续拉升，兴证国际涨超10%，国泰君安国际涨超8%创新高，国泰海通、国联民生 （601456）涨超6%，中信建投（601066）证券、光大证券涨超4%。 ...

Group 1 - The core viewpoint of the article highlights the continued rise of stablecoin-related stocks in the Hong Kong market, with notable increases in share prices for companies like Derlin Holdings, OSL Group, Guotai Junan International, and China Everbright Holdings [1] - Derlin Holdings (01709.HK) saw a price increase of 4.76%, while OSL Group (00863.HK) rose by 2.51%, Guotai Junan International (01788.HK) increased by 2.20%, and China Everbright Holdings (00165.HK) went up by 1.11% [1] - The Shanghai State-owned Assets Supervision and Administration Commission held a meeting on July 10 to discuss the development trends and strategies for cryptocurrencies and stablecoins, emphasizing the integration of production and data [1] Group 2 - He Qing, the Secretary and Director of the Shanghai State-owned Assets Supervision and Administration Commission, pointed out the importance of exploring blockchain technology applications in cross-border trade, supply chain finance, and asset digitization [1]

Group 1 - The Hang Seng Index rose by 0.57% on July 10, with southbound trading totaling HKD 150.16 billion, including HKD 76.53 billion in buying and HKD 73.63 billion in selling, resulting in a net inflow of HKD 2.90 billion [1] - The southbound trading through the Shenzhen Stock Connect had a total turnover of HKD 49.05 billion, with net buying of HKD 1.32 billion, while the Shanghai Stock Connect had a total turnover of HKD 101.11 billion, with net buying of HKD 1.58 billion [1] - The most actively traded stock by southbound funds was Guotai Junan International, with a total trading amount of HKD 14.24 billion, followed by Yisou Technology and Juxing Legend with HKD 7.59 billion and HKD 6.44 billion respectively [1] Group 2 - Among the stocks with net buying, China Construction Bank had the highest net inflow of HKD 588 million, closing up by 3.16%, while Alibaba-W and Meituan-W had net inflows of HKD 573 million and HKD 485 million respectively [1] - Tencent Holdings experienced the largest net outflow of HKD 729 million, closing down by 0.20%, while Xiaomi Group-W and Sunac China had net outflows of HKD 379 million and HKD 142 million respectively [1] - A total of 9 stocks, including Alibaba-W and Meituan-W, were active in both the Shenzhen and Shanghai Stock Connects, with Alibaba-W having a total trading amount of HKD 4.71 billion and a net inflow of HKD 573 million [2]

Market Overview - On July 10, the Hang Seng Index rose by 0.57%, closing at 24,028.37 points, with a total net inflow of HKD 2.902 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 150.163 billion, with a net buy of HKD 2.902 billion [1] Southbound Trading Details - The Shanghai-Hong Kong Stock Connect recorded a trading volume of HKD 101.111 billion, with a net buy of HKD 1.579 billion, while the Shenzhen-Hong Kong Stock Connect had a trading volume of HKD 49.053 billion and a net buy of HKD 1.323 billion [1] - The top active stocks in the Shanghai-Hong Kong Stock Connect included Guotai Junan International with a trading volume of HKD 10.399 billion, followed by Yisou Technology and Giant Star Legend with trading volumes of HKD 5.684 billion and HKD 5.005 billion, respectively [1] Stock Performance - Alibaba-W had the highest net buy amount of HKD 770 million, closing with a price increase of 0.29% [1] - Tencent Holdings recorded the highest net sell amount of HKD 387 million, closing with a price decrease of 0.20% [1] - In the Shenzhen-Hong Kong Stock Connect, Guotai Junan International also led in trading volume with HKD 3.837 billion, followed by Yisou Technology and Alibaba-W with trading volumes of HKD 1.906 billion and HKD 1.886 billion, respectively [2] Notable Stock Movements - Meituan-W had a net buy of HKD 291 million despite closing down by 0.50% [2] - Tencent Holdings experienced a net sell of HKD 342 million, closing down by 0.20% [2] - The trading data for the top active stocks included significant fluctuations, with Guotai Junan International showing a daily increase of 10.24% [2]

