Core Insights - On June 26, several stocks including China Everbright Holdings, Hong Kong Travel, Ocean Park, and Rongchang Biopharmaceutical made their debut on the active trading list of Hong Kong Stock Connect, marking their first appearance in the past month [1][2] - The total trading volume of active stocks on June 26 reached 752.26 billion HKD, accounting for 44.99% of the total trading amount for the day, with a net buying amount of 37.13 billion HKD [1][2] Trading Activity Summary - China Everbright Holdings had a trading volume of 59.07 billion HKD with a net buying of 0.94 billion HKD, closing up by 6.19% [2] - Hong Kong Travel recorded a trading volume of 88.87 billion HKD and a net buying of 5.30 billion HKD, closing up by 85.98% [2] - Ocean Park had a trading volume of 16.72 billion HKD with a net buying of 0.23 billion HKD, closing up by 11.27% [2] - Rongchang Biopharmaceutical saw a trading volume of 12.64 billion HKD with a net buying of 1.13 billion HKD, but closed down by 11.71% [2] Most Active Stocks - The most active stock by trading volume was Guotai Junan International, with a trading amount of 317.23 billion HKD [1][2] - Alibaba and Tencent Holdings were the most frequently listed stocks in the past month, each appearing 22 times on the active trading list [1][2]

Core Viewpoint - Guotai Junan International has received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, making it the first Chinese broker in Hong Kong to offer comprehensive virtual asset-related trading services [1][6]. Company Summary - Following the license upgrade, clients will be able to trade cryptocurrencies (such as Bitcoin and Ethereum) and stablecoins (like Tether) directly on Guotai Junan International's platform [1]. - The stock price of Guotai Junan International surged over 80% after the announcement, closing up 198.39% on June 25, but saw a decline of 4.32% the following day [1]. - The company has been preparing for virtual asset trading since 2024, planning to launch a virtual asset spot ETF-based structured product and obtaining permission to act as an agent for virtual asset trading platforms [3]. Industry Summary - The approval of the VASP license for Guotai Junan International is expected to have significant implications for the brokerage ecosystem and the restructuring of sector value [6]. - The move is seen as a catalyst for other major Chinese brokers to accelerate their entry into virtual asset trading services, enhancing market ecology [6][7]. - The virtual asset compliance wave is anticipated to reshape the entire non-bank financial industry chain, creating a collaborative ecosystem around digital asset issuance, circulation, management, and application [8].

Core Viewpoint - The surge in Hong Kong brokerage stocks, particularly Victory Securities and Guotai Junan International, is driven by the latter's recent approval to upgrade its securities trading license to include virtual asset trading services, marking a significant shift in the market landscape [1][2]. Group 1: Company Performance - Victory Securities experienced a dramatic intraday increase of over 160%, closing up 44.89% at HKD 5.39 per share, with a market capitalization reaching HKD 1.129 billion and a trading volume of HKD 148 million [1]. - Guotai Junan International saw a substantial rise of 198.4% on June 25, adding over HKD 10 billion to its market value, and continued to attract attention with a near 90% increase in early trading the following day [1]. Group 2: Industry Impact - Guotai Junan International's approval as the first Chinese brokerage to offer virtual asset trading is expected to set a benchmark, prompting other firms to expedite similar applications, thereby enhancing Hong Kong's position as a global crypto financial hub [1][2]. - The approval allows Guotai Junan International to provide a full range of services including trading, custody, consulting, issuance, and derivatives for virtual assets, marking a strategic upgrade from traditional securities services to a comprehensive digital asset service hub [2]. - The influx of traditional brokerages into the virtual asset space is anticipated to attract high-net-worth clients and institutional funds, thereby increasing market liquidity and potentially leading to new growth areas such as structured products linked to crypto assets [2].

