Market Performance - A-shares experienced a significant rally on Wednesday, with the Shanghai Composite Index rising by 1.04% to reach a new high for the year at 3455.97 points [1] - The total trading volume across both markets was 16,028 billion yuan, an increase of 1,882 billion yuan compared to the previous trading day [2] Market Sentiment and Drivers - The market's bullish sentiment was reignited due to several event-driven factors, including improvements in the international market environment and the confirmation of a ceasefire between Iran and Israel [3] - Non-bank financials, defense, and computer sectors led the gains, driven by news such as Guotai Junan International receiving approval to provide cryptocurrency trading services [3][4] Sector Analysis - The financial sector, particularly brokerage firms, saw a significant boost, with Guotai Junan International's stock soaring by 198% on the news of its new service approval [4] - The Hong Kong Securities ETF also experienced record trading volume, surpassing 27 billion yuan, marking a historical high with an increase of 8.51% [4] Economic Outlook - The second quarter earnings will serve as a critical verification point for market trends, with expectations of a recovery in industrial profits as macroeconomic stability improves [7] - Policies aimed at boosting consumption and infrastructure investment are expected to support economic recovery, with a strong likelihood of continued market activity in the second half of the year [7][6] Investment Opportunities - Investment firms are focusing on sectors with high growth potential, such as new technologies, renewable energy, and high-end manufacturing, which are expected to benefit from favorable policies and market conditions [8][9] - The financial sector is highlighted as having significant investment value, particularly in light of recent developments in the cryptocurrency space and the overall recovery of market sentiment [8][9]

Group 1 - Guotai Junan International has received approval from the Hong Kong Securities and Futures Commission to upgrade its license, allowing it to provide comprehensive virtual asset trading services, making it the first Chinese broker in Hong Kong to do so [2] - Following the announcement, Guotai Junan International's stock surged by 198.39% on June 25, closing at HKD 3.7 per share, with a trading volume of HKD 16.39 billion, resulting in a market capitalization increase of HKD 23.5 billion [2] - JD Group's Chairman Liu Qiangdong expressed ambitions to apply for stablecoin licenses globally, aiming to reduce cross-border payment costs by 90% and improve efficiency to within 10 seconds [3] Group 2 - Recent regulatory developments include Hong Kong's Stablecoin Ordinance, effective August 1, and the U.S. Senate's passage of the Stablecoin Innovation Act, both emphasizing the need for stablecoins to be pegged to fiat currencies and backed by liquid assets [3][4] - The emergence of stablecoins is seen as a response to the inefficiencies of traditional cross-border payment systems, which are costly and slow, particularly in the context of rising geopolitical tensions [5] - The international monetary system is undergoing changes, with a shift towards multipolarity and diversification in cross-border payment systems due to advancements in digital technology [4][5] Group 3 - The establishment of a compliant offshore RMB stablecoin in Hong Kong is supported by the new regulatory framework, market demand, and policy backing, which could enhance the RMB's position in the digital finance landscape [6] - Hong Kong's status as the largest offshore RMB center provides a natural market for RMB stablecoins, potentially creating an independent cross-border payment channel [6] - The dominance of USD stablecoins, which account for approximately 98% of fiat-pegged stablecoins, necessitates a rapid response from RMB stablecoins to establish a competitive presence [6]