Core Insights - On July 10, 2025, Guotai Junan International (01788), Yisou Technology (02550), and Giant Star Legend (06683) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 10.399 billion, 5.684 billion, and 5.005 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Guotai Junan International (01788), Yisou Technology (02550), and Alibaba-W (09988) led the trading volume, with amounts of 3.837 billion, 1.906 billion, and 1.886 billion respectively [1] Southbound Stock Connect - Top Active Companies - Guotai Junan International (01788) had a trading amount of 10.399 billion with a net buying amount of +19.8542 million [2] - Yisou Technology (02550) recorded a trading amount of 5.684 billion with a net buying amount of -4.7657 million [2] - Giant Star Legend (06683) achieved a trading amount of 5.005 billion with a net buying amount of +58.8994 million [2] - Other notable companies included Derun Holdings (01709) with 3.580 billion and a net buying amount of +321 million, and Alibaba-W (09988) with 2.826 billion and a net buying amount of +77 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Guotai Junan International (01788) had a trading amount of 3.837 billion with a net buying amount of -1.10 billion [2] - Yisou Technology (02550) recorded a trading amount of 1.906 billion with a net buying amount of +7.3879 million [2] - Alibaba-W (09988) achieved a trading amount of 1.886 billion with a net buying amount of -1.98 billion [2] - Other significant companies included Xiaomi Group-W (01810) with 1.511 billion and a net buying amount of -1.95 billion, and Giant Star Legend (06683) with 1.433 billion and a net buying amount of -34.05 million [2]

Core Viewpoint - Guotai Junan International expects a significant increase in net profit for the first half of 2025, projecting between HKD 5.15 billion and HKD 5.95 billion, representing a growth of 161% to 202% compared to HKD 1.97 billion in the same period of 2024 [1] Financial Performance - For the year 2024, Guotai Junan International reported a revenue of HKD 44.22 billion, a year-on-year increase of 37%, and a net profit of HKD 3.48 billion, which is a substantial increase of 73% [1] - As of the end of 2024, the company's total assets reached HKD 1,301.73 billion, establishing a solid foundation for providing one-stop financial services [1] Stock Market Reaction - Following the earnings forecast, the market reacted positively, with the stock price of Guotai Junan International rising over 16% at one point on July 10, ultimately closing up 10.24% at HKD 6.35, bringing the total market capitalization to HKD 604.5 billion [1] - The stock had already experienced a significant surge due to developments in the virtual asset business, with a single-day increase of 198.39% on June 25, leading to a cumulative rise of over 400% by July 10 [1] Virtual Asset Business Development - The company's performance and stock price boost are closely linked to its breakthrough in the virtual asset sector, having received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services [2] - This upgrade allows clients to trade cryptocurrencies such as Bitcoin and Ethereum directly on its platform, covering a full range of services including trading execution, investment advice, product issuance, and distribution [2] Strategic Positioning - Guotai Junan International has established a leading position in the Hong Kong virtual asset market through a series of regulatory approvals for various virtual asset-related services since 2024, marking the completion of its full-process capability from brokerage to trading [2] - The company's strategy of integrating traditional financial services with virtual assets not only strengthens its core advantages in wealth management and corporate financing but also positions it favorably for the development of Web 3.0 in Hong Kong [3]

Group 1 - The core viewpoint of the article is that Guotai Junan International expects a significant increase in net profit by 161% to 202% for the first half of 2025, driven by strong performance in its core business areas [2][3] - Guotai Junan International's projected net profit for the six months ending June 30, 2025, is estimated to be between HKD 515 million and HKD 595 million, compared to approximately HKD 197 million for the same period in 2024 [2] - The growth in net profit is attributed to substantial increases in revenue from wealth management, corporate financing, asset management, trading, and investment services [2] Group 2 - Guotai Junan International has become the first Hong Kong-based Chinese brokerage to receive approval from the Hong Kong Securities and Futures Commission to upgrade its securities trading license to provide virtual asset trading services [2][3] - Following the license upgrade, clients will be able to trade cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like Tether, directly on Guotai Junan International's platform [2] - The company's stock price has surged significantly, reaching HKD 6.01, with a 624% increase since early April, resulting in a market capitalization of HKD 57.2 billion [3]

Core Viewpoint - Guotai Junan International expects a net profit of HKD 515 million to HKD 595 million for the six months ending June 30, 2025, representing a growth of 161% to 202% compared to HKD 197 million in the same period of 2024 [1] Summary by Categories Financial Performance - The anticipated profit growth is primarily driven by significant increases in revenue from core businesses including wealth management, corporate financing, asset management, and trading and investment [1]