Core Insights - On June 26, 2025, Guotai Junan International (01788), Hong Kong Travel (00308), and China Everbright Holdings (00165) ranked as the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 24.285 billion, 6.964 billion, and 4.470 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Guotai Junan International (01788), Hong Kong Travel (00308), and Xiaomi Group-W (01810) were the top three companies, with trading amounts of 7.437 billion, 1.923 billion, and 1.730 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading volume include: - Guotai Junan International (01788): 24.285 billion with a net buy of 26.0143 million - Hong Kong Travel (00308): 6.964 billion with a net buy of 400 million - China Everbright Holdings (00165): 4.470 billion with a net buy of 7.03114 million - Shandong Molong (00568): 4.252 billion with a net buy of 93.5208 million - Xiaomi Group-W (01810): 3.235 billion with a net buy of 78.9768 million [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading volume include: - Guotai Junan International (01788): 7.437 billion with a net buy of 233 million - Hong Kong Travel (00308): 1.923 billion with a net buy of 130 million - Xiaomi Group-W (01810): 1.730 billion with a net buy of 123 million - SMIC (00981): 1.652 billion with a net buy of 532 million - China Everbright Holdings (00165): 1.437 billion with a net buy of 24.1098 million [2]

Market Overview - After a significant rise, the market experienced a slight pullback today, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index down by 0.22%, 0.48%, and 0.66% respectively [3] - Over 3,600 stocks declined while more than 1,600 stocks rose, indicating a broad market weakness [3] Tourism Sector - The tourism sector saw a collective surge in the afternoon, with stocks like Tianmu Lake, Nanjing Tourism, Qujiang Cultural Tourism, and Huangshan Tourism hitting the daily limit [5][6] - The overall tourism sector rose by 2.33%, primarily driven by the strong performance of Hong Kong-based China Travel Service, which saw a significant increase of nearly 86% [6][7] Solid-State Battery Sector - The solid-state battery sector experienced a mixed performance, with leading stock Nord Shares hitting the daily limit for the eighth consecutive day but closing up only 5% after a late sell-off [9] - Other notable performers included Tianji Shares with three consecutive limits and several stocks like Defu Technology and Xingyuan Materials rising over 10% [9][10] - The sector initially surged over 25% before retreating, ultimately closing up by 0.32% [9] Stablecoin and Digital Currency - Stocks related to stablecoins and digital currencies performed well, with Jida Zhengyuan achieving four consecutive limits and stocks like Jingbeifang and Kexin Information also hitting the daily limit [13][14] - The digital currency and cross-border payment sectors saw gains of 2% and 2.23% respectively, reflecting investor interest in these areas [14] Quantum Technology Sector - The quantum technology sector showed localized strength, with Jida Zhengyuan achieving four consecutive limits and stocks like Geer Software and Xin'an Century hitting the daily limit [19][20] - The sector rose by 1.2%, driven by the stablecoin concept [20][21]

Group 1 - The core viewpoint of the article emphasizes that stablecoins are effectively becoming "shadow currencies" of the fiat currencies they are pegged to, as they are being integrated into regulatory frameworks [4][12]. - The recent approval of Guotai Junan International to provide comprehensive virtual asset trading services marks a significant development in the Hong Kong market, positioning it as the first Chinese broker to offer such services [2][4]. - JD Group's ambition to apply for stablecoin licenses in major currency countries aims to reduce cross-border payment costs by 90% and improve transaction efficiency to within 10 seconds [3][4]. Group 2 - The regulatory backdrop includes the implementation of the Stablecoin Ordinance in Hong Kong and the U.S. Senate's passage of the Stablecoin Innovation Act, both of which require stablecoins to be backed by high liquidity assets and linked to fiat currencies [4][9]. - The article categorizes currencies into several types, highlighting that the more stablecoins pegged to a currency, the greater its theoretical influence [5][9]. - The traditional cross-border payment system faces challenges, including high costs and inefficiencies, which are exacerbated by geopolitical tensions [6][9]. Group 3 - The international status of the Renminbi (RMB) is rising, becoming the second-largest trade financing currency and the third-largest payment currency globally [7][8]. - The article advocates for the rapid deployment of offshore RMB stablecoins, particularly in Hong Kong, to enhance the RMB's presence in the digital finance era [9][10]. - The development of offshore RMB stablecoins in Hong Kong is seen as a strategic move to support Chinese enterprises and facilitate RMB internationalization [10][11]. Group 4 - The article discusses the potential for RMB stablecoins to coexist with ongoing multilateral central bank digital currency bridge projects, which aim to create efficient and low-cost cross-border payment solutions [11][12]. - It concludes that the competition among stablecoins ultimately reflects the underlying changes in the comprehensive national strength of the currencies involved, rather than just the technical aspects of the currencies themselves [12].