Group 1: Market Overview - The Hang Seng Index fell by 0.48%, down 117 points, closing at 24,357 points, while the Hang Seng Tech Index remained unchanged [1] - The early trading volume in the Hong Kong stock market reached HKD 142.1 billion [1] Group 2: Digital Currency and Stablecoins - Citic Securities highlighted the need to focus on opportunities related to stablecoins in response to the rising international dominance of digital dollars [1] - Stocks related to stablecoins saw significant gains, with Victory Securities (08540) doubling in price, China Everbright Holdings (00165) rising nearly 28%, and Yikang (09923) and Huaxing Capital Holdings (01911) both increasing by approximately 11% [1] Group 3: Sector Performance - Hong Kong Travel (00308) surged over 60% as the tourism industry continues to show positive trends, with the company increasing its tourism investments [3] - Defense and military stocks rose against the market trend, with China Shipbuilding Defense (00317) up 8.5% and AVIC (02357) increasing by 2.88%, as institutions expect a revaluation of defense assets [3] - China Molybdenum (03993) rose by 5.92% due to a new round of cobalt export bans from the Democratic Republic of Congo, which may exceed market expectations, providing strong support for cobalt prices [3] - Ocean Park (02255) increased by over 19% as Xiangyuan Holdings is set to become the new controlling shareholder, potentially leading to complementary advantages [3] Group 4: Company-Specific News - Sinopharm (01801) fell by 3.94% after announcing a 4.9% discount on a share placement, raising HKD 4.265 billion [4] - Kingkey Financial International (01468) dropped over 6% following a profit warning, expecting an annual net loss of no more than HKD 1.25 billion [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The financial technology sector is active, and the index continues to rise. The approval of Guotai Junan International to provide virtual asset trading services in Hong Kong drives the financial technology sector up. The joint issuance of 19 policy measures by six departments to support expanded consumption boosts market sentiment. It is expected that the stock index will continue to rise after digestion [1][3]. - In the futures market, the basis of stock index futures has been rapidly repaired, and the trading volume and open interest of some contracts have increased [2]. 3. Summary by Relevant Catalogs Market Analysis - **Policy Environment**: Domestically, Vice Premier He Lifeng emphasizes accelerating the construction of a unified national market, expanding domestic demand, and promoting the innovative development of enterprises in high - end equipment manufacturing and other fields. Overseas, Powell mentions that the Fed is not in a hurry to act due to high - tariff uncertainties and possible factors for interest rate cuts [1]. - **Spot Market**: A - share major indices continue to rebound. The Shanghai Composite Index rises 1.04% to close at 3455.97 points, and the ChiNext Index rises 3.11%. Most sector indices rise, with non - banking finance, national defense and military industry, computer, and power equipment leading the gains. The trading volume of the Shanghai and Shenzhen stock markets rises to 1.6 trillion yuan. In overseas markets, the three major US stock indices close with mixed results [1]. - **Futures Market**: The basis of stock index futures is rapidly repaired, especially for IC and IM. The trading volume of IF, IC, and IM increases, and the open interest of stock index futures rebounds [2]. Strategy - Guotai Junan International's approval to provide virtual asset trading services in Hong Kong drives the financial technology sector to lead the rise. The policy measures to support consumption boost market sentiment. It is expected that the stock index will continue to rise after digestion [3]. Charts - **Macro - economic Charts**: Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [6][10][9]. - **Spot Market Tracking Charts**: The daily performance table of domestic major stock indices shows that on June 25, 2025, the Shanghai Composite Index rises 1.03%, the Shenzhen Component Index rises 1.72%, the ChiNext Index rises 3.11%, etc. There are also charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances [12]. - **Stock Index Futures Tracking Charts**: The table of trading volume and open interest shows changes in the trading volume and open interest of IF, IC, IH, and IM contracts. The table of basis shows the basis and its changes for different contracts in different periods. The table of inter - period spreads shows the spreads and their changes between different contract periods [16][34][42].

2025.06. 26 具体而言，其模式是在持牌交易所内设立综合账户（Omnibus Account），通过接入交易系统，为 客户提供BTC、ETH等主流合规币种的买卖渠道，不涉及高风险山寨币或空气币。 目前，上述多家本地券商已开展同类分销服务，其在客户尽调（KYC）、适当性管理与投资者教育 等合规要求上与国泰君安国际基本一致，且均禁止中国内地居民参与交易。 本文字数：1916，阅读时长大约3分钟 作者 | 第一财经 周艾琳 稳定币牌照的热潮尚未散去，又一张牌照引爆香港市场——国泰君安国际（01788.HK）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，客户将可在国泰君安国际平台直接交易加密货币 （如比特币BTC、以太币ETH等）、稳定币（如泰达币USDT等）等虚拟资产。 6月25日，消息引发相关券商股价上涨近200%。6月26日港股开盘，国泰君安国际一度涨近90%， 最高报7.02港元。而后又转为下跌10%，截至10:10，涨近20%。 尽管炒作情绪仍占据主导，但外界关注的是，这张牌照对券商而言意味着什么？需要做哪些基础设施 升级？该渠道与海外主流交易所相比有何优劣？未来又将和港元稳定币形成何种 ...

Core Viewpoint - The stablecoin sector experienced a strong rebound following significant policy news, with key stocks like Hengsheng Electronics hitting their daily limit up, indicating positive market sentiment towards the virtual asset industry [1][2]. Group 1: Market Reaction - The stablecoin concept stocks collectively surged, reflecting optimistic expectations for the development of the virtual asset sector [1]. - Hengsheng Electronics emerged as a leader in the sector, benefiting from its strong technical capabilities and market position in financial technology [1]. Group 2: Regulatory Developments - Guotai Junan International received formal approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities license to a comprehensive virtual asset trading service license, becoming the first Chinese broker in Hong Kong to obtain such qualifications [1]. - The license upgrade allows the firm to offer a wide range of services, including direct trading of cryptocurrencies like Bitcoin and Ethereum, as well as stablecoin products [1]. Group 3: Industry Outlook - The positive regulatory environment in Hong Kong is expected to create favorable conditions for the development of virtual asset-related enterprises, promoting the standardization of the industry [2]. - Other companies in the sector, such as Jida Zhengyuan and Geer Software, are also positioned to benefit from favorable policies and market expectations due to their technological developments in digital currency [2].

Group 1 - Several local Hong Kong brokerages, such as Victory Securities and Adept Securities, have completed the upgrade of the first license [1] - Guotai Junan International is not the only Chinese brokerage applying for a license, indicating potential for more institutions to enter the market in the future [1] - Brokerages are primarily engaged in "distribution" type trading services rather than operating proprietary exchanges [1]

Market Overview - On June 26, A-shares showed mixed performance with major indices fluctuating [1] - The trading volume in Shanghai and Shenzhen exceeded 500 billion yuan, an increase of over 60 billion yuan compared to the previous day [1] Sector Performance - The chemical and chemical engineering sector experienced a strong rally, with Youfu Co., Ltd. (002427) hitting the daily limit, and Suzhou Longjie (603332) rising over 5% [1] - Chip stocks also saw gains, with companies like Haoshanghao (001298) and Bocheng Co. (601133) achieving consecutive limit-ups [2] - The storage market is recovering rapidly, particularly for DDR4 memory, which has seen price increases amid production cuts from manufacturers [2] Individual Stock Highlights - Youfu Co., Ltd. (002427) is part of the chemical fiber industry, with a recent increase of 10.06% [2] - Haoshanghao (001298) is in the electronic components sector, showing a rise of 10.01% [3] - Cathay International (01788) in Hong Kong saw a significant price increase, initially rising nearly 90% before stabilizing at a 24% gain [4][5] Regulatory Developments - Cathay International received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to include virtual asset trading services [6] - This regulatory change allows investors to trade cryptocurrencies and stablecoins directly on the Cathay platform, enhancing the market's service ecosystem [6]

Group 1 - Several local Hong Kong brokerages, such as Victory Securities and Adept Securities, have completed the upgrade of License No. 1, indicating a growing trend in the market [1] - Guotai Junan International is not the only Chinese brokerage applying for a license, suggesting that more institutions may enter the market in the future [1] - The brokerages primarily engage in "distribution" type trading services rather than operating their own exchanges, focusing on mainstream compliant cryptocurrencies like BTC and ETH [1] Group 2 - These brokerages have established omnibus accounts within licensed exchanges to provide clients with trading channels for compliant cryptocurrencies, while avoiding high-risk altcoins or tokens [1] - Compliance requirements for customer due diligence (KYC), suitability management, and investor education among these brokerages are largely consistent with those of Guotai Junan International [1] - All mentioned brokerages prohibit mainland Chinese residents from participating in trading activities [1]

Core Viewpoint - The recent issuance of the first virtual asset license to Guotai Junan International marks a significant development in the Hong Kong market, allowing the brokerage to offer comprehensive virtual asset trading services, including cryptocurrencies and stablecoins [1] Group 1: License and Regulatory Framework - The license obtained by Guotai Junan International is of a "distribution" nature, meaning the brokerage cannot operate its own cryptocurrency exchange but can facilitate trading through existing platforms [1][3] - Several local Hong Kong brokerages have completed the upgrade to the first license, indicating a trend where more institutions may enter the market [1][2] - The regulatory framework in Hong Kong for virtual assets is characterized by a dual oversight system, with the Securities and Futures Commission (SFC) regulating virtual asset activities and the Hong Kong Monetary Authority (HKMA) overseeing payment-related aspects [2] Group 2: Advantages of Compliance - The primary advantages of the licensed brokerages include enhanced security and compliance, as they connect clients to SFC-licensed exchanges that adhere to strict regulatory standards [3] - Client assets are professionally custodied and insured, minimizing the risk of misappropriation, and only vetted cryptocurrencies are offered for trading [3] - The compliance measures include rigorous anti-money laundering (AML) and know-your-customer (KYC) processes, ensuring that all transactions are legally compliant [3] Group 3: Market Limitations - Despite the advantages, the market depth and liquidity in Hong Kong are limited, with fewer available cryptocurrencies compared to overseas platforms, which may affect user engagement [5] - Local exchanges face profitability challenges due to strict regulations and a limited range of tradable assets, unlike more profitable platforms like Coinbase and Binance that offer a wider variety of tokens [5] Group 4: Future of Stablecoins - The interaction between the first license and stablecoins will be crucial for their future success in Hong Kong, with distribution channels being a key factor [6] - Licensed financial institutions and exchanges will serve as important distribution channels for compliant stablecoins, which will also facilitate various trading applications [6] - The experience of established stablecoins like USDC highlights the importance of distribution networks in driving growth and market acceptance [6]