Market Overview - The Hong Kong stock market failed to maintain its previous day's gains, with all three major indices declining. The Hang Seng Index closed down 0.61% at 24,325.4 points, with a total turnover of HKD 261.73 billion [1] - Industry expert Zhang Yidong from Industrial Securities predicts that the Hong Kong stock market will experience a volatile upward trend in the second half of 2025, with potential new highs in the autumn [1] Blue-Chip Stocks Performance - Kuaishou-W (01024) saw a moderate increase of 3.26%, closing at HKD 61.75, contributing 9.26 points to the Hang Seng Index. CICC estimates Kuaishou AI's valuation could reach USD 6 billion due to its technological leadership and growth potential [2] - Other notable blue-chip performances include China Hongqiao (01378) up 4.2% to HKD 17.88, and Chow Tai Fook (01929) up 3.72% to HKD 13.4. Conversely, China Shenhua (01088) fell 4.25% to HKD 30.4, negatively impacting the index [2] Sector Highlights - The large technology stocks showed mixed results, with Kuaishou rising over 3% while Alibaba fell 2.86%. The cryptocurrency sector saw significant activity, with Victory Securities surging 150% before a sharp decline [3] - Precious metals stocks performed well, with Shandong Gold (01787) rising 6.7% to HKD 28.65, and China Hongqiao (01378) up 4.2% [4] - The military sector saw gains, with China Shipbuilding Industry (00317) up 6.16% and Aerospace Science and Industry (00031) up 4.88%, driven by upcoming military parades showcasing domestic equipment [6] New Listings and IPOs - Saint Bella (02508) had a strong debut, rising 33.74% to HKD 8.8, with a net fundraising of approximately HKD 630 million. The company is recognized as Asia's largest postpartum care group [11] - Chow Tai Fook (06168) also performed well, increasing 25% to HKD 30, with a net fundraising of approximately HKD 1.193 billion [13]

港股收评：恒指止步四连阳收跌0.61% 国泰君安国际冲高回落日内振幅超100% 金十数据6月26日讯，昨日刷新三月以来新高后，恒指今日震荡回调，盘中一度跌逾200点，收盘止步四 连阳。截至收盘，恒指收跌0.61%，报24325.4点，科指收跌0.26%，报5345.16点，恒指大市成交额达 2617.29亿港元（上一交易日为2678.01亿港元）。盘面上，有色金属、军工板块表现强势，旅游股、油 气股午后拉升，券商、保险等大金融板块回调，创新药、汽车股全天疲软。个股方面，国泰君安国际 (01788.HK)冲高回落日内巨幅震荡，振幅超100%，收跌4.32%；山东墨龙(00568.HK)午后异动拉升一度 涨逾100%，收涨19.68%；荣昌生物(09995.HK)收跌11.71%；比亚迪股份(01211.HK)收跌3.23%。 ...

港股收盘：恒生指数跌0.61%，恒生科技指数跌0.26%。港股油气股走高，山东墨龙收涨19.68%，国泰 君安国际收跌4.32%。 ...

Group 1 - Guotai Junan International has received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, becoming the first Chinese broker in Hong Kong to offer comprehensive virtual asset-related trading services [1] - The company will allow clients to trade cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like Tether, directly on its platform [1] - The successful licensing is attributed to Guotai Junan International's early positioning in the digital finance and virtual asset business, with plans to launch virtual asset spot ETF-based structured products in 2024 and to distribute tokenized securities in the first half of 2025 [1] Group 2 - Analysts believe that the new license will open up direct participation channels for investors in cryptocurrency trading, potentially boosting the business growth of related fintech companies [2] - Following the announcement, digital currency concept stocks surged, with notable increases in companies like Jida Zhengyuan and Geer Software [2] - Currently, there are 40 institutions approved to provide virtual asset trading services through comprehensive accounts, with several other Chinese brokers actively applying for similar upgrades [2] Group 3 - Hong Kong is positioning itself as a global hub for virtual assets, with stablecoins becoming a focal point as traditional financial institutions actively enter the virtual asset space [3] - The Hong Kong government announced that the Stablecoin Regulation will take effect on August 1, 2025, requiring licenses for issuing fiat-backed stablecoins [3] - Research indicates that traditional financial institutions are forming alliances with virtual asset exchanges to provide cryptocurrency trading services, which could enhance the valuation of brokers [3]